Indian public sector reinsurer General Insurance Corporation of India (GIC Re) reported that its combined ratio (CoR) improved by 3.58 percentage points to 106.88% for the nine months ended December 31, 2025 (September 2025), as compared to the combined ratio of 110.46% in September 2024.
The company reported a 37.58% decrease in its underwriting losses at Rs 1,000 crore. 1,847.32 Crore in 9M’25 as compared to Rs 2,959.34 Crore in Sep’24.
Meanwhile, the reinsurer’s gross premium income rose to Rs. 32,976.26 crore in 9M’25 as compared to Rs 30,786.87 crore a year ago. Meanwhile, net premiums grew to Rs. 30,654.18 for 9M’25 compared to Rs. 28,423.30 for the nine months of 2024.
The claims ratio during the same period increased to 86.93% from 90.42% in September 2024, and investment income rose to Rs. 10,029.88 Crore as compared to Rs 8,869.50 Crore in 9M’24.
GIC Re’s profit before tax grew 34.06% to Rs. 7,833.23 Crore in 9M’25 as compared to Rs 5,842.98 Crore in the same period last year. Meanwhile, 9M’25 profit after tax grew by 35.84% to Rs. 6,137.94 Crore as compared to Rs 4,518.47 Crore in 9M’24.
“We have started providing catastrophic provisions on a quarterly basis instead of annually as before. If this is not done, the PBT and PAT numbers will increase by Rs 502.15 crore,” the reinsurer explained.
GIC Re’s total assets increased by 7.65% to Rs. 2,03,413.59 Crore in 9M’25 as compared to Rs 1,88,953.20 Crore in 9M’24. The solvency ratio in 9M’25 was 3.87, while the solvency ratio in 9M’24 was 3.52.
The consolidated results of the GIC Re Group include subsidiaries: GIC Re South Africa, GIC Re Corporate Member (London) and GIC Perestrakhovanie LLC (Moscow), and three associated companies: GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd.
