GIC Re: AM Best rating

AM Best has upgraded the financial strength rating of General Insurance Corporation of India (GIC Re) from “B++” to “A-”. The long-term credit rating was revised upwards from “bbb+” to “a-”. The outlook changed from “Positive” to “Stable”. The rating agency also assigned a National Scale Rating (NSR) of “aaa.IN” (Exceptional) to the insurer, with a “Stable” outlook.

As at 31 March 2024, GIC Re recorded a turnover increase of 1.6% over one year, a net profit growth of 2.9% and a return on equity (ROE) of 9.5%. Over five years (2020-2024), the average return on equity stood at 6.5%.