General Insurance Corporation of IndiaFinancial ServicesGICRE
Q1 FY27 earnings callGeneral Insurance Corporation of India
GIC reported improved underwriting profitability with a focus on portfolio quality over growth, navigating a soft and competitive global reinsurance market.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Gross Premium Income | INR13,475.36 crores | — | |
| Investment Income | INR3,265.51 crores | — | |
| Incurred Claim Ratio | 85.04% | — | |
| Combined Ratio | 104.88% | — | |
| Profit After Tax | INR1,922.04 crores | — | |
| Solvency Ratio | 4.32 | — |
TL;DR
- Gross premium income grew to INR13,475.36 crores.
- Combined ratio improved to 104.88% from 106.94% last year.
- Profit after tax was INR1,922.04 crores.
- Solvency ratio improved to 4.32.
- Management prioritizes profitability and risk-adjusted returns over growth.
Said on the call
“Profitability will be the driving factor as compared to the growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Market Competition | Management stated all reinsurance players, including foreign branches and GIFT City entities, are displaying competitive behavior, with price trends dependent on claims experience from recent floods. |
| Overseas Performance | The reported combined ratio of 95% for the overseas portfolio is not seen as a definitive trend; management is focusing on portfolio pruning and expects results to be clearer over more quarters. |
| Domestic Business Strategy | Growth is being driven by health, particularly retail health, while domestic property faces heavy competition; motor treaty performance has deteriorated. |
| Long-term Targets | Management's long-term domestic/international mix goal is 50/50, but the medium-term target is 60/40; they aim for a domestic combined ratio of 103 and a foreign ratio of 95 over the next 2-3 years. |
| Life Reinsurance | Management defended the focus on growing life reinsurance, stating it is not an experiment and results need to be judged over a cycle, not a short period. |
| Flood Loss Provision | The company has made a provision of INR440 crores for the recent Gujarat floods. |
| Investment Portfolio | The investment book's market value is INR157,800 crores with about INR58,000 crores in equity; net worth including fair value has been flat due to reductions in the fair value of equity investments. |
Guidance
- Overall growth target is roughly 10%, with foreign expected to grow more than domestic.
- Aiming for a domestic combined ratio of 103 and a foreign combined ratio of 95 over the next 2-3 years.
- Targeting a 60/40 domestic/international premium mix in the medium term, with 50/50 as a long-term goal.
- Will review growth targets mid-year based on experience.
Source
Summary written from the transcript filed by General Insurance Corporation of India for the call held on 17 Aug 2026; published 21 Aug 2026, 17:45 IST.