General Insurance Corporation of India

Financial Performance

• Gross premium income for Q1 FY27: INR 13,475.36 crores.
• Investment income: INR 3,265.51 crores.
• Incurred claim ratio: 85.04% vs 90.42% YoY.
• Combined ratio: 104.88% vs 106.94% YoY.
• Profit before tax: INR 2,490.25 crores.
• Profit after tax: INR 1,922.04 crores.
• Solvency ratio improved to 4.32.

Operating Update

• Domestic market growth 12.3% in Q1; health drove growth; fire market soft.
• Overseas combined ratio improved; focus on property, motor, aviation portfolios.
• Foreign portfolio expected to improve over 3–5 years; no numeric target given.
• Life portfolio focus; reserve strengthening; to be watched over multi-year cycle.

Investments and Capital

• Investment book: market value INR 152,000 crores; book value INR 157,000 crores.
• Asset mix: fixed income 73.4%, equity 17%, money market 8.67%.
• Equity exposure mark-to-market; debt carried at cost.

Guidance and Outlook

• Profitability to drive growth; targets subdivided for domestic and foreign underwriting.
• Guidance: domestic 103 and foreign 95 combined ratio targets in 2–3 years; ~1% annual improvement.
• Gujarat flood provisioning: INR 440 crores in Q1.
• IFRS and RBC implementations ongoing; rating upgrade timing uncertain; potential 4–5 years.

Q&A Highlights

• Market pricing: aggressive pricing across insurers; Gift City players may sustain pressure.
• Domestic growth 12.3% in Q1; health-driven; fire segment remains competitive.
• Overseas portfolio: underwriting profit observed; no fixed ratio target; expected long-term improvement.
• Growth aspirations around 10% overall; domestic and foreign mix may vary; mid-year review planned.
• IRDAI advisory on discounts; monitoring impact over 2–3 quarters; direct-fire pricing discipline discussed.

Corrigendum details

• Corrigendum to Q1 FY2027 Investor Presentation correcting incurred claims ratio FY2025-26 and Q1 FY2026-27.
• Corrections apply to FY2025-26 incurred claims ratio and Q1 FY2026-27 net-worth figures.
• Revised Investor Presentation submitted; no other material changes.
• Revision covers pages 12, 16, and 20 of the earlier deck.

Governance/operational notes

• Corporate governance unchanged; no board or management changes.
• Presentation dated 19 August 2026; Ref. No. GIC-HO/BOARD/Q1-revisedIMP/171/2026-27.

Meeting Details

• Date: 17 August 2026.
• Type/Mode: earnings call with analysts and investors; virtual audio conference.
• Organiser: General Insurance Corporation of India.
• Purpose: discuss unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Key participants: Company Secretary & Compliance Officer.
• Recording: audio recording available on the corporation's website.

Dividend TDS update

• Dividend recommended: Rs 13.25 per equity share for FY2025-26.
• Record date for final dividend: 4 September 2026.
• Dividend payable within 30 days from the ensuing AGM.
• Dividend taxed in shareholder hands; TDS deducted at payment.
• Resident shareholders: TDS 10%; exempt if TY 2026-27 dividend under Rs 10,000.
• Non-resident shareholders: TDS 20% plus surcharge/cess; DTAA requires documents.
• Deadline to submit documents: 7 September 2026; Form 121 and declarations via website.
• KFintech portal for uploading; no communication after deadline.

Business overview

• Largest domestic reinsurer; supports 59 direct general and life insurers; presence in 137 countries.
• Significant Government of India ownership; 77.40% stake as of Jun-2026.
• Key segments: property, agriculture, liability, motor, and health.

Key operational highlights

• Q1 FY26-27 standalone GWP: INR 13,475 Cr.
• Net Premium: INR 12,664 Cr; Earned Premium: INR 11,081 Cr.
• Incurred Claims: INR 9,424 Cr; Net Commission: INR 2,387 Cr.
• Underwriting loss of INR 724 Cr for Q1 FY26-27.
• Solvency ratio at 432%; ROE at 17.0%.

Financial performance

• PBT: INR 2,490 Cr; PAT: INR 1,922 Cr in Q1 FY26-27.
• FY25-26: GWP 44,007 Cr; Net Premium 40,571 Cr; PAT 8,392 Cr.
• Combined ratio improved to 104.9% in Q1 FY26-27.

Capital structure & liquidity

• High capitalization with Solvency Ratio 432% in Q1 FY26-27.
• GOI ownership remains strong at ~77.40% (Jun-2026).

Strategic priorities & outlook

• Adopt modelling capabilities for exposure management; focus on underwriting profitability.
• Catastrophe reserves for climate change; maintain AM Best rating (A-).
• Geographic diversification and growth in international markets.

Risks & mitigation

• Climate-related catastrophe losses; mitigated by catastrophe reserves and risk diversification.
• Maintaining strong credit rating to support capital position.

Governance & leadership

• Robust governance framework with data security controls and ISRMC.
• Board committees, ED/NED participation; emphasis on compliance and ethics.

Appointment of Part-time Non-Official Director

• Shri Hiteshkumar Kismatbhai Bhandari appointed as Part-time Non-Official Director, effective 13 August 2026.
• DIN: 11890575; not related to existing Directors and not debarred by SEBI or other authorities.

Overview

• Quarter ended 30.06.2026: PBT 2,490.25 cr; PAT 1,922.04 cr.
• Gross Premium Income: 13,475.36 cr; prior-year quarter: 12,388.01 cr.
• Incurred Claims ratio: 85.04% (30.06.2026) vs 90.42% (30.06.2025).
• Underwriting Loss: 723.87 cr, down from 907.76 cr.
• Total assets: 2,07,789.87 cr; Net worth (without FV): 53,124.50 cr.

Financials & Ratios

• Net Worth including FV: 90,790.41 cr; Combined Ratio: 104.88%.
• Adjusted Combined Ratio: 87.73%.
• Domestic gross premium: 11,218.34 cr (83%); International: 2,257.02 cr (17%).
• Domestic premium growth: 12.3%; International growth: -5.8%.
• Consolidated gross premium income: 13,541.51 cr; Consolidated PAT: 1,743.67 cr.

Consolidated & Group

• Consolidated PBT: 2,191.78 cr; Consolidated Investment Income: 3,303.12 cr.
• Consolidated PAT: 1,743.67 cr; Group Net Worth: 58,406.63 cr.
• Group Investment Income: 3,303.12 cr.

Capital & Solvency

• Total assets: 2,07,789.87 cr; Solvency ratio: 4.32.
• Net worth including FV: 90,790.41 cr.

Appointment status

• Board noted on 13 Aug 2026 that Mishra cannot join; Kumar remains CS, CO and KMP.

Financial snapshot

• Standalone Q1FY27: Gross Premiums Written 13,47,536; Net Premium 12,66,412; Premium Earned 11,08,146.
• Standalone Q1FY27: Total Income 13,33,038; Underwriting loss 80,132; PAT 1,92,204.
• Consolidated Q1FY27: Gross Premiums Written 13,54,151; Net Premium 12,72,056; Premium Earned 11,09,777.
• Consolidated Q1FY27: Total Income 13,36,054; Underwriting loss 1,13,316; Operating Profit 1,12,961.
• Consolidated Q1FY27: PAT incl. associates 1,74,367; Quarter PAT 1,62,094; Associate profit 12,273.

Balance sheet & liquidity

• Standalone total assets 93,38,822; Consolidated total assets 98,75,019 Lakhs.
• Standalone cash & bank balances 27,51,962; Consolidated 29,60,945 Lakhs.
• Standalone reserves & surplus 54,84,511; Consolidated 60,12,724 Lakhs.

Key ratios & coverage

• Solvency ratio 4.32; Combined ratio 104.88%; Adjusted combined ratio 87.73%.
• Incurred claim ratio 85.04%; Net retention 93.98%; EPS (standalone) 10.96.

Appointment

• Appointed by the Central Government as Part-time Non-Official Director for a three-year term from 12 August 2026.

Profile

• Shri Hiteshkumar Kismatbhai Bhandari, LLM, advocate with 26 years' civil and criminal experience.