GIC of India , the country's largest reinsurer, has reported a strong financial performance for the second quarter of fiscal year 2026, marked by significant improvements in key metrics and profitability.

Financial Highlights

GIC Re's Q2 FY26 results showcase substantial growth and improved operational efficiency:

Operational Performance

The company's operational metrics showed notable improvements:

• Combined Ratio: Improved to 109.15% from 114.05% in the same quarter last year.
• Incurred Claim Ratio: Decreased to 81.5% from 93.6% year-on-year.
• Adjusted Combined Ratio: Stood at 84.04% for H1 FY26, compared to 88.86% in the previous year.

Solvency and Net Worth

GIC Re's financial stability indicators remained robust:

• Solvency Ratio: Improved to 3.85 as of September 2025, up from 3.42 in September 2024.
• Net Worth (excluding fair value change): Increased to ₹46,669.38 crores from ₹39,481.33 crores year-on-year.
• Net Worth (including fair value change): Stood at ₹88,709.19 crores, compared to ₹90,917.70 crores in the previous year.

Business Segment Performance

The company reported growth across its domestic and international operations:

• Domestic Premium: Grew by 4.6% to ₹17,080.66 crores in H1 FY26.
• International Premium: Increased by 9.4% to ₹4,909.05 crores.
• Premium Mix: Domestic business accounted for 78% of total premiums, while international business contributed 22%.

Management Commentary

Hitesh Joshi, Executive Director with Additional Charge of CMD at GIC Re, commented on the results: "This quarter reaffirms the strength of our strategic direction and our disciplined approach to navigating market conditions. We remain focused on executing our strategy with rigor and delivering sustainable value to our stakeholders."

Outlook

GIC Re's management expressed confidence in their ability to address the evolving competitive landscape and capitalize on emerging opportunities. The company plans to leverage its recently restored A- rating from AM Best, particularly in international markets, which may drive growth in the coming quarters.

Challenges and Strategies

While the overall performance was strong, the life segment faced challenges with a combined ratio of 114% due to reserve strengthening. The company expects this trend to continue for the next 2-3 quarters as it adjusts to post-COVID mortality experiences.

GIC Re maintains a disciplined approach to underwriting and portfolio management, with a medium-term objective of achieving a 60:40 ratio between domestic and foreign business. The company remains cautious about the potential impact of changes in obligatory cessions but is confident in its ability to adapt to regulatory shifts.

As GIC Re continues to navigate the dynamic reinsurance landscape, its focus on underwriting discipline, pricing adequacy, and portfolio optimization is expected to drive sustainable growth and value creation for stakeholders.

GIC of India (GIC Re), India's largest reinsurance company, is gearing up to reveal its financial performance for the second quarter of fiscal year 2026. The company has scheduled a series of events to discuss its results with investors and analysts.

Key Highlights

• Results Announcement Date: November 12, 2025
• Earnings Conference Call: November 17, 2025, at 12:00 hrs IST
• Call Duration: 1 hour (12:00 hrs - 13:00 hrs IST)

Conference Call Details

GIC Re has provided multiple options for stakeholders to join the earnings call:

Management Representation

Mr. Hitesh Joshi, Executive Director with Additional Charge of CMD, will lead the discussion along with other top management members. They will provide insights into the financial results for the period ended September 30, 2025, and address questions from participants.

Company Overview

GIC Re continues to hold a dominant position in India's reinsurance market:

• Accounted for approximately 51.00% of premiums ceded by Indian insurers to reinsurers in FY24
• Provides reinsurance across various business lines including fire, marine, motor, engineering, agriculture, aviation/space, health, liability, credit, financial, and life insurance
• Maintains an international presence through branch offices in London and Kuala Lumpur
• Operates subsidiaries in the United Kingdom (a member of Lloyd's of London), South Africa, and Russia

The upcoming earnings call presents an opportunity for investors and analysts to gain deeper insights into GIC Re's performance and strategic direction. As India's reinsurance landscape continues to evolve, GIC Re's results may provide valuable indicators of the sector's health and future prospects.

Investors and interested parties are encouraged to pre-register for the call to ensure smooth participation and avoid potential queues.