General Insurance Corporation of India

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

General Insurance Corporation of India trades at ₹349, in a downtrend and 10 weeks into that stage. That is −5.9% against its own 200-day average. It sits at 0% of a 52-week range of ₹349 to ₹400. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (19 weeks and counting).

Today the stock is in a downtrend — week 10 of stage 4, confirmed. At ₹349 it trades −5.9% versus its 200-day average and sits at 0% of its 52-week range (₹349–₹400).

Against the market, two honest reads. Cumulative: over the last 8.9 years the stock moved −16% while the NIFTY 500 moved +148% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (19 weeks and counting; last ahead the week of 2026-06-05) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

General Insurance Corporation of India's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: MID_CONTRACTION. Still open: Motor and Cargo combined ratios catastrophically high; Israel/Turkey Motor and China/Israel Cargo exposure not contained — Q3 FY26 PAT declined despite revenue growth.

Our read, 17 May 2026. India's statutory reinsurer at near-book — underwriting discipline plus international recovery are the two levers; management's track record on guidance is the only thing standing between this and a re-rate.

From the numbers. P/B at 0.98x vs 10-year median 1.05x (47th percentile) — not deeply discounted, near median. Cycle is MID_CONTRACTION with MIXED momentum. P/B peaked at 2.4x in June 2018, troughed at 0.6x in June 2022, recovered to…

From the price. Price stage 4, week 10 — below its 200-day line, relative strength flat.

From the research. India's statutory reinsurer at near-book — underwriting discipline plus international recovery are the two levers; management's track record on guidance is the only thing standing between this and a re-rate.

🚨 Where they disagree. P/B at 0.98x vs 10-year median 1.05x (47th percentile) — not deeply discounted, near median. Cycle is MID_CONTRACTION with MIXED momentum. P/B peaked at 2.4x in June 2018, troughed at 0.6x in June 2022, recovered to 1.3x in March 2024 and has since eased to 0.98x as international CR concerns weigh. FII shareholding up to 1.93% (Mar 2025) from 0.87% (Mar 2024) signals institutional accumulation; DII up to 13.68% from 11.06%. Government promoter diluted slightly from 85.78% to 82.4%. PE cycle data not reliable for insurance companies — P/B is the correct lens.

What is proven. India's statutory reinsurer at near-book — underwriting discipline plus international recovery are the two levers; management's track record on guidance is the only thing standing between this and a re-rate.

What is not proven yet. Motor and Cargo combined ratios catastrophically high; Israel/Turkey Motor and China/Israel Cargo exposure not contained — Q3 FY26 PAT declined despite revenue growth.

The test written in advance. International Underwriting Hemorrhage (Motor 190% CR, Cargo 282% CR) — International Underwriting Hemorrhage (Motor 190% CR, Cargo 282% CR) Q4 FY26 international Motor and Cargo combined ratios (must show sequential improvement from 190% and 282%) by the next result.

The test written in advance. Management Guidance Credibility — Systematic Downgrades — Management Guidance Credibility — Systematic Downgrades Q4 FY26 call tone — does management maintain the 8-10% medium-term growth guidance without further downgrade? by the next result.

The test written in advance. CAT Event Year — Climate Tail Risk — CAT Event Year — Climate Tail Risk Global CAT event calendar; Q4 typically higher exposure; any reserve draw-down announcement by the next result.

What the company does. P/B 0.98x on a solvency ratio of 3.87x — trading near book despite ROE of 11% and FY25 PAT Rs 7,432 Cr (+11.2% YoY vs Rs 6,686 Cr FY24). AM Best rating restored to A-minus in October 2024 after a 4-year gap — the catalyst for reclaiming Japan, Taiwan, and other markets is real, but a 3-5 year rebuild timeline constrains the speed. Combined ratio improving sequentially (9M FY26 adjusted CR 85.1% vs 89.1% YoY) but international segments remain hemorrhaging: Motor 190%, Cargo 282%, Life 138%.

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

Lever 1 · Operating leverage — BUILDING. 9M FY26 adjusted CR 85.1% vs 89.1% YoY — 400bps structural improvement; management committed to 1% annual combined ratio reduction in every call. What proves it keeps working: Combined Ratio Improvement (1% annual target). It stops working if Q4 FY26 international Motor and Cargo combined ratios (must show sequential improvement from 190% and 282%).

Lever 10 · New geographies — BUILDING. AM Best A-minus restored October 2024 — January 2026 renewals first real test; 3-5 year rebuild of lost Japan/Taiwan panels is the constraint. What proves it keeps working: International Book Recovery via AM Best Rating Restoration. It stops working if Q4 FY26 international Motor and Cargo combined ratios (must show sequential improvement from 190% and 282%).

Lever 2 · Value-added mix — BUILDING. Shifting from current 77/23 domestic-international split to 60/40 — international at improving margins is the long-term ROE driver. What proves it keeps working: Portfolio Mix Rebalancing (60/40 Domestic/International Long-Term Target). It stops working if Q4 FY26 international Motor and Cargo combined ratios (must show sequential improvement from 190% and 282%).

Lever 16 · Asset quality — BUILDING. Investment income Rs 11,204 Cr FY25 (+10% YoY on interest/dividend component); steady floor offsetting underwriting volatility regardless of CR trajectory. What proves it keeps working: Investment Income Compounding (Rs 11,204 Cr annual base, 10% growth). It stops working if Q4 FY26 international Motor and Cargo combined ratios (must show sequential improvement from 190% and 282%).

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

General Insurance Corporation of India reported ₹14,401 Cr of income in the Jun 26 quarter, −1.5% year on year. Over 10 years it has compounded at 13.2% a year. The last full year, FY26, came in at ₹52,986 Cr. The last four reported quarters add to ₹52,763 Cr.

Why this happened. The rating was downgraded in July 2020 and restored to A-minus in October 2024. International premium grew 9.4% YoY in Q2 FY26 (Rs 4,909 Cr, 22% of mix). The January 2026 renewals included portfolio de-risking and new Fire business, validating the direction if not the magnitude. However, management explicitly walked back the '34% sustainable' and '17-20% YoY' international growth narratives — the correct frame is 8-10% CAGR over the medium term. The volume benefit of the rating is real but slow-moving; the profitability benefit requires correcting Motor, Cargo, and Life CRs simultaneously.

FY26 revenue came in at ₹52,986 Cr (+6.8% on the year), capping 10 years at 13.2% compound. The latest quarter (Jun 26) printed ₹14,401 Cr, −1.5% year on year.

Pace check: the last four quarters averaged +3.3% growth against the decade's 13.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +2.7% over the last 4 quarters against +5.5%/yr over the last 8 — stabilising; TTM profit +3.7% vs +11.7%/yr — rolling over.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

General Insurance Corporation of India's net margin is 12.1% in the Jun 26 quarter, −5.2 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −0.4% to 21.3%. The current quarter sits inside that band.

Why this happened. The core profitability lever. GIC Re's underwriting discipline is visibly improving: Q2 FY26 combined ratio 109.15% vs 114.05% YoY; 9M FY26 adjusted CR 85.1% vs 89.1% YoY. Management is targeting 1% annual improvement toward 100% combined ratio. Every 100bps of CR improvement translates to roughly Rs 400-500 Cr of additional underwriting profit at current premium volumes. The trajectory is real but slow — international segments (Motor 190%, Cargo 282%, Life 138%) remain significant drags and require multi-year correction.

The latest quarter's net margin is 12.1%, −5.2 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged −0.4%–21.3%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

General Insurance Corporation of India earned ₹1,744 Cr of net profit in the Jun 26 quarter, −31.1% year on year. Full-year FY26 profit was ₹9,662 Cr. The 10-year compound rate is 13.1%. That is 12.1% of the quarter's revenue. The same quarter a year earlier earned ₹2,531 Cr.

Jun 26 profit was ₹1,744 Cr, −31.1% year on year. On the full year, FY26 printed ₹9,662 Cr (+30.0%), and the 10-year compound rate is 13.1%.

🚨 Why profit moved: revenue contributed −1.5% and the margin −5.2 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +7.0% vs revenue +3.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for General Insurance Corporation of India, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

Why this happened. GIC Re's investment book (74-75% in debt) generates stable interest income independent of underwriting results. Q2 FY26 investment income Rs 3,791.67 Cr vs Rs 3,483.32 Cr YoY (+8.9%). This is the structural earnings floor that makes the stock un-blowable. Management is preparing for IFRS implementation which will mark the equity portfolio to market — potential volatility in reported earnings but not in underlying cash flows.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

General Insurance Corporation of India's revenue grew +6.8% in FY26 to ₹52,986 Cr, so the book is growing. The latest quarter ran −1.5% year on year. The net margin on that income is 12.1%, −5.2 percentage points against a year ago.

FY26 revenue was ₹52,986 Cr, +6.8% on the year, and the latest quarter ran −1.5% year on year. The net margin on that revenue is 12.1% this quarter (−5.2 pp YoY) — growth with a narrowing margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers usually rate a lender: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys.

A clean annual return-on-equity ladder is not held for General Insurance Corporation of India. For an insurer especially the standard bank ratios are not the right lens, so this page does not force them onto the filings rather than estimating a series it cannot support.

We do not hold a clean annual return-on-equity series for General Insurance Corporation of India — for an insurer especially, the standard bank ratios are not the right lens, so this page does not force them. The revenue, margin and ownership sections above and below are the reads we stand behind.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.4 points of General Insurance Corporation of India over 8 quarters, the biggest move on the register. That takes promoters to 77.4% of the company. Domestic institutions moved +6.8 points over the same window, to 17.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.4 points over 8 quarters to 77.4%; Domestic institutions: +6.8 points over 8 quarters to 17.7%; Foreign institutions: +1.4 points over 8 quarters to 2.4%.

🚨 Why the register moved: promoters drove it (−8.4 points), absorbed on the other side by domestic institutions (+6.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

General Insurance Corporation of India: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

General Insurance Corporation of India trades at 0.8× P/BV, near the bottom of its own range — cheaper only 33% of the time. Its long-run median P/BV is 1.1×, measured across 8.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 0.8× is near the bottom of its own range — cheaper only 33% of the time, against a long-run median of 1.1× measured over 8.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year book value grew while the price moved −5.4% — price and book moved together, holding the multiple in its range.

The price move, decomposed: over 5y, of the +19.4%/yr price move, ~+19.4%/yr came from book-value growth and ~+0.0 pp from the multiple (roughly flat). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, General Insurance Corporation of India was paying for profit growth of about −0.5% a year. Profit itself has compounded 13.1% a year over the past 10 years. Today the market pays 0.8× P/BV, the 33rd percentile of its own 8-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

General Insurance Corporation of India reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROE holding at 10.5% — the per-curve reads carry the story. The read is built from 11 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

50.5/100 — rank 1 of 4 in Finance - Non Life Insurance · 86% evidence confidence

General Insurance Corporation of India scores 50.5 out of 100 against the 4 companies it is compared with in Finance - Non Life Insurance, ranking 1. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 13.1 + 19.5 + 17.9 + 0 = 50.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Said versus delivered

What General Insurance Corporation of India's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Growth Outlook Raised Without Reconciliation · 17 August 2026. In June 2026, management agreed that FY27 growth could be in the single digits and cautioned against chasing premium in a soft market. In August 2026, management set a target of roughly 10%, with more pronounced growth expected internationally, but did not explain why the earlier low-growth and soft-cycle assumptions had changed.

International Premium Growth Reversal · 1 June 2026. In the Nov 2025 call, management projected potential double-digit growth for the international/foreign business segment based on leveraging their restored credit rating in upcoming renewals. However, in the Jun 2026 call, management pivoted their position, acknowledging complete de-growth in the international piece and stating a need to "return to growth mode," contradicting their previous optimism by attributing the decline to portfolio pruning that had supposedly been ongoing over the last two years.

🚨 Foreign Fire Segment Pivoted from Growth Driver to Decline · 1 June 2026. The Nov 2025 call specifically positioned the foreign fire segment as a primary growth engine for upcoming January renewals due to the company's A- rating restoration. By the Jun 2026 call, management confirmed a decline in the international fire portfolio and fundamentally shifted their narrative to downplay the segment, stating they are now focusing on other classes and territories instead of explaining the miss.

🚨 International Growth Downgrade · 11 February 2026. In the August 2025 call, management was bullish, explicitly guiding for 17-20% year-on-year growth in the international segment for the current year. However, in the February 2026 call, they materially walked back this optimism, stating that reclaiming lost business will take 3-5 years and revising the medium-term growth outlook down to just 8-10%. Earlier call (Aug 2025): “Typically, international would grow about 17% to 20% year-on-year for this year... we are confident that we will get back those businesses that we lost.” Later call (Feb 2026): “Whatever business was lost during the downgrade cannot be reclaimed in a single year... We can expect a composite annual growth rate of 8-10% in the medium term.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions