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.

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

Financial highlights

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

• Investment income for Q3 FY26 was INR 2,924.47 crore, up from INR 2,627.17 crore year-over-year.

• Combined ratio improved to 105.32 for the quarter and 105.42% for the nine months, down from 110.29% year-over-year.

• Net worth (excluding fair value change) rose to INR 48,490.40 crore; including fair value change, it reached INR 92,056.08 crore.

• Earnings per share (not annualized) for the nine months stood at ₹40.64, up from ₹28.12 year-over-year.

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%.

• Focus on international portfolio diversification, new product areas, and building catastrophe reserves.

• The group continues to maintain an 'A- (Excellent)' Financial Strength Rating and 'a- (Excellent)' Long-Term Issuer Credit Rating from AM Best, with a stable outlook.

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