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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 opinion2026-01-012026-03-31AuditedConsolidated111610300000100074300000991356000001949080000044662000001230926000002181190000021811900000511500000459900000971400000-41100000687483000001022140000078969700000101711900000-257630000000213807000001900970000023710000001900970000011556300000352710000034093100000391600000102020000062600000147440000032618700000032618700000729280000025325900000002485350000002532590000087720000005841924000003274807000005321740000009515559000001483729900000-5632849000009204450000000.04210.00970.79660.89661.024214.4414.44843970000000.0097097000073000030880.1760.82400001. The above Audited Consolidated 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 periods of Consolidated accounts for the Subsidiaries / Associates are as follows for the year ended March 31, 2026: <BR> Subsidiary Period <BR> GIC RE South Africa Limited 01.04.2025-31.03.2026 <BR> GIC RE, India, Corporate Member Limited 01.01.2025-31.12.2025 <BR> GIC Perestrakhovanie LLC* 01.01.2025-31.03.2026 <BR> Associates <BR> Agriculture Insurance Company of India Limited** 01.01.2025-31.03.2026 <BR> GIC – Bhutan Reinsurance Company Limited** 01.01.2025-31.03.2026 <BR> India International Insurance Pte Ltd 01.01.2025-31.12.2025 <BR> *For GIC Perestrakhovanie LLC, figures of Fifteen months are considered for consolidation to coincide with the financial year of corporation. <BR> ** For Agriculture Insurance Company of India Limited and GIC-Bhutan Reinsurance Company Limited profit figures of Fifteen 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 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. <BR> 3. The Consolidated 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> 4. 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> 5. Other income includes forex gain of rs 45,341 lakhs for the year ended March 31, 2026 (previous year Rs 5,903 lakhs). <BR> 6. 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> 7. 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 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> 8. 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> 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. 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 percentage of Operating Profit of holding company 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> 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> <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> <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> <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. <BR> <BR> 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> <BR> 13. 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> 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> <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> 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> <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> <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.2025-04-012026-03-31AuditedConsolidated443678800000409043900000397433100000867380000009064200000493235300000806733000008067330000020511000002465200000451630000057710000027251850000060663300000333181800000418948500000-21515400000007428680000066894300000739250000066894300000456849000001146760000012404680000014135000001178200000369400000296110000012108570000001210857000002446200000096623700000010000002485350000003451588000000.04210.0110.83830.92191.046655.0855.08843970000000.0097010620008020000.1760.8240202000Other income -Foreign exchange Gain/( Loss)4466200000Other income -Foreign exchange Gain/( Loss)9064200000Other operating expenses459900000Other operating expenses2465200000Other income1984500000Share of Profit in Associates Companies1542600000Other income4848800000Share of Profit in Associates Companies661880000028651100000734160000015210000002323100000658500000168200000000000249283000002086000000461600000000214740000004277900000997600000000000Aviation120250000027260000094100000Engineering44551000001140400000258500000Workmen Compensation94400000295000007600000Liability2130700000472500000108800000Personal Accident168070000020950000055300000AGRICULTURE26271000001400500000397000000OTHER MISCELLANEOUS184260000036240000091500000FL/CREDIT84550000012220000036200000LIFE78193000001117300000268700000NA0000001215578000003250080000030747000009259200000330650000034230000000000091979100000854730000089430000000075433000000189390000001973500000000000Aviation37549000001570900000181200000Engineering184135000004841500000502300000Workmen Compensation33690000014890000015600000Liability80371000002053600000213100000Personal Accident75480000001096400000114900000AGRICULTURE333040000008066900000841200000OTHER MISCELLANEOUS123655000001781400000184600000FL/CREDIT279670000074540000078100000LIFE242579000003139500000648300000NA000000000000000Aviation0Engineering0Workmen Compensation0Liability0Personal Accident0AGRICULTURE0OTHER MISCELLANEOUS0FL/CREDIT0LIFE-41100000NA00000000000Aviation0Engineering0Workmen Compensation0Liability0Personal Accident0AGRICULTURE0OTHER MISCELLANEOUS0FL/CREDIT0LIFE577100000NA001707700000121650000000-30258000000-319530000000Aviation294900000Engineering320400000Workmen Compensation-104500000Liability20600000Personal Accident167200000AGRICULTURE1820200000OTHER MISCELLANEOUS2060300000FL/CREDIT1103900000LIFE-4962700000NA003630100000110040000000-68386000000-1351160000000Aviation-3656400000Engineering1940400000Workmen Compensation-49600000Liability-411400000Personal Accident-77200000AGRICULTURE1382600000OTHER MISCELLANEOUS2819800000FL/CREDIT1369000000LIFE-9212700000NA0010570300000204330000000-4781000000208030000000Aviation661600000Engineering1719300000Workmen Compensation-67400000Liability601900000Personal Accident432000000AGRICULTURE3617700000OTHER MISCELLANEOUS2514200000FL/CREDIT1262300000LIFE-3576700000NA003920560000047491000000026030000000740090000000Aviation-1904300000Engineering7284300000Workmen Compensation114900000Liability1855300000Personal Accident1134100000AGRICULTURE10290700000OTHER MISCELLANEOUS4785800000FL/CREDIT2192500000LIFE-5425000000NA00614305000007259300000004599290000003773660000000Aviation1877500000Engineering9274700000Workmen Compensation168500000Liability4024300000Personal Accident3774000000AGRICULTURE3429000000OTHER MISCELLANEOUS5308900000FL/CREDIT1401300000LIFE3640300000NA00325865100000334095000000060893300000019640130000000Aviation17856600000Engineering49377200000Workmen Compensation1716900000Liability21003100000Personal Accident9203200000AGRICULTURE94597000000OTHER MISCELLANEOUS14153700000FL/CREDIT7082900000LIFE34471300000NA00877200000058419240000002156368000001118438000000092044500000053217400000095155590000012531000003318100000104300000002848888000002737080000005585968000009271852000002096977000001136882900000-57828610000000920445000000000000115300000-3382720000003033800000001005700000299030000000002523870000004664300000000000-1086000002900000000000000126874200000236698900000000008827460000009399000000-207478000000000000000017544000000000-17544000000-3362750000033558700000-688000007716590000077097100000AuditedtrueS H B A & CO LLPtrue2027-08-31S A R A & ASSOCIATEStrue2027-05-31