Mumbai, 14th October 2025: General Insurance Corporation of India (GIC Re), a leading global reinsurer, has received an affirmation of its Financial Strength Rating (FSR) and Long-Term Issuer Credit Rating (ICR) from AM Best, a globally recognized credit rating agency. AM Best has affirmed GIC Re’s FSR at “A-” (Excellent), Long-Term ICR at “a-” (Excellent), and India National Scale Rating (NSR) at aaa.IN (Exceptional). The outlook for all ratings remains stable.
The affirmation reflects GIC Re’s very strong balance sheet strength, adequate operating performance, favourable business profile, and appropriate enterprise risk management (ERM) practices. AM Best also noted that the company’s ownership by the Government of India has a neutral impact on the ratings.
GIC Re’s balance sheet strength continues to be supported by its risk-adjusted capitalisation, which is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). Over the past five years, the Corporation has recorded a steady increase in shareholders’ equity, driven by investment fair value gains and higher retained earnings.
In terms of performance, AM Best assessed GIC Re’s operating performance as adequate, supported by a five-year average return on equity (ROE) of 8.2% (FY 2021–2025). The Corporation reported an ROE of 9.2% in FY 2025 based on consolidated profits, primarily driven by strong investment income.
GIC Re’s business profile continues to be favourable, with the Corporation ranked as the 9th largest non-IFRS 17 reinsurer globally, according to AM Best’s most recent ranking of the top 50 global reinsurers. Domestically, GIC Re maintains its leadership position as India’s primary reinsurer. The company’s underwriting portfolio remains well-diversified across business lines and geographies.
The affirmation by AM Best underscores GIC Re’s consistent financial resilience, sound risk management practices, and its significant role in the global and domestic reinsurance markets.