GIC Re pushes back 50-50 domestic-international goal as foreign book shrinks

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'.