Hitesh Joshi, acting CMD, GIC Re. said,“`Our strategy is focused on leveraging our risk selection capabilities to drive profitable, high-quality growth. Going forward, the Indian general insurance (non-life) sector is expected to grow at more than 8 per cent in premium income. The trends suggest a momentum building across several fronts. The growth will also boost demand for reinsurance,” said Hitesh Joshi, acting CMD, GIC Re.
Mumbai: With a record improved combined ratio of 105.32 per cent and Rs 140 crore Cat Reserve transfer, state owned GIC Re has posted a net profit of Rs 1,519 crore in the third quarter of FY 26.
The ninth largest global reinsurer had recorded a net profit of Rs 1621 crore in the third quarter of Fy 25.
Its gross premium during Q3FY26 has risen by 10.22 per cent y-o-y to Rs 10,987 crore, out of which 23 per cent has been mobilised from overseas markets, in the reporting period.
In an outstanding achievement, the third largest Asian reinsurer has been able to bring down its Combined Ratio(CR) to 105.32 per cent in Q3FY26 over 107.83 per cent in Q3FY25.
CR is a metric for evaluating the profitability and financial health of an insurance company and any CR of 100 per cent means the company is having a higher outgo over its premium income.
“Our strategy is focused on leveraging our risk selection capabilities to drive profitable, high-quality growth. Going forward, the Indian general insurance (non-life) sector is expected to grow at more than 8 per cent in premium income. The trends suggest a momentum building across several fronts. The growth will also boost demand for reinsurance,” said Hitesh Joshi, acting CMD, GIC Re.
On the ongoing trend of softening of pricing in the global reinsurance market, Joshi said,“ We are actively pursuing premium levels which are relatively more stable and sustainable,however the outcome is also dependent on market dynamics and competition. Pricing exposures and making adjustments to pricing algorithm in the context of emerging trends and experience and developing socio-economic environment is a continuous process. This should help us manage our financials towards meeting stakeholder expectations”
The reinsurer’s underwriting losses have fallen by five per cent y-o-y to Rs 551 crore in the Oct-Dec quarter.
“ We aim to achieve a more balanced portfolio mix, with a long-term goal of increasing our profitability through a well-diversified international portfolio. We have set for ourselves a target of 60:40 domestic:international risk book in the medium term. Our endeavour will be to enhance diversification across geographies and product lines while continue to rebalance and optimise our risk portfolio,” elaborated Joshi.
Its investment income (Net of expenses) have surged by 11per cent y-o-y to Rs 2,924.47 crore in the quarter.
However, led by Fire and Health, Motor and Crop losses, its incurred claims have spurted by 12 per ent y-o-y to Rs 8,425.04 in Q3FY26.
Except Health and Marine Hull, GIC Re has increased its exposure in its rest of portfolios including expanding its Life Reinsurance premium by 26 per cent in the first nine months of the current fiscal.
GIC Re’s solvency Ratio is 3 .87 as on 31.12.2025 as compared to 3 .52 as on 31.12.2024.
Total assets of the reinsurer are increased by 7.65 per cent to Rs 2,03,413.59 crore as on Dec,2025 as compared to Rs 1,88,953.20 crore as on Dec 2024.
Net Worth of the company (without fair value change account) has surged by 20 per cent to Rs48,490.40 crore as on Dec,2025.