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INSURANCE CORPORATION OF INDIAMain BoardEquityNon-Linked Policy2026-04-012027-03-312026-08-132026-08-07INRLakhsQuarterlyFirst quarter2026-08-1309:30:002026-08-1313:25:00Not applicablefalsefalseNot Applicable2026-04-012026-06-30UnauditedStandalone1347536000001266412000001108146000002171470000077450000013330380000023867000000238670000008077000004465000001254200000-533000000728687000002137090000094239600000118827800000-80132000000014476000000128703000001605700000128703000001094040000098020000024790900000161700000-32620000052900000-111600000249025000000249025000005682100000192204000000028906400000030828430000087720000005484511000003766591000005195240000009642525000001483776500000-5498943000009338822000000.04320.00990.85040.93981.048810.9610.96838700000000.0095094700073100039660.2260.77404401. The above referred Standalone Financial Results of the Corporation for the quarter ended June 30, 2026, were reviewed and recommended by the Audit Committee at its meeting held on August 12, 2026 and subsequently approved by the Board of Directors at its meeting held on August 13, 2026. <br /> <br /> 2. The Standalone Financial Results for the quarter June 30, 2026, were reviewed by joint statutory auditors, S H B A & CO LLP, Chartered Accountants and S A R A & Associates, Chartered Accountants. <br /> <br /> 3. These reviewed Standalone Financial Results have been prepared in accordance with Accounting Standard 25 - 'Interim Financial Reporting' as specified under Section 133 of the Companies Act 2013. <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 /> <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, 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 /> 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. <br /> <br /> 7. The reviewed Standalone Financial results for the quarter ended June 30, 2026 and June 30, 2025 comprises accounts of two foreign branches, one run-off foreign branch and one domestic branch. <br /> <br /> 8. 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 /> 9. 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 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 /> (Rs. in lakhs) <br /> <br /> Q-1 FY 2026-27 Q-1 FY 2025-26 FY 2025-26 <br /> Revenue Account Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve Operating Profit Catastrophe Reserve <br /> <br /> <br /> Fire 97,599 9,760 66,321 6,632 3,51,264 35,126 <br /> Miscellaneous 52,745 5,275 57,549 5,755 3,39,554 33,955 <br /> Marine 10,228 1,023 19,607 1,961 48,428 4,843 <br /> Total 1,60,572 16,058 1,43,477 14,348 7,39,246 73,924 <br /> <br /> 10. In view of the seasonality of Industry, the financial results for the quarter are not indicative of full year's expected performance. <br /> <br /> 11. 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 reviewed Standalone Financial Results of the Corporation for the quarter ended June 30, 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 /> 12. 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 /> <br /> 13. The Insurance Regulatory and Development Authority of India (IRDAI), through its press release dated March 30, 2026, mandated that insurers prepare and present their financial statements in accordance with the applicable Indian Accounting Standards (Ind AS) with effect from April 01, 2026. However, the Corporation had sought a one-year forbearance for the implementation of Ind AS, which was approved by IRDAI on June 17, 2026. Consequently, the Company’s effective date of transition to Ind AS has been deferred to April 01, 2027. <br /> During the forbearance period, the Corporation is mandated to submit financial information to IRDAI in the format prescribed under Schedule IIA (Ind AS Financial Statements) on a quarterly basis. In addition, monthly progress reports on the Ind AS implementation programme are required to be submitted to the Regulator, highlighting key activities undertaken, milestones achieved and overall implementation status. <br /> <br /> 14. Subsequent to the balance sheet date of June 30, 2026, severe flooding in the State of Gujarat resulted in claims across the Corporation’s domestic non-life portfolio. Based on preliminary information and actuarial assessment, the Corporation has booked an IBNR provision of Rs. 44,000 Lakhs on June 30, 2026, in respect of the event as per IBNR estimates reported by the Appointed Actuary (Non-Life). <br /> <br /> <br /> 15. 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