General Insurance Corporation of India(GICRE)

NSE: GICREBSE: 540755

₹ 323.1-0.26%refreshed 27 Oct, 01:15 pm ISTMarket cap: ₹ 56,685 crNext results: 30 Oct 2026Website: www.gicre.inUpdated: 27 Oct 2026

About

General Insurance Corporation of India (GIC Re) is India's sole national reinsurer, providing reinsurance across fire, motor, health, crop, marine, and life segments to domestic and international cedants. In FY26, it wrote gross written premium of INR 44,007 crores, up ~6.9% YoY, and holds approximately 52% of the domestic reinsurance market. Internationally, GIC Re operates across global markets rated A- by AM Best, with domestic business accounting for roughly 78% of premiums and international the remaining 22%.^[1][2][3]

Business segments

Domestic reinsurance accounted for ~78% of H1 FY26 standalone GWP and international ~22%, with domestic growing 4.6% YoY and international 9.4% YoY in H1 FY26.^[2]
In Q1 FY27, domestic GWP grew ~12.3% YoY while the international book declined ~6% YoY due to deliberate portfolio pruning in motor, aviation, and cargo.^[3]
Life reinsurance holds ~20% domestic market share as of Q1 FY27; the segment runs above 100% combined ratio due to reserve strengthening on individual and credit life books.^[3][2]

Product mix

Agriculture/Crop reinsurance grew to 10% of GWP in FY26 from 8% in FY25, reflecting expanded participation in SSM model treaty business.^[1]
Health reinsurance fell to 17% of GWP in FY26 from 19% in FY25; management non-renewed underperforming non-obligatory treaties, with 64% of health being obligatory.^[1][4]
Domestic motor grew ~17% YoY in 9M FY26, with ~84-85% of motor cessions being obligatory and the balance from proportional treaties.^[4]
New product areas targeted include Surety bonds, Cyber risk covers, and Parametric (ART) solutions.^[3][1]

Key operating metrics

Gross Written Premium: INR 44,007 Cr in FY26 (up from INR 41,154 Cr in FY25); INR 13,475.36 Cr in Q1 FY27 (up from INR 12,388.01 Cr in Q1 FY26).^[1][3]
Combined ratio improved to 106.0% in FY26 from 108.8% in FY25; further improved to 104.88% in Q1 FY27 from 106.94% in Q1 FY26.^[1][3]
Incurred claims ratio (on earned premium): 85.4% in FY26 (down from 88.4% in FY25); 85.04% in Q1 FY27 (down from 90.42% in Q1 FY26).^[1][3]
Domestic combined ratio: 102% in FY26 (down from 104% in FY25); 107.5% in Q1 FY27. International combined ratio: 120% in FY26 (from 121% in FY25); 95% in Q1 FY27.^[1][3]
Solvency ratio: 421% in FY26 (up from 370% in FY25); rose to 4.32x as of June 30, 2026, from 3.85x as of June 30, 2025.^[1][3]
Net commission ratio on net premium: 19.6% in FY26 (up from 19.5% in FY25). Expenses of management ratio: 1.0% in FY26 (up from 0.9% in FY25).^[1]

Investment portfolio

Total investment book reached ~INR 157,000 Cr at market value as of June 2026 (book value ~INR 120,000 Cr); portfolio mix is 73.4% fixed income, ~17% equity, ~8.67% money market.^[3]
Investment income in Q1 FY27 was INR 3,265.51 Cr, compared with INR 3,313.74 Cr in Q1 FY26.^[3]

Catastrophe reserves

CAT reserve corpus stood at approximately INR 2,000 Cr as of Q3 FY26; management is building toward an INR 5,000 Cr target before conducting a major policy review.^[4][1]
GIC Re provisioned INR 440 Cr for Gujarat flood losses in Q1 FY27; management noted GIC Re typically absorbs 30-40% of total industry CAT losses.^[3]

Market position and distribution

Domestic reinsurance market share: ~52% as of FY24-25; management expects to sustain this level as Risk Based Capital (RBC) implementation increases mandatory cedant cessions.^[3][1]
AM Best credit rating restored to A- in October 2024 after a prior downgrade; management expects full commercial benefit to flow through January 2026 and subsequent renewal seasons over 3-5 years.^[2]

Strategic targets

Composite GWP growth target of ~10% for FY27; medium-term target of 8-10% per annum retained with a 60:40 domestic:international portfolio mix goal.^[3][1]
Domestic combined ratio targeted at 103%; management says GIC Re is 'fairly close'. International combined ratio targeted at 95% within 2-3 years from Q1 FY27.^[3]
Credit rating upgrade from A- to A (AM Best) targeted in approximately 4-5 years from Q1 FY27.^[3]
Ind AS / IFRS transition in progress; expected to complete by FY27.^[3][1]

Recent developments

January 2026 international renewal was soft with heavy market capacity; GIC Re's targeted shares were signed down, partially offset by writing additional new accounts to broaden the international book.^[4]
IRDAI issued a directive on July 22 (2026) flagging excessive discounting in the fire/property segment, where GIC Re has reduced focus due to severe price competition.^[3]
International book deliberately pruned in Q1 FY27 in motor, aviation, and overseas cargo portfolios, resulting in ~6% YoY decline; the international segment delivered underwriting profit for the first time in several years in Q1 FY27.^[3]

Market Cap

₹56,685 Cr

High / Low

₹418 / 308

Stock P/E

6.4

Price / Book

1.0

EPS

₹55.1

ROE

17.9%

Sales

₹39,743 Cr

Net Profit

₹9,662 Cr

Promoter holding

77.4%

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General Insurance Corporation of India(GICRE)

About

Business segments

Product mix

Key operating metrics

Investment portfolio

Catastrophe reserves

Market position and distribution

Strategic targets

Recent developments

Signal history

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