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Revenue YoY
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
GIC reported a strong Q2 FY26 with PAT rising 54% YoY to ₹2,867 crore, driven by improved underwriting and investment income. The combined ratio improved to 109.15% from 114.05% a year ago, reflecting firmer pricing and favorable claims experience. Gross premium grew 14% to ₹9,602 crore, with domestic premiums up 4.6% and international up 9.4%. Management reiterated a medium-term target of 60:40 domestic-international mix but emphasized disciplined risk selection. Life segment remains a drag with a combined ratio of 114% due to reserve strengthening, expected to persist for 2-3 quarters. Key risks include potential softening in global reinsurance pricing and the impact of obligatory cession changes. The company aims to leverage its restored A- rating in the January 2026 renewal season.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to gradually shift portfolio mix towards 60% domestic and 40% international, but will prioritize risk selection over rigid targets.
- The appointed actuary expects elevated loss ratios in life business for another two to three quarters due to ongoing reserve strengthening.
- Management expects to capitalize on the restored A- rating from AM Best during the January 2026 renewal season to drive international business growth.
Risks flagged
- Management acknowledged ongoing softening in global reinsurance markets, which could pressure underwriting margins.
- Life combined ratio remains elevated at 114% due to adverse mortality experience and reserve strengthening, expected to continue for 2-3 quarters.
- Analyst raised concern about possible reduction in obligatory cession; management downplayed risk but acknowledged potential diversion of business.
- A ₹60 crore VAT demand in a foreign jurisdiction, considered unjustified and under appeal, inflated operating expenses in the quarter.
Key quotes
- We would choose to react to the price adequacy evaluation and our cycle management and our portfolio optimization.
- The primary reason is strengthening of our reserves... this will continue for another two or three quarters.
- We are fairly confident that we will sail through smoothly due to any change in obligatory.
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