Mumbai: General Insurance Corporation of India (GIC) has reported a net profit of Rs 2,254.2 crore for the quarter ended March 2026, registering a 3.3% increase from Rs 2,182.9 crore in the corresponding period a year earlier. The growth came despite a decline in investment income and an improvement in underwriting losses.
Premium Growth and Underwriting Performance
According to the company's quarterly financial results, gross premium written stood at Rs 11,030.5 crore in the March 2026 quarter, compared with Rs 10,986.6 crore in the preceding quarter and Rs 10,367.1 crore a year earlier. Net premium written came in at Rs 9,917.1 crore, lower than Rs 10,354.9 crore in the December 2025 quarter but higher than Rs 9,420.9 crore in March 2025. Net premium earned rose to Rs 9,785.1 crore, reflecting a 2.1% sequential increase and a 12.7% year-on-year growth.
Investment Income and Other Income
Income from investments stood at Rs 1,929.0 crore, rising 2.6% from Rs 1,879.8 crore in the previous quarter but declining 27.2% from Rs 2,650.2 crore in the year-ago period. Other income increased significantly to Rs 446.1 crore from Rs 97.4 crore in the preceding quarter and Rs 33.9 crore a year earlier. As a result, total income rose to Rs 12,160.1 crore from Rs 11,557.4 crore in the December 2025 quarter and Rs 11,364.3 crore in March 2025.
Expenses and Claims
On the cost side, commission and brokerage expenses increased to Rs 2,167.2 crore from Rs 1,719.2 crore in the previous quarter and Rs 1,910.2 crore a year earlier. Employee and operating expenses remained stable at Rs 81.6 crore, compared with Rs 80.8 crore in the preceding quarter and Rs 102.9 crore in the year-ago period. Claims paid stood at Rs 6,896.5 crore, while the change in outstanding claims was Rs 1,005.7 crore, resulting in total incurred claims of Rs 7,902.2 crore. Total expenses declined marginally to Rs 10,146.8 crore from Rs 10,229.5 crore in the December 2025 quarter but increased from Rs 9,106.3 crore in the corresponding period last year.
Underwriting Loss and Operating Metrics
The underwriting loss narrowed to Rs 361.8 crore from Rs 649.2 crore in the preceding quarter and Rs 426.1 crore a year earlier, indicating an improvement in core insurance operations, though still loss-making. In terms of operating metrics, the claims ratio improved to 80.76% from 87.94% in the previous quarter and 82.19% a year ago. The expense ratio stood at 0.82 compared with 0.78 in the preceding quarter and 1.09 in the year-ago period. The combined ratio improved to 103.43% from 105.32% in the December 2025 quarter and 103.56% in March 2025, although it remained above the breakeven level of 100%.
Overall, the insurer's performance reflected steady premium growth and improved underwriting efficiency on a sequential basis, but profitability continued to rely significantly on investment income, which declined sharply on a year-on-year basis.
