It recorded an 11.5% return on equity in fiscal 2026 against a five-year average of 9.5%.
General Insurance Corporation of India (GIC Re) is expected to maintain its strongest risk-adjusted capitalisation over the medium term, supported by prudent capital management, despite continued pressure on underwriting profitability.
GIC Re’s risk-adjusted capitalisation remained at the strongest level as at 31 March 2026, as measured by AM Best’s Capital Adequacy Ratio.
The reinsurer’s capital management supports its regulatory solvency position, although its relatively high allocation to domestic equity investments exposes it to market risk.
The company reported a return on equity (ROE) of 11.5% in fiscal year 2026, based on consolidated profits. Its five-year average ROE stood at 9.5% for fiscal years 2022 to 2026.
However, underwriting performance remained unprofitable, with an elevated combined ratio.
Investment income, including realised gains on equity investments, has historically helped offset the lack of underwriting profits.
AM Best assessed GIC Re’s business profile as favourable.
The company ranked as the world’s 10th-largest non-IFRS 17 reinsurer in the ratings agency’s latest annual ranking of the top 50 global reinsurers.
GIC Re also holds a dominant position in India’s domestic reinsurance market. It benefits from mandatory domestic reinsurance cessions of 4% and a right of first refusal, which gives it preferential access to domestic reinsurance placements.
Its underwriting portfolio is generally diversified across business lines and geographical markets.