Ashwani Kumar ceased to be a Non-Executive Director on the Board of GIC of India with effect from May 31, 2026. The cessation follows the completion of his tenure as MD & CEO of UCO Bank, which concluded on the same date. His departure from the Board of the insurer is a direct consequence of his exit from the leadership position at the bank.

The Ministry of Finance had originally appointed Kumar to the Board of General Insurance Corporation of India via a letter dated July 30, 2025. The appointment was for a period of three years, or until the date of his tenure as MD & CEO of UCO Bank, or until further orders, whichever was earliest. As his tenure at UCO Bank ended on May 31, 2026, his directorship at the insurance corporation concluded simultaneously.

General Insurance Corporation of India acknowledged the contributions made by Kumar during his tenure. The disclosure was made to the stock exchanges under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

General Insurance Corporation of India conducted an earnings call with analysts and investors on June 1, 2026, to discuss the audited standalone and consolidated financial results for the period ended March 31, 2026. The corporation reported a 25.2% increase in standalone net profit to ₹8,392 crore for FY26, driven by a 47.40% reduction in underwriting loss to ₹1,763 crore and a rise in investment income to ₹13,089 crore. The audio recording of the call is available on the company's website, pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The standalone net profit for the quarter ended March 31, 2026, stood at ₹2,254.24 crore, up from ₹2,182.88 crore in the corresponding period of the previous year. Profit before tax rose 23.13% to ₹10,793.25 crore for the full year. Gross premium income for FY26 increased to ₹44,006.74 crore from ₹41,153.95 crore in FY25, while net premium written rose to ₹40,571.25 crore from ₹37,844.21 crore. The solvency ratio improved to 4.21 as of March 31, 2026, from 3.70 a year ago. Total assets grew 5.12% to ₹1,97,220.93 crore, while net worth excluding fair value changes stood at ₹51,301.27 crore.

Operational Metrics

The incurred claim ratio for the year improved to 85.40% from 88.44% in FY25. The combined ratio was reported at 106.02 for FY26, compared to 108.81 in the previous year, while the adjusted combined ratio improved to 84.79 from 85.79. Earnings per share (EPS) for the year increased to ₹47.84 from ₹38.20 in the prior year. The domestic business contributed 75% of the gross premium at ₹32,979.23 crore, growing 7.56%, while international business accounted for 25% at ₹11,027.51 crore, growing 5.11%.

Consolidated Performance

The group, including subsidiaries and associates, reported a consolidated net profit of ₹9,662.38 crore for FY26, up from ₹7,431.84 crore in the previous year. Consolidated gross premium income stood at ₹44,367.88 crore, compared to ₹41,955.33 crore in FY25. The group's net worth, excluding fair value changes, was recorded at ₹56,859.20 crore for FY26.