GICRE

By Ashwin Manikandan and Jayshree P Upadhyay

MUMBAI, Jan 29 (Reuters) - Some of the world's biggest reinsurers, including Lloyd's of London, are seeking Indian regulatory approval to operate in a low-tax city set up in the prime minister's home state to try to rival other international financial hubs, two sources said.

The global companies, which also include South Korea’s Samsung Re, Kenya Re and Spain’s Mapfre Re, will join more than a dozen global reinsurers from Europe, the Middle East and Asia that are turning to the new city to gain access to India's $129.78 billion insurance market, estimated by the industry to be the tenth largest in the world.

The two sources, who spoke on condition of anonymity because they were not authorised to speak to the press, said the companies were expected to seek approval this year.

Email queries sent to Mapfre Re, Samsung Re and Kenya Re were not answered. A Lloyd’s of London spokesperson declined to comment. The companies' plans to set up operations in the Gujarat International Finance Tec‑City, or GIFT City, have not been previously reported.

The city offers businesses favourable tax treatment, such as a 10-year tax holiday and exemption from capital gains.

The government has said it hopes it will rival Singapore and Dubai as an international financial centre.

India's reinsurance market is currently dominated by Swiss Re and Munich Re, as well as private firms and the government-owned GIC Re that is widely expected to grow after the government introduced reforms to deepen India's insurance penetration.

SAUDI RE AND OTHERS HAVE RECEIVED APPROVAL

A few large reinsurers have received approvals over the last year to begin operating in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance and Kazakh‑based Eurasia Insurance Company JSC, according to regulatory officials and company statements.

Saudi Re earlier this week opened its GIFT City branch, its second in Asia after Malaysia.

Korean Re has said its expansion reflected its commitment to India’s high growth insurance sector, while Hong Kong‑based Peak Re, which received a licence in March 2025, said it plans to offer life and non-life insurance.

About 14 global reinsurers operate from GIFT City, managing an annualised $700–800 million in premiums, public disclosures show.

The number of reinsurers is expected to increase to at least 20 by the end of March 2026, two regulatory officials said, declining to be identified as final approvals are pending.

They said the international reinsurers sought to offer products that are relatively underdeveloped in India, including surety bonds, parametric insurance, marine and shipping cover, cyber risk and health reinsurance.

Apart from favourable tax treatment, the international reinsurers operating from GIFT City can follow the solvency norms of their home regulators rather than those prescribed by India.

Indian reinsurers are required to maintain a minimum solvency ratio of 150% to ensure they can settle claims even in extreme circumstances. Global requirements tend to be lower.

“With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity,” Dipesh Shah, executive director at the regulator for financial services at GIFT City told Reuters.

He declined to share details on reinsurers seeking to set up operations in the city.

($1 = 91.9020 Indian rupees)

(Reporting by Ashwin Manikandan and Jayshree P. Upadhyay in Mumbai; editing by Barbara Lewis)

((Ashwin.Manikandan@thomsonreuters.com;))

By Nikunj Ohri

NEW DELHI, Dec 15 (Reuters) - The Indian government held road shows in London to assess investor interest for a minority stake sale in state-run General Insurance Corp of India (GIC) GENA.NS, two government sources familiar with the matter told Reuters.

India plans to sell a total of 10% stake in the insurer in tranches to meet the market regulator's minimum public shareholding norm, Reuters reported last year. Out of this, the government offloaded its 3.4% shareholding in the insurer in September 2024.

Officials from the Department of Investment and Public Asset Management (DIPAM) travelled to London to meet investors and seek feedback, one of the sources said.

India's finance ministry did not immediately respond to a Reuters request for comment.

The government currently holds an 82.4% stake in GIC, according to official data, while the insurer's shares were trading about 3.5% below the offer-for-sale price set in last year's government share sale. As per the market regulator's rules, all listed Indian companies are required to maintain a minimum public shareholding of 25%.

The government remains committed to its privatisation and minority stake-sale plans, but the pace has slowed over the past two years. Divestment receipts stood at 175 billion rupees ($1.93 billion) in 2024/25 and as on date for this fiscal year, according to government data.

Minority stake sales help bolster the government's divestment proceeds, and India aims to raise 470 billion rupees through stake sales and asset monetisation in the current financial year through March 31, 2026.

($1 = 90.7700 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Rashmi Aich)

((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Oct 24 (Reuters) - General Insurance Corporation of India GENA.NS:

• GOVERNMENT APPOINTS HITESH RAMESH CHANDRA JOSHI AS CMD FOR 3 MONTHS

Source text: ID:nNSE6db7ly

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Aug 7 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER CONSOL PROFIT 25.31 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER NET PREMIUM EARNED 112.74 BILLION RUPEES

Source text: [ID:]

Further company coverage: GENA.NS

((reuters.briefs@thomsonreuters.com;))

Feb 3 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA DEC-QUARTER CONSOL PROFIT 16.77 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA DEC-QUARTER CONSOL NET PREMIUM EARNED 84.78 BILLION RUPEES

Source text: [ID:]

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 31 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE - GOT DEMAND ORDER FOR TAX LAIBILITY 37.9 MILLION RUPEES

Source text: [ID:]

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Nov 12 (Reuters) - General Insurance Corporation of India GENA.NS:

• SEPT-QUARTER CONSOL PAT 18.65 BILLION RUPEES

• SEPT-QUARTER CONSOL NET PREMIUM EARNED 88.86 BILLION RUPEES

Source text: ID:nBSE3f5SPM

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;;))

Sept 4 (Reuters) -

• INDIA GOVERNMENT TO EXERCISE OVERSUBSCRIPTION OPTION IN INSURER GIC STAKE SALE - EXCHANGE FILING

• INDIA GOVERNMENT EXERCISING OVERSUBSCRIPTION OPTION IN GIC STAKE SALE UP TO 5 MILLION SHARES - EXCHANGE FILING

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds details of stake sale, background throughout

BENGALURU, Sept 3 (Reuters) - The Indian government has proposed to offload a stake of about 6.8% in General Insurance Corp of India (GIC) GENA.NS, an exchange filing showed on Tuesday.

The sale will made at a floor price of 395 rupees per share, as per the filing, a 6.3% discount to Tuesday's closing price. The Indian government currently owns more than 85% stake in the insurer.

The proposal comes months after a source told Reuters that the government is open to selling a minority stake in insurers GIC and Life Insurance Corporation of India (LIC) LIFI.NS in the year ending 2025 following an assessment of investor appetites.

"The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value," the government official had said at the time.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

Aug 9 (Reuters) - General Insurance Corporation of India GENA.NS:

• JUNE-QUARTER CONSOL PROFIT 14.01 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL INCOME 120.04 BILLION RUPEES

Source text for Eikon: ID:nBSE3lx5yN

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;))

General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA - GETS ORDER FOR TOTAL TAX DEMAND AT 600.2 MILLION RUPEES

Source text for Eikon: ID:nNSE9tnpvQ

Further company coverage: GENA.NS

Adds details in paragraphs 2-7

By Nikunj Ohri

NEW DELHI, April 19 (Reuters) - The Indian government is open to a minority stake sale in General Insurance Corporation of India GENA.NS (GIC) and Life Insurance Corporation of India LIFI.NS (LIC) in financial year 2024/25 after assessing investor appetite, a government source told Reuters on Friday.

“The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value,” the official said.

The sale of 10% stake in GIC would be done over a period of time, the official said, garnering about 57 billion rupees ($683 million), as per the closing price on Friday. India's fiscal year runs April through March.

Shares of GIC have risen about 45% in the last six months.

For LIC, the government plans to stick to its target of offloading 10% stake over 7 years and 25% over 10 years since the listing in 2022, the source said.

However, LIC stakes would be sold in "small" tranches depending on the insurer’s stock performance and gauging investor appetite, the source said.

Shares of country's largest insurer have jumped 58% in the last six months and closed at 973 rupees on Friday.

In LIC's IPO, the government had sold 3.5% stake in the company, and had planned to offload another 1.5% for the insurer’s inclusion in index funds.

"Any stake sale in LIC will be done in small tranches considering the large size of the offer," the official said.

A sale of 1.5% stake in LIC can help the government garner about 92 billion rupees, as per stock’s closing price on Friday.

An email sent to India's finance ministry did not elicit an immediate response.

($1 = 83.4480 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Ros Russell and Mrigank Dhaniwala)

Nov 9 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA SEPT-QUARTER PAT 16.05 BILLION RUPEES VERSUS PROFIT 18.60 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA SEPT-QUARTER NET PREMIUM EARNED 99.58 BILLION RUPEES VERSUS 87.64 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;))

Sept 18 (Reuters) - General Insurance Corporation of India GENA.NS:

• CENTRAL GOVERNMENT APPOINTED RAMASWAMY NARAYANAN AS CHAIRMAN-CUM MD

Source text for Eikon: ID:nBSE3RSvmt

Further company coverage: GENA.NS

((reuters.briefs@thomsonreuters.com;))

Aug 10 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER PAT 7.32 BILLION RUPEES VERSUS 6.9 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER NET PREMIUM EARNED 86.33 BILLION RUPEES VERSUS 107.36 BILLION RUPEES

Source text for Eikon: ID:nBSE7WyDMj

Further company coverage: GENA.NS

((Reuters.Briefs@thomsonreuters.com;))

May 25 (Reuters) - General Insurance Corporation of India GENA.NS:

• MARCH-QUARTER PAT 25.64 BILLION RUPEES VERSUS 17.95 BILLION RUPEES

• MARCH-QUARTER NET PREMIUM EARNED 76.59 BILLION RUPEES VERSUS 86.22 BILLION RUPEES

• DIVIDEND 7.20 RUPEES PER SHARE

Source text for Eikon: ID:nBSE9Yk2fM

Further company coverage: GENA.NS

((reuters.briefs@thomsonreuters.com;))