General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported that its combined ratio improved by 3.93% to 107.71% for the half year ending on September 30th, 2025 (HY’25), compared to 111.64% for HY’24.
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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