GIC Re Q2 Net Profit Declines 14% YoY

Key Financial Figures (Standalone)

Quarter Ended September 30, 2026 (Q2 FY27):

Gross Premiums Written: ₹11,22,821 lakhs (vs ₹9,60,170 lakhs in Q2 FY26)
Net Premium Written: ₹10,56,203 lakhs (vs ₹8,66,343 lakhs in Q2 FY26)
Premium Earned (Net): ₹10,55,968 lakhs (vs ₹8,92,480 lakhs in Q2 FY26)
Income from Investments (net): ₹2,81,531 lakhs (vs ₹2,54,328 lakhs in Q2 FY26)
Total Income: ₹13,46,945 lakhs (vs ₹11,83,126 lakhs in Q2 FY26)
Underwriting Loss: ₹(1,07,965) lakhs (vs ₹(69,000) lakhs in Q2 FY26)
Operating Profit: ₹1,83,012 lakhs (vs ₹2,21,644 lakhs in Q2 FY26)
Profit Before Tax: ₹3,10,154 lakhs (vs ₹3,47,276 lakhs in Q2 FY26)
Profit After Tax: ₹2,45,562 lakhs (vs ₹2,86,679 lakhs in Q2 FY26)
Basic & Diluted EPS: ₹14.00 (vs ₹16.34 in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

Gross Premiums Written: ₹24,70,357 lakhs (vs ₹21,98,971 lakhs in H1 FY26)
Net Premium Written: ₹23,22,615 lakhs (vs ₹20,29,932 lakhs in H1 FY26)
Premium Earned (Net): ₹21,64,114 lakhs (vs ₹20,01,301 lakhs in H1 FY26)
Profit After Tax: ₹4,37,766 lakhs (vs ₹4,61,902 lakhs in H1 FY26)
Basic & Diluted EPS: ₹24.95 (vs ₹26.33 in H1 FY26)

Key Financial Ratios (Standalone)

Solvency Ratio: 4.18 (vs 3.85 as of September 30, 2025)
Expenses of Management Ratio: 1.04% (vs 1.13% in Q2 FY26)
Incurred Claim Ratio: 87.39% (vs 81.51% in Q2 FY26)
Net Retention Ratio: 94.07% (vs 90.23% in Q2 FY26)
Combined Ratio: 110.23% (vs 108.45% in Q2 FY26)
Adjusted Combined Ratio: 83.58% (vs 79.09% in Q2 FY26)
Gross & Net NPA %: 0.94% (vs 1.06% as of September 30, 2025)

Management Change

The Board noted the letter submitted by Ms. Jayashri Balkrishna, Executive Director, opting for voluntary retirement under the Corporation's Voluntary Retirement Scheme (VRS) due to personal reasons. She will consequently relinquish her office as Executive Director (Key Managerial Personnel) effective from the date of being relieved from services. The effective date of relieving will be intimated to the exchanges in due course.

Board Meeting Details

The board meeting was held on October 30, 2026, commencing at 16:00 Hrs and concluding at 18:30 Hrs.

Auditor's Review

The unaudited financial results were reviewed by joint statutory auditors SHBA & CO LLP and S A R A & Associates. Their limited review report states that based on their review, nothing has come to their attention that causes them to believe that the accompanying statement of unaudited financial results contains any material misstatement.

Other Key Disclosures

The financial results include accounts of two foreign branches, one run-off foreign branch, and one domestic branch.
GIC Re Dubai branch continues to be in run-off operations since July 2021, with application for portfolio transfer to GIFT City branch filed with UAE regulator.
The company continues to create Catastrophe Reserve by appropriating 10% of Operating Profit quarterly, with an overall reserve cap of ₹500,000 lakhs.
AM Best rating affirmed as Financial Strength Rating (FSR) of 'A- (Excellent)' and Long-Term Issuer Credit Rating (ICR) of 'a- (Excellent)' with 'Stable' outlook for both.
IRDAI granted one-year forbearance for implementation of Ind AS, deferring effective date to April 1, 2027.
The company does not fall under "Large Corporate" as per SEBI operational circular dated August 10, 2021.