GIC of India logo

GIC of India

GICRE NSE

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹56,992 Cr
Volatility
Moderate
P/E Ratio
6.4
EBITDA
₹12,192 Cr
Return on Equity
12.77%
Debt to Equity
0
Book Value
₹422.47
EPS
₹40.52
52W High
₹417.95
52W Low
₹319

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is trading at 0.77 times its book value
  • Stock is providing a good dividend yield of 4.09%.
  • Company has been maintaining a healthy dividend payout of 24.6%

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 13.0% over last 3 years.
  • Contingent liabilities of Rs.27,679 Cr.

Growth Rate

Revenue Growth
8.88% higher than 3Y
Net Income Growth
29.06% higher than 3Y
Cash Flow Change
-76.4% lower than 3Y
ROE
12.61% higher than 3Y
ROCE
-0.25% higher than 3Y
EBITDA Margin (Avg.)
15.26% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

General Insurance Corporation of India (GIC Re) has a market capitalisation of about Rs 59,264 Cr and trades at a P/E of 6.7x and a P/B of 0.8x, with a dividend yield of about 3.9%. Profit has compounded at 37% over 5 years and 12% over 3 years, and ROE improved to 15% last year. Sales growth has been slow, at about 2% over 5 years and 3% TTM, and the company carries contingent liabilities of Rs 27,679 Cr.

Bull Case 7
  • The stock trades at 0.8x book value, below the book value of its reinsurance balance sheet.
  • A trailing P/E of 6.7x is low for a company whose profit has compounded at 12% over 3 years and 20% over 10 years.
  • Profit has compounded at 37% over 5 years, a strong recovery from the underwriting losses of earlier years.
  • ROE rose to 15% last year, above the 3-year and 5-year average of 13% and the 10-year average of 11%.
  • A dividend yield of about 3.9% and a payout ratio of 24.6% give shareholders cash returns while most earnings are kept to support solvency.
  • The company is almost debt-free, so it carries no financial leverage risk from borrowings.
  • The stock has returned 19% CAGR over 5 years and 15% CAGR over 3 years.
Bear Case 7
  • Sales have grown at only 1.75-2% CAGR over 5 years and 4% over 3 years, well below the 13% 10-year CAGR, which suggests premium growth has slowed.
  • Contingent liabilities of Rs 27,679 Cr equal about 47% of the Rs 59,264 Cr market cap, a significant off-balance-sheet exposure.
  • ROE of 13% over 3 years and 11% over 10 years is modest for a financial company, which may explain why the stock trades at 0.8x book.
  • TTM profit growth has slowed to 4% from 12% over 3 years, so the pace of earnings recovery may be flattening.
  • The stock has returned -6% over the past year, lagging its 3-year CAGR of 15% and 5-year CAGR of 19%.
  • TTM sales growth of 3% suggests the company is actively reducing or repricing business, which could limit future scale. As a reinsurer it is also exposed to catastrophe losses and large-claim volatility that can swing annual profits.
  • A dividend payout of 24.6% is fairly low, so most earnings stay in the business at an ROE of about 13%.

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

AI News Digest

1d ago
Positives 1
  • ₹13.25 dividend approved at AGM Sep 22

    Shareholders approved a dividend of ₹13.25 per share at GIC Re's 54th AGM on September 22, 2026. The payout gives shareholders a direct cash return.

Neutral 1
  • Hitesh Joshi confirmed as CMD Sep 22

    The 54th AGM on September 22, 2026 confirmed Hitesh Joshi's appointment as Chairman-cum-Managing Director. Confirming him keeps leadership stable but does not change the company's strategy.

TL;DR: GIC Re's 54th AGM on September 22, 2026 went through without surprises. Shareholders approved a ₹13.25 per share dividend and confirmed Hitesh Joshi as CMD. None of the news reported any headwinds, though this single article does not cover operating metrics like premium growth, combined ratio or catastrophe losses. The trend looks stable, and the next signal to watch is the upcoming quarterly results, especially underwriting performance and reinsurance pricing renewals.

Quarterly Results

Particulars 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

Particulars 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
40,822
42,923
43,152
Operating Profit
-1,566
-1,512
-786
-1,702
3,724
-2,100
3,073
3,151
6,929
7,472
8,795
10,062
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
0
0
0
Depreciation
9
9
10
8
14
19
15
14
10
12
15
6
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%
24%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
1,35,247
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
2,05,728
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
12
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
57,011
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
2,05,728
Figures in ₹ Crores

Cash Flow

Particulars 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
1,281
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
-7
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

Particulars 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%
16%
17%

Insights

Beta

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

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Shareholding Pattern

Others0.57%Promot.77.40%Public1.87%FIIs2.43%DIIs17.73%As ofJun 2026

Documents

Frequently Asked Questions about GIC 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 trades as GICRE on the NSE and under code 540755 on the BSE.
Which sector does General Insurance Corporation of India belong to?
General Insurance Corporation of India is classified under the Insurance sector, in the General Insurance industry.
What is the market capitalisation of General Insurance Corporation of India?
General Insurance Corporation of India has a market capitalisation of ₹56,992 Cr, which places it in the Large Cap band.
What is the PE ratio of General Insurance Corporation of India?
General Insurance Corporation of India trades at a PE ratio of 6.40, on earnings per share of ₹40.52, against a book value of ₹422.47 per share.
What is the 52-week high and low of General Insurance Corporation of India?
Over the last 52 weeks General Insurance Corporation of India has traded between ₹319 and ₹417.95.
Does General Insurance Corporation of India pay dividends?
General Insurance Corporation of India has a dividend yield of 4.00%.
What is the Return on Equity (ROE) of General Insurance Corporation of India?
General Insurance Corporation of India reported a return on equity of 12.77%. Its debt-to-equity ratio is 0.00.

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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