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INSURANCE CORPORATION OF INDIAMain BoardEquityNon-Linked Policy2025-04-012026-03-312026-05-262026-05-20INRLakhsQuarterlyFourth quarter2026-05-2618:00:002026-05-2619:00:00trueCash Flow DirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2024-07-15https://www.gicre.in/en/people-resources/policies-and-guidelinesfalsefalseNot Applicable2026-01-012026-03-31AuditedStandalone11030480000099170700000978506000001928980000044609000001216013000002167240000021672400000420900000394600000815500000-41100000689646000001005690000079021500000101468300000-36177000000020133000000177620000002371000000177620000001130480000019147000003098150000039130000092750000062600000138140000029600100000029600100000705780000022542300000002051422000002254240000087720000005286131000003272830000004868376000009224457000001409283300000-5446153000008646680000000.04210.00820.80760.89911.034312.8512.85843970000000.0097097000073000030880.1760.82400001. The above audited Standalone Financial Results of the Corporation for the quarter and year ended March 31, 2026, were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on May 26, 2026. <BR> 2. The Standalone Financial Results for the quarter and year ended March 31, 2026, were audited by joint statutory auditors, S H B A & CO LLP, Chartered Accountants and S A R A & Associates, Chartered Accountants. <BR> <BR> 3. The figures for the quarter ended March 31, 2026 and March 31, 2025 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> 4. Other income includes forex gain of Rs.46,730 lakhs for the Period ended March 31, 2026 (Previous year Rs 6,549 lakhs). <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, 2026, are incorporated in Standalone financial statements have been certified by the Corporation’s Appointed Actuaries for Life and Non-Life businesses at the Head Office and by the Non-Life Appointed Actuary for the 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. <BR> <BR> 7. 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. <BR> 8. The Audited Standalone Financial results for the quarter and year ended March 31, 2026 and March 31, 2025 comprises accounts of two foreign branches, one run-off foreign branch and one domestic branch. <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> 10. 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 Corporation decided to create the same from the financial year 2022-23 onwards annually, by appropriation of 10 percentage of Operating Profit in respect of Revenue Accounts with an overall reserve cap of Rs 500,000 lakhs. However, from the quarter ended June 30, 2025, the Corporation has started providing Catastrophe Reserve on quarterly basis. <BR> <BR> rs in Lakhs <BR> FY2025-26 FY2024-25 <BR> Revenue <BR> Account Operating <BR> Profit Catastrophe <BR> Reserve Operating <BR> Profit Catastrophe <BR> Reserve <BR> <BR> <BR> Fire 3,51,264 35,126 2,10,675 21,068 <BR> Miscellaneous 3,39,554 33,955 3,87,272 38,727 <BR> Marine 48,428 4,843 (3,542) 0 <BR> Total 7,39,246 73,924 5,94,405 59,795 <BR> 11. In view of the seasonality of Industry, the financial results for the quarters are not indicative of full year's expected performance <BR> 12. 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. <BR> Based on legal opinions obtained by the Corporation, the Corporation is in the process of reassessing and implementing policy changes to its existing employee benefit policies, it has ascertained its estimated obligations under the New Labour Codes. Accordingly, the Corporation has recognised incremental estimated obligations on the account of employees past services, based on actuarial valuation and management’s best estimate in accordance with AS 15 - ‘Employee Benefits’ consistent with guidance provided by the Institute of Chartered Accountants of India. This incremental estimate amounts to Rs 29 Lakhs for Fixed Term Employees (FTE) and has been recognised in the Standalone Financial Results of the Corporation for the quarter and year ended 31st March, 2026. Currently, the finalisation of Central and State Rules on the New Labour Codes is awaited based on which the above estimates and assumptions will be re-assessed after obtaining further legal advice as may be required. <BR> 13. The Corporation does not fall under "Large Corporate" as per the applicability criteria given under 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> 14. The Corporation undertook a one-time rectification exercise during the current year to address long-standing mismatches between SAP Asset Accounting and the SAP General Ledger (GL) relating to gross block and accumulated depreciation. <BR> Pursuant to this exercise, it was identified that excess depreciation had been charged over previous years in respect of assets within the Building category. Accordingly, a reversal of such excess depreciation of Rs 728 Lakhs has been recognized in the current year. <BR> <BR> 15. Compared to FY 2024-25, provisions for Life-Re business have increased significantly in FY 2025-26 especially for the long-term business mainly due to adverse experience of mortality resulting in tightening of mortality assumptions while arriving at the provisions. Hence change in mortality assumptions had the significant impact, increasing the IBNR provisions by Rs 702 Crores. <BR> 16. The Board of Directors of the Corporation have recommended final dividend at the rate of Rs 13.25 per equity share (on face value of 5/- each) for the Financial Year 2025-26. 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 2024-25. <BR> 17. Figures of the previous period have been re-grouped wherever necessary, to conform to the current year presentation. <BR> 18. In accordance with requirements of IRDAI circular no. IRDAI/F&A/CIR/MISC/256/06/2021 dated September 30, 2021 on Public Disclosures by Insurers, the Corporation will publish the financials results on the company’s website.2025-04-012026-03-31AuditedStandalone440067400000405712500000393783500000861297000009093000000489006200000797203000007972030000016796000002252900000393250000057710000027138670000064889900000336276600000420506500000-2672300000000684997000006110720000073925000006110720000044763700000492740000011079830000014108000001085500000369400000286570000010793260000001079326000002401080000083921800000010000002051422000002890640000000.04210.00970.8540.92191.060247.8447.84843970000000.0097010620008020000.1760.8240202000Other income -Foreign exchange Gain/( Loss)4460900000Other income -Foreign exchange Gain/( Loss)9093000000Other operating expenses394600000Other operating expenses2252900000Other income1914700000Other income492740000028038900000717950000015207000002365200000653100000167500000000000249015000002085000000461200000000213264000004260900000996500000000000Aviation120250000027260000094100000Engineering43630000001134600000257500000Workmen Compensation94400000295000007600000Liability2090700000469800000108400000Personal Accident168070000020950000055300000AGRICULTURE26271000001395000000396300000OTHER MISCELLANEOUS184660000036070000090900000FL/CREDIT81450000012220000036200000LIFE78193000001117300000268700000NA0000001200473000003201120000030861000009393200000328980000034480000000000091902300000854180000089510000000074968800000188949000001980000000000000Aviation37549000001570900000181200000Engineering181245000004821700000505300000Workmen Compensation33690000014890000015600000Liability79032000002045300000214300000Personal Accident75480000001096400000114900000AGRICULTURE333040000008050500000843600000OTHER MISCELLANEOUS114429000001773300000185800000FL/CREDIT272860000074540000078100000LIFE242579000003139500000648300000NA000000000000000Aviation0Engineering0Workmen Compensation0Liability0Personal Accident0AGRICULTURE0OTHER MISCELLANEOUS0FL/CREDIT0LIFE-41100000NA00000000000Aviation0Engineering0Workmen Compensation0Liability0Personal Accident0AGRICULTURE0OTHER MISCELLANEOUS0FL/CREDIT0LIFE577100000NA001943100000121280000000-30493000000-313600000000Aviation294900000Engineering301300000Workmen Compensation-104500000Liability9900000Personal Accident167200000AGRICULTURE1820200000OTHER MISCELLANEOUS802600000FL/CREDIT1082700000LIFE-4962700000NA0029200000120830000000-68418000000-1364220000000Aviation-3656400000Engineering1980000000Workmen Compensation-49600000Liability-425100000Personal Accident-77200000AGRICULTURE1382600000OTHER MISCELLANEOUS1205900000FL/CREDIT1376000000LIFE-9212700000NA0010643300000203350000000-5031000000212140000000Aviation661600000Engineering1693400000Workmen Compensation-67400000Liability588100000Personal Accident432000000AGRICULTURE3611600000OTHER MISCELLANEOUS1254100000FL/CREDIT1241100000LIFE-3576700000NA003512640000048428000000025951000000723280000000Aviation-1904300000Engineering7307000000Workmen Compensation114900000Liability1834600000Personal Accident1134100000AGRICULTURE10276700000OTHER MISCELLANEOUS3165000000FL/CREDIT2199500000LIFE-5425000000NA00607083000007146900000004595110000003748440000000Aviation1877500000Engineering9117600000Workmen Compensation168500000Liability3951600000Personal Accident3774000000AGRICULTURE3429000000OTHER MISCELLANEOUS5721400000FL/CREDIT1364300000LIFE3640300000NA00331989500000333013000000060862300000019607050000000Aviation17856600000Engineering49272300000Workmen Compensation1716900000Liability20967300000Personal Accident9203200000AGRICULTURE94597000000OTHER MISCELLANEOUS15245300000FL/CREDIT7011900000LIFE34471300000NA00877200000052861310000002156368000001116461000000086466800000048683760000092244570000012519000002973600000104300000002779122000002703582000005482704000008988687000002086725000001107541200000-5592708000000086466800000000000055000000-22605100000086540000000347830000018316400000000248481000000-65317000000000001700000781000000000000012667120000021989330000000000873444000000817000000-58724000000000000000017544000000000-17544000000-2994810000029334300000-6138000007073440000070120600000General Insurance Corporation of India******GIC RE South Africa Ltd. Johannesburg, S.A.******SubsidiaryAny other transactionReinsurance55788100000Transaction in the ordinary course of business approved by the Audit Committee682778900000GIC 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 transactionReinsurance75588200000Transaction in the ordinary course of business approved by the Audit Committee1499399700000GIC 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 transactionReinsurance13407900000Transaction in the ordinary course of business approved by the Audit Committee97491200000GIC 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 transactionReinsurance51497800000Transaction in the ordinary course of business approved by the Audit Committee618000000002026-02-07944518600000Value 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 transactionReinsurance81276300000Transaction in the ordinary course of business approved by the Audit Committee42512000000India 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 transactionReinsurance18043230000Transaction in the ordinary course of business approved by the Audit Committee13433200000Bhutan 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******Ms. Vinita Kumari******Independent DirectorAny other transactionSitting Fees400000As per the Department of Financial Services (DFS), Ministry of Finance (Government of India) Letter no. F.No.M-16017/01/2024-Ins.I dated 09th January 2026 and board approval dated 7th February 2026.40000000Ceased to be Independent Director on the Board of the Corporation w.e.f 23rd March 202632801736000AuditedtrueS H B A & CO LLPtrue2027-08-31S A R A & ASSOCIATEStrue2027-05-31