General Insurance Corporation of India conducted its Q3 FY26 earnings conference call on February 11, 2026, providing comprehensive insights into the company's financial performance and strategic outlook. The call, led by Executive Director Hitesh Joshi with additional charge of CMD, highlighted the company's continued strength in the evolving global reinsurance market.

Q3 FY26 Financial Performance

The company reported robust quarterly results with gross premium income reaching INR 10,986.55 crores compared to INR 9,967.71 crores in the corresponding quarter of the previous year. Key performance indicators demonstrated the company's operational efficiency and market positioning.

Nine-Month Performance Overview

For the nine-month period FY25-26, GIC Re maintained strong fundamentals with gross written premium of INR 32,976 crores and an improved combined ratio of 106.9% compared to 108.8% in FY24-25. The adjusted combined ratio showed significant improvement to 85.08% for nine months against 89.12% in the previous year.

Market Strategy and International Expansion

Management emphasized the company's strategic approach to international market recovery following the credit rating restoration in October 2024. Hitesh Joshi outlined that business lost due to the previous rating downgrade would be reclaimed over 3-5 years, presenting growth opportunities in global markets.

The company maintains its medium-term objective of achieving a 60:40 domestic-to-international business composition, with expected composite annual growth rates of 8-10%. The A- rating from A.M. Best provides access to better quality contracts and enhanced market positioning.

Underwriting Discipline and Performance Targets

GIC Re continues its guidance of achieving approximately 1% improvement in combined ratio annually. The company's approach focuses on margin protection rather than volume-led expansion, aligning with industry trends toward disciplined capital deployment.

Segment-Specific Challenges and Opportunities

During the earnings call, management addressed specific challenges in international motor and cargo segments, particularly from Israel and Turkey markets. Steps have been taken to improve underwriting discipline in these areas, with management expecting meaningful improvements going forward.

The domestic motor segment showed strong growth of approximately 17%, driven by both obligatory business and proportional treaties. In agriculture business, the company awaits new tender cycles while maintaining readiness to support market requirements.

Outlook and Market Positioning

GIC Re remains well-positioned in the evolving reinsurance landscape with strong capital adequacy and disciplined underwriting approach. The company's focus on sustainable returns over cyclical growth, combined with its dominant market position and improving operational metrics, supports long-term value creation for stakeholders.

General Insurance Corporation of India announced its Q3FY26 quarterly results under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, showcasing continued robust financial performance. The reinsurance major reported strong results for both the quarter and nine months ended December 31, 2025, demonstrating significant growth across key operational and financial metrics.

Q3FY26 Quarterly Performance

For the quarter ended December 31, 2025, the company delivered solid financial results with gross premium written reaching ₹10,986.55 crore compared to ₹9,967.71 crore in the corresponding quarter of the previous year. The company reported profit after tax of ₹1,518.92 crore for Q3FY26 against ₹1,621.35 crore in Q3FY25.

Nine-Month Financial Highlights

The company maintained its strong nine-month performance with gross premium income reaching ₹32,976.26 crore, marking a 7.11% increase from ₹30,786.87 crore in the corresponding period of the previous year. Profit after tax surged 35.84% to ₹6,137.94 crore compared to ₹4,518.47 crore in the previous year.

Improved Underwriting Performance

The company demonstrated significant improvement in its underwriting metrics during the nine-month period. The incurred claims ratio improved to 86.93% from 90.42% in the previous year, indicating better risk management and claims control. The combined ratio improved to 106.88% from 110.46% in the previous year, while the adjusted combined ratio stood at 85.08% compared to 89.12% in the nine months ended December 31, 2024.

Business Segment Performance

The company's business portfolio showed consistent performance across segments. Domestic business contributed 77% of total gross premium with ₹25,388.97 crore, growing 7.30% year-on-year. International business accounted for 23% with ₹7,587.29 crore, registering 6.40% growth.

Strong Balance Sheet Position

GIC Re's financial position strengthened considerably during the period. Total assets increased by 7.65% to ₹2,03,413.59 crore as on December 31, 2025, compared to ₹1,88,953.20 crore in the previous year. The solvency ratio improved to 3.87 from 3.52 in the corresponding period last year, demonstrating enhanced capital adequacy and financial stability.

Consolidated Performance

On a consolidated basis, including subsidiary and associate companies, GIC Re reported gross premium income of ₹33,206.85 crore for the nine months ended December 31, 2025. Consolidated profit after tax reached ₹7,129.79 crore against ₹4,932.99 crore in the corresponding period last year, while group net worth without fair value change account stood at ₹53,706.40 crore.