Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 8 Oct - AM Best affirmed GIC’s A- financial strength rating and aaa.IN national scale rating with stable outlook.
Source: Bse
General Insurance Corporation of India (GICRE)
Large CapFinancial Services stocks · Large cap · NSE
General Insurance Corporation of India (GIC) is a global reinsurer, focusing on delivering profitable growth and creating long-term value. It navigates evolving market conditions with a diversified business profile and strong financial foundation, supporting risk protection for clients domestically and internationally.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result19 Aug, 10:41 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -6.9% / mo · MACD +
Stock trend: 38
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GICRED candles · FIT view-17.8%Latest close ₹327.20 on 2026-10-19
Bar
+0.2%
RSI
47
MACD hist
1.75
52W pos
17%
2026-10-19O ₹326.60H ₹328.15L ₹320.10C ₹327.20Vol 4.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GICRENifty Financial ServicesNifty 500
- GICRE
- -9.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -21.7%
- 52W range position
- 17%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹17.9 Cr
- 20D price channel
- ₹308 - ₹349.1
₹418
₹308 - ₹418
₹8.6
Latest completed session
20-session average
26.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED74
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -1.5% · PAT -31.1% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model+74.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust67
medium confidence · 3/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -2% YoY · PAT -31% YoY · margin compression · +11% QoQ
Filed 19 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 6.33
- P/B
- 0.76
- EV/EBITDA
- 5.85
- Market Cap
- 56185.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 17.40%
- ROA
- 4.31%
- Dividend Y
- 4.14%
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
- 1.26
- Book Value
- 422.00
Cash Flow
- FCF Yield
- 0.34%
- FCF Positive Y
- 10/5
- OCF
- 466.00 Cr
- EPS TTM
- 50.60
Shareholding
- Promoter Hold
- 77.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 53.0k+6.8% vs prev
Net Profit
₹ CrLatest: 8,875-8.1% vs prev
Return on Equity
%Latest: 12.6-19.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.4% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 6% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
33
RS percentile
Stage 4 Downtrend
1M return
-6.8%
3M return
-9.2%
6M return
-18.1%
1Y return
-14.7%
RS 1D
+2
RS 20D
-5
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 10.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 93.74+0.94%
RS vs Nifty 50094
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth15/25
Quality11/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
74
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
74/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 74.6%.
- 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.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
6.3
PB
0.8
EV/EBITDA
5.8
ROE
14.6%
ROCE
17.4%
FCF Yield
0.3%
Debt/Equity
0.0
MoS
+74.6%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
74
Previous: 74
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+74.6%
Previous: +74.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
74
74
74
74
74
74
74
74
74
74
74
74
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹693.14
+52.8% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,290.3
+74.6% MoS
PEG
0.23
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAM-INDIA
Large
Nippon Life India Asset Management Limited
Insurance
match 133
63
41.2
34.5%
+2%
UNDERVALUED
ICICIPRULI
Large
ICICI Prudential Life Insurance Company Limited
Insurance
match 130
23
37.3
10.0%
-18%
OVERVALUED
GODIGIT
Large
Go Digit General Insurance Limited
Insurance
match 128
36
53.4
12.2%
-111%
WATCHLIST
MUTHOOTFIN
Large
Muthoot Finance Limited
Insurance
match 127
67
9.1
30.9%
+79%
UNDERVALUED
NIVABUPA
Large
Niva Bupa Health Insurance Company Limited
Insurance
match 125
27
82.2
3.5%
-215%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T06:41:15.082Z
Management commentary snapshot
GICRE reports improved Q1 FY27 underwriting metrics with incurred claim ratio at 85.04% and combined ratio at 104.88% (YoY improvement). PBT was INR2,490.25 crores, PAT INR1,922.04 crores, and solvency ratio strengthened to 4.32.
GICRE's Q1 FY27 results show improved underwriting performance and solvency, driven by portfolio actions. However, competitive pressures in domestic fire and international markets, coupled with a deteriorating domestic motor portfolio, pose challenges. Management's ambitious combined ratio targets (domestic 103%, foreign 95%) and long-term 60/40 domestic/foreign premium mix goal require sustained execution in a soft market.
Growth engines
Life Reinsurance Growth
PositiveLife is a focus area and will continue to grow. Our book in life has been fairly stable at around a 20% market share.
Retail Health Segment Focus
PositiveOur focus is more on the retail health segment rather than the corporate or group health segment, where we believe the profitability lies.
Reclaiming Foreign Business
PositiveOn foreign side, to the extent we have got our rating back, and we are in touch with all the cedents and markets where we lost our business.
Specialty Classes Development
PositiveAll the classes, specialty classes, casualty. But it also requires a different level of skill set. So we have to have a calibrated approach.
Tailwinds
Global Reinsurance Industry Resilience
PositiveThe global reinsurance industry continues to demonstrate resilience supported by strong capitalization and sustained demand for risk transfer solutions.
Improved Solvency Position
PositiveSolvency ratio improved to 4.32 as on June 30, 2026, as compared to 3.85 as on June 30, 2025.
Rating Upgrade Benefits
PositiveOn foreign side, to the extent we have got our rating back, and we are in touch with all the cedents and markets where we lost our business.
Headwinds
Increased Market Competition
NegativeAbundant market capacity has resulted in increased competition across certain segments, particularly within property catastrophe reinsurance segment.
Steep Price Decline in Commercial/Fire
NegativeOn the fire or rather commercial side, in the primary market there have been a steep price decline.
Softening Trends in Foreign Markets
NegativeSignificant softening trends, the same exposure is coming at a lesser premium.
Deterioration in Domestic Motor Portfolio
NegativeIn motor, yes, there has been deterioration in domestic motor portfolio. It is largely from the treaties that we have written in the past.
Risk radar
Catastrophic Event Losses
NegativeLosses from the recent flooding activity, particularly in the states like Gujarat and all, that is going to be material to cause losses to some of the reinsurers.
Pricing Discipline Enforcement
NegativeIRDAI gave an advisory to reinsurance market that you cannot give such huge discounts like 99% to the benchmark rate.
Foreign Portfolio Seasonality
NeutralThere is some amount of seasonality in foreign portfolio, and I would suggest that let us wait for further quarters to develop.
Life Portfolio Profitability
NegativeThe life side, you have not been making much profit. Life portfolio needs to be watched over a period of couple of years.
Management accountability
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.
Analyst reading lens
Compare YOY
The document primarily compares Q1 FY27 results to the 'corresponding period of the previous year' (Q1 FY26) for key financial metrics, indicating a focus on year-over-year performance, which is typical for re-insurance given potential seasonality and longer claim development cycles.
Sector KPIs management disclosed
Gross Premium Income
PositiveGross premium income for Q1 FY27 stood at INR13,475.36 crores compared to INR12,388.01 crores in the corresponding period of the previous year.
Investment Income
NegativeInvestment income for the quarter stood at INR3,265.51 crores, vis-a-vis INR3,313.74 crores in the corresponding period last year.
Incurred Claim Ratio
PositiveIncurred claim ratio for the quarter was 85.04% as against 90.42% in the corresponding quarter of the previous year.
Combined Ratio
PositiveCombined ratio for the quarter stood at 104.88%, compared to 106.94% in the corresponding period last year.
Management forward view
Prioritizing Profitability Over Growth
NeutralProfitability will be the driving factor as compared to the growth. We do not want to grow at the cost of profitability.
Targeted Combined Ratios
PositiveWe would like to have combined ratio target for domestic book at something like 103 and the foreign book at 95 in line with the global markets.
Medium-Term Domestic/Foreign Mix Goal
NeutralWhat we are presently targeting with a medium-term in view is 60/40 [domestic/foreign].
Timeline for 'A' Rating Upgrade
NeutralIf things go all right, probably one can expect [A rating] in a period of, say, something like 4 to 5 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Combined Ratio | 107.5% (Q1 FY27) | Improvement towards management's target of 103%. |
| Foreign Combined Ratio | 95% (Q1 FY27) | Sustainability of the 95% target, given management's caution on Q1 being representative. |
| Foreign Premium Growth | Declined by 6% (Q1 FY27) | Reclaiming lost business and achieving 'more pronounced growth' as rating upgrade benefits materialize. |
| Life Reinsurance Profitability | Historically not making much profit, needs to be watched over a couple of years. | Turnaround and sustained profitability as it is a focus area. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookcontradictedquantified
The life business will see a similar trend of loss ratio about 100% in the coming 2 or 3 quarters due to reserve strengthening.
Timeframe: coming 2 or 3 quartersDirection: stable/highConfidence: expectation
"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).
revenue outlookdeliveredquantified
GIC's objective is to achieve a domestic versus foreign premium mix of 60% to 40% in the medium-term.
Timeframe: medium-termDirection: towards 60-40Confidence: objective
"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).
order inflownot yet verifiable
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.
Timeframe: implicit future (upon reduction of obligatory)Direction: positive (diversion to GIC Re)Confidence: likely
"likely to result into diversion of business rather than say, elimination of business for us"
pricingdelivered
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.
Timeframe: January '26 renewalDirection: softeningConfidence: belief
"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).
Trust Score
67Mixed Trust · medium confidenceClaim-tested Trust
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 66th 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%.
Computed 20 Oct 2026
management-trust-v1
38 extracted concalls · 3/4 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
52nd percentile
overall median 67 · Financial Services: 66th pctile, median 62 · Large: 29th pctile, median 73
Evidence depth
Early sample
3/4 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
60
acceptable · quarterly consistency
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 1.26.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching General Insurance Corporation of India
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 1 Oct - Board noted and approved appointment of two joint statutory auditors for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 15 Sep - Ministry of Finance appoints Divesh Sehara as GIC Re government nominee director, effective immediately.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - Intimation of newspaper notice prior to dispatch of Annual Report is enclosed.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 14 Aug - Shri Hiteshkumar Kismatbhai Bhandari assumed office as Part-time Non-Official Director on 13 August 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Jul - General Manager V. Balkrishna exits senior management under VRS effective 17 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun
Source: Bse
Announcement
Appointment of Company Secretary and Compliance Officer 15 May - Board approved appointment of Sanjeeb Mishra as Company Secretary, Compliance Officer and KMP; effective date pending.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.