General Insurance Corporation of India (GICRE) Q2 25/26 earnings summary

Executive summary

• Q2 and H1 FY 2026 saw improved combined ratio and strong profit growth amid macroeconomic uncertainty and inflationary pressures.

• Disciplined underwriting, portfolio management, and favorable claims experience contributed to profit growth.

• Holds 51% market share in Indian reinsurance, ranking 9th globally with presence in 137 countries.

• Maintains strong government ownership and robust credit ratings (A- Excellent by AM Best).

• Board approved unaudited consolidated and standalone financial results for the period ended 30th September 2025.

Financial highlights

• Gross Premium Income for Q2 FY 2026 was INR 9,601.70 crore, up from INR 8,413.49 crore year-over-year.

• Gross Written Premium rose to ₹41,154 Cr in FY24-25, up from ₹37,182 Cr in FY23-24.

• Profit after tax for H1 FY26 was ₹487,078 lakhs, up from ₹298,667 lakhs in H1 FY25.

• Investment income reached ₹12,773 Cr in FY24-25, supporting profitability.

• Solvency ratio as of 30th September 2025 was 3.85, up from 3.42 a year earlier.

Outlook and guidance

• Growth in premium expected to mirror overall market growth, with international business potentially seeing double-digit growth due to restored credit rating.

• Focus on international expansion, new product lines (surety bonds, cyber risk), and maintaining market share.

• Combined ratio guidance remains unchanged, with continued focus on underwriting discipline.

• Indian general insurance market expected to grow at 9.9% CAGR through 2026, with reinsurance premiums projected to reach ₹99,000 Cr by FY26.

• AM Best affirmed the financial strength rating at 'A- (Excellent)' with a stable outlook.