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

Executive summary

• Q3 FY 2025 showed steady progress in building a resilient reinsurance business amid market challenges, with disciplined underwriting, risk diversification, and a focus on health, cybersecurity, and surety bonds.

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

• Consistently profitable with strong solvency and improving credit rating, including a recent upgrade to A- (Excellent).

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

• Strategic initiatives and digital transformation are driving optimism for sustained momentum and long-term underwriting profitability.

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; nine-month investment income was ₹6,07,724 lakh, down from ₹6,68,138 lakh.

• Profit before tax rose to INR 2,168.69 crores (Q3 FY 2025) from INR 1,923.81 crores (Q3 FY 2024); profit after tax increased to INR 1,621.35 crores from INR 1,517.95 crores.

• Solvency ratio at 3.52 as of December 31, 2024, up from 2.94 year-over-year, and net worth (excluding fair value change) was INR 40,745.48 crores as of 31/12/2024, up from INR 35,031.89 crores.

Outlook and guidance

• FY 2025 premium growth guidance of 8%-10% is on track, targeting INR 40,000-41,000 crores.

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

• Combined ratio targeted to reduce by 2-2.5% year-on-year, aiming for below 110% in the near term and further improvement over the next few years.

• Double-digit growth is anticipated in the medium term, following years of degrowth and internal restructuring.

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