Mumbai, July 4 -- Crisil Ratings stated that ratings continue to reflect the strong support expected from the promoter-shareholder General Insurance Corporation of India Re (GIC Re), and the company's adequate capitalisation.

These strengths are partially offset by modest asset quality and a moderate scale of operations.

The company's net advances stood at Rs 10,212 crore as on 31 March 2025, higher than Rs 9,985 crore. The company's asset quality has improved as reflected by gross non-performing assets (NPAs) declining to 3.03% as on 31 March 2025, from 3.88% as on 31 March 2024 (4.68% as on March 31, 2023).

This improvement was driven by implementation of new risk management processes. In terms of profitability, the company reported ...