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General Insurance Corporation of India
NSE: GICREFinancial ServicesInsurance - Reinsurance
- Last close
- ₹316.65
- Day change
- +₹4.05 (+1.30%)vs
- Market cap
- ₹55,974 crIndian rupees
- Research updated
- 1 report
About General Insurance Corporation of India
General Insurance Corporation of India, commonly known as GIC Re, serves as a pivotal entity in the insurance sector, primarily functioning as a reinsurer. Established to strengthen the insurance market within India, GIC Re plays a crucial role in enhancing risk management capabilities of primary insurers by offering reinsurance solutions, thus enabling them to underwrite significant risks while maintaining financial security. GIC Re caters to a variety of reinsurance needs, including fire, marine, motor, health, and miscellaneous lines of business. As one of the leading reinsurers in the Indian subcontinent, GIC Re also extends its services globally, reaching markets across Asia, Africa, Europe, and the Americas. The corporation's comprehensive reinsurance services support the stability and growth of insurance institutions by diversifying their risk exposure and bolstering their solvency. GIC Re's market significance is underscored by its state-owned stature and the strategic role it plays in the public and private insurance landscape. By underwriting complex and large-scale risks, GIC Re not only supports the insurers but also contributes to the economic resilience of the regions it serves.
- Sector
- Financial Services
- Industry
- Insurance - Reinsurance
- Listing
- NSE: GICRE
- Chief executive
- Mr. Jetho Jhamnani
- Employees
- 418
- Headquarters
- Mumbai, India
- ISIN
- INE481Y01014
- Website
- gicre.in
Public research · Report of
Business model & financial foundation
GIC Re (NSE: GICRE), Reinsurance: revenue of ₹44,368 crore in FY26 (+5.8% on FY25) and net profit of ₹9,662 crore.
- Revenue, FY26 (₹ crore)
- 44,368
- consolidated
- Revenue growth, FY26
- +5.8%
- on FY25
- Net profit, FY26 (₹ crore)
- 9,662
- to owners
- Return on equity, FY26
- 18.6%
- on average equity
- Market capitalisation (₹ crore)
- 60,378
- at the close of 13 Oct 2026
Company profile
India's state-controlled national reinsurer accepts domestic and international treaties across fire, marine, miscellaneous and life. Net earned premiums fund claims and commissions; accumulated insurance float and equity produce substantial investment income. Persistent technical losses make reserve adequacy and investment returns more important than premium growth alone.
| Item | Value |
|---|---|
| Legal name | General Insurance Corporation of India |
| Exchange and ticker | NSE: GICRE; BSE: 540755 |
| ISIN | INE481Y01014 |
| Sector | Financial Services |
| Industry | Reinsurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S H B A & Co LLP and S A R A & Associates |
| Market capitalisation | ₹60,378 crore (13 Oct 2026) |
| Shares outstanding | 175.44 crore shares (FY26) |
| Price | ₹316.2 (close, 13 Oct 2026) |
| 52-week range | ₹308.0 - ₹418.0 (to 13 Oct 2026) |
| Website | https://www.gicre.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| GIC Re South Africa | 100% | South African reinsurance |
| GIC Re India Corporate Member Ltd | 100% | Lloyd's corporate member |
| GIC Perestrakhovanie LLC | 100% | Russian reinsurance |
| Agriculture Insurance Company of India | 35% | Associate: crop insurance |
| India International Insurance Pte Ltd | 20% | Associate: Singapore general insurance |
| GIC Bhutan Re | 26% | Joint venture: Bhutan reinsurance |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 82.40% | 82.40% | 77.40% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 2.12% | 2.05% | 2.43% | |
| Domestic institutions | 13.32% | 13.55% | 17.73% | |
| of which mutual funds | 1.19% | 1.49% | 3.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GIC Re is India's state-controlled national reinsurer (GoI 77.4% after the June 2026 OFS). It accepts treaty and facultative risk from Indian insurers (receiving the statutory 4% obligatory cession for FY27) and from overseas cedants, across fire, motor, health, agriculture, marine, engineering, aviation, liability and life. FY26 group GWP was INR44,368cr; standalone domestic was 74.9% of premium. Underwriting runs at a loss (FY26 group underwriting result -INR1,245cr; standalone combined ratio 106.0%) and profit comes from investment income on a large float and equity book (FY26 group investment income INR13,242cr incl. realised gains). It controls risk selection, retention and its investment portfolio; it does not control the cession rate, pricing cycle, catastrophes or the government's stake sales.
| Segment | net earned premium, FY26 (₹ crore) | Share | underwriting result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Fire | 11,866 | 30.1% | 311.5 | |
| Marine - cargo and hull | 967.5 | 2.5% | 155.3 | |
| Miscellaneous - includes motor health agriculture | 24,269 | 61.6% | -1,373 | |
| Life | 2,276 | 5.8% | -856.5 |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| New India Assurance (NIACL) | State-controlled non-life insurer; closest domestic governance and investment-book comparator, not a reinsurer |
| ICICI Lombard (ICICIGI) | Listed diversified general insurer; underwriting quality comparator |
| Go Digit General Insurance (GODIGIT) | Listed general insurer; growth and underwriting comparator |
| Star Health (STARHEALTH) | Health loss-cost comparator, not a pure reinsurance peer |
| Munich Re | |
| Swiss Re |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Gross premium written (revenue proxy) | 37,867 | 41,955 | 44,368 | ||
| Other operating costs (vendor classification) * | 1,526 | -4,389 | -5,176 | 412.2 | 292.1 |
| EBIT * | 3,817 | 8,032 | 7,926 | 9,175 | 11,509 |
| Finance cost * | 62.8 | 0.67 | 0.73 | 70.8 | 62.6 |
| Profit before tax and share of associates | 3,755 | 8,031 | 7,925 | 9,105 | 11,447 |
| Total tax expense | 1,556 | 1,454 | 1,417 | 2,131 | 2,446 |
| Group PAT including associates | 2,386 | 6,907 | 6,686 | 7,432 | 9,662 |
| Diluted EPS (₹) | 13.60 | 39.37 | 38.11 | 42.36 | 55.08 |
| Gross premium written | 37,867 | 41,955 | 44,368 | ||
| Net premium written | 34,146 | 38,412 | 40,904 | ||
| Net earned premium | 33,705 | 36,712 | 39,743 | ||
| Incurred claims | 31,030 | 32,167 | 33,318 | ||
| Net commission expense | 6,301 | 7,472 | 8,067 | ||
| Expenses of management | 423.0 | 394.5 | 451.6 | ||
| Premium deficiency expense / (release) | 59.3 | -37.6 | 57.7 | ||
| Reported underwriting profit / (loss) | -4,011 | -3,141 | -1,245 | ||
| Investment income net of expenses | 12,273 | 12,905 | 13,242 | ||
| FX gain / (loss) below underwriting | 46.7 | 59.0 | 453.4 | ||
| Other income below underwriting | 320.7 | 122.9 | 31.5 | ||
| Other outgo below underwriting | 117.1 | 242.9 | 296.1 | ||
| Transfer to catastrophe reserve | 587.5 | 598.0 | 739.3 | ||
| Share of profit / (loss) of associates | 177.7 | 457.9 | 661.9 | ||
| PAT attributable to owners including associates | 6,686 | 7,432 | 9,662 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Group net worth excluding FVCA | n.r. | n.r. | 40,835 | 46,961 | 56,859 |
| Cash and cash equivalents * | 21,451 | 23,702 | 24,855 | 25,280 | 28,489 |
| Trade receivables * | 11,106 | 10,554 | 9,083 | 10,725 | 10,525 |
| Trade payables * | 4,053 | 4,377 | 4,638 | 4,416 | 4,986 |
| Net property, plant and equipment * | 10.5 | 12.5 | 14.0 | 14.0 | 11.4 |
| Total assets * | 1,84,452 | 1,94,769 | 2,05,733 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 9,035 | 11,588 | 11,139 | 1,951 | 452.7 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -14.5 | -133.4 | -5.68 | -23.7 | |
| Cash from operations * | 5,551 | 7,337 | 9,684 | ||
| Dividends paid (the provider's sign: an outflow is negative) * | -394.7 | -1,263 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares outstanding | 175.46 | 175.44 | 175.44 | 175.44 | 175.44 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Gross premium written (revenue proxy) | 8,514 | 10,106 | 10,746 | 12,417 | 9,706 | 11,083 | 11,161 | 13,542 |
| Other operating costs (vendor classification) * | 61.8 | 273.7 | 225.8 | 97.7 | ||||
| Profit before tax and share of associates | 2,287 | 2,184 | 3,144 | 2,664 | 3,315 | 2,360 | 3,108 | 2,192 |
| Total tax expense | 422.0 | 560.4 | 779.9 | 490.9 | 617.1 | 608.9 | 729.3 | 570.8 |
| Group PAT including associates | 1,856 | 1,677 | 2,499 | 2,531 | 2,874 | 1,726 | 2,533 | 1,744 |
| Diluted EPS (derived where quarterly release omits it) (₹) | 10.58 | 9.56 | 14.24 | 14.42 | 16.38 | 9.84 | 14.44 | 9.94 |
| Gross premium written | 8,514 | 10,106 | 10,746 | 12,417 | 9,706 | 11,083 | 11,161 | 13,542 |
| Net premium written | 7,616 | 9,229 | 9,976 | 11,824 | 8,588 | 10,486 | 10,007 | 12,721 |
| Net earned premium | 8,886 | 8,478 | 9,250 | 11,274 | 8,925 | 9,631 | 9,914 | 11,098 |
| Incurred claims | 8,283 | 7,454 | 7,425 | 9,790 | 7,405 | 8,226 | 7,897 | 9,755 |
| Net commission expense | 1,512 | 1,759 | 2,000 | 1,880 | 2,261 | 1,746 | 2,181 | 2,392 |
| Expenses of management | 70.1 | 94.8 | 124.6 | 82.0 | 176.8 | 95.7 | 97.1 | 136.9 |
| Premium deficiency expense / (release) | -9.85 | 2.10 | -41.1 | 50.9 | 6.49 | 4.43 | -4.11 | -53.3 |
| Reported underwriting profit / (loss) | -1,078 | -597.2 | -224.1 | -526.9 | -561.4 | -345.8 | 189.0 | -1,057 |
| Investment income net of expenses | 3,492 | 2,666 | 3,959 | 3,349 | 3,830 | 2,958 | 3,105 | 3,303 |
| FX gain / (loss) below underwriting | -51.7 | 93.5 | 19.5 | -4.81 | 167.9 | 45.5 | 244.9 | 31.1 |
| Other income below underwriting | 16.4 | -19.2 | 91.2 | 57.0 | 125.1 | -104.2 | -46.4 | 97.0 |
| Other outgo below underwriting | 91.3 | -40.7 | 103.3 | 67.5 | 28.3 | 52.9 | 147.5 | 21.5 |
| Transfer to catastrophe reserve | 0.00 | 0.00 | 598.0 | 143.5 | 218.3 | 140.4 | 237.1 | 160.6 |
| Share of profit / (loss) of associates | -9.20 | 53.2 | 135.0 | 357.8 | 175.5 | -25.7 | 154.3 | 122.7 |
| PAT attributable to owners including associates | 1,856 | 1,677 | 2,499 | 2,531 | 2,874 | 1,726 | 2,533 | 1,744 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.8% | 5.8% | |||
| Net margin | 17.7% | 17.7% | 21.8% | ||
| Return on equity | 16.4% | 16.9% | 18.6% | ||
| Return on assets | 3.6% | 3.9% | 4.8% | ||
| Dividend payout | 18.9% | ||||
| EPS, diluted (₹) | 13.60 | 39.37 | 38.11 | 42.36 | 55.08 |
| Book value per share (₹) | 232.8 | 267.7 | 324.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on General Insurance Corporation of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on General Insurance Corporation of India
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 13 Oct 2026.
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