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

Executive summary

• Maintained disciplined underwriting and portfolio management amid macroeconomic uncertainty, inflation, and geopolitical risks.

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

• Consolidated gross premiums written for H1 FY26 reached ₹2,212,339 lakhs, up from ₹2,110,351 lakhs year-over-year, with net premium written at ₹2,041,115 lakhs versus ₹1,920,747 lakhs in H1 FY25.

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

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

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 (GWP) rose to ₹41,154 Cr in FY24-25, up from ₹37,182 Cr in FY23-24.

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

• Profit before tax reached INR 3,472.76 crore, up from INR 2,281.12 crore; profit after tax increased to INR 2,866.79 crore from INR 1,860.75 crore.

• Solvency ratio improved to 3.85 as of September 2025, compared to 3.42 a year earlier.

Outlook and guidance

• Targeting a domestic-to-international business mix of 60%-40% over the medium term, but will adjust based on market conditions and price adequacy.

• 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.

• Management notes that results for the quarter and half year are not indicative of full-year performance due to industry seasonality.