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GIC of India

GICRE NSE

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹60,088 Cr
Volatility
Moderate
P/E Ratio
6.91
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
₹341.6

Tapetide Score

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

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is trading at 0.83 times its book value
  • Stock is providing a good dividend yield of 3.79%.
  • 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

General Insurance Corporation of India (GICRE) is India's sole national reinsurer with a market cap of ₹60,088 Cr, trading at a P/B of 0.81x and P/E of 6.8x. The company is virtually debt-free and offers a 3.86% dividend yield, but top-line growth has been sluggish at a 2% CAGR over five years while contingent liabilities stand at a significant ₹27,679 Cr.

Bull Case 8
  • Stock trades at 0.81x book value, a meaningful discount to its net asset base, suggesting the market is pricing in limited growth or elevated risk
  • P/E of 6.8x is well below the broader market and most financial-sector peers, implying low earnings expectations already embedded in the price
  • Company is virtually debt-free, providing balance sheet resilience uncommon among large financial institutions
  • Dividend yield of 3.86% with a consistent payout ratio of 24.6% offers tangible cash returns to shareholders
  • ROE improved to 15% in the last year, above the 3-year average of 13% and 10-year average of 11%, indicating an improving profitability trend
  • Compounded profit CAGR of 37% over 5 years and 12% over 3 years shows meaningful earnings recovery from cyclical lows
  • Stock price CAGR of 18-19% over 3 and 5 years respectively demonstrates sustained re-rating despite muted revenue growth
  • As India's sole national reinsurer, GICRE holds a structural monopoly position in the domestic reinsurance market with regulatory tailwinds from mandatory domestic cession requirements
Bear Case 8
  • Sales growth has been extremely weak at just 2% CAGR over 5 years and 4% over 3 years, lagging both inflation and the broader insurance sector
  • TTM revenue growth of only 3% suggests the top-line stagnation trend is continuing with no visible acceleration
  • Contingent liabilities of ₹27,679 Cr represent a material off-balance-sheet risk relative to the ₹60,088 Cr market cap
  • 3-year average ROE of 13% is modest for a financial services company and suggests the business earns only marginally above its cost of equity
  • Stock has declined 7% over the past 1 year, underperforming the broader market and indicating weakening investor sentiment
  • Reinsurance is inherently exposed to catastrophe risk and large-loss events that can cause sharp, unpredictable swings in profitability from year to year
  • TTM profit growth of only 4% marks a sharp deceleration from the 12% 3-year and 37% 5-year CAGR, raising questions about sustainability of the earnings recovery
  • Dividend payout ratio of 24.6%, while consistent, means roughly three-quarters of earnings are retained in a business generating only low-teens ROE, raising capital allocation efficiency questions

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • ₹13.25 dividend recommended for FY26 Aug 15

    GIC Re recommends a dividend of ₹13.25 per share for FY26, with payment due post-AGM scheduled for Sep 22. New TDS rules under the Income Tax Act, 2025 apply to the payout.

Neutral 3
  • FY26 BRSR ESG report filed Aug 31

    GIC Re submitted its Business Responsibility & Sustainability Report for FY26, detailing environmental metrics, employee welfare, and CSR initiatives across India.

  • AGM rescheduled to Sep 22 Aug 31

    The 54th Annual General Meeting date was corrected to September 22, 2026, at 11:00 am, replacing the previously announced slot.

  • Q1 FY27 investor deck revised Aug 19

    GIC Re corrected errors in its Q1 FY27 investor presentation, fixing incurred claim ratios and net worth figures.

TL;DR: GIC Re's recent news flow is largely procedural with no material negative developments. The ₹13.25 per share dividend signals steady capital return to shareholders. The correction of errors in the Q1 FY27 investor deck is minor but worth monitoring for disclosure quality. Overall trend is stable, with the upcoming Sep 22 AGM as the next catalyst for forward guidance.

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 ₹60,088 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 6.91, 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 ₹341.6 and ₹417.95.
Does General Insurance Corporation of India pay dividends?
General Insurance Corporation of India has a dividend yield of 3.86%.
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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