| Scrip code | 540755 |
|---|---|
| NSE Symbol | GICRE |
| MSEI Symbol | NOTLISTED |
| ISIN | INE481Y01014 |
| Name of Company | GENERAL INSURANCE CORPORATION OF INDIA |
| Type of company | Main Board |
| Class of security | Equity |
| Type Of Insurance | Non-Linked Policy |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 07-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 30-01-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Start date and time of board meeting | 07-02-2026 15:30:00 |
| End date and time of board meeting | 07-02-2026 16:45:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Partiuclars | Current Quarter | Year to Date Figures | |
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| OPERATING RESULTS | |||
| 1 | Operating income | ||
| (i) | Gross Premiums Written | 11,08,346.00 | 33,20,685.00 |
|---|---|---|---|
| (ii) | Net Premium written | 10,48,580.00 | 30,89,695.00 |
| (iii) | Premium Earned (Net) | 9,63,054.00 | 29,82,976.00 |
| (iv) | Income from investments (net) | 1,89,045.00 | 6,72,471.00 |
| (v) | Other income | ||
| 1 | Other income Foreign Exchange Gain/Loss | 9,565.00 | 45,980.00 |
| Total other income | 9,565.00 | 45,980.00 | |
| (vi) | Total income | 11,61,664.00 | 37,01,427.00 |
| 2 | Operating expenses | ||
| (i) | Commissions & Brokerage (net) | 1,74,551.00 | 5,88,614.00 |
| (ii) | Net commission | 1,74,551.00 | 5,88,614.00 |
| (iii) | Operating Expenses related to insurance business | ||
| (a) | Employees remuneration and welfare expenses | 5,911.00 | 15,396.00 |
| (b) | Other operating expenses | ||
| 0 | Other operating expenses | 3,663.00 | 20,053.00 |
| Total other operating expenses | 3,663.00 | 20,053.00 | |
| (c) | Total operating expenses related to insurance business | 9,574.00 | 35,449.00 |
| (iv) | Premium Deficiency | 443.00 | 6,182.00 |
| (v) | Incurred Claims | ||
| (a) | Claims Paid | 6,96,912.00 | 20,37,701.00 |
| (b) | Change in Outstanding Claims (incl. IBNR/IBNER) | 1,25,718.00 | 5,04,419.00 |
| Total Incurred claims | 8,22,630.00 | 25,42,120.00 | |
| (vi) | Total Expense | 10,07,198.00 | 31,72,365.00 |
| (vii) | Underwriting Profit(Loss) | (44,144.00) | (1,89,389.00) |
| (viii) | Provisions for doubtful debts (including bad debts written off) | 0.00 | 0.00 |
| (ix) | Provisions for diminution in value of investments | 0.00 | 0.00 |
| (x) | Operating Profit/loss: | 1,54,466.00 | 5,29,062.00 |
| (xi) | Appropriations | ||
| (a) | Transfer to Profit and Loss A/c | 1,40,428.00 | 4,78,847.00 |
| (b) | Transfer to reserves | 14,038.00 | 50,215.00 |
| NON-OPERATING RESULTS | |||
| 1 | Income in shareholder's account | ||
| (a) | Transfer from Policyholders' Fund | 1,40,428.00 | 4,78,847.00 |
| (b) | Income from investments | 1,06,763.00 | 3,41,286.00 |
| (c) | Other income | ||
| 1 | Other income | 3,916.00 | 28,643.00 |
| Total other income | 3,916.00 | 28,643.00 | |
| Total income | 2,51,107.00 | 8,48,776.00 | |
| 2 | Expenses | ||
| (i) | Expenses other than those related to insurance business | 3,408.00 | 10,219.00 |
| (ii) | Provisions for doubtful debts (including bad debts written off) | 10,177.00 | 1,580.00 |
| (iii) | Provisions for diminution in value of investments | 1,490.00 | 3,068.00 |
| Total Expense | 15,075.00 | 14,867.00 | |
| 3 | Profit / Loss before extraordinary items |
2,36,032.00 | 8,33,909.00 |
| 4 | Extraordinary Items |
0.00 | 0.00 |
| 5 | Profit/ (loss) before tax |
2,36,032.00 | 8,33,909.00 |
| 6 | Provision for tax |
60,893.00 | 1,71,692.00 |
| 7 | Profit / (loss) after tax |
1,75,139.00 | 6,62,217.00 |
| 8 | Divident per share | ||
| (a) | Interim Dividend | 0.00 | 0.00 |
| (b) | Final dividend | 0.00 | 0.00 |
| 9 | Opening Balance and Appropriations from PAT (Net) | 24,85,350.00 | 24,85,350.00 |
| 10 | Profit (loss) carried to balance sheet | 1,72,553.00 | 31,98,329.00 |
| 11 | Paid up equity capital | 87,720.00 | 87,720.00 |
| 12 | Reserve and Surplus (Excluding Revaluation Reserve) | 55,02,935.00 | 55,02,935.00 |
| 13 | Fair value change account and revaluation reserve | 43,60,814.00 | 43,60,814.00 |
| 14 | Assets | ||
| (a) | Investments | ||
| (i) | Shareholders Fund | 54,97,083.00 | 54,97,083.00 |
| (ii) | Policyholders' Fund | 1,00,16,604.00 | 1,00,16,604.00 |
| Total investments | 1,55,13,687.00 | 1,55,13,687.00 | |
| (b) | Other Assets (Net of current liabilities and provisions) | (55,62,081.00) | (55,62,081.00) |
| Total assets | 99,51,606.00 | 99,51,606.00 | |
| Analytical Ratios | |||
| (i) | Solvency ratio | 3.8700 | 3.8700 |
| (ii) | Expenses of management ratio | 0.9100 | 1.1500 |
| (iii) | Incurred Claim Ratio | 85.4200 | 85.2200 |
| (iv) | Net retention ratio | 94.6100 | 93.0400 |
| (v) | Combined ratio | 102.9800 | 105.4200 |
| (vi) | Earning per share | ||
| (a) | Basic and diluated EPS before extraordinary items (net of tax expense) for the period (not to be annualized) | 9.84 | 40.64 |
| (b) | Basic and diluted EPS after extraordinary items (net of tax expense) for the period (not to be annualized) | 9.84 | 40.64 |
| (vii) | NPA ratios | ||
| (a) | Gross NPAs | 0.99 | 0.99 |
| (c) | Net NPAs | 0.00 | 0.00 |
| (b) | Percentage of Gross NPAs | 99.00 | 99.00 |
| (d) | Percentage of net NPAs | 0 | 0 |
| (viii) | Yield on Investments | ||
| (a) | Without unrealized gains | 9.52 | 10.98 |
| (b) | With unrealised gains | 6.89 | 7.97 |
| (ix) | Public shareholding (in case of public sector insurance companies) | ||
| (a) | Number of shares | 3088 | 3088 |
| (b) | Percentage of shareholding | 17.600 | 17.600 |
| (c) | Percentage of government holding | 82.400 | 82.400 |
| Investor Compliants | |||
| (i) | No of investor complaints pending at the beginning of the period | 0 | 0 |
| (ii) | No of investor complaints during the period | 3 | 20 |
| (iii) | No of investor complaints disposed off during the period | 3 | 20 |
| (iv) | No of investor complaints remaining unresolved at the end of the period | 0 | 0 |
| (c) | Notes Format for financial results by general insurance companies filed with stock exchanges |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | Year to Date Figures | |
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| Segment Income | |||
| 1 | Fire | ||
| (i) | Net premium | 3,56,818.00 | 9,29,067.00 |
| (ii) | Income form investments | 71,237.00 | 2,51,591.00 |
| (iii) | Other income | 3,392.00 | 15,538.00 |
| 2 | Marine | ||
| (i) | Net premium | 17,418.00 | 69,362.00 |
| (ii) | Income form investments | 6,429.00 | 26,478.00 |
| (iii) | Other income | 273.00 | 1,740.00 |
| 3 | Health including personal accident | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| 4 | Health retail | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| 5 | Health group | ||
| (i) | Net premium | 2,14,178.00 | 6,70,508.00 |
| (ii) | Income form investments | 18,886.00 | 64,613.00 |
| (iii) | Other income | 938.00 | 4,327.00 |
| 6 | Health government schemes | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| 7 | Motor | ||
| (i) | Net premium | 1,93,388.00 | 5,39,590.00 |
| (ii) | Income form investments | 40,544.00 | 1,46,611.00 |
| (iii) | Other income | 1,938.00 | 9,759.00 |
| 8 | Retail | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| 9 | Group and corporate | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| (1) | Other segment 1 | ||
| Name of other segment | Aviation | ||
| (i) | Net premium | 10,985.00 | 25,524.00 |
| (ii) | Income form investments | 3,726.00 | 12,984.00 |
| (iii) | Other income | 164.00 | 871.00 |
| (2) | Other segment 2 | ||
| Name of other segment | Engineering | ||
| (i) | Net premium | 56,091.00 | 1,39,584.00 |
| (ii) | Income form investments | 11,121.00 | 37,011.00 |
| (iii) | Other income | 538.00 | 2,438.00 |
| (3) | Other segment 3 | ||
| Name of other segment | Workmen Compensation | ||
| (i) | Net premium | 1,039.00 | 2,425.00 |
| (ii) | Income form investments | 320.00 | 1,194.00 |
| (iii) | Other income | 15.00 | 80.00 |
| (4) | Other segment 4 | ||
| Name of other segment | Liability | ||
| (i) | Net premium | 18,500.00 | 59,065.00 |
| (ii) | Income form investments | 4,468.00 | 15,811.00 |
| (iii) | Other income | 210.00 | 1,043.00 |
| (5) | Other segment 5 | ||
| Name of other segment | Personal Accident | ||
| (i) | Net premium | 19,919.00 | 58,673.00 |
| (ii) | Income form investments | 2,706.00 | 8,870.00 |
| (iii) | Other income | 138.00 | 596.00 |
| (6) | Other segment 6 | ||
| Name of other segment | Agriculture | ||
| (i) | Net premium | 60,572.00 | 3,06,770.00 |
| (ii) | Income form investments | 18,403.00 | 66,664.00 |
| (iii) | Other income | 880.00 | 4,442.00 |
| (7) | Other segment 7 | ||
| Name of other segment | Other miscellaneous | ||
| (i) | Net premium | 33,756.00 | 1,05,230.00 |
| (ii) | Income form investments | 3,098.00 | 14,191.00 |
| (iii) | Other income | 120.00 | 931.00 |
| (8) | Other segment 8 | ||
| Name of other segment | FL/Credit | ||
| (i) | Net premium | 7,933.00 | 19,512.00 |
| (ii) | Income form investments | 1,864.00 | 6,233.00 |
| (iii) | Other income | 94.00 | 419.00 |
| (9) | Other segment 9 | ||
| Name of other segment | Life | ||
| (i) | Net premium | 57,984.00 | 1,64,386.00 |
| (ii) | Income form investments | 6,242.00 | 20,222.00 |
| (iii) | Other income | 864.00 | 3,795.00 |
| (10) | Other segment 10 | ||
| Name of other segment | NA | ||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
| Unallocated | |||
| (i) | Net premium | 0.00 | 0.00 |
| (ii) | Income form investments | 0.00 | 0.00 |
| (iii) | Other income | 0.00 | 0.00 |
Notes to the Income |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | Year to Date Figures | |
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| Segment Premium Deficiency | |||
| 1 | Fire | 0.00 | 0.00 |
| 2 | Marine | 0.00 | 0.00 |
| 3 | Health including personal accident | 0.00 | 0.00 |
| 4 | Health Retail | 0.00 | 0.00 |
| 5 | Health Group | 0.00 | 0.00 |
| 6 | Health Government Schemes | 0.00 | 0.00 |
| 7 | Motor | 0.00 | 0.00 |
| 8 | Retail | 0.00 | 0.00 |
| 9 | Group And Corporate | 0.00 | 0.00 |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| Name of Other Segment | |||
| 1 | Aviation | 0.00 | 0.00 |
| 2 | Engineering | 0.00 | 0.00 |
| 3 | Workmen Compensation | 0.00 | 0.00 |
| 4 | Liability | 0.00 | 0.00 |
| 5 | Personal Accident | 0.00 | 0.00 |
| 6 | Agriculture | 0.00 | 0.00 |
| 7 | Other miscellaneous | 0.00 | 0.00 |
| 8 | FL/Credit | 0.00 | 0.00 |
| 9 | Life | 443.00 | 6,182.00 |
| 10 | NA | 0.00 | 0.00 |
| 11 | Unallocated | 0.00 | 0.00 |
Notes to the Premium Deficiency |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | Year to Date Figures | |
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| Segment Underwriting Profit/Loss | |||
| 1 | Fire | 28,724.00 | 34,762.00 |
| 2 | Marine | (6,222.00) | 580.00 |
| 3 | Health including personal accident | 0.00 | 0.00 |
| 4 | Health Retail | 0.00 | 0.00 |
| 5 | Health Group | (22,564.00) | (33,802.00) |
| 6 | Health Government Schemes | 0.00 | 0.00 |
| 7 | Motor | (45,742.00) | (93,405.00) |
| 8 | Retail | 0.00 | 0.00 |
| 9 | Group And Corporate | 0.00 | 0.00 |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| Name of Other Segment | |||
| 1 | Aviation | (4,003.00) | (38,642.00) |
| 2 | Engineering | 721.00 | 18,638.00 |
| 3 | Workmen Compensation | 296.00 | 629.00 |
| 4 | Liability | 3,753.00 | (3,277.00) |
| 5 | Personal Accident | 655.00 | (1,849.00) |
| 6 | Agriculture | 345.00 | 66.00 |
| 7 | Other miscellaneous | 24,845.00 | 8,525.00 |
| 8 | FL/Credit | (1,555.00) | 3,069.00 |
| 9 | Life | (13,832.00) | (38,705.00) |
| 10 | NA | 0.00 | 0.00 |
| 11 | Unallocated | 0.00 | 0.00 |
Notes to the Underwriting ProfitLoss |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | Year to Date Figures | |
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| Segment Operating Profit/Loss | |||
| 1 | Fire | 99,961.00 | 2,86,353.00 |
| 2 | Marine | 207.00 | 27,058.00 |
| 3 | Health including personal accident | 0.00 | 0.00 |
| 4 | Health Retail | 0.00 | 0.00 |
| 5 | Health Group | (3,678.00) | 30,811.00 |
| 6 | Health Government Schemes | 0.00 | 0.00 |
| 7 | Motor | (5,198.00) | 53,206.00 |
| 8 | Retail | 0.00 | 0.00 |
| 9 | Group And Corporate | 0.00 | 0.00 |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| Name of Other Segment | |||
| 1 | Aviation | (277.00) | (25,658.00) |
| 2 | Engineering | 11,842.00 | 55,650.00 |
| 3 | Workmen Compensation | 616.00 | 1,823.00 |
| 4 | Liability | 8,221.00 | 12,534.00 |
| 5 | Personal Accident | 3,361.00 | 7,021.00 |
| 6 | Agriculture | 18,748.00 | 66,730.00 |
| 7 | Other miscellaneous | 27,943.00 | 22,716.00 |
| 8 | FL/Credit | 309.00 | 9,302.00 |
| 9 | Life | (7,589.00) | (18,483.00) |
| 10 | NA | 0.00 | 0.00 |
| 11 | Unallocated | 0.00 | 0.00 |
Notes to the Operating ProfitLoss |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | ||
| Date of start of reporting period | 01-10-2025 | ||
| Date of end of reporting period | 31-12-2025 | ||
| Whether results are audited or unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Segment Technical Liabilities (Unexpired Risk Reserve-Net) | |||
| 1 | Fire | 6,34,392.00 | |
| 2 | Marine | 74,592.00 | |
| 3 | Health including personal accident | 0.00 | |
| 4 | Health Retail | 0.00 | |
| 5 | Health Group | 4,61,908.00 | |
| 6 | Health Government Schemes | 0.00 | |
| 7 | Motor | 3,58,283.00 | |
| 8 | Retail | 0.00 | |
| 9 | Group And Corporate | 0.00 | |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| Name of Other Segment | |||
| 1 | Aviation | 16,822.00 | |
| 2 | Engineering | 91,034.00 | |
| 3 | Workmen Compensation | 1,603.00 | |
| 4 | Liability | 36,846.00 | |
| 5 | Personal Accident | 34,380.00 | |
| 6 | Agriculture | 31,270.00 | |
| 7 | Other miscellaneous | 59,133.00 | |
| 8 | FL/Credit | 13,503.00 | |
| 9 | Life | 30,022.00 | |
| 10 | NA | 0.00 | |
| 11 | Unallocated | 0.00 | |
Notes to the Technical Liabilities |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
| Partiuclars | Current Quarter | ||
| Date of start of reporting period | 01-10-2025 | ||
| Date of end of reporting period | 31-12-2025 | ||
| Whether results are audited or unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Segment Technical Liabilities (Unexpired Claims Reserves Including IBNR & IIBNER) | |||
| 1 | Fire | 31,86,305.00 | |
| 2 | Marine | 3,42,229.00 | |
| 3 | Health including personal accident | 0.00 | |
| 4 | Health Retail | 0.00 | |
| 5 | Health Group | 5,65,412.00 | |
| 6 | Health Government Schemes | 0.00 | |
| 7 | Motor | 19,49,370.00 | |
| 8 | Retail | 0.00 | |
| 9 | Group And Corporate | 0.00 | |
| 10 | Any other class as may be specified by the Authority. - Enter the name below | ||
| Name of Other Segment | |||
| 1 | Aviation | 1,91,510.00 | |
| 2 | Engineering | 4,80,453.00 | |
| 3 | Workmen Compensation | 17,558.00 | |
| 4 | Liability | 2,08,731.00 | |
| 5 | Personal Accident | 99,775.00 | |
| 6 | Agriculture | 10,05,171.00 | |
| 7 | Other miscellaneous | 1,53,593.00 | |
| 8 | FL/Credit | 78,593.00 | |
| 9 | Life | 2,79,396.00 | |
| 10 | NA | 0.00 | |
| 11 | Unallocated | 0.00 | |
Notes to the Technical Liabilities |
| 1. The above referred Consolidated financial results of the Corporation for the quarter and nine months ended December 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on February 07, 2026. 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter and nine months ended December 31, 2025: - Subsidiary Period GIC Re South Africa Limited 01.04.2025-31.12.2025 GIC Re, India, Corporate Member Limited 01.01.2025-30.09.2025 GIC Perestrakhovanie LLC* 01.01.2025-31.12.2025 Associates Agriculture Insurance Company of India Limited** 01.01.2025-31.12.2025 GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.12.2025 India International Insurance Pte Ltd 01.01.2025-30.09.2025 *For GIC Perestrakhovanie LLC, figures of twelve months are considered for consolidation to coincide with the financial year of corporation. ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Twelve months are considered to coincide with the financial year of corporation. Foreign subsidiaries and associates are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which are local management certified under generally accepted auditing standards applicable in their respective countries except GIC Re South Africa Limited and GIC Re, India, Corporate Member Limited, which have been reviewed by their respective Auditors. We have materially converted the financial information of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. 3. The Consolidated Financial Results for the quarter and nine months ended December 31, 2025 were reviewed by joint statutory auditors, S H B A CO LLP, Chartered Accountants and S A R A Associates, Chartered Accountants. 4. The balances of amount due to/from and the deposits kept with other persons/bodies carrying on insurance business are subject to confirmation/reconciliation. There exists a detailed process to match confirmations with the books and these are marked for majority of the balances. Adjustments, if any for unconfirmed balances will be accounted for on receipt /confirmation/reconciliation of the same. However, it may be noted that Provision for amount due from and the deposits, over a period of three years have been fully provided for. These balances and deposits are arising from the accounts booked through Statement of Accounts obtained from the cedants/ brokers. 5. The estimate of claims Incurred But Not Reported [IBNR] Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on December 31, 2025, are incorporated in financial statements have been certified by the Corporation’s Life and Non-Life Appointed Actuaries respectively only for HO and Gift city branch. The reserves for branches are calculated by the local Actuaries and reviewed by Corporation’s Life and Non-Life appointed Actuaries respectively. 6. In the financial year 2025-26, the rating provided by M/s AM Best was affirmed as Financial Strength Rating (FSR) of ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) of ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. In the financial year 2024-25, the rating provided by M/s AM Best was Financial Strength Rating (FSR) is ‘A- (Excellent)’ and Long-Term Issuer Credit Rating (ICR) is ‘a-(Excellent)’, with ‘Stable’ outlook for FSR and Long-Term ICR. 7. GIC Re Dubai branch continues to be in run-off operations since July 2021 and is presently servicing the accounting and claims of contracts underwritten in previous years prior to run-off. The business previously underwritten by Dubai branch is now being handled by GIFT City branch in India. Application for portfolio transfer of the open balances of Dubai branch to Gift City branch and eventual de-registration of Dubai branch has been filed with the UAE regulator and correspondence in this regard is in progress. 8. Creation of a Catastrophe Reserve is an accepted method to handle future volatility in claims, and to introduce a factor of stability in the financial results. The reserve can make a significant contribution to reducing financial vulnerability in future. This reserve is broadly intended to be utilised towards meeting large catastrophe losses against the insurance policies in force. The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 of Operating Profit of holding company in respect of Revenue Accounts with an overall reserve cap of 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. (Rs. in Lakhs) Q-3 FY2025-26 Q-3 FY2024-25 FY2024-25 Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Fire 244,831 24,483 93,220 0 210,675 21,068 Miscellaneous 229,226 22,923 249,628 0 387,272 38,727 Marine 28,093 2,809 (32,704) 0 (3,542) 0 Total 502,150 50,215 310,145 0 594,405 59,795 9. In view of the seasonality of Industry, the financial results for the quarter and nine months ended are not indicative of full year's expected performance. 10. On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating existing labour laws. The Corporation is in the process of assessing the applicability and the financial implications, if any, arising from the above Labour Codes, for which necessary evaluation is being undertaken by the legal team of the Corporation. The financial impact of the same, if any, will be recognized as and when the evaluation is done in the upcoming quarters. 11. The Corporation does not fall under Large Corporate as per the applicability criteria given under the Chapter XII of SEBI Operational circular dated August 10, 2021. Accordingly, relevant disclosures as per the above operational circular are not applicable to the Corporation. |
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| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
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