General Insurance Corporation of India has informed the Exchange about Transcript
GICRE · price
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Awaiting price reaction for this filing.
GIC Re reported a strong Q1 FY26 with Profit After Tax rising 70% to ₹1,752.22 crores and Profit Before Tax up 61% to ₹2,243.54 crores, driven by a 30% drop in underwriting losses to ₹907.76 crores and an 18.37% jump in gross investment income to ₹3,228.51 crores. Gross premium was nearly flat at ₹12,388 crores (vs ₹12,406 crores YoY) as IRDAI's new 1/n accounting rule for long-term policies made the comparison less meaningful. The company absorbed two large losses — the Jindal Poly Films fire (GIC share ~₹925 crores) and the Air India Ahmedabad aviation crash (estimated $400-450 million market-wide). Combined ratio improved 2.66% to 106.94%, and solvency ratio strengthened to 3.85% from 3.36% YoY. Net worth grew 17.19% to ₹45,275 crores.
Shareholders get a robust earnings beat with clear forward guidance — management targets 9-10% overall premium growth, combined ratio improvement to 107-107.5% (from 108.8%), and significant foreign business combined ratio improvement from 126% to ~116-118%, signalling a margin expansion story that could support the stock. The newly adopted quarterly catastrophe reserve provisioning (₹143.47 crores quarterly drag) and Air India loss provisions, while pressures, are already absorbed, leaving room for cleaner numbers ahead. IndAS/IFRS reporting may begin from Q3 FY26, providing better visibility into fair-value economics.