New Delhi, Nov. 6 -- A one-time gain of Rs.1,082 crore from selling part of its stake in the National Stock Exchange (NSE) cushioned General Insurance Corp. of India's (GIC Re) earnings for the July-September quarter, as flood and cyclone claims pushed up losses in its core reinsurance business.

The state-owned reinsurer's standalone net profit fell 14.3% from a year earlier to Rs.2,455.62 crore in the quarter.

Without the NSE gain, pre-tax profit would have been about Rs.2,020 crore, nearly 42% below the year-ago figure. The gain from the offer-for-sale in NSE's initial public offering helped lift investment income by11.8% to Rs.4,238.26 crore. Standalone total income was Rs.13,469.45 crore in the September quarter, up 13.8% from Rs.11...