General Insurance Corporation of India logo

General Insurance Corporation of India

GICRE NSE

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

AI Verdict: BUY Confidence: 6%

GIC Re trades at a compelling P/E of 6.5x and 0.89x book value with TTM profit growth of 51%, making it attractively valued for a debt-free government-backed reinsurer. While sales growth remains tepid at 2% CAGR over 5 years, improving ROE of 15% last year and 80% analyst buy consensus support accumulation at current levels.

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹64,088 Cr
Volatility
Moderate
P/E Ratio
6.55
EBITDA
₹-3,150 Cr
Return on Equity
14.56%
Debt to Equity
0
Book Value
₹401.74
EPS
₹40.52
52W High
₹417.95
52W Low
₹346.7

Technical Indicators

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is trading at 0.91 times its book value
  • 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 3d ago
BUY
Risk medium

GIC Re trades at a compelling P/E of 6.5x and 0.89x book value with TTM profit growth of 51%, making it attractively valued for a debt-free government-backed reinsurer. While sales growth remains tepid at 2% CAGR over 5 years, improving ROE of 15% last year and 80% analyst buy consensus support accumulation at current levels.

Bull Case 8
  • Stock trades at P/B of 0.89x, below book value, offering a margin of safety for a government-owned reinsurer with Rs 63,781 Cr market cap
  • P/E ratio of 6.5x is significantly below the financial services sector average of 15-20x, indicating deep value
  • TTM compounded profit growth of 51% signals a strong earnings recovery cycle
  • Company is almost debt-free, eliminating balance sheet risk in a cyclical reinsurance business
  • ROE improved from 10% (10-year average) to 15% last year, showing improving capital efficiency
  • Dividend yield of 2.8% with consistent 22.7% payout ratio provides income support during holding period
  • 3-year stock CAGR of 26% demonstrates medium-term wealth creation despite recent 1-year dip of -2%
  • 80% analyst buy rating (4 out of 5 analysts) reflects institutional confidence in the turnaround thesis
Bear Case 8
  • Compounded sales growth of only 2% over 5 years indicates structural challenges in scaling premium income
  • Contingent liabilities of Rs 26,577 Cr represent a significant overhang — roughly 42% of market cap — posing tail risk
  • 3-year ROE of 12% remains below the 15% threshold typically expected from quality financial services companies
  • 10-year sales CAGR of 13% has decelerated sharply to 4% over 3 years, suggesting loss of market share or pricing pressure
  • 1-year stock return of -2% underperforms broader Nifty indices, reflecting weak near-term sentiment
  • As a government-owned entity, GIC Re faces bureaucratic inefficiencies and limited pricing flexibility versus private peers
  • Reinsurance is inherently lumpy — one catastrophic event year can wipe out multiple years of profit, and 5-year profit CAGR of 37% may not be sustainable
  • 52-week high and low data unavailable, limiting technical visibility on support-resistance levels for entry timing

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Government sells 2% stake via OFS Jun 15

    President of India to sell 2% stake in GIC of India via Offer for Sale on June 16, 2026, with floor price at ₹352.00 per share. Government dilution can create near-term supply pressure on the stock.

Positives 2
  • New CMD appointed until Sep 2028 Jun 16

    Hitesh Rameshchandra Joshi appointed Chairman-cum-Managing Director effective June 16, 2026, with tenure until September 30, 2028. Provides leadership stability for over two years.

  • Institutional investor engagement Jun 10

    GIC of India held a one-on-one meeting with ICICI Prudential Mutual Fund on June 9, 2026. Active engagement with large mutual funds signals institutional interest in the stock.

Neutral 3
  • New CFO Rajesh Laheri takes charge Jun 18

    Rajesh Laheri assumed charge as CFO effective June 18, 2026, replacing V. Balkrishna who resigned for voluntary retirement.

  • New government director nominated Jun 19

    Dr. Debasish Prusty, Additional Secretary at Department of Financial Services, nominated as Director on GIC board with immediate effect.

  • Director Ashwani Kumar ceases role Jun 1

    Ashwani Kumar ceased as Non-Executive Director on May 31, 2026, following end of his tenure as MD & CEO of UCO Bank.

TL;DR: GIC of India saw significant leadership churn in June 2026 with a new CMD, CFO, and board-level changes, providing fresh management direction. The 2% government OFS at ₹352 floor price is a mild near-term overhang but signals orderly divestment rather than distress. No operational or earnings-related news emerged during this period. The outlook hinges on whether new leadership can drive underwriting improvements and whether institutional interest translates into sustained buying post-OFS.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
10,656
11,166
13,075
11,148
10,254
12,886
12,378
11,144
13,209
14,623
12,755
12,589
13,018
Expenses
7,423
10,200
11,611
9,523
7,290
11,413
9,998
9,215
10,210
12,018
9,993
10,223
10,556
Operating Profit
3,233
966
1,465
1,625
2,964
1,473
2,380
1,929
2,998
2,605
2,762
2,366
2,463
OPM %
30%
9%
11%
15%
29%
11%
19%
17%
23%
18%
22%
19%
19%
Other Income
-208
187
391
195
131
17
-93
255
146
59
553
135
645
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
3,025
1,154
1,855
1,820
3,096
1,490
2,287
2,184
3,144
2,664
3,315
2,501
3,108
Tax %
14%
18%
13%
24%
18%
25%
18%
26%
25%
18%
19%
24%
23%
Net Profit
2,729
978
1,689
1,439
2,580
1,401
1,856
1,677
2,499
2,531
2,874
1,726
2,533
EPS in Rs
15.56
5.57
9.63
8.2
14.71
7.98
10.58
9.56
14.24
14.42
16.38
9.84
14.44
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
-12%
-10%
-3%
-4%
8%
-4%
6%
6%
15%
16%
18%
19%
Other Income
4,436
4,545
4,573
5,351
145
1,754
11
618
1,112
465
324
1,391
Interest
33
2
7
12
0
0
0
0
1
1
1
0
Depreciation
9
9
10
8
14
19
15
14
10
12
15
37
PBT
2,829
3,021
3,770
3,630
3,854
-366
3,069
3,755
8,031
7,925
9,105
11,447
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
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
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 Mar 2026
Promoters 82.40%
DIIs 13.55%
FIIs 2.06%
Public 1.54%
Others 0.46%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Financial Services sector within the 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 ₹64088.23 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 6.55. 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 2.75%. 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 14.56%. 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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