General Insurance Corporation of India (NSE: GICRE) Q4 2025 Earnings Call dated May. 28, 2025
Corporate Participants:
Unidentified Speaker
Nikita — NA
Hitesh Joshi — Executive Director
Ms. Radhika C. S. — Executive Director
Shri Suresh Sindhi — Appointed Actuary
Shri S.K Rath — General Manager
Analysts:
Unidentified Participant
Sanketh Godha — Analyst
Prayesh Jain — Analyst
Karthi Keyan — Analyst
Sanketh Godha — Analyst
Presentation:
operator
Ladies and gentlemen. Good day and welcome to the General Insurance Corporation of India Q4FY25 earnings conference call. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nikita from eny. Thank you. And over to you ma’ am.
Nikita — NA
Thank you. Manav. Good morning to all the participants on the call and thanks for joining Q4FY25 earnings call for General Insurance Corporation of India. Please note that we have mailed out the press release to everyone and you can now see the results on our website and it has been uploaded on the stock exchange as well. In case you have not received the same, you can write to us and we’ll be happy to send it over to you. Before we proceed with the call, let me remind you that the discussion may contain forward looking statements but that may involve known or unknown risks, uncertainties and other factors.
It must be viewed in conjunction with our businesses that could cause future results, performance or achievement to differ significantly from what is expressed or implied by such forward looking statements. To take us through the results of this quarter and answer our questions. We have with us the management of GIC represented by Mr. Hitesh Joshi, executive Director and other top members of the management. Please note that CMD is not available for call today due to unavoidable travel plans. We will be starting the call with a brief overview of the quarter gone by which will be then followed by the Q and A session.
With that said, I now hand over the call to you sir. Mr. Joshi. And over to you, sir.
Hitesh Joshi — Executive Director
Good morning ladies and gentlemen. Thank you for joining us today for the earnings call. I am pleased to present to you GI Series financial performance for the fourth quarter of FY 2025. In an environment marked by macroeconomic volatility and evolving industry dynamics, our performance stands as a reflection of GI Series enduring strength, strategic foresight and commitment to core reinsurance principles. As a global reinsurer, we recognize that our role is inherently tied to managing uncertainty, balancing risk with resilience and opportunity. With discipline. We remain steadfast in our belief that effective risk management, thoughtful diversification and disciplined underwriting form the cornerstone of sustainable reinsurance practice.
While catastrophic events remain an immense part of our business landscape, we continue to approach them with prudence supported by risk assessment frameworks and a long term vision of value creation. Our consistent focus on improving portfolio quality, sharpening our strategic direction and aligning our operations with market realities have enabled us to navigate complex market conditions without compromising on underwriting integrity. We strive to maintain a healthy combined ratio and outcome that stems from deliberate choices and an unwavering focus on operational excellence. For FY25 the combined ratio stood at 108.8%. This disciplined posture has not only fortified our financial position but has also deepened our understanding of market cycles and our own risk appetite.
It is this clarity that positions us well to engage with both current challenges and future opportunities with confidence and purpose. We now look at some of the key highlights of our financial performance. Gross Premium income for Quarter 4 FY25 to date Rupees 10,367.08 crore compared to Rupees 8,723.65 crore in the corresponding period of the previous year. Investment income for the quarter stood at rupees 3903.02 crore vis a vis rupees 3036.52 crore for the corresponding period. Incurred claim ratio for the quarter was 82.2% as against 68.9% of the corresponding quarter of the previous year. Combined ratio for the quarter stood at 103.56% compared to 89.26% for the corresponding period in the previous year.
Adjusted combined ratio factoring in Policyholders investment income to date 85.79% for FY25 as compared to 86.24% in the previous year. Profit before tax stood at rupees 2922.66 crore for quarter four as compared to rupees 3171.33 crore in the corresponding period of previous year. Profit after tax was Rupees 21.82.88 crore as compared to Rupees 2,642.47 crore in the corresponding period. Solvency ratio for the year end improved to 3.70 as compared to 3.25 for the previous year. Net worth excluding fair value change was Rupees 43,106.52 crore on 31,325 as against Rupees 37,581.78 crore in the previous year end net worth including fair value change stood at rupees 83224.33 crore as on year end compared to rupees 81330.25 crore at the previous year end.
On the premium breakup, domestic premium for the year FY25 is rupees 30662.44 crore and the international is rupees 10491.51 crore. The percentage split is domestic 75% and international 25%. The domestic premium for the year grew by 18.8% while international business witnessed a decline of 7.8% over previous year. While underwriting profitability remains at the core of our strategic focus, our pursuit of excellence combined with targeted initiatives and a prudent approach to risk has reinforced the strength and stability of our overall performance. This positions us well to seize opportunities that are not only aligned with our risk appetite but also support our long term vision for sustainable growth.
As we look to the future, our priorities remain clear to uphold underwriting discipline, enhance operational efficiencies and deliver enduring value to all our stakeholders. I would like to take this opportunity to express my sincere gratitude towards shareholders, clients and employees for their continued confidence and support. With this I conclude the remarks and open the floor for Q and A. Thank you.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. I would like to remind all the participants if you wish to ask any questions you may press star and 1. A reminder to all participants, if you wish to ask any questions you may press star and 1.
We have a first question from the line of Sanket Godha from Evinders Park. Please go ahead.
Sanketh Godha
Thank you for the opportunity. Sir, I have few questions. The first question is on the growth, especially on the international business in the fourth quarter which looks if I look at the numbers, year on year it has declined but in the fourth quarter the growth is around 35 percentage. So just wanted to understand this growth is sustainable and how much it is driven by any pricing environment, change in Jan renewals or because of your rating change. You probably will have more contracts that contributed to the Growth So if you can split the growth basically led by price hike, rating change and maybe volume growth that will be useful.
Sir.
Shri S.K Rath
Hello, this is Skrath GM Reins. I would answer to the growth the fourth quarter growth is mainly factored into resulting from the rating upgrade of GIC where you know we got the rating upgrade in the month of November and that has been passed on to our insurance and reinsurance and based upon information we are able to write some of the new accounts in January renewal and that has catered to the growth in international business in the fourth quarter.
Sanketh Godha
Any benefit of pricing environment changing with. Respect to.
Hitesh Joshi
I would say pricing international market what I saw in the 1st of January renewal is quite soft and so far direct market is concerned and both in domestic and foreign it is quite soft except for the accounts where there are some losses and those treaties, particularly the non professional treaties could attract some of the loadings ranging from 10 to 15%. Otherwise the market has gone a bit of soft in comparison to the previous year.
Sanketh Godha
This is only with.
Hitesh Joshi
The tensor market is aware of it regain them. So naturally this process will continue going forward and our international branches likely to get benefit out of this rating of credit.
Sanketh Godha
Got it. Any. Any output you want to give this one to what extent.
Hitesh Joshi
See in comparison to last year our international business actually come down in comparison to the March 23rd. Look at March 24th. March 24th it was something 108% and now that has come from input claims ratio has come down to 100% this year. The combined is in addition to the normal claims we had the other expenses and commission. That’s why it is insulated at a higher level. But going forward. Yes, we will try to improve further and we would like to follow the underwriting discipline that we have been following also improve the other look at the improved market and international markets where we can improve.
Sanketh Godha
Got it. Second, one more question which I had is that there is lot of news regarding that obligatory business could be further reduced for in the news there are many articles saying that obligated business to be lowered. So if you have heard anything from government or IRG on those lines any waterfall what they have given that how gradually it will be reduced or it will be holding up at 4 percentage itself.
Hitesh Joshi
We have no information or advice from either the regulator or the ministry. I think these are the usual efforts made by the industry and particularly certain students. So which makes the news but we have no information no official news either from the regulator or from the registrar.
Sanketh Godha
Okay sir, if you can do your obligatory business probably combined ratio or loss ratio compared to the company average or domestic business average, loss issue or combined ratio. That will be useful just to understand whether obligatory bought is much more profitable compared to overall company domestic business.
Hitesh Joshi
Not really. The point is that Obligatory would constitute say something like 30% or book. And there is always a risk return trade off. So it is not correct to say that this is more profitable. And our given our focus on underwriting discipline, our rest of the book is also improving not only domestically but also for international. So there should not be any concern on that count that profitable business will go away. We will. We are continuing to improve the quality of the rest of the portfolio.
Sanketh Godha
Got it, sir. And if I can ask you more, if you can break down your combined ratio of international and domestic business into loss ratio and expense ratio. Because we have combined ratio numbers in the press release, we don’t have loss ratio numbers. So if you can give the loss ratio numbers of international and domestic business. Separately for.
operator
Ladies and gentlemen, please take the management. Management range is disconnected while reading. Ladies and gentlemen, thank you for patiently waiting. We have the management back with us. Over to you sir.
Sanketh Godha
Thank you again. Sir, I was asking. In the breakup of domestic business and international business combined ratio into loss ratio and expense ratio for the full year.
Hitesh Joshi
Yes, Sorry Sanet. This is Sanjay Mokashi, General manager, reinsurance department. The loss ratio for the domestic portfolio annually is at 85.3 and for foreign business it is 98.9%,
Sanketh Godha
98.9 percentage and 85.6 percentage usage. Right? Okay. Okay. And. And. And. And sir.
Hitesh Joshi
Sorry Sanet, I’ll correct myself. It is 96.5 for foreign, 96.5 for.
Sanketh Godha
For foreign for the full year, right sir?
Hitesh Joshi
Yes, yes, full year.
Sanketh Godha
And domestic you said 85.6, right?
Hitesh Joshi
Yes.
Hitesh Joshi
85.33.
Sanketh Godha
Oh. Okay. Okay. Okay. Got it sir. And. And sir, in the result I can again see that you made a catastrophe reserve of almost 6000 crores. Which you also did almost similar number last year. So just wondering sir. Suppose if a catastrophe happens, you will reserve or you will continue to choose it through route it through PNL just to protect the pnl. I still want to understand the logic of creating so much of CAT reserves incrementally in that sense.
Hitesh Joshi
So this reserve is being created in line with the CAT reserve policy as approved by the board. And we plan to build up this corpus to something like an amount of rupees 5000 crore. Till that corpus is built, we don’t plan to.
Sanketh Godha
Okay. And these CAT reserves are used in solving equations.
Hitesh Joshi
Of Available.
Sanketh Godha
Okay, got it. If you can break down your investment income for the rent pattern into capital gains and.
Ms. Radhika C. S.
Hello, this is the cio. The breakup of. Yeah, for the full year investment income stands at 11,204. The income excluding profit, I.e. your interest dividend stands at 7,096 crore which is a 10% increase from the previous year of 6,430 crores. Profit on sale is 4,108 as against 4,135. Despite the challenging market conditions, we have been able to maintain the profit on sale of this business.
Sanketh Godha
Sure.
operator
Thank you. I remind all participants if you wish to ask any questions. Anyone who wishes to ask a question, you may press Star one on your touch phone. We have our next question from Lionel Prayesh Jain from Motilal Oswal. Please go ahead.
Prayesh Jain
Yeah, hi sir, just on this pricing in both domestic and international markets. On the FHIR piece in particular we were hearing that you know, the reinsurers have increased the pricing on the fire side. Any comments there from your side?
Hitesh Joshi
Yeah, this is Eskarat GM Reinsurance. I would like to comment on that. See the this time renewal. We have asked the companies with all the insurance companies operating in India to how they in view of reduction in their premium quarter by quarter. We asked them how they are going to improve their claims and how they are going to achieve their business targets. So the companies themselves has come to GIC with their business plan and their growth plan wherein they assured us that they will be adhering to the IIB rates that has been prescribed as well by irda.
So on the basis of that they have been following the process and they are following the their business plan. So reinsurer has no role on that as and when they come to GIC only for any fake support. We just wanted to ensure that they follow the rates that they have given as assurance.
Prayesh Jain
So. But what has been the kind of renewal rate that would have happened on the same on the like basis?
Hitesh Joshi
I have been trying to adapt to the IIM particularly from 1st of January 25 onwards. There are evidence as well, but there are few might have not.
Prayesh Jain
Okay, okay. And second chart in terms of growth example is the obligatory. Hypothetically the obligatory business 4% goes away, right? I understand it’s obligatory business is about 43% of the domestic business. Do you see this for this kind of getting impacted because you know some of the like, for example health insurers wouldn’t want to kind of continue with the obligatory insurance or reinsurance. So would that be a growth restrictor for you.
Hitesh Joshi
In this situation, if Obligatory goes away, yes, there could be a hit, a temporary setback to the top line. But on the flip side, it gives us greater control on our portfolio. The entire risk selection is with our underwriting is based on our underwriting. Having said that, we have put in place a plan to overcome the short term setbacks that we we might have if Obligatory goes away. And the approach generally would be to market the additional quota share treaty from the companies. So there are companies who are willing to increase their reinsurance with us.
They will take that opportunity. Currently we have been very conservative, very selective in that segment because we already have Obligatory. Having said that, there is another factor. Also that we have seen in this market for more than 50 years now. There has established a relationship with the market which will help us leveraging the relationships. At the same time we have the data. That data will also help us to strategize. And these are the things we will implement if and when Obligatory goes up. As Mr. Joshi said, as of now, there is no information either from ministry or IRD in this regard.
Prayesh Jain
Got that? And in terms of growth, how would you look at growth in the international business?
Hitesh Joshi
Yeah. Going forward, our impetus is that we look forward to the new markets where we have been moved out. Or because of our rating downgrade in the year 20, we are not able to renew our accounts. Now we are trying to look into those territories where we can them and to think about if we need to gain those so that way we can get into those markets. And similarly we are also looking we have better opportunity or better control to increase our line. So that way we want to increase our foreign business going forward.
Prayesh Jain
And any guidance on combined ratio improvement trajectory which has been consistently improving for you guys over the last four years.
Hitesh Joshi
This year is a common combined, particularly the this quarter, fourth quarter. That because of some of the event that is and some of improvement of the losses like Dubai flood and Nepal flood. All those things are coming up. Then Taiwan Typhoon, those figures are coming up or improving improved over the quarter. But we have been aware of the CAT events and we are following the CAT modeling also to protect leverage of our position. And that that is how we want to improve the improve our underwriting as well as our business participation in the account so as to improve our foreign commandership going forward.
Prayesh Jain
So overall the combined basis would be expected to further improve by currently it.
Hitesh Joshi
Is at 121 something and we still want to improve. If it can be around 110 or 115 that will be.
operator
Thank you. A reminder to all participants, you may press Star and one on your touchstone phone to ask any questions. Anyone who wishes to ask a question, you may press star and 1. We have our next question from the line of Karthiyan from an individual Lister. Please go ahead.
Karthi Keyan
Hi, good morning to everyone. Thanks for the opportunity. So I have three questions. The first question, we always made underwriting profit the Q4 the last quarter and we haven’t made any writing profit for this quarter. Any specific reasons for that?
Hitesh Joshi
See if you look at the underwriting profit we have made some profit this quarter as well. And what is that profit? If you look at domestic profit this quarter the combined ratio has come. Domestic has come down to 70.34% as against 80% of Q4 of last year. And if you look at the December quarter it was 83.72% whereas it is in Q4 it is 70.24. This is for domestic and if you will look at for foreign the loss ratio is. Yes it is for 110.29% in last quarter whereas it is 70.68.60 for this quarter. And the main draw dampener here is the foreign Q4 and that is mainly as I said before, it is mainly because of the California fire and then and Taiwan typhoon and there are some flood losses of Dubai and Nepal that has added to the losses.
And in addition to that there are some losses that has affected like Israel and Turkey losses, mortar losses has added to that. That’s why the losses the Q4 profit has come down in comparison to otherwise. If you look at the overall performance of the organization on year on year basis it is quite improved. If you look at the entire year we have made a profit of 8,700 odd crores as against 7,000 something last year. So as a reinsurer we do not go by quarter on quarter. Rather we took at the overall performance of the company for the.
For the annual period. So that is why as a reinsurer we look at.
Karthi Keyan
The life whatever losses we had in this quarter, right. It’s all due to the catastrophic events.
Hitesh Joshi
Cat events for which due which has been reported for which we have made provisions. And there are some provisions also additional provisions are made for.
Prayesh Jain
For the life part. I mean it has actually increased for the last year. If you look at the losses, right. It has increased almost 2.5 times.
Hitesh Joshi
Yes, that. That I will ask my actuary life actually there with me he will be addressing that. One minute.
Shri Suresh Sindhi
This is Suresh in the live actually. So if you just See that. Yes. The losses are, you know, quite significant. You know, mainly on account of two things. One is, you know, the net claims paid. So you know we get actually which are much higher compared to last year 1887. Obviously there are, you know, a lot of claims which have, you know, been reported but we are not yet set up those things. Obviously we have to set aside results. So because of, you know, the reserves, setting aside the results and those claims which you already paid because of that, obviously you increase substantially compared to last year.
Karthi Keyan
Life losses. Is it because of catastrophic event or. I mean the increase is 2.5 times last. Last year. How come the claims increased so much in one quarter? I mean even the quarterly. I mean I’m not able to make any sense out of numbers.
Hitesh Joshi
Yeah, so. So maybe, you know, to be very specific, you know, there are no, you know, big losses obviously, but there are many claims as I told you. So if you really want, you know, the explanation, let’s say here we are talking about incur claims of say 2904. So these incur claims are made up of three parts. One is how much claims you are paid till that, that is 1887. The claims which we are supposed to pay, you know, that is the change in the. We call this change or additionally things which is around 158.1 compared to last time and the results we have to sacrifice reserves also as you also know that life is a long term business in nature.
So we have set aside resource that is coming along, you know, 859 crores. That is a change in reserve also. So if you combine all those things because of that your incurred claims have increased substantially compared to, you know, even. Last quarter and then the last.
Karthi Keyan
This trend will continue or there will be improvements going forward.
Hitesh Joshi
Yeah. So we believe that as you also know that Jan Feb. March is you know, the last quarter of the year for insurance companies. So obviously, you know, we get lot of, you know, claim intimations and all those kind of things. And we believe that, you know, if you just talk about, you know, coming quarters, obviously we don’t expect this kind of thing will continue. We hope that it will settle down. But yes, this time there is an increase because of this reason.
Karthi Keyan
Okay, another question. See we had with regards to motor, I mean foreign motor and you know, marine which we had discontinued and we had like rail risks coming. So that has come to an end or how is it that.
Hitesh Joshi
Sanjay Mukashi here, Karthiken. I won’t say it has come to an end. Obviously such an arrangement has a tail. I can only say that the contract that we cancelled in by the end of 2021 the effect of it is on the is waning. The tail continues. It has not come to an end but it is certainly waning. And more importantly we have created enough reserves in our.
Karthi Keyan
So that’s. Can we say that it go away maybe by FI 26 or 27. How is it that and it seems to be a very long time.
Hitesh Joshi
It is because the nature of that contract was treaties that were in return in motor and cargo segment. So it will. It will always approach the graph asymptotically the axis asymptotically. So the tail will be in future such that it will not hopefully impact our portfolio.
Karthi Keyan
Okay, got it. So another question. So what will be the growth forecast for like domestic and foreign complaint for the next two, three years?
Hitesh Joshi
On an overall basis we. On an overall basis we project growth in our reinsurance business which will be measured growth of about 10% year on year for next three years.
Karthi Keyan
Okay, and final question. The last quarter, I mean it’s a very tough quarter in terms of the investment part there is a substantial growth, right? I mean almost 28%. I mean what grow the growth of the investment income. Can you give us a breakup? I mean for the 3,900 crore again?
Ms. Radhika C. S.
Yeah, hello, this is Radhika Ravishethar. Just this is your question.
Karthi Keyan
The question is what’s the investment? I mean the breakup. I mean the gains 3900 crore. Can you give me a breakup of interest income dividend and as well as the.
Ms. Radhika C. S.
Oh, you’re asking for the quarter.
Karthi Keyan
Yes, for the quarter. That’s correct.
Ms. Radhika C. S.
Yeah for the quarter breakup will be stay around 500 crores from profit on sale and the balance will be interesting. Consider interest and dividend income.
Karthi Keyan
Okay, thank you.
Ms. Radhika C. S.
Because we focus more on the fixed income security.
Karthi Keyan
Okay so thank you. That’s all I have. Thank you. Thank you.
operator
Thank you. A reminder to all participants, if you wish to ask any questions you may press star and 2. Star and 1. A reminder to all participants if you wish to ask any questions you may press star and one. We have a follow up question from line of Sanket Goda from Air Industrial. Please go ahead.
Sanketh Godha
Sir, one more question I had on growth. See health business has seen a significant growth in the full year 66 odd percentage. So on this big base do you think this growth will be sustainable or you think that the numbers might potentially come down in the full year next year? I mean to say and on similar lines Just want to understand your outlook on crop incrementally because it’s been declining every year. So now we do 3200 odd crores. Of business in crop. So how do we see that playing out going ahead?
Hitesh Joshi
Hi Sakat, this is SK Rath portfolio. Yes we have seen fundamental growth this year in comparison to last year. And this is mainly the concentration was on retail health business that we have categorically chosen to write. And going forward. Yes, that achievement of this sort of growth will not be possible because all the SAI companies tends to harp on higher commission levels and whether we can achieve able to meet their demands is a question. Going forward and particularly currently wherever we have participated the the participation on standalone retail retail part is substantial and then the group health also Group health.
Usually we participate with some participation prompts to reduce the outgo in terms of losses. So hopefully the if the same trend is continued and if the companies are prepared to accept the same terms then the growth would be in the range of say 5 to 10%. But the percentage of growth that we have seen this year is not likely to continue going forward.
Sanketh Godha
Got it sir. But if the commission demand is higher then is it fair to say that this 9,500 crores of business what you did in fourth quarter might see a decline also because it might not be acceptable terms for you.
Hitesh Joshi
Yes, it may be possible. But the other way is that there are also new participants coming up who wants to have their participation in health line of portfolio. New insurance companies are also coming up. So they also interested in participating in this retail line of business where the expenses are minimal and whereby they can gain some mileage out of the expenses to keep their expenses within the limit of irda. So this and crop are the two portfolios where the companies are more and more interested. So there we can extend our capacities with our terms as per our.
Sanketh Godha
Crop. Any outlook you want to give 3200 crores will be stable grow.
Hitesh Joshi
Yeah. DC currently the crop portfolio has gone substantial changes. It has been the SSM model which has been in probe. Now in comparison to the previous model of a PMAPY scheme where the liability was 250%. Whereas in this SSM model the cap is at 110% or 130% which is usually chosen by various states. So that is where the premium has come down and it has come down by more than 50 60% because the exposure is less the insurance companies try to pass on the benefit on the premium front to the state. So we have written some of the duties this year and hopefully going forward we’ll try to improve in the budget, improve participation in the SSM model and.
And the excess stop loss model whereby we can maintain or slightly increase the participation.
Sanketh Godha
Are you seeing incrementally more states adopting that SSM model? Therefore. Therefore. Therefore.
Hitesh Joshi
They are adopting this SSM model. For example for a state like Maharashtra where the premium goes up to 10 to 12,000 crores they have now opted for access and model wherein the loss is capped at 110%. So naturally the premium will come down by 50 to 60%.
Sanketh Godha
And lastly if these two lines remain subdued then the price hike what you have experienced in fyre segment will compensate for any growth. Sir, what kind of growth you can expect in fire segment because of the pricing being going up from January.
Hitesh Joshi
See pricing as I said we are seeing the growth particularly the companies are following up the IIB rates which itself will help the market to grow by 10 to 20% in the 5 segment. So that will naturally add to the growth of our premium. The other aspect that you are telling that the health and crop. Crop we have been. We are away from the crop portfolio because of the same increase in loss and the premium flow, cash flow is quite minimal. But off late we have seen this SSM model wherein the companies and the states are prepared to pass on the premium as early as possible.
And we do see that there are some prospects of participation in some of the specific agree reinsurer, agree insurance companies whereby we can see some growth in the crop portfolio though health portfolio will be. The growth will be incremental or minor. It may go down slightly.
Sanketh Godha
Okay, I got it. Understood. That’s it for myself. Thank you very much.
Hitesh Joshi
Thank you.
operator
Thank you. A reminder to all participants, if you wish to ask any questions you may press star and 1. Anyone who wishes to ask a question, you may press star and 1. Anyone who wishes to ask a question, you may press star and 1. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Hitesh Joshi
So the annual results and the quarterly results that you presented are broadly in line with the earlier guidances we have been giving from time to time and the trajectory that we have chosen. We will continue to follow the underwriting discipline, the current risk management and will continue to seek favorable risk return trade off and we remain committed to creating value for our stakeholders. Thank you all for joining us for this earnings call. Good day and bye.
operator
Thank you on behalf of General Insurance Corporation of India. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Ms. Radhika C. S.
Thank you.