Investor Presentation

Key Financial Performance Metrics (Standalone Basis)

H1 FY26-27 Performance:

  • Gross Written Premium: ₹24,704 crore
  • Profit After Tax: ₹4,378 crore
  • Combined Ratio: 107.4%
  • Solvency Ratio: 418%
  • Return on Equity (annualized): 16.4%

Historical Financial Trends (₹ crore):

| Financial Year | Gross Written Premium | Profit After Tax | Combined Ratio | Solvency Ratio |

| FY23-24 | 37,182 | 6,497 | 111.8% | 325% |

| FY24-25 | 41,154 | 6,701 | 108.8% | 370% |

| FY25-26 | 44,007 | 8,392 | 106.0% | 421% |

| H1 FY26-27 | 24,704 | 4,378 | 107.4% | 418% |

Detailed Financial Breakdown (FY25-26 & H1 FY26-27):

  • Net Premium: ₹40,571 crore (FY25-26), ₹23,226 crore (H1 FY26-27)
  • Earned Premium: ₹39,378 crore (FY25-26), ₹21,641 crore (H1 FY26-27)
  • Incurred Claims Ratio: 85.4% (FY25-26), 86.2% (H1 FY26-27)
  • Net Commission Percentage: 19.6% (FY25-26), 20.2% (H1 FY26-27)
  • Expenses of Management Ratio: 1.0% (both periods)
  • Investment Income: ₹13,089 crore (FY25-26), ₹7,504 crore (H1 FY26-27)

Business Overview and Market Position

Market Standing:

  • Largest reinsurer in Indian domestic market with ~52% market share (FY24-25)
  • 10th largest global reinsurer by A.M. Best ranking
  • Credit Rating: A.M. Best FSR A- (Excellent)
  • Government of India ownership: 77.4% (as of June 2026)
  • Operations spanning 137 countries globally

Business Composition:

  • Provides reinsurance support to 59 direct general and life insurance companies in India
  • Key segments: Property, Agriculture/Crop, Liability, Motor, Life and Health
  • Employee strength: 480 employees with 35.62% female representation and average age of 38 years

Investment Portfolio Characteristics (as of 30.09.2026):

  • Credit quality: 99.53% in Sovereign and AAA rated bonds
  • Maturity profile: 48.88% maturing in >5 years, 42.19% in 1-5 years, 8.93% within 1 year
  • Equity focus: Index-based stocks with strong ROE and outstanding order book

Strategic Initiatives and Forward Outlook

Growth Strategy:

  • Leveraging global 10th rank position and excellent credit ratings
  • Geographical diversification post credit rating upgrade
  • Focus on international markets, particularly Afro-Asian region
  • Growth opportunities in diversified areas: Surety bonds, Cyber risk covers, Parametric covers

Profitability Enhancement:

  • Class-specific evaluation and weeding out contracts with inadequate pricing
  • Incentivization based on individual company/contract performance
  • Phased adoption of modelling capabilities for better exposure management
  • Focus on reducing attritional losses to improve net incurred claims ratio

Risk Management and Capital:

  • Building catastrophe reserves for climate change to manage future volatility
  • Maintaining and improving A- (Excellent) credit rating from A.M. Best
  • Significant net worth to fuel growth and resilience
  • Preparation for Risk Based Capital implementation impacts on Indian insurers

Sustainability and Corporate Social Responsibility

Environmental Initiatives:

  • Digitalization of operations to reduce paper usage through workflow management
  • Decarbonization efforts through migration to cloud-native operations
  • Board-approved policies for responsible consumption and environment-friendly practices
  • Preference for providing capacities that aid transition toward low carbon economy
  • Investments in green bonds and consideration of environment in investment decisions

CSR Programs (FY2025-26):

  • Cancer Patients Aid Association (CPAA): Supported treatment of pediatric cancer patients, aiming to assist at least 48 patients with medical costs, psychological support, and investigative procedures
  • Integrated Institute for the Disabled: Funded procurement of two dedicated buses for children with disabilities in Varanasi, Uttar Pradesh
  • India Vision Institute: Vision screening and spectacle provision program for 6,583 underprivileged adults, including fishermen in Chennai, Tamil Nadu

Governance and Operational Excellence

Corporate Governance Framework:

  • Robust management and board committee structure
  • Optimum use of Executive Directors, Non-Executive Directors, and cross-functional teams
  • Code of conduct emphasizing highest standards of compliance and ethics
  • Zero tolerance approach toward fraud
  • Regular review of all SOPs and policies according to review frequency

Information Security:

  • Information Security Risk Management Committee (ISRMC)
  • Enhanced cyber security policy and framework
  • Improved data security controls for IT systems, network, applications, and database
  • Business Continuity Plan and BCP Procedure Manual in place

Legal Framework:

  • Formed under General Insurance Business (Nationalisation) Act, 1972 (GIBNA)
  • Purpose: Superintending, controlling, and carrying on business of General Insurance in India

Disclosure Compliance:

  • Presentation issued for general information purposes only
  • Contains forward-looking statements subject to assumptions and future events
  • Not reviewed or approved by any statutory or regulatory authority in India

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