Indian public sector reinsurer General Insurance Corporation of India (GIC Re) reported a nearly 7% rise in gross premium income at Rs 44,006.74 crore for the financial year ended March 31, 2026 (FY’25) as compared to Rs 41,153.95 crore for the financial year ended March 31, 2025 (FY’24).
The reinsurer’s net premiums grew to Rs 40,571.25 crore in FY25 as compared to Rs 37,884.21 crore in FY24. Premiums earned this year also rose to Rs 39,378.35 crore, as compared to Rs 36,130.26 crore in FY24.
GIC Re’s underwriting losses decreased by 47.40% to Rs 1,763.00 million in FY25 as compared to Rs 3,351.61 million in FY24.
This is directly related to the combined ratio falling by 2.79% to 106.02% during the year, compared with 108.81% in FY2024. Meanwhile, GIC Re’s claims ratio in FY25 was 85.4% as compared to 88.44% in FY24.
It is worth noting that both of the above ratios include the reinsurer’s domestic and international business segments.
The reinsurer reported a 23.13 per cent rise in pre-tax profit at Rs 10,793.25 crore in FY25 as compared to Rs 8,765.64 crore in FY24. Profit after tax grew by 25.23% to Rs 8,392.18 crore in FY25 as compared to Rs 6,701.36 crore in FY24.
The reinsurer reported investment income of Rs 13,089.34 crore in FY25 as against Rs 12,772.52 crore in FY24.
Finally, GIC Re’s total assets grew by 5.12% this year to Rs 1,97,220.93 crore as compared to Rs 1,87,615.74 crore in FY24.
The company also reported consolidated results for the GIC Re Group, which includes 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.
Consolidated gross premium income in FY25 was Rs 44,367.88 crore as compared to Rs 41,955.33 crore in FY24. Consolidated net premiums increased to Rs 40,904.39 crore as compared to Rs 38,412.23 crore in FY24 and premiums earned were Rs 39,743.31 crore in FY25 as compared to Rs 36,711.83 crore in FY24.
GIC Re’s claims stood at Rs 33,318.18 crore in FY25 as against Rs 32,166.89 crore in FY24. The group’s investment income was Rs 13,242.29 crore as compared to Rs 12,904.98 crore in FY24.
In FY25, consolidated profit before tax was Rs 114,467 crore as compared to Rs 9104.64 crore in FY24 and consolidated profit after tax was Rs 9662.38 crore as compared to Rs 7431.84 crore in FY24.
GIC Re said in a statement, “GIC Re maintains a diversified risk portfolio including property, health, auto, agriculture, marine, engineering, aviation, liability and life. The general insurance business in India has a penetration rate of less than 1% and has huge potential. Its dominant position in the Indian market stems from long-term and strong relationships with Indian risk takers.”
“This is supported by continued mandated transfers and prioritization. Its strengths are geographical and business diversification, long-term relationships, prudent risk selection, effective risk management, adequate liquidity and efficient claims management. Its investment portfolio is also highly diversified, with effective asset liability management.”