General Insurance Corporation of India has informed the Exchange about Transcript
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GIC Re held an analyst call for Q4 and FY25 results. FY25 combined ratio stood at 108.8% with an adjusted combined ratio of 85.79%. Q4 PAT was Rs. 2,182.88 crores versus Rs. 2,642.47 crores last year, impacted by catastrophe losses including the California fire, Taiwan typhoon, and Dubai and Nepal floods. Domestic premium grew 18.8% to Rs. 30,662 crores, while international premium declined 7.8% to Rs. 10,491 crores. The solvency ratio improved to 3.70 from 3.25. Management guided the combined ratio to improve to around 106-107% and the foreign combined ratio from 121% toward 110-115%, supported by a November 2024 rating upgrade that is helping win back international accounts. Management also projected measured growth of about 10% year-on-year for the next three years.
The Q4 miss on profit and combined ratio is largely from known catastrophe events and is not expected to derail the underwriting turnaround story. Management's explicit guidance on combined ratio improvement to 106-107% and the rating upgrade tailwind for international business are positive signals, though health portfolio growth is unlikely to repeat and crop business continues to shrink.