GIC of India , the country's largest reinsurer, has reported a robust financial performance for the first quarter. The company's net profit jumped 69% to ₹1,752 crore, compared to ₹1,036 crore in the same period last year.

Key Financial Highlights

Improved Underwriting Performance

GIC Re's underwriting loss narrowed to ₹908.00 crore in Q1, a substantial improvement from the ₹1,289.00 crore loss reported in the same quarter last year. This reduction in underwriting loss indicates the company's efforts to enhance its core insurance operations.

Strong Investment Returns

The company's investment portfolio continued to deliver strong results, with investment income rising by 20% year-over-year. This robust performance in investments has significantly contributed to the overall profitability of GIC Re.

Solvency and Net Worth

GIC Re's solvency ratio stood at a healthy 3.85 as of the end of the quarter, compared to 3.36 in the previous year, reflecting the company's strong financial position. The net worth (excluding fair value change account) increased by 17.19% to ₹45,275.00 crore.

Segment Performance

• Fire Insurance: Reported an operating profit of ₹663.00 crore
• Marine Insurance: Generated an operating profit of ₹196.00 crore
• Miscellaneous Insurance: Achieved an operating profit of ₹575.00 crore

Management Commentary

The company's management attributed the strong performance to improved underwriting practices, strategic investment decisions, and effective risk management. They also highlighted the creation of a Catastrophe Reserve, which is expected to help manage future volatility in claims and introduce stability in financial results.

Future Outlook

With its strong financial performance, improved solvency ratio, and strategic initiatives like the Catastrophe Reserve, GIC Re appears well-positioned to capitalize on growth opportunities in the reinsurance sector. The company's focus on enhancing underwriting profitability while maintaining a robust investment portfolio is likely to drive sustainable growth in the coming quarters.

The Ministry of Finance has appointed Shri Ashwani Kumar, the Managing Director and CEO of UCO Bank, as a Non-executive director on the Board of GIC of India . This strategic move, effective from July 30, 2025, marks a significant addition to GIC of India's leadership team.

Appointment Details

Kumar's appointment is set for a three-year term or until the conclusion of his tenure at UCO Bank, whichever comes first. He steps into the role previously held by Smt. A. Manimekhalai on the board of GIC of India, India's largest reinsurer in the domestic market.

Professional Background

Ashwani Kumar brings a wealth of experience to his new role:

• Qualifications: A Chartered Accountant with a Post Graduate degree in Commerce
• Banking Experience: Over two decades in the banking sector
• Previous Roles: Served in multiple public sector banks including Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank, and Indian Bank
• Prior Position: Executive Director of Indian Bank before joining UCO Bank as MD & CEO

Expertise and Responsibilities

Kumar's extensive background includes:

• Leadership in Wholesale Banking Division
• Management of Industrial Finance and Large Corporate Branches
• Heading Mid Corporate and Large Corporate verticals as General Manager
• Experience as a Zonal Manager and Chief Finance Officer (CFO)

Educational Pursuits

Demonstrating a commitment to continuous learning, Kumar has:

• Attended various training programs at premier institutes in India and abroad, including IIM and CAFRAL
• Completed the Leadership Development Programme at IIM Bangalore, curated by the Banks Board Bureau in collaboration with IBA and Egon Zehnder International Pvt. Ltd.

Impact on GIC of India

This appointment comes at a crucial time for GIC of India, which recently announced its plans to disclose Q1 FY26 results on August 7, 2025, followed by an earnings call on August 8, 2025. As a key player in the reinsurance sector, GIC of India's strategic decisions and board composition are closely watched by industry observers.

The addition of Ashwani Kumar to the board is expected to bring fresh perspectives and valuable insights from the banking sector to GIC of India's operations and strategic planning.