General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported a 3.58 percentage point improvement in its combined ratio (CoR) to 106.88% for the nine months ending December 31st, 2025 (9M’25), compared to 110.46% for 9M’24.
The firm has reported a reduction of 37.58% in its underwriting loss to Rs. 1,847.32 crore for 9M’25 compared to Rs. 2,959.34 crore in 9M’24.
Simultaneously, the reinsurer’s gross premium income rose to Rs. 32,976.26 crore for 9M’25, compared to Rs. 30,786.87 crore a year earlier. Meanwhile, net premium grew to Rs. 30,654.18 for 9M’25, compared to Rs. 28,423.30 in nine month 2024.
The incurred claims ratio for the same period is 86.93% from 90.42% in 9M’24, and investment income rose to Rs. 10,029.88 crore, compared to Rs. 8,869.50 crore for 9M’24.
GIC Re’s profit before tax increased by 34.06% to Rs. 7,833.23 crore for 9M’25, compared to Rs. 5,842.98 crore in the comparative prior year period. Meanwhile, profit after tax for 9M’25 increased by 35.84% to Rs. 6,137.94 crore, compared to Rs. 4,518.47 crore for 9M’24.
The reinsurer explained, “We have started the practice of providing for catastrophic reserve on a quarterly basis and not annually as done previously. If this were not done, PBT and PAT figures would be higher by Rs. 502.15 crores”
GIC Re’s total assets increased by 7.65% to Rs. 2,03,413.59 crore for 9M’25, compared to Rs. 1,88,953.20 crore for 9M’24. For 9M’25, the solvency ratio is 3.87, compared to 3.52 for 9M’24.
The consolidated results of GIC Re’s group include subsidiary companies: GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow, and three associate companies: GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd.
