National reinsurer General Insurance Corporation plans to spread its wings to Dubai, Malaysia and China to increase its presence in Afro-Asia and grow its business, now at over Rs 4,000 crore (Rs 40 billion), its chairman P C Ghosh said in New Delhi on Friday.

The company targets 26 per cent growth in premium income at over Rs 4,500 crore (Rs 45 billion) and over Rs 360 crore (Rs 3.6 billion) in net profit this fiscal.

"GIC now has a business of over Rs 4,000 crore (Rs 40 billion), of which Rs 3,100 crore (Rs 31 billion) is from the domestic market and the rest from the foreign inward reinsurance," Ghosh said.

The company plans to increase its foreign business significantly by tapping Afro-Asian markets and attain the $1.0 billion mark.

"We have already opened offices in London and Moscow. We are planning to open our third foreign office in Dubai by the first quarter of next fiscal," Ghosh told reporters.

GIC is also planning to open representative office in China and Malaysia, he said.

The company has shortlisted two companies for sponsoring the UAE venture and a final selection would be made by the end of this month.

For China, GIC intends to open a representative office first and then look for a joint venture.