New Delhi, Aug. 18 -- General Insurance Corp. of India's (GIC) standalone June-quarter (Q1FY27) performance might appear dull from a net earned premium (NEP) perspective, with NEP flat year-on-year at Rs.11,081 crore. However, an analysis of premium income and the underwriting outcome points to better underlying momentum.

The Insurance Regulatory and Development Authority of India's (Irdai) regulations require all general insurance companies to cede 4% of their business, based on sum insured, to GIC. This is known as obligatory business and is distinct from the first right of refusal that GIC has.

Obligatory business accounted for 33% of GIC's domestic gross premium income in Q1FY27, down from 39% a year ago. While its share has decline...