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INSURANCE CORPORATION OF INDIAMain BoardEquityNon-Linked Policy2025-04-012026-03-312025-08-072025-07-30INRLakhsQuarterlyFirst quarter2025-08-0715:30:002025-08-0719:10:00Not applicable2025-04-012025-06-30UnauditedConsolidated12417160000011823500000011273880000022671300000172000001354273000001879520000018795200000375500000444600000820100000509000000793966000001850410000097900700000118025000000-52862000000017402300000159675000001434800000159675000001082250000041479000003093790000038820000028980000045000000723000000302149000000302149000004909000000253059000000026613900000029144490000087720000005101010000004424668000005220210000009932591000001515280100000-5539403000009613398000000.03850.00690.86840.95221.034314.4214.428933300000.01090108200077900030880.1760.82401101. The above referred Consolidated financial results of the Corporation for the quarter ended June 30, 2025, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on August 7, 2025. <BR> 2. The periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the quarter ended June 30, 2025: - <BR> Subsidiary Period <BR> GIC Re South Africa Limited 01.04.2025-30.06.2025 <BR> GIC Re, India, Corporate Member Limited 01.01.2025-31.03.2025 <BR> GIC Perestrakhovanie LLC 01.01.2025-31.03.2025 <BR> Associates <BR> Agriculture Insurance Company of India Limited* 01.01.2025-30.06.2025 <BR> GIC – Bhutan Reinsurance Company Limited 01.01.2025-31.03.2025 <BR> India International Insurance Pte Ltd 01.01.2025-31.03.2025 <BR> *For Agriculture Insurance Company of India Limited profit figures of six months are considered to coincide with the financial year of corporation. <BR> 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. 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. <BR> 3. The Consolidated Financial Results for the quarter ended June 30, 2025 were reviewed by joint statutory auditors, S H B A & CO LLP (Formerly known as Bathiya & Associates LLP), Chartered Accountants and S A R A & Associates, Chartered Accountants. <BR> 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. <BR> 5. The estimate of claims Incurred But Not Reported [IBNR] & Incurred But Not Enough Reported [IBNER], Premium Deficiency Reserve and Technical Reserves as on June 30, 2025 are incorporated in the financial statements have been certified by the Company’s Life and Non-Life Appointed Actuaries respectively. <BR> 6. In the 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. In the 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> 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 <BR> <BR> <BR> 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. <BR> The Group decided to create the same from the financial year 2022-23 onwards, by appropriation of 10 percent 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. <BR> Rs in lakhs <BR> Q-1 FY 2025-26 Q-1 FY 2024-25 FY 2024-25 <BR> Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve <BR> <BR> <BR> Fire 66,321 6,632 48,942 0 2,10,675 21,068 <BR> Miscellaneous 57,549 5,755 75,805 0 3,87,272 38,727 <BR> Marine 19,607 1,961 (45,459) 0 (3,542) 0 <BR> Total 1,43,477 14,348 79,288 0 5,94,405 59,795 <BR> <BR> 9. In view of the seasonality of Industry, the financial results for the quarter are not indicative of full year's expected performance. <BR> 10. 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. <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> 0Other income -Foreign exchange Gain/( Loss)17200000Other operating expenses444600000Other income569700000Share of Profit in Associates Companies3578200000303074000008315400000-620000003379500000976100000-1000000000000249466000002161900000-900000000183858000005071100000-4700000000000Aviation288600000426300000-16000000Engineering47293000001214300000-1200000Workmen Compensation53400000406000000Liability2116600000518000000-400000Personal Accident1921700000275000000-100000Agriculture206759000002307600000-1300000Other Misclleanous5271300000527000000-600000FL/Credit632800000210200000-100000Life5526100000627900000105500000Not Applicable000000000000000Aviation0Engineering0Workmen Compensation0Liability0Personal Accident0Agriculture0Other Misclleanous0FL/Credit0Life509000000Not Applicable0055790000096560000000-27574000000-153300000000Aviation-2326300000Engineering1727600000Workmen Compensation50200000Liability-591800000Personal Accident560800000Agriculture1870100000Other Misclleanous-2410200000FL/Credit61300000Life-1443700000Not Applicable008873200000194170000000-5955000000353810000000Aviation-1900000000Engineering2941900000Workmen Compensation90700000Liability-73800000Personal Accident835800000Agriculture4177700000Other Misclleanous-1883200000FL/Credit271500000Life-815800000Not Applicable00581867000007665900000004555340000003351730000000Aviation1491200000Engineering8288300000Workmen Compensation138100000Liability3467600000Personal Accident3080300000Agriculture7672400000Other Misclleanous5799900000FL/Credit1540500000Life2801600000Not Applicable00306353400000360242000000052326300000019292180000000Aviation17841600000Engineering45027500000Workmen Compensation1718700000Liability19443500000Personal Accident8621800000Agriculture94385100000Other Misclleanous17513700000FL/Credit7305600000Life24388800000Not Applicable00