General Insurance Corporation of India (GICRE) Q3 24/25 earnings summary

Executive summary

• Q3 FY 2025 showed strong progress in building a resilient reinsurance business amid market challenges, with disciplined underwriting and risk diversification across fire, health, motor, and agriculture segments.

• Largest reinsurer in India with ~51% domestic market share and presence in 137 countries, supporting 59 direct insurers.

• Consistently profitable with strong solvency and improving credit rating, now upgraded to A- (Excellent).

• Consolidated gross premiums written for the quarter were ₹10,10,573 lakh, up from ₹9,01,470 lakh year-over-year.

Financial highlights

• Gross premium income for Q3 FY 2025 was INR 9,967.71 crores, up from INR 8,778.26 crores in Q3 FY 2024; nine-month gross premiums reached ₹31,20,925 lakh, up from ₹28,97,672 lakh year-over-year.

• Incurred claims ratio declined to 87.8% from 103.1% year-over-year; combined ratio improved to 107.8% from 120.5%.

• Investment income for Q3 FY 2025 was INR 2,627.17 crores, down from INR 3,361.54 crores year-over-year.

• Profit after tax for Q3 FY 2025 was INR 1,621.35 crores, up from INR 1,517.95 crores; nine-month net profit was ₹4,61,010 lakh, up from ₹3,95,402 lakh.

• Solvency ratio improved to 3.52 as of 31/12/2024, well above the regulatory minimum of 1.5.

Outlook and guidance

• Targeting 8%-10% annual premium growth, aiming for INR 40,000–41,000 crores for FY 2025.

• Focus on international expansion, especially in Afro-Asian markets, and growth in new areas like surety bonds and cyber risk.

• Combined ratio expected to reduce by 2–2.5% annually, targeting below 110 in the near term.

• Building catastrophe reserves for climate change risk, with allocation to be considered at year-end.