The quarter also reflected a change in accounting practice, with GIC now creating a Catastrophe Reserve on a quarterly basis instead of annually. For the June quarter, the reserve stood at Rs 143.47 crore.

Underwriting losses narrowed significantly to Rs 526.89 crore from Rs 1,242.10 crore a year ago, helped by lower commission and management expenses. Net commission expenses fell 14.63% to Rs 1,879.52 crore, while management expenses dropped 21.90% to Rs 82.01 crore.

Earned premium rose 11.65% to Rs 11,273.88 crore, even as gross premium slipped marginally by 1.37% YoY to Rs 12,417.16 crore in Q1 FY26. The incurred claims ratio improved to 86.84% from 89.17% in the previous year’s quarter, reflecting better claims management.

Other income jumped 64.89%, while share of profit from associate companies increased 28.30%. However, premium deficiency expenses rose sharply to Rs 50.90 crore from Rs 11.23 crore.

The group’s net worth (excluding fair value change account) stood at Rs 50,045.83 crore in Q1 FY26, up 18.69% from Rs 42,164.61 crore in Q1 FY25.

GIC Re is the largest reinsurer in India’s domestic reinsurance market, leading most treaty programmes and facultative placements. Its group includes subsidiaries GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow, along with associate companies GIC Re Bhutan, India International Insurance (Singapore), and Agriculture Insurance Company of India.