General Insurance Corporation of India logo

General Insurance Corporation of India

GICRE NSE

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹62,808 Cr
Volatility
Moderate
P/E Ratio
7.11
EBITDA
₹-3,150 Cr
Return on Equity
11.34%
Debt to Equity
0
Book Value
₹422.47
EPS
₹40.52
52W High
₹417.95
52W Low
₹346.7

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is trading at 0.84 times its book value
  • Stock is providing a good dividend yield of 3.73%.
  • Company has been maintaining a healthy dividend payout of 22.7%

Weaknesses

3
  • The company has delivered a poor sales growth of 1.75% over past five years.
  • Company has a low return on equity of 12.5% over last 3 years.
  • Contingent liabilities of Rs.26,577 Cr.

Growth Rate

Revenue Growth
-20.39% ↘
Net Income Growth
29.06% ↗
Cash Flow Change
1033.30% ↗
ROE
-3.74% ↗
ROCE
-12.53% ↗
EBITDA Margin (Avg.)
-139.36% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

General Insurance Corporation of India (GICRE) is India's sole national reinsurer trading at a market cap of Rs.62,237 Cr with a PE of 6.4x and P/B of 0.88x, reflecting a discount to book value. The company delivered strong profit growth of 51% TTM with ROE improving to 15% last year, but top-line growth remains sluggish at 2% CAGR over five years with significant contingent liabilities of Rs.26,577 Cr.

Bull Case 8
  • Stock trades at 0.88x book value, offering a rare sub-book valuation for a government-backed monopoly reinsurer
  • PE ratio of 6.4x is significantly below broader market and insurance sector averages, indicating potential undervaluation on an earnings basis
  • TTM profit growth of 51% signals a sharp earnings recovery and improving underwriting discipline
  • ROE has improved from a 10-year average of 10% to 15% in the last year, showing upward trajectory in capital efficiency
  • Dividend yield of 3.72% with a consistent payout ratio of 22.7% provides income support for shareholders
  • Company is almost debt-free, providing financial flexibility and low balance sheet risk in a cyclical reinsurance business
  • 3-year stock CAGR of 22% demonstrates medium-term price appreciation despite recent weakness
  • Compounded profit growth of 37% over 5 years and 20% over 10 years reflects long-term earnings compounding capability
Bear Case 8
  • Top-line sales growth of just 2% CAGR over 5 years (1.75% per screener data) indicates near-stagnant premium income in a growing insurance market
  • Contingent liabilities of Rs.26,577 Cr represent a material off-balance-sheet risk relative to the Rs.62,237 Cr market cap
  • Stock has declined 10% over the past 1 year, underperforming broader indices and signaling negative sentiment
  • 3-year average ROE of 12% (12.5% per screener) is modest for a financial services company and below cost-of-equity benchmarks
  • 3-year sales CAGR of only 4% shows the revenue stagnation is a persistent structural issue, not a one-off
  • As a government-owned entity, GICRE faces constraints on operational flexibility, capital allocation, and strategic decision-making
  • TTM revenue growth of 7% lags India's overall non-life insurance premium growth, suggesting market share erosion in reinsurance
  • 10-year stock CAGR data is unavailable/incomplete, limiting long-term track record assessment for investors

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 1
  • Q1FY27 profit drops 15% YoY Aug 13

    Consolidated net profit fell 14.8% YoY to ₹1,743.7 crore in Q1FY27, driven by higher claims and lower investment income.

Positives 1
  • ₹13.25 dividend for FY26 Aug 15

    GIC Re recommends a dividend of ₹13.25 per share for FY26, with payment due post-AGM. New TDS rules under Income Tax Act 2025 apply.

Neutral 3
  • Q1FY27 earnings call audio released Aug 17

    GIC Re published the audio recording of its Q1FY27 earnings call held on August 17, discussing unaudited results for the quarter ended June 30, 2026.

  • Satheesh Kumar retained as CS Aug 13

    Board retained Satheesh Kumar as Company Secretary after Sanjeeb Mishra declined the role due to personal reasons, noted on August 13, 2026.

  • Bhandari appointed as director Aug 12

    Hiteshkumar Kismatbhai Bhandari appointed as Part-time Non-Official Director for three years effective August 12, 2026.

TL;DR: GIC Re faces earnings pressure with Q1FY27 profit declining nearly 15% YoY due to elevated claims and weaker investment income. On the positive side, the company maintains shareholder returns with a healthy ₹13.25 dividend for FY26. Board-level changes appear routine. The trend is deteriorating on profitability and investors should watch claims ratios and investment performance in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
11,166
13,075
11,148
10,254
12,886
12,378
11,144
13,209
14,623
12,755
12,589
13,018
14,401
Expenses
10,200
11,611
9,523
7,290
11,413
9,998
9,215
10,210
12,018
9,993
10,223
10,556
12,380
Operating Profit
966
1,465
1,625
2,964
1,473
2,380
1,929
2,998
2,605
2,762
2,366
2,463
2,021
OPM %
9%
11%
15%
29%
11%
19%
17%
23%
18%
22%
19%
19%
14%
Other Income
187
391
195
131
17
-93
255
146
59
553
135
645
171
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
1,154
1,855
1,820
3,096
1,490
2,287
2,184
3,144
2,664
3,315
2,501
3,108
2,192
Tax %
18%
13%
24%
18%
25%
18%
26%
25%
18%
19%
24%
23%
26%
Net Profit
978
1,689
1,439
2,580
1,401
1,856
1,677
2,499
2,531
2,874
1,726
2,533
1,744
EPS in Rs
5.57
9.63
8.2
14.71
7.98
10.58
9.56
14.24
14.42
16.38
9.84
14.44
9.94
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
13,595
15,338
26,776
38,198
44,928
50,345
48,583
48,967
46,638
45,978
49,617
52,986
52,763
Expenses
15,160
16,851
27,561
39,900
41,204
52,445
45,510
45,816
39,709
38,506
40,820
42,893
43,152
Operating Profit
-1,566
-1,512
-786
-1,702
3,724
-2,100
3,073
3,151
6,929
7,472
8,797
10,092
9,611
OPM %
-12%
-10%
-2.9%
-4.5%
8%
-4.2%
6%
6%
15%
16%
18%
19%
18%
Other Income
4,436
4,545
4,573
5,351
145
1,754
11
618
1,112
465
324
1,391
1,504
Interest
33
2
7
12
0
0
0
0
1
1
1
0
0
Depreciation
9
9
10
8
14
19
15
14
10
12
15
37
0
PBT
2,829
3,021
3,770
3,630
3,854
-366
3,069
3,755
8,031
7,925
9,105
11,447
11,115
Tax %
1%
11%
13%
12%
32%
-24%
41%
41%
18%
18%
23%
21%
—
Net Profit
2,891
2,823
3,672
3,146
2,758
-186
1,992
2,386
6,907
6,686
7,432
9,662
8,875
EPS in Rs
336
3.28
4.27
17.93
15.72
-1.06
11.35
13.6
39.37
38.11
42.36
55.08
50.6
Div. Payout %
11%
19%
27%
38%
43%
0%
0%
17%
18%
26%
24%
18%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
430
430
430
439
877
877
877
877
877
877
877
877
Reserves
43,742
41,445
19,753
23,716
24,615
23,067
31,586
35,131
44,308
54,379
60,622
69,604
Borrowings
0
0
0
0
0
0
0
0
0
0
0
0
Other Liabilities
30,745
34,228
77,131
88,329
96,716
96,637
1,07,801
1,15,833
1,17,546
1,29,196
1,33,268
1,35,252
Total Liabilities
74,916
76,103
97,314
1,12,484
1,22,209
1,20,581
1,40,265
1,51,841
1,62,731
1,84,452
1,94,768
2,05,733
Fixed Assets
181
214
192
200
225
209
200
200
324
318
327
332
CWIP
0
0
0
0
0
0
0
0
0
0
8
0
Investments
56,758
55,686
66,481
73,791
82,045
70,918
93,990
1,04,677
1,14,738
1,35,763
1,43,280
1,48,373
Other Assets
17,978
20,203
30,641
38,493
39,938
49,455
46,075
46,963
47,669
48,372
51,153
57,028
Total Assets
74,916
76,103
97,314
1,12,484
1,22,209
1,20,581
1,40,265
1,51,841
1,62,731
1,84,452
1,94,768
2,05,733
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,635
6,013
7,901
8,837
7,604
8,617
13,284
9,051
11,722
-212
1,976
466
Investing
-2,763
-3,332
-4,414
-5,605
-7,501
-4,016
-10,802
-6,188
-9,076
1,749
-275
-2,075
Financing
-387
-650
-1,035
-1,206
-1,428
-1,428
0
0
-395
-1,263
-1,754
-1,754
Net Cash Flow
-515
2,030
2,452
2,026
-1,324
3,174
2,482
2,863
2,251
274
-53
-3,363
Free Cash Flow
2,601
5,970
7,898
8,821
7,564
8,614
13,278
9,036
11,589
-217
1,952
453
CFO/OP
-145
-402
-1,046
-543
240
-440
467
334
195
22
48
30
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
0
0
0
0
0
0
0
0
Cash Conversion Cycle
0
0
0
0
0
0
0
0
0
0
0
0
Working Capital Days
-720
-740
-396
-336
-321
-353
-447
-496
-564
-604
-595
-595
ROCE %
3%
3%
7%
7%
13%
-1%
11%
11%
20%
13%
13%
17%

Shareholding Pattern

As of Jun 2026
Promoters 77.40%
DIIs 17.73%
FIIs 2.43%
Public 1.87%
Others 0.57%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
85.78%
82.40%
82.40%
82.40%
82.40%
82.40%
82.40%
82.40%
77.40%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.86%
0.95%
0.86%
1.05%
1.34%
1.80%
1.93%
2.11%
2.12%
2.12%
2.06%
2.43%
DIIs
11.57%
11.38%
11.03%
10.89%
10.89%
10.91%
11.08%
11.02%
11.02%
11.03%
11.02%
11.12%
11.06%
10.91%
13.71%
13.70%
13.67%
13.30%
13.10%
13.32%
13.55%
17.73%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
1.61%
1.62%
2.09%
2.27%
2.32%
2.30%
2.15%
2.05%
1.96%
1.82%
1.73%
1.60%
1.78%
1.76%
1.91%
1.57%
1.52%
1.70%
1.86%
1.67%
1.54%
1.87%
Others
1.03%
1.22%
1.10%
1.05%
1.00%
1.01%
0.99%
1.15%
1.24%
1.37%
0.60%
0.55%
0.51%
0.49%
0.64%
0.53%
0.48%
0.50%
0.53%
0.49%
0.46%
0.57%
No. of Shareholders
0
2,52,248
2,51,850
2,66,272
2,68,883
2,73,529
2,79,723
2,67,550
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
2,24,559
2,17,494
2,24,351

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - May 2026 May 2026
3
Concall - Feb 2025 Feb 2025
4
Concall - May 2026 May 2026
5
Concall - Nov 2017 Nov 2017

Frequently Asked Questions about General Insurance Corporation of India

What does General Insurance Corporation of India do?
General Insurance Corporation of India is engaged in the business of Reinsurance.(Source : 201903 Annual Report Page No:87)
Where is General Insurance Corporation of India (GICRE) listed?
General Insurance Corporation of India is listed on the Indian stock exchanges. It is listed on NSE: GICRE and BSE: 540755. You can view its live share price, financials, and ratios on Tapetide.
Which sector does General Insurance Corporation of India belong to?
General Insurance Corporation of India operates in the Insurance sector within the General Insurance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of General Insurance Corporation of India?
General Insurance Corporation of India has a market capitalisation of approximately ₹62807.52 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of General Insurance Corporation of India?
The Price-to-Earnings (PE) ratio of General Insurance Corporation of India is 7.11. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of General Insurance Corporation of India?
Over the past 52 weeks, General Insurance Corporation of India has traded between a low of ₹346.7 and a high of ₹417.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does General Insurance Corporation of India pay dividends?
Yes, General Insurance Corporation of India has a dividend yield of 3.73%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of General Insurance Corporation of India?
General Insurance Corporation of India has a Return on Equity (ROE) of 11.34%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research General Insurance Corporation of India on Tapetide?
On Tapetide, you can view General Insurance Corporation of India's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

General Insurance Corporation of India is engaged in the business of Reinsurance.(Source : 201903 Annual Report Page No:87)

Website gicre.in
CEO Mr. Balkrishna Variar
Employees 414
Listed 2017-10-25
Face Value ₹ 5
Issued Size 1,75,44,00,000

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