General Insurance Corporation of India (GICRE) Q4 24/25 earnings summary

Executive summary

• Delivered resilient performance in Q4 FY25 amid macroeconomic volatility, emphasizing disciplined underwriting and risk management.

• Holds ~51% market share in Indian reinsurance, ranking 10th globally with presence in 137 countries.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved by the Board with unmodified audit opinions.

• Provides reinsurance to 59 direct insurers in India, with strong brand equity in Afro-Asian markets.

• Significant ownership by the Government of India and robust governance framework.

Financial highlights

• Gross premium income for Q4 FY25 was INR 10,367.08 crore, up from INR 8,723.65 crore year-over-year.

• Gross Written Premium (GWP) for FY24-25 rose to ₹41,154 Cr, up from ₹37,182 Cr in FY22-23.

• Standalone net profit after tax for FY 2024-25 was Rs. 6,70,136 lakhs, compared to Rs. 6,49,730 lakhs in FY 2023-24.

• Combined Ratio improved to 108.8% in FY24-25 from 111.8% in FY23-24.

• Solvency ratio improved to 3.70 as of March 31, 2025, from 3.25 a year earlier.

Outlook and guidance

• International business growth in Q4 was driven by a rating upgrade, with expectations for continued recovery and new account wins.

• Plans to leverage global scale and credit ratings for international expansion, especially in Afro-Asian regions.

• Combined ratio is targeted to improve to around 106% in FY26, with international combined ratio expected to decline to 110-115%.

• Expects growth in Indian market through new products like surety bonds, cyber risk, and parametric covers.

• AM Best reaffirmed the Financial Strength Rating at 'A- (Excellent)' and Long-Term ICR at 'a- (Excellent)' with a stable outlook.