Mumbai, June 18 -- Encouraged by promising results in the previous fiscal year, General Insurance Corporation of India (GIC) Re is looking to take the fight to its private-sector and foreign rivals. The country's largest and oldest reinsurance company grew its non-obligatory business for the first time in four years.

The reinsurer posted a net profit of Rs.6,701 crore for FY25, higher than Rs.6,497 crore in the previous year. Earned premium for the year stood at Rs.36,130 crore compared to Rs.33,576 crore in FY24.

Combined ratio, a profitability metric that indicates whether an insurer is making an underwriting profit or loss, improved to 108.8% for FY25 from 111.8% in FY24. Ramaswamy Narayanan, the company's managing director and chief...