General Insurance Corporation of India (GIC Re) stands as India's premier reinsurance company and holds the distinguished position of being the 10th largest global reinsurer group according to AM Best's Non-IFRS 17 reporting standards. Incorporated in November 1972 by the Government of India, GIC was created to oversee the merger of various insurance entities into four major companies: National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited, and United India Insurance Company Limited.
The company operates as a wholly-owned subsidiary of the Government of India and has been publicly listed since October 25, 2017. GIC Re is the leader in the Indian reinsurance market, leading many domestic companies' treaty programmes and facultative placements. Internationally, GIC Re serves as an effective reinsurance partner for the Afro-Asian region, leading reinsurance programmes of several insurance companies in the Middle East.
As of June 2025, General Insurance Corporation of India has a market cap of ₹669.04 billion, making it the world's 2189th most valuable company according to market capitalization data. The company maintains a strong financial position with promoters holding 82.40% stake as of March 2025.
Recent quarterly results demonstrate the company's resilience in challenging market conditions. For Q4FY25, GIC Re reported a net profit of ₹2,182.89 crore, which was down 17.4% year-on-year but up 34.6% sequentially from Q3FY25. However, for the full financial year FY25, the company posted a 3.14% year-on-year increase in net profit to ₹6,701.36 crore.
The company's Q3FY25 performance showed strong momentum with net profit jumping 16.5% year-on-year to ₹1,676.62 lakh, while revenue climbed 12.1% year-on-year to ₹10,105.73 lakh. Gross premiums written reached ₹10,10,573 lakh for Q3FY25, up 12.1% from the previous year, with net premium earned at ₹8,47,774 lakh.
GIC Re operates in four major lines of business: Life, Health, Property and Casualty, and Reinsurance. The company offers products and services such as motor, health, travel, fire, marine and engineering insurance, as well as crop, liability, credit and surety reinsurance. GIC Re also provides innovative products such as microinsurance, weather-based crop insurance, and cyber insurance.
The company's product portfolio includes motor insurance, health insurance, crop insurance, and liability insurance as top products. GIC Re offers a range of reinsurance services, including treaty and facultative reinsurance, and catastrophe and risk-management services.
Current trading metrics show the stock's valuation parameters. At the current price levels, GIC Re trades at a PE ratio of 9.60 while its PB ratio stands at 1.36. For the financial year 2024, GIC Re declared a dividend of ₹10.0 per share, resulting in a dividend yield of 2.6%.
The company maintains strong operational efficiency with a pre-tax margin of 19% and ROE of 12%, though it faces challenges with an annual revenue de-growth of -2%. GIC Re's solvency ratio improved to 370% as of March 31, 2025, up from 325% in the same quarter last year.
The company has been subject to important regulatory developments. The IRDAI has mandated insurers to place 4% of their business with GIC Re for the third consecutive year, ensuring its financial strength and role in India's insurance ecosystem. However, general insurers plan to address the contentious 4% obligatory cession to GIC Re in a meeting with the DFS Secretary.
Recent management changes include Mr. Satheesh Kumar being appointed as Company Secretary and Key Managerial Personnel of GIC Re, while Ms. A. Manimekhalai ceased as Director on GIC Board from June 3, 2025, after tenure completion.
The company received a reaffirmation of its financial strength rating, with AM Best assigning an 'A- (Excellent)' rating with a stable outlook. This rating reflects the company's strong underwriting practices and disciplined investment strategy.
With a strong solvency ratio and increasing profitability, GIC Re is well-positioned to navigate market uncertainties while maintaining growth in the Indian and international reinsurance segments. The company continues to focus on strengthening its market position while delivering value to stakeholders through its diversified reinsurance portfolio and robust financial management.
