General Insurance Corporation of India (GICRE) Q3 25/26 earnings summary

Executive summary

• Gross premium income for Q3 FY26 reached INR 10,986.55 crore, up from INR 9,967.71 crore year-over-year.

• Consolidated gross premiums written for the nine months ended December 31, 2025, rose to ₹33,20,685 lakhs, up from ₹31,20,925 lakhs year-over-year.

• Net profit after tax for the nine months was ₹6,62,217 lakhs, compared to ₹4,61,010 lakhs in the prior year period.

• Holds 52% market share in Indian reinsurance, ranking 9th globally with presence in 137 countries.

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

Financial highlights

• Gross Written Premium (GWP) rose to INR 41,154 Cr in FY24-25 from INR 37,182 Cr in FY23-24.

• Profit After Tax (PAT) increased to INR 6,701 Cr in FY24-25 from INR 6,497 Cr in FY23-24.

• Combined ratio improved to 105.42% for the nine months, from 110.29% year-over-year.

• Investment income reached INR 12,773 Cr in FY24-25.

• Solvency ratio improved to 3.87 as of December 31, 2025, from 3.52 a year earlier.

Outlook and guidance

• Management maintains guidance of 1% annual improvement in combined ratio on a composite portfolio basis.

• Growth is expected to mirror the Indian reinsurance market, with a medium-term annual growth rate of 8%-10%.

• Plans to leverage global scale and brand equity, especially in Afro-Asian markets.

• Catastrophe Reserve is being built quarterly to manage future claim volatility.

• Management notes that quarterly results are not indicative of full-year performance due to industry seasonality.