GIC Re has announced a 10% increase in net profit to INR1922cr ($201m) in the April – June quarter of the current financial year, against INR1752cr in the same quarter in the previous financial year.
The state-owned reinsurance company in a regulatory filing said that its total income declined marginally to INR13,330cr in the June quarter compared to INR13,352cr in the same quarter a year ago. During the reporting quarter, the company collected a gross premium of INR13,475cr against INR12,388cr in the previous year.
The company’s underwriting loss narrowed to INR724cr against INR907cr in the same period last year. The solvency ratio increased to 4.32 from 3.85 at the end of June 2025. Total assets of the company rose to INR207,790cr against INR197,540cr in the previous year. Net Worth of the company (including fair value change account) increased to INR90,790cr as against INR89,513cr as on 30 June, 2025.
GIC Re is the largest reinsurer in India and leads most treaty programmes and facultative placements in the Indian market. Apart from GIC Re, there are 2 private reinsurers and 13 foreign reinsurance branches operating in the country.