# GIC Re pushes back 50-50 domestic-international goal as foreign book shrinks 2026-08-17T13:11:39+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet (2 source reports) State-owned reinsurer General Insurance Corporation of India (GIC Re) has pushed its long-held target of a 50-50 domestic-international premium split into the long term. Chairman Hitesh Rameshchandra Joshi told analysts that the medium-term goal is now 60-40, calling the original split 'absolutely a long-term goal' as softer reinsurance rates and a portfolio rethink shrink the foreign book. International business fell to just 14% of gross premium in the June quarter, down from 25% in FY26. Joshi said it may take three to four years to rebuild foreign premium to the earlier Rs 18,000 crore level. Chief underwriting officer Sanjay Mukherjee attributed the 6% decline in the foreign book to a portfolio rethink, with hard decisions in motor, aviation, and overseas cargo. Domestic gross premium grew 12% year-on-year, with health insurance rising 37% and fire insurance falling 10%. Profit after tax was Rs 1,922 crore on gross premium of Rs 13,475 crore. On July 22, the Insurance Regulatory and Development Authority of India issued a directive flagging rates in the property segment, which management described as 'only a guidance'. ## Coverage - livemint.com - livemint.com (2) This story was synthesised by AI from the 2 sources linked above. Updated: this story now draws on 2 sources. Last updated 2026-09-27T06:18:08+00:00. Tags: AM Best, GIC Re, Hitesh Rameshchandra Joshi, IRDAI Canonical: https://indianopinion.org/gic-re-pushes-50-50-international-goal-to-long-term-as-foreign-book-shrinks/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/gic-re-pushes-50-50-international-goal-to-long-term-as-foreign-book-shrinks/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/