General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported a rise in gross premium income of almost 7% to ₹44,006.74 crore for the financial year ending March 31st, 2026 (FY’25), as compared to ₹41,153.95 crore in the financial year ending March 31, 2025 (FY’24).
The reinsurer recorded a rise in net premiums to ₹40,571.25 crore for FY’25, compared to ₹37,884.21 crore in FY’24. Earned premiums also rose to ₹39,378.35 crore this year, compared to ₹36,130.26 crore in FY’24.
GIC Re’s underwriting loss reduced by 47.40% to ₹1,763.00 crore for FY’25, compared to ₹3,351.61 crore for FY’24.
This directly relates to the 2.79% reduction in combined ratio for the year to 106.02%, compared to 108.81% in FY’24. Meanwhile, GIC Re’s incurred claims ratio is 85.4% for FY’25, compared to 88.44% in FY’24.
It should be noted that both the ratios mentioned above include the reinsurer’s domestic and international business arms.
The reinsurer has reported a FY’25 profit before tax increase of 23.13% to ₹10,793.25 crore, compared to ₹8,765.64 crore in FY’24. While profit after tax rose by 25.23% to ₹8,392.18 crore for FY’25, compared to ₹6,701.36 crore in FY’24.
For FY’25, the reinsurer has posted an investment income of ₹13,089.34 crore, compared to ₹12,772.52 crore for FY’24.
Lastly, in this year, GIC Re’s total assets increased by 5.12% to ₹1,97,220.93 crore, compared to ₹1,87,615.74 crore in FY’24.
The company has also posted consolidated results for GIC Re’s group, including 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.
Consolidated gross premium income in FY’25 is ₹44,367.88 crore, compared to ₹41,955.33 crore in FY’24. Consolidated net premiums increased to ₹40,904.39 crore, compared to ₹38,412.23 crore in FY’24, and earned premiums were ₹39,743.31 crore for FY’25, compared to ₹36,711.83 crore in FY’24.
GIC Re’s incurred claims for FY’25 were ₹33,318.18 crore, compared to ₹32,166.89 crore in FY’24. While the group’s investment income was ₹13,242.29 crore, compared to ₹12,904.98 crore in FY’24.
In FY’25, consolidated profit before tax was ₹11,446.70 crore, compared to ₹9,104.64 crore in FY’24, and consolidated profit after tax was ₹9,662.38 crore, compared to ₹7,431.84 crore in FY’24.
GIC Re, in a statement, said, “GIC Re maintains a diversified risk portfolio that includes property, health, motor, agriculture, marine, engineering, aviation, liability and life. The general insurance business in India has a penetration level of under 1%, thus indicating great potential. Its dominant position in the Indian market stems from long-term and strong relationships with the Indian risk carriers.
“This is supported by continued obligatory cessions and order of preference. Its strength lies in its geographical and business diversification, long-term relationships, prudent risk selection, effective exposure management, ample liquidity and efficient claims management. Its investment portfolio is also well diversified, with effective asset-liability management.”
