Date: May 26, 2026

Financial Performance Overview

GIC Re announced its financial results for the year ended March 31, 2026, showing significant improvement across key metrics.

Key Financial Highlights

Standalone Performance (Year ended 31.03.2026 vs 31.03.2025):

  • Gross Premium Income: ₹44,006.74 crore (vs ₹41,153.95 crore) - growth of 6.93%
  • Incurred Claims Ratio: 85.40% (vs 88.44%) - improvement of 304 basis points
  • Underwriting Loss: ₹1,763.00 crore (vs ₹3,351.61 crore) - reduction of 47.40%
  • Investment Income: ₹13,089.34 crore (vs ₹12,772.52 crore) - growth of 2.48%
  • Profit Before Tax: ₹10,793.25 crore (vs ₹8,765.64 crore) - growth of 23.13%
  • Profit After Tax: ₹8,392.18 crore (vs ₹6,701.36 crore) - growth of 25.23%
  • Solvency Ratio: 4.21 (vs 3.70) - significant improvement
  • Total Assets: ₹1,97,220.93 crore (vs ₹1,87,615.74 crore) - growth of 5.12%
  • Net Worth (without fair value change): ₹51,301.27 crore (vs ₹43,106.52 crore)
  • Net Worth (including fair value change): ₹84,029.57 crore (vs ₹83,224.33 crore)
  • Combined Ratio: 106.02% (vs 108.81%) - improvement of 2.79%
  • Adjusted Combined Ratio: 84.79% (vs 85.79%) - improvement of 1%

Quarterly Performance (Q4 FY26 vs Q3 FY25 vs Q4 FY25):

  • Gross Premium: ₹11,030.48 crore (Q3: ₹10,986.55 crore, Q4 FY25: ₹10,367.08 crore)
  • Net Premium: ₹9,917.07 crore (Q3: ₹10,354.86 crore, Q4 FY25: ₹9,420.91 crore)
  • Underwriting Profit/(Loss): ₹84.31 crore (Q3: ₹-551.84 crore, Q4 FY25: ₹-392.26 crore)
  • Profit Before Tax: ₹2,960.02 crore (Q3: ₹2,116.93 crore, Q4 FY25: ₹2,922.66 crore)
  • Profit After Tax: ₹2,254.24 crore (Q3: ₹1,518.92 crore, Q4 FY25: ₹2,182.88 crore)

Business Composition

International and Domestic Business:

  • Domestic Gross Premium: ₹32,979.23 crore (75% share, vs ₹30,662.44 crore) - growth of 7.56%
  • International Gross Premium: ₹11,027.51 crore (25% share, vs ₹10,491.51 crore) - growth of 5.11%
  • Total Premium: ₹44,006.74 crore (vs ₹41,153.95 crore) - growth of 6.93%

Line of Business Breakdown:

  • Fire: ₹14,256.05 crore (vs ₹13,719.49 crore) - growth of 3.91%
  • Miscellaneous Total: ₹26,217.04 crore (vs ₹24,488.44 crore) - growth of 7.06%
  • Motor: ₹7,496.88 crore (vs ₹6,355.57 crore) - growth of 17.96%
  • Health: ₹9,190.27 crore (vs ₹9,527.41 crore) - decline of 3.54%
  • Agriculture: ₹3,392.86 crore (vs ₹3,263.05 crore) - growth of 3.98%
  • Other LOBs: ₹6,137.03 crore (vs ₹5,342.40 crore) - growth of 14.87%
  • Marine: ₹1,083.17 crore (vs ₹1,079.28 crore) - growth of 0.36%
  • Cargo: ₹549.17 crore (vs ₹511.46 crore) - growth of 7.37%
  • Hull: ₹534.00 crore (vs ₹567.82 crore) - decline of 5.96%
  • Life: ₹2,450.48 crore (vs ₹1,866.74 crore) - growth of 31.27%

Claims and Combined Ratio by Geography:

  • Domestic Incurred Claims: ₹24,834.51 crore (vs ₹22,239.10 crore)
  • Domestic Combined Ratio: 101.65% (vs 104.20%)
  • International Incurred Claims: ₹8,793.15 crore (vs ₹9,714.59 crore)
  • International Combined Ratio: 120.05% (vs 121.40%)
  • Total Combined Ratio: 106.02% (vs 108.81%)

Consolidated Group Performance

GIC Re's group includes subsidiary companies (GIC Re South Africa, GIC Re Corporate Member London, GIC Perestrakhovanie LLC Moscow) and associate companies (GIC Re Bhutan, India International Insurance Pte Ltd Singapore, Agriculture Insurance Company of India Ltd).

Consolidated Financial Highlights (Year ended 31.03.2026 vs 31.03.2025):

  • Gross Premium Income: ₹44,367.88 crore (vs ₹41,955.33 crore)
  • Investment Income: ₹13,242.29 crore (vs ₹12,904.98 crore)
  • Profit Before Tax: ₹11,446.70 crore (vs ₹9,104.64 crore)
  • Profit After Tax: ₹9,662.38 crore (vs ₹7,431.84 crore) - growth of 30.02%
  • Net Worth (without fair value change): ₹56,859.20 crore (vs ₹46,961.16 crore)
  • Incurred Claims Ratio: 83.83% (vs 87.62%)
  • Net Commission Percentage: 19.72% (vs 19.45%)
  • Expenses of Management Ratio: 1.10% (vs 1.03%)

Company Background

GIC Re is the largest reinsurer in the Indian domestic reinsurance market and maintains leadership position despite foreign reinsurers opening branch operations since 2017. The company has been identified as Domestic Systemically Important Insurer (D-SII) by IRDAI.

Internationally, GIC Re is ranked as the 9th largest global reinsurer group (non-IFRS 17 Reporting Reinsurer) in 2025 by AM Best, which has given the company a Financial Strength Rating of A- (Excellent) with Stable Outlook and National Scale Rating of aaa.IN (exceptional) with stable outlook.

GIC Re has branch offices in London and Kuala Lumpur, and operates a syndicate at Lloyd's of London. The company has 100% subsidiary companies in South Africa, Russia, United Kingdom, and associate companies in Bhutan, Singapore and India. GIC Re transacts business across 137 countries worldwide.

The company maintains a diversified risk portfolio including property, health, motor, agriculture, marine, engineering, aviation, liability and life. GIC Re benefits from India's general insurance penetration level of under 1%, indicating significant growth potential.