`GIC Re’s broad objective is to maintain its dominance in the domestic market while strategically enhancing its global footprint for diversification and spread. Our decisions will be guided by exposure management, price adequacy and portfolio balance on an ongoing basis. We plan to consolidate our position by adhering to strong underwriting fundamentals and leveraging our deep understanding of the local market,’’ Hitesh Joshi, acting CMD, GIC Re

Mumbai:With lower underwriting losses and higher investment income, state owned GIC Re, the 10^th largest global reinsurer(in non-IFRS category), has recorded a 55 per cent year-on-year(Y-O-Y) jump in its net profit to Rs 2,867 crore in Q2 FY26.

The reinsurer, which now directly competes with over 22 global reinsurers, who are opearting either in the domestic market or the GIFT-IFSC, in the expanding Indian reinsurance market, has seen its gross premium soaring by 15 per cent (y-o-y) to Rs 9,602 crore in the second quarter ended in Sept 2025.

Over 280 cross boarder reinsurers(CBRs) also deal with the Indian reinsurance market.

GIC Re’s 22 per cent of gross premium during the period has been booked from over 150 international markets.  

The company’s board met today to decide about the results.

“GIC Re’s broad objective is to maintain its dominance in the domestic market while strategically enhancing its global footprint for diversification and spread. Our decisions will be guided by exposure management, price adequacy and portfolio balance on an ongoing basis. We plan to consolidate our position by adhering to strong underwriting fundamentals and leveraging our deep understanding of the local market,’’ said H Joshi, acting CMD, GIC Re..

GIC Re has managed to bring down its Combined Ratio(CR) from 114.05 per cent to in Q2FY25 to 109.15 per cent in Q2FY26 while its underwriting losses have fallen by 65 per cent Y-O-Y to Rs 388 crore  during  the reporting period.

Similarly, the reinsurer’s incurred losses have dipped from 93.60 per cent  in Q2FY25 to 81.50 percent in Q2FY26.

“There were cloudbursts in Uttarakhand, flash floods in Himachal Pradesh and severe floods in Punjab region. However, it appears that the insured losses are significantly lower as compared to economic losses. At the industry level the expected losses would be much lower,’’ said Joshi.

 The reinsurer’s investment income has risen by almost 10 per cent y-o-y to Rs 3,792 crore  in the second quarter of the current fiscal.

GIC Re ,except in Health and Marine(Hull) portfolios, has raised its exposure in all other line of business in Q2FY 26.

“Going forward, we are specifically keen to significantly enhance our support and capacity in specialized and emerging segments. These include Surety, Cyber, Parametric solutions, as well as other innovative lines. This enhancement is strategic as it not only introduces desired innovation but also helps build market resilience, directly aligning our support with the “Insurance for all vision,’’ said Joshi..

GIC Re has transferred Rs 218.29 crore to its catastrophic reserve in Q2 FY 26 followed by a transfer of Rs 143 crore in the preceding quarter.