Mid Insurance
Market Cap
₹61,325 ₹61,325 Cr.
P/E
6.91
PEG
0.63
PEG = P/E ÷ 5yr Forward EPS CAGR
5yr Forward EPS CAGR Thesis - Base Case

- The base thesis is live on disciplined domestic premium growth, gradual international re-entry after the A- rating restoration, and steady combined-ratio improvement toward sub-100%.- The bull path requires faster international panel clawback and earlier combined-ratio breakeven, while the bear path is triggered by obligatory-cession reduction, prolonged soft international pricing, and a major catastrophe in FY27-28.

Key Ratios

Debt to Equity
Debt to Equity
-
Div Yield (%)
Div Yield (%)
3.79
Individual < 2 lac
Individual < 2 lac
1.66 %
Institutions
Institutions
20.16 %
Market cap
Market cap
61,325 Cr
No. of Shareholders
No. of Shareholders
2.24 L
OPM (%)
OPM (%)
-
PE
PE
6.91
Prom Holding
Prom Holding
77.40 %
ROCE (%)
ROCE (%)
22.43
ROE (%)
ROE (%)
17.90
Sales
Sales
-
  • General Ins. Corpn.
  • ICICI PrudentialLife
  • Max Financial Serv.
  • TJI Insurance
Last updated on 20 Aug 2026
  • GIC Re is India's government-owned national reinsurer. It pruned loss-making US business from FY23. It reinsures fire, motor, health, agriculture, marine and life risks, mostly domestic.
  • Earnings rely on investment income to cover underwriting losses. Fire and property drive premium. Life reserves and foreign motor and cargo swing results.
  • It receives 4% of every non-life policy as obligatory business. Per management, it prioritises profitable growth through selective underwriting and long cedant relationships.
  • It is building health, cyber and surety to diversify the portfolio.
  • Solvency stands at 4.32 against 1.5 required. The coming RBC and IFRS-17 transition will consume part of that buffer.
  • Underwriting is in mid-improvement. Near-term profit depends on holding the yearly gain as pricing stays soft. Management guides 8-10% growth with ~1ppt yearly combined-ratio improvement.
  • Ample global capacity, GIFT-based rivals and two new domestic reinsurers remain the main competitive overhang.
  • Life reserve normalisation was due by Q1FY27
    it shows whether mortality strengthening fades and life combined ratios return toward normal.
  • Gujarat floods development H2FY27
    actual claims will show whether the IBNR cover holds, with GIC Re share guided at 30-40% of market loss.
  • Jan 2027 international renewals Jan 2027
    it decides whether GIC Re regains share on lost Japan and Taiwan panels without losing pricing discipline.
  • Obligatory cession beyond FY27 Mar-Apr 2027
    it sets about Rs10,000Cr of topline at 4%, with 25-50% convertible to voluntary cover.
  • Ind AS 117 and RBC transition 1 Apr 2027
    it shows how much of the solvency buffer the new capital rules consume and what it means for dividends.
Price Range

See where the stock is trading versus its 52-week high and low.

Low
341
52W Range
High
418
Timeline

Key company specific updates.

Custom financial statement

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Market Share

21 %
(as of Mar 19)
Life Reinsurance Business - Market Share

Revenue mix

Product Wise Break-Up

Location Wise Break-Up

Investment Break-Up

Operational Metrics

    Select a Metric
    • Yield On Total Investments - General Insurance (%)
    • Combined Ratio (%)
    • Monthly Gross Direct Premium Income (GDPI) (Crs)
    • Risk Retention Ratio (%)
    • Float (Crs)

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