Mumbai: The Board of Directors of General Insurance Corporation of India (GIC Re), India’s national reinsurer, approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The standalone results showed a decline in profit but a significant improvement in underwriting performance.
Q3 FY26 Standalone: Key Financial Highlights
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Net Profit: Declined by 6.3% to ₹1,518.92 Crore, down from ₹1,621.35 Crore in Q3 FY25.
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Gross Premium Written: Grew by 10.2% to ₹10,986.55 Crore.
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Underwriting Loss: Reduced sharply to ₹(551.83) Crore from a loss of ₹(582.39) crore a year ago.
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Combined Ratio: Improved to 105.32% (from 107.83% in Q3 FY25). The Adjusted Combined Ratio showed stronger improvement at 87.17% (from 89.48%).
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Incurred Claims Ratio: Was 87.94%.
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Earnings Per Share (EPS): Stood at ₹8.66 for the quarter.
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Solvency Ratio: Remained strong at 3.87 (well above the regulatory minimum of 1.50).
Also Read: SBI Q3 Results 2026: Net Profit Jumps 24.5% to ₹21,028 Cr | NIM at 3.36%
Nine-Month FY26 Standalone Performance
For the nine-month period (April-December 2025), the company showed robust growth:
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Net Profit: Increased by 35.9% to ₹6,137.94 Crore.
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Gross Premium Written: Grew by 7.1% to ₹32,976.26 Crore.
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EPS for 9M: Stood at ₹34.99.
Consolidated Performance
The GIC Re Group’s consolidated results followed a similar trend:
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Q3 Net Profit: ₹1,725.66 Crore.
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9M Net Profit: Grew 44.5% to ₹7,129.79 Crore.
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9M EPS (Consolidated): ₹40.64.
Operational & Strategic Update
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Catastrophe Reserve: The company continues to build its Catastrophe Reserve, appropriating 10% of the operating profit from its revenue accounts, with an overall cap of ₹50,000 Crore. For 9M FY26, ₹502.15 Crore was transferred to this reserve.
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Segment Performance: The Fire segment turned profitable in Q3 with an underwriting profit of ₹412.8 Crore, a significant recovery from a loss of ₹(316.27) Crore in Q3 FY25. The Miscellaneous segment (which includes Motor, Health, etc.) reported an underwriting loss, primarily driven by the Motor portfolio.
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Dubai Branch Run-off: The Dubai branch remains in run-off, with an application for portfolio transfer to the GIFT City branch pending with the UAE regulator.
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Credit Rating: The company’s international rating from AM Best was affirmed at 'A- (Excellent)' with a 'Stable' outlook.
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Labour Codes: The company is evaluating the financial impact of the newly notified Labour Codes.
Outlook
GIC Re's Q3 results highlight a quarter of margin pressure leading to a profit dip, but the broader nine-month picture shows strong year-to-date profit growth and a clear improvement in core underwriting metrics. The company’s formidable solvency position and strategic buildup of catastrophe reserves position it well to manage future volatility and capitalize on reinsurance market opportunities.