Financial Performance Highlights (Standalone)

Profitability:

  • Profit Before Tax (PBT) increased by 11% Year-over-Year (YoY) to ₹2,490.25 crore for Q1 FY2027 (quarter ended 30.06.2026) from ₹2,243.54 crore in Q1 FY2026.
  • Profit After Tax (PAT) increased by 9.69% YoY to ₹1,922.04 crore from ₹1,752.23 crore.

Premium Income:

  • Gross Premium Income grew 8.78% YoY to ₹13,475.36 crore from ₹12,388.01 crore.
  • Net Premium was ₹12,664.12 crore (Q1 FY2027) compared to ₹11,635.89 crore (Q1 FY2026).
  • Earned Premium was nearly flat at ₹11,081.46 crore (Q1 FY2027) versus ₹11,088.21 crore (Q1 FY2026).

Underwriting Performance:

  • Underwriting Loss reduced by 20.26% to ₹723.87 crore from ₹907.76 crore YoY.
  • Incurred Claims Ratio improved significantly to 85.04% from 90.42% YoY.
  • Combined Ratio improved by 2.06 percentage points to 104.88% from 106.94% YoY.
  • Adjusted Combined Ratio increased slightly by 0.22 percentage points to 87.73% from 87.51%.

Investment Income & Balance Sheet:

  • Investment Income (Net of expenses) was ₹3,265.51 crore, a slight decrease from ₹3,313.74 crore YoY.
  • Solvency Ratio strengthened to 4.32 as on 30.06.2026 from 3.85 as on 30.06.2025.
  • Total Assets increased by 5.19% to ₹2,07,789.87 crore from ₹1,97,539.62 crore YoY.
  • Net Worth (without fair value change account) grew significantly to ₹53,124.50 crore from ₹45,275.48 crore YoY.
  • Net Worth (including fair value change account) was ₹90,790.41 crore compared to ₹89,512.55 crore YoY.

Segment-Wise Gross Premium Breakdown (YoY Growth)

The Gross Premium of ₹13,475.36 crore for Q1 FY2027 comprised:

  • Fire: ₹3,225.33 crore (-9.80% YoY)
  • Miscellaneous (Total): ₹8,550.47 crore (+8.13% YoY)
  • Motor: ₹1,871.89 crore (+2.10%)
  • Health: ₹3,407.78 crore (+36.68%)
  • Agriculture: ₹1,587.86 crore (-22.92%)
  • Other LOBs: ₹1,682.94 crore (+10.64%)
  • Marine: ₹344.59 crore (-2.02% YoY)
  • Cargo: ₹200.54 crore (+25.89%)
  • Hull: ₹144.05 crore (-25.13%)
  • Life: ₹1,354.97 crore (+145.23% YoY)

Geographic Business Performance (Domestic vs. International)

  • Domestic Business: Incurred Claims of ₹8,058.45 crore; Combined Ratio of 107.45%.
  • International Business: Incurred Claims of ₹1,365.51 crore; Combined Ratio of 95.20%, showing a major improvement from 118.82% YoY.

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 Gross Premium Income: ₹13,541.51 crore (Q1 FY2027) vs. ₹12,417.16 crore (Q1 FY2026).
  • Consolidated Investment Income: ₹3,303.12 crore vs. ₹3,349.37 crore YoY.
  • Consolidated Profit Before Tax: ₹2,191.78 crore vs. ₹2,663.67 crore YoY.
  • Consolidated Profit After Tax: ₹1,743.67 crore vs. ₹2,530.59 crore YoY.
  • Group Net Worth (without fair value change account): ₹58,406.63 crore as on 30.06.2026 vs. ₹50,045.83 crore YoY.
  • The consolidated incurred claims ratio was 87.90% (Q1 FY2027) compared to 86.84% (Q1 FY2026).

Corporate Overview & Context

GIC Re is identified as a Domestic Systemically Important Insurer (D-SII) by IRDAI. It is the largest reinsurer in India and was ranked as the 9th largest global reinsurer group (non-IFRS 17) by AM Best in 2025. It holds an AM Best Financial Strength Rating of A- (Excellent) with a Stable Outlook and a National Scale Rating of aaa.IN (Exceptional). The company operates in 137 countries with offices in London, Kuala Lumpur, and a syndicate at Lloyd's. Its business model focuses on diversification across property, health, motor, agriculture, marine, and other lines to manage risk. The company acknowledges that a portion of its profits comes from investment income and notes its intention to focus on moving away from this reliance. The general insurance penetration in India is noted to be under 1%, indicating significant growth potential.