Consolidated profit attributable to owners of the company fell to ₹1,744 crore for the quarter ended June 30, 2026, from ₹2,531 crore a year earlier. Profit declined 31.2% sequentially from ₹2,532.59 crore in the March quarter.
The decline came despite stronger premium growth. Gross premium written rose 9.1% from a year earlier to ₹13,541.51 crore from ₹12,417.16 crore.
Net premium written, which represents premiums retained after reinsurance, increased 7.6% to ₹12,720.56 crore from ₹11,823.50 crore. Compared with the March quarter, gross premium rose 21.3% and net premium increased 27.1%.
Also read: Elara Capital raises Eternal allocation to 85-90%, says avoid Swiggy for now
Underwriting loss more than doubles
The improvement in premiums was accompanied by a sharp deterioration in underwriting performance.
GIC Re reported a consolidated underwriting loss of ₹1,133.16 crore in the June quarter, more than double the ₹528.61 crore loss reported a year earlier. The underwriting loss stood at ₹257.64 crore in the March quarter.
The combined ratio deteriorated to 107.78% from 103.43% a year earlier and 102.42% in the preceding quarter.
A combined ratio above 100% means an insurer is paying out more in claims and underwriting expenses than it earns in premiums from its insurance operations.GIC Re’s incurred claim ratio also rose to 87.90% from 86.84% a year earlier and 79.66% in the March quarter.
Solvency ratio improves
Despite weaker underwriting performance, GIC Re’s solvency position strengthened during the quarter.
Its solvency ratio stood at 4.32 as of June 30, compared with 3.85 a year earlier and 4.21 at the end of March.
The consolidated results include GIC Re’s subsidiaries and associates. The reinsurer also recognised ₹122.73 crore as its share of profit from associates during the quarter.
Shares of GIC Re closed 2.15% lower at ₹348.20 on the National Stock Exchange on Thursday.
