What we do General Insurance Corporation of India (GIC Re) is India’s largest reinsurer, providing reinsurance solutions domestically and internationally across multiple insurance lines including property, motor, health, and agriculture. |
Founded in 1,972 |
Market share Holds approximately 52% share of the Indian reinsurance market and is a leading global reinsurer with presence in over 137 countries. |
Problem solved GIC Re mitigates insurance risk for direct insurers by providing capacity and protection against large or catastrophic losses, enhancing financial stability. |
Top clients or who we serve Serves 59 domestic general and life insurance companies, foreign insurers, and operates actively in Afro-Asian regions including Middle East, Africa, and SAARC countries. Primarily B2B. |
Key management - |
Our journey and innovations Incorporated in 1972; listed in 2017; expanded globally with subsidiaries in South Africa, London, Moscow; established specialized pools for terrorism and nuclear liabilities. |
Where we operate India and internationally through offices in London, Dubai, Kuala Lumpur, Moscow, South Africa, and joint ventures in Bhutan and other countries. |
Top products or what we offer Reinsurance across key lines: property, motor, agriculture, marine, engineering, aviation, health, liability, and specialized products like terrorism and nuclear insurance pools. |
Top brands GIC Re - India’s leading reinsurance brand; subsidiaries include GIC Re South Africa Limited, GIC Perestrakhovanie LLC Moscow; joint venture GIC Bhutan Re Ltd. |
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Raw materials supplier - |
Recurring vs cyclical contribution Revenue is largely recurring, derived from insurance premiums and investment income, providing stable cash flow. |
Our industry position Dominant market leader in Indian reinsurance with strong global presence and high credit ratings from AM Best and CARE. |
Financial highlights FY24-25 Gross Written Premium Rs.41,154 Cr; Profit After Tax Rs.6,701 Cr; Total Assets Rs.1,87,616 Cr; Solvency Ratio 3.70; Consistent profitable growth. |
Geographical revenue split In FY24-25, Indian business contributed Rs.26,063 Cr and foreign business Rs.10,067 Cr in gross premium income. |
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Whats driving growth Growing insurance penetration in India, expanding international footprint, stronger capital base, innovation in new insurance products, and regulatory support. |
Our future plans Focus on international expansion, adoption of advanced modeling, increasing underwriting profitability, and strengthening capital and catastrophe reserves. |
Our green promise Promotes digitalization to reduce paper use, invests in green bonds, and implements environmentally responsible business practices. |
Our people and values Employs 517 staff with 36% female workforce; emphasizes training, diversity, ethics, and a robust governance framework. |
Key challenges ahead Managing risks from climate change, geopolitical uncertainties affecting markets like Russia, regulatory compliance, and sustaining profitability amid market competition. |
Interesting facts GIC Re is ranked 9th globally among reinsurers, manages Terrorism and Nuclear Insurance Pools in India, and has subsidiaries across five continents. |
Risks and strategy Focuses on enterprise risk management, stress testing, fraud prevention, and maintaining strong solvency and credit ratings to mitigate operational and market risks. |
