General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported a hike of 11.6% in gross premium income to ₹24,703.57 crore for the half year ending on 30 September 2026, compared to ₹21,989.71 crore in the comparable prior year period.
Of the total gross premium income, the domestic market grew by 15.9% to ₹19,794.41 crore for this half, while international markets contributed ₹4,909.16 crore, remaining flat year on year.
GIC Re also generated a rise in net premiums for the half year period to ₹23,226.15 crore from ₹20,299.32 crore in 2025. Earned premiums also increased year-on-year, to ₹21,641.14 crore from ₹20,013.01 crore.
For the half year period, GIC Re’s underwriting loss increased by 38.4% to ₹1,709.06 crore compared to ₹1,234.59 crore in 2025. The reinsurer’s combined ratio was stable at 107.39%.
GIC Re’s incurred claims ratio for the half year period is broadly stable at 86.19%, as incurred claims increased to ₹18,652.25 core from ₹17,300.47 crore last year.
Investment income for the period rose to ₹7,503.78 crore from ₹7,105.41 crore in 2025.
Profit before tax came down by 2.18% year-on-year to ₹5,591.79 crore, compared to ₹5,716.30 crore in 2025.
In a statement, the company said, “GIC Re is committed to providing capacity for the domestic as well as subcontinent market and has proven to be a reliable Global reinsurer over many decades. Over the quarters, GIC Re has catered to domestic support through managing Pools and proved a reliable partner for all the social financial schemes of the Government of India.
“GIC Re’s business model enables it to benefit from the expected growth of both the primary insurance and reinsurance markets in India as well as other large and fast-growing markets. GIC Re believes in diversified reinsurance products which effects better exposure management by limiting and mitigating risks. GIC Re is expected to maintain market leadership going forward on strong financials, adequate capacity and expertise.
“In the Indian context, as insurers get listed and market consolidates, pricing discipline in the market can be expected to strengthen in the medium to long term. As can be seen from the financials, GIC Re’s profits come in part from investment income and its journey will focus on moving away from its reliance on the investment income.”
