GICRE
Large CapGeneral Insurance Corporation of India
Financial Services
General Insurance Corporation of India (GIC Re) is India's largest domestic reinsurer, providing support to 59 direct general and life insurance companies. It operates internationally in ~137 countries, holding a 9th global rank. Key segments include Property, Agriculture/Crop, Liability, Motor, and Health.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -1% YoY · margin compression · PAT +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13,018 Cr | -1.4% | +3.4% |
| EBITDA | ₹2,463 Cr | -17.8% | +4.1% |
| Operating margin | 19.0% | -400 bps | +0 bps |
| PAT | ₹2,533 Cr | +1.4% | +46.8% |
| PAT margin | 19.5% | +54 bps | +575 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GIC Re reported strong FY26 financial results with Gross Written Premium of INR 44,007 Cr and Profit After Tax of INR 8,392 Cr. The Solvency Ratio significantly improved to 421%, and the Combined Ratio reduced to 106.0%.
The company demonstrates improving underwriting performance with a lower combined ratio and strong capital adequacy. Growth in both domestic and international markets, coupled with strategic initiatives for risk management and profitability, supports the current investment thesis.
Gross Premium by Product (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Capitalizing International Brand Equity
StrategicLeveraging strong brand equity in the Afro-Asian region to grow in international markets.
Growth in Indian Market
StrategicPlanning geographical diversification and growth in areas like Surety bonds, Cyber risk covers, and Parametric covers.
Sustaining Market Share
PositiveCapital requirements post Risk Based Capital implementation for Indian insurers could lead to higher cessions, providing opportunity.
Leveraging Lloyd’s Syndicate
StrategicUtilizing Lloyd’s syndicate (London) to expand international presence and gain underwriting intellectual capabilities.
Global Reinsurance Market Growth
PositiveMarket size expected to grow from ~USD 642 Billion in 2023 to ~USD 2001 Billion in 2034, a robust CAGR of 11%.
Hard Reinsurance Market Conditions
PositiveHard reinsurance market conditions are expected to continue, with potential for further price increases.
Indian General Insurance Market Growth
PositiveIndia's general insurance market is estimated to grow at a compound annual growth rate (CAGR) of 9.9% during 2021-2026.
Higher Interest Rate Yields
PositiveHigher interest rate yields are increasing investment income and bolstering total returns.
Catastrophic Events
OngoingCurrent environment (catastrophic events, etc.) is a factor for potential price increases, indicating inherent risk.
Underwriting Profitability
OngoingContinued focus on weeding out contracts with inadequate pricing suggests ongoing challenges in achieving optimal profitability.
Climate Change
ProactiveGIC Re has started building catastrophe reserves for climate change, indicating a recognized future risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Reinsurance business often involves large, lumpy claims and annual treaty renewals, making year-over-year comparisons more indicative of underlying performance trends and business cycles than sequential quarterly changes.
Gross Written Premium (GWP)
ImprovingGWP increased to INR 44,007 Cr in FY25-26 from INR 41,154 Cr in FY24-25.
Net Premium
ImprovingNet Premium grew to INR 40,571 Cr in FY25-26 from INR 37,844 Cr in FY24-25.
Combined Ratio
ImprovingCombined Ratio improved to 106.0% in FY25-26 from 108.8% in FY24-25.
Solvency Ratio
ImprovingSolvency Ratio strengthened to 421% in FY25-26 from 370% in FY24-25.
Focus on Underwriting Profitability
StrategicManagement aims for class-specific evaluation and weeding out contracts with inadequate pricing, incentivizing performance.
Improve Credit Rating
StrategicStriving to improve the A- (Excellent) rating from AM Best by focusing on balance sheet strength, operating performance, market position, and ERM.
Improve Net Incurred Claims and Commission Ratio
StrategicFocused on reducing attritional losses; commission ratios are expected to remain stable.
Adoption of Modelling Capabilities
StrategicPhased adoption of modelling capabilities to ensure better exposure management and value extraction.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Combined Ratio | 106.0% (FY26) | Continued improvement towards sub-100% levels, indicating underwriting profitability. |
| Solvency Ratio | 421% (FY26) | Maintenance of strong capitalization levels to support growth and absorb shocks. |
| International Business Growth | 25% of GWP (FY26) | Increase in international premium share and profitability post credit rating upgrade and diversification efforts. |
| Net Incurred Claims Ratio | 85.4% (FY26) | Further reduction in attritional losses and overall claims ratio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The life business will see a similar trend of loss ratio about 100% in the coming 2 or 3 quarters due to reserve strengthening.
"you will see a similar kind of trend, loss ratio about 100% in the coming 2 or 3 quarters"
Outcome check: OPM moved from 22.0% to average 19.0% (-3.0 pp).
GIC's objective is to achieve a domestic versus foreign premium mix of 60% to 40% in the medium-term.
"GIC's objective has been to achieve domestic versus foreign of 60 to 40"
Outcome check: Revenue YoY averaged 13.0% across 1 later quarter(s).
Any reduction in obligatory reinsurance is likely to result in diversion of business to GIC Re on a voluntary basis, rather than elimination of business.
"likely to result into diversion of business rather than say, elimination of business for us"
For the January '26 renewal, there will be softening in the global reinsurance pricing cycle, with underwriting discipline maintained and potential for divergent trends in pockets.
"there will be softening and there can be pockets where there can be a little divergent trend"
Outcome check: OPM moved from 22.0% to average 19.0% (-3.0 pp).
Trend score and candlestick chart
59NeutralSMA20 +3.7% / mo
Technical chart
GICREdaily · 5Y+0.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 50. Wait for confirmation.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 78.7%.
- Valuation contributes 30/30 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 67th percentile of the scored universe and 83rd percentile within Financial Services. No major sub-score weakness stands out.
Healthy Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: Altman Z is 1.32.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 83rd pctile, median 62 · Large: 43rd pctile, median 74
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 82.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸10 years of positive FCF.
Trust risks
- ▸Altman Z is 1.32.
Intrinsic value
Fundamentals
Valuation
- P/E
- 6.99
- P/B
- 0.96
- EV/EBITDA
- 6.67
- Market Cap
- 67570.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 17.40%
- ROA
- 4.70%
- Dividend Y
- 2.60%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 1.32
- Book Value
- 402.00
Cash Flow
- FCF Yield
- 0.28%
- FCF Positive Y
- 10/5
- OCF
- 466.00 Cr
- EPS TTM
- 55.08
Shareholding
- Promoter Hold
- 82.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.