The firm has reported a reduction of 37.58% in its underwriting loss to Rs. 1,847.32 crore for 9M’25 compared to Rs. 2,959.34 crore in 9M’24.

Simultaneously, the reinsurer’s gross premium income rose to Rs. 32,976.26 crore for 9M’25, compared to Rs. 30,786.87 crore a year earlier. Meanwhile, net premium grew to Rs. 30,654.18 for 9M’25, compared to Rs. 28,423.30 in nine month 2024.

The incurred claims ratio for the same period is 86.93% from 90.42% in 9M’24, and investment income rose to Rs. 10,029.88 crore, compared to Rs. 8,869.50 crore for 9M’24.

GIC Re’s profit before tax increased by 34.06% to Rs. 7,833.23 crore for 9M’25, compared to Rs. 5,842.98 crore in the comparative prior year period. Meanwhile, profit after tax for 9M’25 increased by 35.84% to Rs. 6,137.94 crore, compared to Rs. 4,518.47 crore for 9M’24.

The reinsurer explained, “We have started the practice of providing for catastrophic reserve on a quarterly basis and not annually as done previously. If this were not done, PBT and PAT figures would be higher by Rs. 502.15 crores”

GIC Re’s total assets increased by 7.65% to Rs. 2,03,413.59 crore for 9M’25, compared to Rs. 1,88,953.20 crore for 9M’24. For 9M’25, the solvency ratio is 3.87, compared to 3.52 for 9M’24.

The consolidated results of GIC Re’s group include subsidiary companies: GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow, and three associate companies: GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd.

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This improvement was driven by a reduction of 45.50% in underwriting loss to ₹1,295.47 crore for HY’25 as compared to ₹2,376.95 crore for HY’24, supported by the rise in gross premium income to ₹21,989.71 crore as compared to ₹20,819.16 crore for HY’24.

For the third quarter of 2025, gross premium income is ₹9,601.70 crore compared to ₹8,413.49 crore last year. Net premium income for HY’25 is ₹20,299.32 crore compared to ₹19.142.27 crore last year. The same for Q3’25 stands at ₹8.663.43 crore, compared to ₹7,603.76 crore.

Meanwhile, the incurred claims ratio for the reinsurer dipped to 86.45% compared to 91.6% in HY’24, and gross investment income is ₹6,986.77 crore, compared to ₹6,166.41 crore for HY’24.

GIC Re’s profit before tax (PBT) increased by 55.58 % to ₹5,716.30 crore for the half year 2025 as compared to ₹3,674.29 crore for HY’24.

While profit after tax (PAT) increased by 59.43% to ₹4,619.02 crore for HY’25, compared to ₹2,897.12 crore for HY’24.

The reinsurer noted, “We have started the practice of providing for Catastrophic Reserve on a Quarterly basis and not annually as done previously. If this were not done, PBT and PAT figures would be higher by ₹361.77 crores.”

Lastly, the solvency ratio is 3.85 as on September 30th, 2025, as compared to 3.42 as on the same day last year, and total assets rose a modest 1.91% to ₹1,98,612.62 crore, compared to ₹1,94,881.75 crore as on September 30th, 2024.

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The appointment was approved by the Ministry of Finance as specified in a letter dated October 24th, 2025.

Joshi is currently the Executive Director (ED) of GIC Re, and will serve in his new role for a period of three months or until a regular CMD is appointed, or until further order, whichever is earlier.

He will have financial and administrative powers and functions as part of his role.

Joshi’s appointment follows the completion of a two-year stint by Narayanan Ramaswamy as CMD.

Joshi is an industry veteran and has spent over three decades with GIC Re. As the ED, he oversees international business operations, human resources, information technology, office services, business intelligence, and actuarial functions.

Over the course of his career with the reinsurer, he has undertaken assignments across key functions, including reinsurance, both domestic and international inward business, retrocession, finance, internal audit, budgetary control, credit rating, and investor relations.

In the past, Joshi has served as Executive Assistant to the Chairman and Managing Director of the corporation.

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Ahead of a busy day of discussions and panels dedicated to the Afro-Asian insurance and reinsurance sectors, GIC Re’s Joshi delivered an insightful keynote, which focused on his belief that emerging markets and resilient growth will be the dominate theme for the foreseeable future.

“The story of this century will be written by emerging markets and Africa. Emerging economies will take centre stage due to their key role in driving global growth. And given emerging challenges, growth will have to be resilient. Given the challenges caused by climate change, we need to calibrate growth measures and trajectory through responsive, inclusive and sustainable growth, which will ensure resilience,” he said.

The theme of 29th edition of the annual conference was resilience and sustainability, which Joshi explained has been emerging as a theme since 1970, but really only got formal recognition in 2015 by the way of the sustainable development goals promoted by the United Nations.

“If you look at the timeline of sustainable development goals, SDG, which runs from 2015 to 2030, we have achieved about 35-40% of the targets set for 2030. However, it is noteworthy that targets were not recast following the pandemic, so we need to adjust this 35-40% achievement in the context of the pandemic,” he explained.

“SDGs are intertwined with insurance in a major way, directly as well as indirectly. Insurance is at the heart of SDGs. Resilience challenges encompass macroeconomic uncertainty, currency and interest rate volatility, capital flight, protectionism, sanctions, regional conflicts, supply chain disruptions, digital and cyber risks, regulatory changes, pandemic, and climate change. However, the most daunting is climate change,” continued Joshi.

He explained that, over the last decade, the climate change scenario has undergone a massive transformation, noting that 2015 was the warmest year with the global average temperature approximately 1.1°C above pre-industrial levels. Then, 2016 saw 1.3°C above the baseline, and 2023 saw 1.45°C above the base line, and 2024 saw 1.6°C above the baseline. 1850 to 1900 is considered the baseline for comparisons.

According to a meteorological organisations, and as highlighted by Joshi, there is an 86% chance that at least one year between 2025 and 2029 will exceed 1.5°C above this base level, and there is a 70% chance that the final average warming for 2025-29 will be more than 1.5°C.

“Of course, risk markets can help capital markets with the right risk written equation. Global capital markets, valued over $400 trillion, dwarf the insurance sector, which manages about $40 trillion in assets, and generates about $8 trillion in annual premiums,” said Joshi.

He went on to reiterate that insurance and reinsurance are at the heart of financial inclusion, financial convergence, and sustainability and resilience.

“Resilience will depend on the purchase of insurance and reinsurance, which was reflected in the dominant theme, called the protection gap,” said Joshi.

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GIC Re’s gross premium figure stood at ₹12,388 crore for the first quarter ended June 30, 2025, a slight decline from last year.

The firm explained that this was due to IRDAI’s change in the accounting of long-term policies in October 2024.

Of the total gross premium in the period, ₹9,992.81 was from domestic business, and ₹2,395.20 was from International business.

At the same time, GIC Re’s underwriting loss in the first quarter ended June 30, 2025, narrowed to ₹907 crore, compared to ₹1,289 crore in the same period last year.

The firm’s combined ratio for the 2025 period was 106.94%, marking a reduction of 2.66% from the same period last year.

Meanwhile, GIC Re’s total assets rose to ₹1,97,540 crore in the first quarter ended June 30, 2025, compared to ₹1,86,552 crore in the previous year. The Net Worth of the firm also increased by 4.17% to ₹89,513 crore.

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The agreement relates to both the open and prior years of GIC syndicate 1947 and sees Asta provide a full range of oversight and operational support services.

GIC syndicate 1947 was launched in 2018, and writes property D&F, property treaty, marine and speciality treaty, and non-marine speciality/consortia, and aims to “bring the best of the Indian market” to the Lloyd’s marketplace.

India’s state-backed reinsurance company, GIC Re, via its Lloyd’s corporate member, provides 100% of the capital to support the business underwritten at syndicate 1947.

“We are pleased to commence this partnership with Asta as we consider they are best-placed to help deliver the group’s strategy through managing our fully-aligned Lloyd’s syndicate, GIC Re Syndicate 1947,” said Ramaswamy Narayanan, GIC Re chairman and managing director.

Lorraine Harfitt, Chief Executive Officer of Asta, added: “We are delighted to partner with GIC as it enters the next phase of its growth and evolution. Asta’s independent third-party platform allows us to focus exclusively on delivering for our clients, helping them achieve their strategic ambitions. Working with syndicate 1947 on this transition underscores our commitment to the Lloyd’s market and to our client partnership model.

“We look forward to working with the GIC team for the rest of 2025 and beyond.”

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The combined ratio for Q4’25 deteriorated to 103.56%, compared to 89.26% in Q4’24.

Net profit declined by 17.4% year-on-year (YoY) to ₹2,182.89 crore for Q4 of FY’25, down from ₹2,642.48 crore last year.

The quarter’s gross premium written improved by 18.9% to ₹10,367.08 crore for the fourth quarter of 2025 compared to ₹8,723.65 crore in Q4 of FY’24, while net premium written grew 19.2% to ₹9,420.91 crore.

GIC Re posted an improved total income of ₹11,364.27 crore for the quarter compared to ₹9,221.82 crore in Q4 FY’24.

The net commission expense increased 28.1% year on year to ₹1,910.23 crore, with a claims ratio increase to 82.19% from 68.93% in Q4 F’Y24.

Meanwhile, investment income for the quarter rose nearly 32% year on year to ₹2,650.24 crore. GIC Re’s solvency ratio improved to 370% as of March 31st, 2025, up from 325% in the same quarter last year.

It was also reported that GIC Re transferred ₹597.95 crore to the Catastrophe (CAT) Reserve during the quarter, compared to ₹587.50 crore in the previous fiscal year.

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In a press release, Irdai stated, “The percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 4% (four percent) in respect of insurance attaching during the financial year beginning from 1st April, 2025 to 31st March, 2026, except the terrorism premium and premium ceded to Nuclear pool wherein it would be made ‘NIL’. The entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only.”

Certain business lines have a different obligatory cession, outlined by the regulator as follows: a minimum of 5% for motor third-party and oil and energy insurance; 10% for group health insurance; 7.5% for crop insurance; and a minimum of 15% for all other classes of insurance.

GIC Re’s share of revenue from obligatory business was 39% in April–October of FY’25 compared to 43% in FY’24, while non-obligatory business accounted for 61% for FY’25.

The share of obligatory business shows a big hike from 30% in FY’21.

The regulator has also confirmed that commissions above the specified threshold mandated by IRDAI can be mutually agreed upon between the Indian reinsurer and the ceding insurer.

Meanwhile, there has been a long-standing demand from non-life insurers to bring down the ‘obligatory cession’ to 0%, as the commission paid by the reinsurer does not reflect the industry’s cost structure.

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According to an exchange filed with the National Stock Exchange (NSE) of India, “The approval from the Insurance Regulatory and Development Authority of India (Irdai) for the formation of the wholly owned subsidiary shall be sought before making the investment, and directives as per Foreign Exchange Management (Overseas Investment) Directions, 2022, shall be complied with.”

The filing also reveals that the new company will be promoted by the corporation and incorporated as per applicable UK laws, has no minimum capital requirement and therefore can be established with capital of just £1. The corporation will initially subscribe to the minimum capital as may be necessary, at face value.

Currently, GIC Re’s subsidiary companies include GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow, and has the carrier also has branch offices in London and Kuala Lumpur.

A syndicate fully capitalised by GIC Re became operational at Lloyd’s of London, the world’s oldest insurance and reinsurance marketplace, in April 2018.

According to reports, the syndicate will scale up over the next few quarters to achieve the medium-term management objective of a 60:40 (domestic: international) risk portfolio composition.

Recently, GIC Re reported an underwriting loss of ₹2,959.34 crore for the nine months ended December 31, 2024, compared to a loss of ₹4,576.63 crore for the same period in 2023.

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The reinsurer’s net premiums rose from ₹26,051.33 crore in 9M’23 to ₹28,423.30 crore in 9M’24.

Earned premiums also saw a slight increase, rising from ₹26,348.95 crore to ₹27,450.11 crore.

In terms of incurred claims, GIC Re reported ₹24,819.45 crore in 9M’24, down from ₹25,998.50 crore in 9M’23.

GIC Re’s combined ratio improved to 110.46% for the nine months ended December 31, 2024, compared to 117.99% for the same period in the prior year.

Investment income for 9M’24 was ₹8,869.50 crore, a slight decrease from ₹9,186.92 crore in 9M’23.

Profit before tax for 9M’24 was ₹5,842.98 crore, up from ₹4,706.58 crore in 9M’23. Profit after tax for 9M’24 stood at ₹4,518.47 crore, compared to ₹3,854.82 crore last year.

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