GIC Re shareholders approve ₹13.25 dividend with 99.89% votes
- GIC Re shareholders approved a final dividend of ₹13.25 per share for FY26
- All seven resolutions passed at the 54th AGM held on September 22, 2026
- Hitesh Rameshchandra Joshi appointed as CMD with 99.62% votes in favour
- Adoption of FY26 financial statements approved with 98.76% support
*this image is generated using AI for illustrative purposes only.
General Insurance Corporation of India shareholders approved a final dividend of ₹13.25 per equity share for FY26, with 99.89% of votes cast in favour during the 54th Annual General Meeting (AGM). The meeting, held on September 22, 2026, saw all seven proposed resolutions pass with requisite majorities.
The proceedings were conducted via Video Conferencing (VC) and Other Audio-Visual Means (OAVM), chaired by Hitesh Joshi, Chairman and Managing Director. The scrutinizer’s report, filed on September 24, 2026, detailed the voting outcomes for the adoption of financial statements, dividend declaration, and key board appointments.
Voting results on key resolutions
The dividend resolution received overwhelming support, with only 0.11% of votes cast against it. Similarly, the adoption of audited financial statements passed with 98.76% in favour. Below is a summary of the voting results for the primary resolutions:
| Resolution | Description | Votes in Favour (%) | Outcome |
|---|---|---|---|
| 1 | Adoption of Audited Financial Statements (FY26) | 98.76% | Passed |
| 2 | Declaration of dividend of ₹13.25 per share | 99.89% | Passed |
| 3 | Fixing remuneration for Joint Statutory Auditors (FY27) | 99.99% | Passed |
| 4 | Re-appointment of Jayashri Balkrishna as Director | 97.59% | Passed |
| 5 | Appointment of Hitesh Rameshchandra Joshi as CMD | 99.62% | Passed |
| 6 | Appointment of Debasish Prusty as Govt Nominee Director | 96.47% | Passed |
| 7 | Appointment of Hiteshkumar Kismatbhai Bhandari as Independent Director | 99.66% | Passed |
Governance and leadership updates
The AGM formalized significant leadership changes. Hitesh Rameshchandra Joshi was appointed as Chairman-cum-Managing Director, receiving 99.62% support from shareholders. Dr. Debasish Prusty was appointed as a Government Nominee Director, while Hiteshkumar Kismatbhai Bhandari was appointed as an Independent Director.
Jayashri Balkrishna, who retired by rotation, was re-appointed following her eligibility to offer herself for re-election. This resolution garnered 97.59% support, reflecting slight dissent compared to other governance items but still securing a clear majority.
Meeting proceedings and participation
The statutory auditors’ report and secretarial audit report for the year ended March 31, 2026, contained no qualifications. Members raised queries regarding performance, shareholder returns, and CSR activities, which were addressed by the Chairman before the meeting concluded at 12:47 pm.
Voting rights were reckoned based on holdings as of September 15, 2026. Remote e-voting remained open from September 17 to September 21, 2026. The results were hosted on the Corporation’s website and the NSDL e-voting platform.
Historical Stock Returns for GIC of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.42% | +0.44% | -4.64% | -5.28% | -6.70% | +136.82% |
How will the newly appointed CMD, Hitesh Rameshchandra Joshi, alter GIC's investment strategy or underwriting policies in FY27?
What specific growth targets or capital allocation plans did the Chairman outline during the AGM to justify the dividend payout relative to retained earnings?
How might the appointment of Dr. Debasish Prusty as Government Nominee Director influence GIC's alignment with upcoming regulatory changes in the Indian insurance sector?
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