GIC Re announced its financial performance for the half year ended September 30, 2026, at a Board Meeting held in Mumbai. The disclosure was made pursuant to regulatory requirements and includes both standalone and consolidated results.

Key Financial Performance (Standalone - H1 FY27)

Premium Income:

  • Gross Premium Income: ₹24,703.57 crore (compared to ₹21,989.71 crore in H1 FY26, growth of 12.3%)
  • Net Premium: ₹23,226.15 crore
  • Earned Premium: ₹21,641.14 crore

Profitability Metrics:

  • Profit Before Tax: ₹5,591.79 crore (declined 2.18% from ₹5,716.30 crore in H1 FY26)
  • Profit After Tax: ₹4,377.66 crore (declined 5.23% from ₹4,619.02 crore in H1 FY26)
  • Tax: ₹1,214.13 crore

Underwriting Performance:

  • Underwriting Loss: ₹1,709.06 crore (increased 38.4% from ₹1,234.59 crore in H1 FY26)
  • Incurred Claims Ratio: 86.19% (slightly improved from 86.45% in H1 FY26)
  • Combined Ratio: 107.39% (virtually unchanged from 107.41% in H1 FY26)
  • Adjusted Combined Ratio: 85.92% (increased from 83.74% in H1 FY26)

Investment Performance:

  • Investment Income (Net of expenses): ₹7,503.78 crore (increased 5.6% from ₹7,105.41 crore in H1 FY26)

Balance Sheet Strength:

  • Solvency Ratio: 4.18 (improved from 3.85 as of September 30, 2025)
  • Total Assets: ₹213,420.24 crore (increased 7.46% from ₹198,612.62 crore)
  • Net Worth (without fair value change): ₹53,402.32 crore (up from ₹46,669.38 crore)
  • Net Worth (including fair value change): ₹93,138.68 crore (up from ₹88,709.19 crore)

Quarterly Performance Breakdown (Standalone)

Q2 FY27 (Quarter ended September 30, 2026):

  • Gross Premium: ₹11,228.21 crore
  • Net Premium: ₹10,562.03 crore
  • Earned Premium: ₹10,559.69 crore
  • Incurred Claims: ₹9,228.29 crore (87.39% of earned premium)
  • Underwriting Loss: ₹985.19 crore
  • Investment Income: ₹4,238.26 crore
  • Profit Before Tax: ₹3,101.54 crore
  • Profit After Tax: ₹2,455.62 crore
  • Combined Ratio: 110.23%

Business Composition Analysis

International vs Domestic Business (H1 FY27):

  • Domestic Gross Premium: ₹19,794.41 crore (80% share, grew 15.9% YoY)
  • International Gross Premium: ₹4,909.16 crore (20% share, flat YoY)

Line of Business Breakdown (H1 FY27):

  • Fire: ₹6,257.03 crore (-8.11% YoY)
  • Miscellaneous Total: ₹15,671.65 crore (+16.06% YoY)
  • Motor: ₹3,755.72 crore (+9.08% YoY)
  • Health: ₹6,559.30 crore (+43.84% YoY)
  • Agriculture: ₹2,056.38 crore (-18.51% YoY)
  • Other LOBs: ₹3,300.25 crore (+10.88% YoY)
  • Marine: ₹624.37 crore (+6.01% YoY)
  • Cargo: ₹347.77 crore (+23.15% YoY)
  • Hull: ₹276.60 crore (-9.78% YoY)
  • Life: ₹2,150.52 crore (+97.63% YoY)

Claims and Combined Ratio by Geography (H1 FY27):

  • Domestic: Incurred Claims ₹15,227.86 crore, Combined Ratio 107.29%
  • International: Incurred Claims ₹3,424.39 crore, Combined Ratio 108.24%

Consolidated Financial Performance (Group)

The GIC Re 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).

Key Consolidated Metrics (H1 FY27):

  • Gross Premium Income: ₹24,712.89 crore (compared to ₹22,123.39 crore in H1 FY26)
  • Investment Income: ₹7,576.39 crore (compared to ₹7,179.49 crore in H1 FY26)
  • Profit Before Tax: ₹5,790.25 crore (compared to ₹5,978.76 crore in H1 FY26)
  • Profit After Tax: ₹4,709.36 crore (compared to ₹5,404.12 crore in H1 FY26)
  • Net Worth (without fair value change): ₹57,799.51 crore (compared to ₹51,694.97 crore)
  • Incurred Claims Ratio: 85.42% (slightly improved from 85.13%)
  • Underwriting Loss: ₹1,575.04 crore (worsened from ₹1,021.98 crore)

Corporate Background

GIC Re is the largest reinsurer in the Indian domestic market and maintains leadership despite foreign reinsurers opening branches in India since 2017. The company has been identified as a Domestic Systemically Important Insurer (D-SII) by IRDAI. Internationally, GIC Re is ranked as the 10th largest global reinsurer group (non-IFRS 17 Reporting Reinsurer) by AM Best, which has given GIC Re a Financial Strength Rating of A- (Excellent) with Stable Outlook and a National Scale Rating of aaa.IN (Exceptional) with stable outlook.

The company operates through branch offices in London and Kuala Lumpur, and has a fully capitalized syndicate at Lloyd's of London. GIC Re transacts business across 137 countries and maintains a diversified risk portfolio including property, health, motor, agriculture, marine, engineering, aviation, liability and life.