General Insurance Corporation of India (GIC Re) reported a 5.23% year-on-year decline in profit after tax to INR43.78bn ($462m) for the half year ended September 30, 2026, compared with INR46.19bn in the corresponding period last year. Profit before tax also fell 2.18% to INR55.92bn.
Gross premium income increased 12.3% year-on-year to INR247.04bn from INR219.90bn. Investment income rose to INR75.04bn from INR71.05bn, while the incurred claims ratio improved marginally to 86.19% from 86.45%. However, the underwriting loss widened 38.4% to INR17.09bn from INR12.35bn. The combined ratio remained broadly stable at 107.39%, compared with 107.41% a year earlier, while the adjusted combined ratio increased to 85.92% from 83.74%.
GIC Re's solvency ratio improved to 4.18 as of September 30, 2026, from 3.85 a year earlier. Total assets increased 7.46% year-on-year to INR2.13tn, while net worth, excluding the fair value change account, rose to INR534.02bn from INR466.69bn. Including the fair value change account, net worth reached INR931.39bn, compared with INR887.09bn a year earlier.