GIC Re has released its Investor Presentation covering the Q3 FY 2026 Financial Results, affirming its solid operational standing. The company emphasizes its 9th global rank among reinsurers and an A- (Excellent) rating from AM Best. Key financial metrics show consistent profitability, with a Solvency Ratio of 370% as of FY24-25. GIC Re continues to focus on leveraging its dominant domestic position while pursuing strategic growth in international markets.
Q3 FY2026 Results Announcement
General Insurance Corporation of India (GIC Re) submitted its Q3 FY 2026 Financial Results Presentation on 9th February 2026. This material details the company’s performance and strategic outlook, following up on earlier correspondence dated 3rd February 2026.
Reinsurance Industry Context
The presentation provided an overview of the global reinsurance sector, highlighting an expected market size growth from ~USD 642 Billion in 2023 to ~USD 2001 Billion in 2034, reflecting a robust CAGR of 11%. Key trends include a continued hard reinsurance market, potential for price increases due to catastrophic events, and a stable outlook maintained by A.M Best.
Indian Insurance Market Position
India’s Non-Life market is noted as the 4th largest in Asia. While penetration remains low, showing India’s general insurance market is positioned for growth with an estimated 9.9% CAGR (2021-2026). Reinsurance premiums in India are forecasted to reach Rs 99,000 Cr by 2025-26. In the FY24-25 framework, GIC Re secured 52% (Rs 30,662 Cr) of the Gross Reinsurance Premium from Indian Business, compared to 48% from Foreign Reinsurance Branches (FRBs).
GIC Re Overview and Key Financials
GIC Re is positioned as the Largest Global Reinsurers Group (Rank 9th) with an A- (Excellent) credit rating from A.M Best and holds approximately ~52% market share in the Indian reinsurance sector (FY24-25 figures).
Standalone Financial Highlights (9M FY25-26 vs FY24-25)
The company exhibits strong capitalization and profitability:
- Gross Written Premium (GWP): Increased to INR 41,154 Cr in FY24-25. (9M FY25-26 stood at INR 32,976 Cr).
- Profit After Tax (PAT): Consistently generated profit, reaching INR 6,701 Cr in FY24-25. (9M FY25-26 stood at INR 6,138 Cr).
- Combined Ratio: Shows consistent improvement, standing at 108.8% in FY24-25. (Improved to 106.9% in 9M FY25-26).
- Solvency Ratio: Maintained healthy capitalization at 370% in FY24-25, further improving to 387% in 9M FY25-26.
- Return on Equity (ROE %): Reported as 15.5% in FY24-25, annualized to 16.9%* for 9M FY25-26.
Investment Portfolio as of 31.12.2025
The total portfolio value (Market Value) was Rs. 1,57,950 Cr. The portfolio mix remains well-diversified, with Fixed Income comprising 53.83% (By Market Value). The credit quality of debt instruments is high, with 99.25% in Sovereign and AAA rated bonds.
Strategic Vision and Way Forward
GIC Re’s strategy centers on leveraging its scale, brand equity, and financial strength for sustainable growth:
- Leveraging Scale: Utilizing the 9th global rank and excellent credit ratings (AM Best and CARE).
- International Focus: Planning geographical diversification post credit rating upgrade.
- Indian Market Growth: Expecting growth in specialized areas like Surety bonds, Cyber risk covers, and Parametric covers.
- Profitability & Risk Management: Focusing on continued underwriting profitability, building catastrophe reserves for climate change, and phased adoption of modeling capabilities.
Governance and Sustainability
The company highlights its robust governance framework, including a clear Code of Conduct and an effective Information Security Risk Management Committee (ISRMC). In sustainability, GIC Re is focused on Responsible Consumption (digitalization, decarbonization), Environment Friendly Business Practices (supporting low-carbon transition), and Protecting the Environment (investments in green bonds).
New Initiatives
Key ongoing initiatives include HR digital transformation via project Parivartan, upgrading software to SAP S4HANA, implementing Ind AS, and offering parametric ART covers under Emerging Solutions.
Source: BSE
