General Insurance Corporation of India (GIC Re) reported improved financial performance for Q2 FY’26. The combined ratio improved to 109.15%, reflecting firmer pricing and favorable claims experience. Profit after tax rose to INR2,866.79 crores. The company maintains a disciplined approach amidst macroeconomic uncertainty and is focused on delivering sustainable stakeholder value. The solvency ratio improved to 3.85 as of September 2025.
Financial Performance Overview
GIC Re reported a gross premium income of INR9,601.70 crores for Q2 FY’26, compared to INR8,413.49 crores in the corresponding quarter of the previous year. Investment income for the quarter stood at INR3,791.67 crores, compared to INR3,483.32 crores.
Key Financial Ratios
The incurred claim ratio for the quarter improved to 81.5%, as against 93.6% in the corresponding quarter of the previous year. The combined ratio stood at 109.15%, compared to 114.05% in the same quarter last year. The adjusted combined ratio for the first half of FY’26 was 84.04%, compared to 88.86% in the previous year.
Profitability and Solvency
Profit before tax stood at INR3,472.76 crores for Q2 FY’26, compared to INR2,281.12 crores. Profit after tax rose to INR2,866.79 crores, compared to INR1,860.75 crores. The solvency ratio improved to 3.85 as of September ’25, compared to 3.42 as of September ’24.
Net Worth and Premium Breakup
Net worth excluding fair value change was INR46,669.38 crores as of September end ’25, compared to INR39,481.33 crores as of September end ’24. Domestic premium for the first half of FY’26 was INR17,080.66 crores, and international premium was INR4,909.05 crores. The percentage split was 78% domestic and 22% international.
Strategic Outlook
GIC Re maintains a disciplined approach anchored in selective underwriting, calibrated portfolio management and a stable risk appetite posture. The company remains focused on executing its strategy with rigor and delivering sustainable value to its stakeholders amidst macroeconomic uncertainty and evolving market conditions.
Business Outlook and Future Growth
GIC Re aims for a domestic vs. foreign business mix of 60:40 in the medium term but will prioritize price adequacy and portfolio optimization. The company expects market growth to drive segment growth and will leverage its restored rating from October 2024 during the January ’26 renewal season. They foresee some adjustments in obligatory reinsurance, leading to potential voluntary business opportunities.
Source: BSE
