NSE: GICRE · BSE: 540755
GENERAL INS CORP OF INDIA
Reinsures general insurance risks ceded by primary insurance companies in India and overseas, earning premium income that it invests until claims are settled. About 75% of the business is written for domestic clients and 25% for international markets, with India operations dominant. The combined ratio improved to 106.02% in FY26 from 108.8% the year before, the third straight year of improvement, but the underwriting book still ran losses, against which investment income of Rs 13,089 crore cushioned profit. Profit After Tax for FY26 was Rs 8,392 crore. The Government of India, the dominant shareholder, sold a 5% stake through an Offer for Sale in June 2026, taking its holding from 82.40% to 77.40%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic reinsurance (75%), International reinsurance (25%), Investment income. Capital-intensive reinsurer with long-tail liabilities and a large investment float
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 1,992 | 2,386 | 6,907 | 7,432 | 9,662 |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 13,284 | 9,007 | 11,722 | 1,976 | 466 |
| Capex | (6) | (15) | (134) | 0 | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | — | — | — | — | — | — | — | — |
| Net profit | 978 | 1,689 | 2,499 | 2,531 | 2,874 | 1,751 | 2,533 | 1,744 |
| EPS (₹) | — | — | — | — | — | — | — | — |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GENERAL INS CORP OF INDIA ◆ | — | — | — | — | — | — | — | — |
| THE NEW INDIA ASSU CO LTD | — | — | — | — | — | — | — | — |
| STAR HEALTH & AL INS CO L | — | — | — | — | — | — | — | — |
| GO DIGIT GENERAL INS LTD | — | — | — | — | — | — | — | — |
| ICICI LOMBARD GIC LIMITED | — | — | — | — | — | — | — | — |
| NIVA BUPA HEALTH INS CO L | — | — | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | (31.1) | 21.9 | 9 of 12 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to review September 2026 quarter financial results | results | low | — | — |
| 23 Oct 2026 · Newspaper notice seeks shareholder approval of Government nominee | compliance | minimal | — | — |
| 22 Oct 2026 · Postal ballot seeks approval for government nominee director | board shareholder meetings | low | — | — |
| 13 Oct 2026 · GIC Re files routine demat/remat certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · GIC Re board approves office relocation and appoints new Chief Risk Officer | management changes | medium | — | — |
| 9 Oct 2026 · GIC Re Board appoints new Chief Risk Officer, approves office relocation | management changes | high | — | — |
| 9 Oct 2026 · Board approves office relocation, appoints new Chief Risk Officer | management changes | high | — | — |
| 8 Oct 2026 · GIC Re: AM Best affirms A- Excellent rating with stable outlook | general | low | — | — |
| 1 Oct 2026 · Board approves Joint Statutory Auditors for FY 2026-27 | general | low | — | — |
| 28 Sept 2026 · Trading window closed from October 1, 2026 ahead of Q2 FY27 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.