General Insurance Corporation Ltd

general insurance corporation

About the Company:

General Insurance Corporation is the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017.

Company accounted for close to 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017.

GIC is also an international reinsurer that underwrote business from 162 countries as at March 31, 2017.

Company was ranked as the 12th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015, in terms of gross premiums accepted.

They provide reinsurance across many key business lines including fire (property), marine, motor,engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance.

Company’s top ten clients accounted for 56.33% of their gross premiums on a restated consolidated basis in Fiscal 2017.

Company has also developed overseas business through their home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow, a subsidiary in the United Kingdom that is a member of Lloyd’s of London and a subsidiary in South Africa.

Company’s reinsurance from Outside India represented 30.53% of their total gross premiums on a restated consolidated basis.

In addition to company’s Indian investment assets, they hold fixed term deposits at banks outside of India from which company earned Rs.99.7 crores as interest income in Fiscal 2017.

GIC has been rated “A-” (Excellent) with a stable outlook by “AM Best” for 10 consecutive years.

Company also have been consistently rated “AAA” with a stable outlook for our claims paying ability by “CARE Ratings” since 2004.

Management Team:

  1. Ms.Alice G Vaidyan (Designation: Chairman-cum-Managing Director)
  2. Mr.Ravi Mital (Designation: Non-Executive Director)
  3. Ms.Usha Sangwan (Designation: Independent Director)


Objectives of the Issue:

Offer for Sale : Company will not receive any proceeds from the Offer for Sale.

Fresh Issue:

  • To Augment the capital base of the Corporation to support the growth of company’s business and to maintain current solvency levels.
  • General corporate purposes.


Peer Group Companies:

  • There are no listed reinsurance companies in India. Accordingly, it is not possible to provide an industry comparison in relation to the Company.


Positives for the Company:

  • Experienced Management team.
  • Leader in Indian reinsurance industry with a trusted brand and 44 years of experience.
  • Significant global player with growing international presence.
  • Diversified product portfolio and revenue streams.
  • Diversified investment portfolio generating strong growth and attractive yields.
  • Strong financial track record and a strong balance sheet.
  • Consistent Dividend Payer.


Company Contact Info:
General Insurance Corporation Ltd
170 J Tata Road
Churchgate, Mumbai 400 020
Tel: (91 22) 2286 7000
Fax: (91 22) 2288 4010


IPO Registrar Info:
Karvy Computershare Private Limited
Karvy House, 46, Avenue 4, Street No. 1,
Banjara Hills, Hyderabad – 500 034
Andhra Pradesh, India
Phone: +91-40-23312454
Fax: +91-40-23311968


Check IPO Allotment Status:

Karvy Website


Financials of the Company:

(in Crores) FY 15 FY 16 FY 17
Revenue 15270.1 18534.2 33740.7
Net Profit 2890.9 2823.4 3140.6


IPO Details:

Details Info
Issue Opens on 11th October 2017
Issue Closes on:. 13th October 2017
Issue Price Rs.855 – 912
Retail Discount Rs.45 per share
Face Value Rs.5
Minimum Lot 16
Minimum Investment Rs.14,592 (Retail-Rs.13,872)
Issue Constitutes 14.21%
Issue Size Rs.11,372 cr ($1.74 billion)
Market Cap Rs.80,000 cr ($ 12.3 billion)
Listing at NSE & BSE
Fresh Issue 1,72,00,000
OFS (Offer For Sale) 10,75,00,000
Equity Shares Offered (Fresh + OFS) 12,47,00,000
Equity Shares Prior 86,00,00,000
Equity Shares after the issue 87,72,00,000


Important Dates:

Finalization of Basis of Alottment on or before 18th October 2017
Initiation of Refunds on or before 23rd October 2017
Credit of Equity Shares: on or before 24th October 2017
Listing Date: on or before 25th October 2017


Subscription Details (Will be Updated):

(Subscription-Category-Wise (no. of times) Till time : 06:25 PM) Shares Offered Day-1 Day-2 Day-3
QIB  62,277,900  1.55  1.67 2.27
NII  18,683,371  0.01 0.0124 0.129
Retail  43,594,532  0.06  0.158 0.585
Employee  144,197  0.13  0.419 1.098
TOTAL  124,700,000  0.80  0.89 1.362


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
36.52 24.97 16.09% 226.90


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 20%