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INSURANCE CORPORATION OF INDIAMain BoardEquityNon-Linked Policy2024-04-012025-03-312025-05-262025-05-16INRLakhsQuarterlyFourth quarter2025-05-2616:00:002025-05-2618:10:00trueCash Flow DirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2024-07-15https://www.gicre.in/en/people-resources/policies-and-guidelinesfalsefalseNot Applicable2025-01-012025-03-31AuditedStandalone10367080000094209100000868015000002650240000033880000011364270000019102300000191023000005249000005043000001029200000-4110000006941820000019242000007134240000091062900000-42614000000022579800000166003000005979500000166003000001252780000011312000003025930000028090000073000000678800000103270000029226600000029226600000739770000021828900000001556726000002182890000087720000004392732000004011781000004472858000009334516000001380737400000-5315141000008492233000000.0370.01090.82190.90871.035612.4412.44895050000000.01130124800088800030880.1760.82401102024-04-012025-03-31AuditedStandalone4115395000003784421000003613026000008713960000014360000004498782000007372540000073725400000157550000017930000003368500000-37620000026188680000057650100000319536900000396254600000-349520000000053623600000476441000005979500000476441000004058560000018528000009008250000010777000005448000008036000002426100000876564000000876564000002064280000067013600000010000001556726000002226862000000.0370.01090.82190.91961.088138.238.2895050000000.0113010670007590000.1760.82409900Other 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The above audited standalone financial results of the Corporation for the quarter and year ended March 31, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on May 26, 2025. <BR> <BR> 2. The above audited Standalone Financial Results for the quarter and year ended March 31, 2025, were audited by joint statutory auditors, S H B A & CO LLP, Chartered Accountants (Formerly known as Bathiya & Associates LLP) and S A R A & Associates, Chartered Accountants. <BR> <BR> 3. The figures for the quarter ended 31.03.2025 and 31.03.2024 are the balancing figures between audited figures for the full financial year and the reviewed year to date figures up to the third quarter of the respective financial year. <BR> <BR> 4. Other income includes forex income of Rs. 6,549 lakhs for the Period ended March 31, 2025 (Previous year Rs.4,171 lakhs) <BR> <BR> 5. 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. <BR> <BR> 6. The estimate of claims Incurred But Not Reported [IBNR] & Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on March 31, 2025, are incorporated in Standalone financial statements have been certified by the Company’s Life and Non-Life Appointed Actuaries respectively. <BR> <BR> 7. During the current financial year 2024-25, the rating provided by M/s AM Best for 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. During the Previous financial year 2023-24, the Financial Strength Rating (FSR) of ‘B++ (Good)’ and the Long-Term Issuer Credit Rating (ICR) of ‘bbb+(Good)’ were reaffirmed and the outlook of both the FSR and ICR were revised to ‘Positive’. Also, a NSR (National scale rating) of aaa.IN (Exceptional) with outlook as ‘Stable’ was assigned. <BR> <BR> 8. The audited standalone financial result for the year ended March 31, 2025, comprises accounts of two foreign branches, one run-off foreign branch and one domestic branch. Previous period ended March 31, 2024, also comprises accounts of two foreign branches, one run-off foreign branch and one domestic branch. <BR> <BR> 9. 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. <BR> <BR> 10. As per the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 the Corporation is required to prepare Receipts and Payment Accounts in accordance with the Direct Method prescribed in AS -3 “Cash Flow Statement”. The Corporation has complied with the same. <BR> <BR> 11. Cash and Cash equivalents amounts for the year ended March 31, 2025, mentioned in the Receipts and Payments Account / Cash Flow Statement which also includes Rs. 10,62,768 lakhs of fixed deposits having maturity of more than 3 months and Deposits under margin for Letter of Credit Rs. 6,93,643 Lakhs as on the date of audited standalone financial statements. Cash & Cash equivalent amount for Previous year ended on March 31, 2024, includes Rs. 9,40,839 lakhs of fixed deposits having maturity of more than 3 months and Deposits under margin for Letter of Credit Rs. 7,67,779 lakhs. The same have been excluded for calculating Cash and Cash equivalents for Cash Flow. <BR> <BR> 12. 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. <BR> <BR> The Corporation decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 Percentage of Operating Profit in respect of Revenue Accounts with an overall reserve cap of Rs. 500,000 lakhs: <BR> <BR> (Rs. in lakhs) <BR> FY 2024-25 FY 2023-24 <BR> Revenue Account Operating Profit <BR> Catastrophe Reserve <BR> Operating Profit** <BR> <BR> Catastrophe Reserve <BR> <BR> Fire 2,10,675 21,068 3,00,825 27,861 <BR> Miscellaneous 3,87,272 38,727 3,42,299 30,889 <BR> Marine (3,542) 0 (1,61,315) 0 <BR> Total 5,94,405 59,795 4,81,809 58,750 <BR> <BR> ** Operating Profit reported for FY 2023-24 is as per regrouping made in Revenue Accounts <BR> <BR> 13. Figures of the previous period/year have been re-grouped/re-arranged wherever necessary. The regrouping is made in Revenue Accounts and Profit & Loss Accounts to comply with changes as per Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024. This has resulted in movement of followings heads from Profit & Loss Account to Revenue Accounts pertaining to the period ended 31.03.2024: <BR> <BR> Particulars (Rs. in Lakhs) <BR> Amortisation of Premium /Discount on investments 3,723 <BR> Provision for Bad and Doubtful Debts (70,232) <BR> Provision for diminution in the value of other than actively traded Equities 6,203 <BR> Total (60,306) <BR> <BR> This has resulted in an increase in Operating Profit of Revenue Accounts by Rs. 60,306 Lakhs and decrease of the same in respective account heads of Profit & Loss Accounts pertaining to the period ended 31.03.2024. There is Nil impact on Profit before and after Tax due to the above-mentioned regrouping in previous period. <BR> <BR> 14. The Board of Directors of the Corporation have recommended final dividend at the rate of Rs. 10/-per equity share (on face value of Rs. 5/- each) for the Financial Year 2024-25. Earlier during the current financial year, the Corporation had paid Final dividend of Rs. 10/- per equity share (on face value of Rs. 5/- each) for the Financial Year 2023-24. <BR> <BR> Place: Mumbai <BR> Date: May 26, 20250001467300000003950000000298200000033310000000022696900000-770310000000000-770310000000000000000000001132011000001862812000000000839554000000041998000000150751000000000000000017544000000000-17544000000-101720000007868700000-23033000007302710000070723800000General Insurance Corporation of India******GIC RE South Africa Ltd. Johannesburg, S.A.******SubsidiariesAny other transactionReinsurance48968100000Transaction in the ordinary course of business approved by the Audit Committee539934000002025-02-03517126100000GIC Re South Africa Ltd. is incorporated in South Africa and does not have a PAN. However, the Company has an Income tax number which is 9066002719. Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******GIC RE India Corporate Member London,U.K.******SubsidiariesAny other transactionReinsurance89148400000Transaction in the ordinary course of business approved by the Audit Committee987658000000GIC Re India Corporate Member Ltd. is a company incorporated in the London, UK and does not have a PAN. However, the Company has a Tax Reference Number which is 9316229644. Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******GIC Perestrakhovanie LLC******SubsidiariesAny other transactionReinsurance4335900000Transaction in the ordinary course of business approved by the Audit Committee44166600000GIC Perestrakhovanie LLC is a company incorporated in Moscow, Russia and does not have a PAN. However, the Company has a Tax Identification Number (English translation of INN) which is 771001001. Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******Agriculture Insurance Company of India Ltd******AssociateAny other transactionReinsurance3081100000Transaction in the ordinary course of business approved by the Audit Committee275238000000Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******India International Pte Ltd.******AssociateAny other transactionReinsurance53838900000Transaction in the ordinary course of business approved by the Audit Committee46457700000India International Pte. is established and incorporated in Singapore and does not have a PAN. Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******GIC Bhutan RE Ltd.******AssociateAny other transactionReinsurance7486500000Transaction in the ordinary course of business approved by the Audit Committee76879000002025-02-039179100000 Bhutan Re Ltd. is established and incorporated in Bhutan and does not have a PAN. However, the Company has a Tax-Payers Number which is GAC-00082. Value of Transactions is the aggregate of Premium received & ceded, Commission received & paid and Claims paid & recovered.General Insurance Corporation of India******Shri Priya Bhushan Sharma******Independent DirectorAny other transactionSitting Fees200000As per Govt of India letter ref A-15011/01/2011-Ins.I dated 14.10.201520000000Ceased to be director on the Board of the Corporation w.e.f. 21-03-2025General Insurance Corporation of India******Ms. Vinita Kumari******Independent DirectorAny other transactionSitting Fees210000As per Govt of India letter ref A-15011/01/2011-Ins.I dated 14.10.201521000000General Insurance Corporation of India******Shri T. Sivakumar******Independent DirectorAny other transactionSitting Fees90000As per Govt of India letter ref A-15011/01/2011-Ins.I dated 14.10.20159000000Ceased to be director on the Board of the Corporation w.e.f. 20-12-202418798755000AuditedtrueSHBA&COLLPtrue2027-08-31S A R A & Associatestrue2027-05-31