General Insurance Corporation of India (GIC Re) has reported a strong financial performance for the nine months ended December 31, 2025, supported by improved underwriting outcomes, higher investment income and a stronger balance sheet.
The state-owned reinsurer posted a profit after tax of Rs 6,137.94 crore for the period, registering a year-on-year growth of 35.8 per cent. Profit before tax increased 34 per cent to Rs 7,833.23 crore, reflecting improved operating efficiency and a sharp reduction in underwriting losses.
Gross premium income rose to Rs 32,976.26 crore during the nine-month period, compared with Rs 30,786.87 crore in the corresponding period last year. Domestic business continued to be the primary contributor, accounting for nearly three-fourths of the total premium, while international operations contributed the remaining share.
Claims experience showed notable improvement, with the incurred claims ratio declining to 86.93 per cent from 90.42 per cent a year earlier. Better risk selection, disciplined underwriting and improved portfolio performance helped reduce underwriting losses by 37.6 per cent to Rs 1,847.32 crore.
Investment income remained a key earnings driver, increasing to Rs 10,029.88 crore from Rs 8,869.50 crore in the year-ago period. The growth was supported by stable market conditions and higher returns from the company’s investment portfolio.
GIC Re’s financial strength also improved during the period. The solvency ratio stood at 3.87 as of December 31, 2025, compared with 3.52 a year earlier, highlighting the company’s strong capital adequacy and ability to absorb risks. Total assets grew 7.7 per cent year-on-year to Rs 2.03 lakh crore, while net worth, excluding fair value changes, increased to Rs 48,490.40 crore.
Across business segments, fire insurance premiums recorded steady growth, while life reinsurance emerged as the fastest-growing segment with a 25.5 per cent rise. Motor and other miscellaneous lines also posted healthy gains, although health reinsurance saw a marginal decline during the period.
Operational efficiency improved, with the combined ratio declining to 106.88 per cent from 110.46 per cent in the previous year. The adjusted combined ratio also improved, reflecting tighter cost controls and better underwriting discipline.
On a consolidated basis, GIC Re reported a profit after tax of Rs 7,129.79 crore for the nine months ended December 2025, compared with Rs 4,932.99 crore a year earlier. Consolidated gross premium income increased to Rs 33,206.85 crore, supported by stable international business and improved claims performance.
With a diversified reinsurance portfolio spanning property, health, motor, agriculture, marine and life segments, GIC Re continues to focus on strengthening underwriting profitability while maintaining a strong investment book and capital position. The company remains positioned to navigate market volatility while supporting the evolving risk needs of insurers in India and overseas.
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