General Insurance Corporation of India (GICRE)
Large CapFinancial Services stocks · Large cap · NSE
General Insurance Corporation of India (GIC Re) is India's sole Indian reinsurer, providing support to 59 direct general and life insurers domestically. It also operates internationally in ~137 countries, holding a ~52% market share in Indian reinsurance. 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 mixed.
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 30 Jun 2026
Bad · 0/100Rev -2% YoY · PAT -31% YoY · margin compression · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14,401 Cr | -1.5% | +10.6% |
| EBITDA | ₹2,021 Cr | -22.4% | -17.9% |
| Operating margin | 14.0% | -400 bps | -500 bps |
| PAT | ₹1,744 Cr | -31.1% | -31.1% |
| PAT margin | 12.1% | -520 bps | -735 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
GIC Re reported strong FY2026 results with PAT up 25.2% YoY to INR 8,392 Cr, driven by a 6.9% increase in GWP to INR 44,007 Cr. The Combined Ratio improved to 106.0%, and the Solvency Ratio strengthened to 421%, indicating robust financial health and underwriting discipline.
GIC Re demonstrates improving underwriting performance and strong capital adequacy. The company's dominant market position in India and strategic focus on international expansion, coupled with a favorable industry outlook, support its growth trajectory. Continued improvement in combined ratio and effective risk management are key to sustaining this momentum.
Gross Premium by Product Mix (FY2026)
Latest issuer-disclosed distribution across 6 reported categories.
Leveraging Scale
Company plans to leverage its 9th global rank and excellent credit ratings (AM Best A-, CARE) to drive growth.
Capitalizing International Brand Equity
GIC Re will leverage its strong brand equity in the Afro-Asian region to grow in international markets.
Growth in Indian Market
Growth is expected in diversified areas such as Surety bonds, Cyber risk covers, and Parametric covers.
Sustaining Market Share
Capital requirement post Risk Based Capital implementation for Indian insurers could lead to higher cessions, providing opportunity to maintain market share.
Global Reinsurance Market Expansion
Market 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
Hard reinsurance market conditions are expected to continue, with potential for further price increases due to catastrophic events.
Favorable Indian Demographics
India's insurable population to be 100 Cr by 2035, with middle-class households expected to almost double to 18 Cr between 2022-2030.
Growing Indian General Insurance Market
India's general insurance market is estimated to grow at a CAGR of 9.9% during 2021-2026, creating a large opportunity for reinsurance.
Underwriting Profitability
Management focuses on class-specific evaluation and weeding out contracts with inadequate pricing to improve profitability.
Catastrophic Events
GIC Re has started building catastrophe reserves for climate change to better manage future volatility.
Credit Rating Maintenance
Company strives to improve its A- (Excellent) AM Best rating by focusing on balance sheet strength, operating performance, market position, and ERM.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation provides annual financial data (FY2022-FY2026), making year-over-year comparisons most relevant for assessing long-term trends and performance in a reinsurance business.
Gross Written Premium (GWP)
INR 44,007 Cr in FY2026, up from INR 41,154 Cr in FY2025.
Net Premium
INR 40,571 Cr in FY2026, up from INR 37,844 Cr in FY2025.
Incurred Claims Ratio
85.4% in FY2026, down from 88.4% in FY2025.
Combined Ratio
106.0% in FY2026, down from 108.8% in FY2025.
Adoption of Modelling Capabilities
Phased adoption of modelling capabilities to ensure better exposure management and value extraction.
Focus on Underwriting Profitability
Continued focus through class-specific evaluation and incentivization based on individual company/contract performance.
Improving Net Incurred Claims Ratio
GIC Re is focused on reducing attritional losses, with commission ratios expected to remain stable.
New Initiatives
New initiatives include HR digital transformation (Project Parivartan), upgrading to SAP S4HANA, EGRC software for ERM, and offering parametric ART covers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Combined Ratio | 106.0% (FY2026) | Continued improvement below 106% and sustained underwriting profitability. |
| Solvency Ratio | 421% (FY2026) | Maintenance of strong capital adequacy above regulatory requirements. |
| Incurred Claims Ratio | 85.4% (FY2026) | Further reduction in attritional losses and overall claims ratio. |
| AM Best Credit Rating | A- (Excellent) | Any upgrades or affirmations of the credit rating, reflecting balance sheet strength. |
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
45NeutralSMA20 -1.5% / mo · MACD +
Technical chart
GICREdaily · 1Y · AUTO-2.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 54. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 4.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 73 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 73 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
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 74.5%.
- 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.
- Balance sheet is weaker at 8/15; 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: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 52nd percentile of the scored universe and 67th 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: Promoter holding fell 5%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 67th pctile, median 62 · Large: 28th pctile, median 73
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed 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 77.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸10 years of positive FCF.
Trust risks
- ▸Promoter holding fell 5%.
- ▸Altman Z is 1.29.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 7.09
- P/B
- 0.85
- EV/EBITDA
- 6.54
- Market Cap
- 62886.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 17.40%
- ROA
- 4.31%
- Dividend Y
- 3.70%
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
- 1.29
- Book Value
- 422.00
Cash Flow
- FCF Yield
- 0.30%
- FCF Positive Y
- 10/5
- OCF
- 466.00 Cr
- EPS TTM
- 50.60
Shareholding
- Promoter Hold
- 77.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.