India’s leading reinsurer General Insurance Corporation of India (GIC Re) reported a strong financial performance for FY26, with profit after tax (PAT) rising 25.23% year-on-year to Rs 8,392 crore, driven by higher premium income, improved underwriting performance and steady investment income growth.
The company’s gross premium income for FY26 stood at Rs 44,007 crore as compared to Rs 41,153.95 crore in FY25, reflecting continued momentum across its reinsurance business portfolio.
Q4 FY26 profit rises to Rs 2,254 cr
For the March quarter of FY26, GIC Re posted PAT of Rs 2,254 crore, up from Rs 2,183 crore reported in the corresponding quarter of the previous fiscal.
Gross premium income during the quarter increased to Rs 11,030 crore from Rs 10,367 crore a year earlier, supported by sustained demand across domestic and international reinsurance markets.
Underwriting performance improves significantly
GIC Re reported a sharp improvement in underwriting metrics during FY26. The company’s underwriting loss reduced by 47.40% to Rs 1,763 crore compared to Rs 3,351.61 crore in FY25.
The combined ratio improved to 106.02% for FY26 against 108.81% in the previous fiscal, while the adjusted combined ratio declined to 84.79% from 85.79%.
Investment income for the year stood at Rs 13,089.34 crore as compared to Rs 12,772.52 crore in FY25.
Balance sheet strengthens
The reinsurer also reported improvement in its balance sheet and solvency position.Solvency ratio rose to 4.21 as on March 31, 2026, compared to 3.70 a year ago.
Total assets increased 5.12% to Rs 1,97,220.93 crore as against Rs 1,87,615.74 crore in FY25.
Net worth excluding fair value change account rose to Rs 51,301.27 crore from Rs 43,106.52 crore, while net worth including fair value change account stood at Rs 84,029.57 crore compared to Rs 83,224.33 crore a year earlier.
Maintains leadership in Indian reinsurance market
General Insurance Corporation of India is the largest reinsurer in India’s domestic reinsurance market and continues to lead treaty programmes and facultative placements for Indian insurers.
The company has maintained its market leadership despite the entry of foreign reinsurers into India since 2017. GIC Re has also been identified as a Domestic Systemically Important Insurer (D-SII) by insurance regulator IRDAI, underlining its critical role in the country’s insurance ecosystem.