General Insurance Corporation of India

GICRE

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Market Cap

₹ 67,106 Cr

P/E

7.01

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Performance

MARKET LEADER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

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Overview

Detailed Summary

General Insurance Corporation of India (GIC Re) is the leading reinsurer in the Indian market. It was established by the Government of India and offers reinsurance support to insurance companies across multiple sectors including property, motor, and health.

GIC Re maintains a significant presence in international markets, with operations in 137 countries and specialized focus in the Afro-Asian region. It holds a large market share of the Indian reinsurance sector and serves as a major reinsurer internationally.

The corporation reported a strong profit after tax of INR 6,701 crore for the year FY24-25, showcasing robust financials. GIC Re's solvency ratio improved to 370%, indicating healthy capitalization.

GIC Re is focusing on expanding its international presence and maintaining market leadership in the Indian market. It is planning geographic diversification and increasing its portfolio with new segments like cyber risk and parametric covers.

The company is also committed to sustainability and social responsibility, engaging in initiatives like digital transformation, and supporting educational and healthcare projects, further cementing its long-term strategy and community impact.

Sector

Insurance

Industry

General Insurance

Market Cap

67,106 Cr

Volatility

High Risk

P/E Ratio

7.0

Industry P/E

18.1

PEG Ratio

0.9

P/B Ratio

1.0

52W High

525.00

52W Low

345.05

Sales CAGR

7.91%

-1.49%

-2.14%

10Y

10.62%

Profit CAGR

7.16%

49.50%

—

10Y

9.97%

ROE

TTM

14.17%

12.98%

11.02%

10Y

9.11%

ROCE

TTM

11.80%

10.45%

9.07%

10Y

7.77%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICICIGI	1948.10	97,140 Cr	34.69	6.07	0.64	17.51	22.28	4.72
ICICIPRULI	649.25	93,943 Cr	71.87	7.41	0.13	10.28	0.56	0.40
GICRE	380.30	67,106 Cr	7.01	0.99	2.61	14.17	11.80	4.32
MFSL	1696.15	58,575 Cr	357.32	11.04	0.00	3.04	3.53	0.10
GODIGIT	347.20	32,242 Cr	63.46	6.96	0.00	10.97	10.50	2.18
NIACL	167.00	27,571 Cr	23.73	0.96	1.08	4.03	2.35	0.97
STARHEALTH	467.50	27,549 Cr	51.68	3.70	0.00	7.16	8.87	2.51

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	10,389	12,468	9,999	9,207	12,004	11,222	10,418	11,943	13,543	11,855
Expenses	10,008	11,554	9,486	6,766	11,322	9,855	9,310	9,509	11,803	9,849
Operating Profit	380	914	513	2,441	682	1,368	1,109	2,433	1,740	2,006
OPM %	3.66	7.33	5.13	26.52	5.68	12.19	10.64	20.38	12.85	16.92
Other Income	773	941	1,307	654	808	919	1,075	710	923	1,309
Interest	—	—	—	—	—	—	—	—	—	—
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	1,154	1,855	1,820	3,096	1,490	2,287	2,184	3,144	2,664	3,315
Tax %	—	—	—	—	—	—	—	—	—	—
Net Profit	950	1,612	1,392	2,554	1,122	1,865	1,623	2,364	2,173	2,698
EPS in Rs	5.57	15.20	23.40	14.71	7.98	18.56	9.56	14.24	14.42	16.38

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	29,798	42,190	43,123	50,345	46,584	47,337	44,110	41,897	45,589	47,126
Expenses	27,198	39,672	40,364	51,124	45,296	44,146	38,774	37,814	39,996	40,476
Operating Profit	2,600	2,518	2,759	-780	1,288	3,191	5,337	4,084	5,593	6,650
OPM %	8.72	5.97	6.40	-1.55	2.76	6.74	12.10	9.75	12.27	14.11
Other Income	1,170	1,112	1,096	414	1,782	563	2,694	3,841	3,511	3,628
Interest	—	—	—	—	—	—	—	—	—	0.00
Depreciation	—	—	—	—	—	—	—	—	—	0.00
Profit Before Tax	3,770	3,630	3,854	-366	3,069	3,755	8,031	7,925	9,105	10,278
Tax %	—	—	—	—	—	—	—	—	—	21.92
Net Profit	3,274	3,195	2,638	-278	1,825	2,199	6,577	6,508	6,974	8,025
EPS in Rs	—	—	13.55	-1.53	11.35	13.60	39.37	58.88	50.34	54.60
Dividend Payout %	27.28	37.23	42.94	0.00	0.00	16.54	18.29	26.24	23.61	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	430	430	439	877	877	877	877	877	877	877
Reserves	40,079	49,790	32,354	33,016	26,318	31,586	35,131	44,308	54,379	60,623
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	41,138	47,094	80,246	88,315	93,386	1,07,801	1,15,833	1,17,546	1,29,196	1,33,270
Total Liabilities	81,647	97,314	1,13,039	1,22,209	1,20,581	1,40,265	1,51,841	1,62,731	1,84,452	1,94,769
Fixed Assets	198	192	200	225	209	200	200	324	318	319
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.91
Investments	55,681	66,481	73,791	82,045	70,918	93,990	1,04,677	1,14,738	1,35,763	1,43,280
Other Assets	25,768	30,641	39,048	39,938	49,455	46,075	46,963	47,669	48,372	51,163
Total Assets	81,647	97,314	1,13,039	1,22,209	1,20,581	1,40,265	1,51,841	1,62,731	1,84,452	1,94,769

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	5,876	7,901	8,837	7,604	8,617	13,284	9,051	11,722	11,144	1,976
Cash from Investing Activity	-4,299	-4,414	-5,605	-7,501	-4,016	-10,802	-6,188	-9,076	-8,729	-275
Cash from Financing Activity	453	-1,035	-1,206	-1,428	-1,428	0.00	0.00	-395	-1,263	-1,754
Net Cash Flow	2,030	2,452	2,026	-1,324	3,174	2,482	2,863	2,251	1,153	-53

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	85.78%	85.78%	85.78%	85.78%	85.78%	85.78%	85.78%	82.40%	82.40%	82.40%	82.40%	82.40%
FIIs	0.53%	0.67%	0.77%	0.86%	0.95%	0.86%	1.05%	1.34%	1.80%	1.93%	2.11%	2.12%
DIIs	11.02%	11.02%	11.03%	11.02%	11.12%	11.06%	10.91%	13.71%	13.70%	13.67%	13.30%	13.10%
Public	2.67%	2.53%	2.41%	2.33%	2.15%	2.29%	2.25%	2.55%	2.10%	2.00%	2.20%	2.39%
Total Shareholders	2,55,094	2,48,100	2,35,668	2,26,870	2,22,606	2,42,314	2,43,127	2,52,302	2,32,057	2,26,162	2,26,765	2,30,683

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 09, 2024	The president of india acting...	Insider - Promoter	Disposal	395.11	2,348.25 Cr	5,94,32,385	3.38

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICICIGI	1948.10	97,140 Cr	34.69	6.07	0.64	17.51	22.28	4.72
ICICIPRULI	649.25	93,943 Cr	71.87	7.41	0.13	10.28	0.56	0.40
GICRE	380.30	67,106 Cr	7.01	0.99	2.61	14.17	11.80	4.32
MFSL	1696.15	58,575 Cr	357.32	11.04	0.00	3.04	3.53	0.10
GODIGIT	347.20	32,242 Cr	63.46	6.96	0.00	10.97	10.50	2.18
NIACL	167.00	27,571 Cr	23.73	0.96	1.08	4.03	2.35	0.97
STARHEALTH	467.50	27,549 Cr	51.68	3.70	0.00	7.16	8.87	2.51

Overview

Detailed Summary

The corporation reported a strong profit after tax of INR 6,701 crore for the year FY24-25, showcasing robust financials. GIC Re's solvency ratio improved to 370%, indicating healthy capitalization.

Sector

Insurance

Industry

General Insurance

Market Cap

67,106 Cr

Volatility

High Risk

P/E Ratio

7.0

Industry P/E

18.1

PEG Ratio

0.9

P/B Ratio

1.0

52W High

525.00

52W Low

345.05

Sales CAGR

7.91%

-1.49%

-2.14%

10Y

10.62%

Profit CAGR

7.16%

49.50%

—

10Y

9.97%

ROE

TTM

14.17%

12.98%

11.02%

10Y

9.11%

ROCE

TTM

11.80%

10.45%

9.07%

10Y

7.77%