General Insurance Corporation of India (GICRE) Q4 25/26 earnings summary

Executive summary

• Global reinsurance market is entering a more competitive phase with increased capital and softening trends, while risk fundamentals remain elevated due to climate volatility, inflation, and geopolitical factors.

• Holds ~52% market share in Indian reinsurance, ranking 9th globally with presence in 137 countries and significant government ownership.

• Improvements in underwriting performance and capital strength are attributed to disciplined risk selection, price governance, and portfolio optimization.

• Consolidated gross premiums written for FY 2025-26 reached ₹44,36,788 lakhs, up from ₹41,95,533 lakhs year-over-year.

• The Board recommended a final dividend of ₹13.25 per share for FY 2025-26, following a ₹10 per share dividend for FY 2024-25.

Financial highlights

• Gross premium income for FY 2026 was INR 44,006.74 crore, up from INR 41,153.95 crore year-over-year; profit after tax increased 25.23% to INR 8,392.18 crore from INR 6,701.36 crore.

• Q4 FY 2026 gross premium income was INR 11,030.48 crore, up from INR 10,367 crore year-over-year.

• Net premium written for FY 2025-26 was ₹40,90,439 lakhs, up from ₹38,41,223 lakhs year-over-year.

• Operating profit for the year was ₹7,42,868 lakhs, up from ₹5,59,328 lakhs year-over-year.

• Earnings per share (EPS) for FY 2025-26 was ₹55.08, compared to ₹42.36 in FY 2024-25.

Outlook and guidance

• Market expected to remain competitive with soft pricing, especially in property and fire segments, both domestically and internationally.

• Single-digit premium growth anticipated for FY 2027, with focus on underwriting discipline over chasing volume.

• Combined ratio targeted to improve by 1-2% in FY 2027, with further improvement expected in international business.

• Plans to leverage global ranking and credit ratings for international expansion and focus on new products such as surety bonds, cyber risk, and parametric covers.

• Catastrophe Reserve creation continues, with ₹73,924 lakhs appropriated in FY 2025-26 to address future claim volatility.