1. We have audited the accompanying Standalone Financial Statements of General Insurance Corporation of India ("the
Corporation" or "the Company"), which comprise the Balance Sheet as at 31st March 2025, the Revenue Accounts of Fire,
Miscellaneous, Marine and Life Insurance (collectively known as "Revenue Accounts"), Profit and Loss Account, the Cash
Flow statement for the year ended on that date and notes to the Standalone Financial Statements, including a summary of
significant accounting policies and other explanatory information, in which are incorporated financial information of three
foreign branches and one domestic branch audited by branch auditors. The Company's branches are listed in Appendix 1.
2. In our opinion and to the best of our information and according to the explanations given to us, based on the consideration of
the reports of the branch auditors as referred to in paragraph 6 of this report, we report that the aforesaid Standalone Financial
Statement:
a. give the information required in accordance with the requirements of the Insurance Act, 1938 as amended by the
Insurance Laws (Amendment) Act, 2015 ("the Insurance Act"), the Insurance Regulatory and Development Authority
Act, 1999 ("the IRDAI Act"), the Insurance Regulatory and Development Authority of India (Actuarial, Finance and
Investment Functions of Insurers) Regulations, 2024 ("Regulations"), the Companies Act, 2013 ("the Act") including the
Accounting Standard specified under section 133 of the Companies Act, 2013 to the extent applicable and in manner so
required; and
b. give a true and fair view, in conformity with the accounting principles generally accepted in India as applicable to the
Insurance Companies, of state of affairs of the Corporation as on 31st March 2025, surplus/(deficit) of Revenue Accounts
of Fire, Miscellaneous, Marine and Life business, in case of profit and loss account of the profit for the year ended on that
date and its cash flows for the year ended on that date.
BASIS FOR OPINION
3. We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements'section of our report. We are independent
of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the
other auditors including the branch auditors in terms of their reports referred to in paragraph 6 of the Other Matters section
below, is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.
KEY AUDIT MATTERS
4. Key audit matters are those matters that, in our professional judgement, and based on the consideration of the reports of the
branch auditors as referred to paragraph 6 below, were of most significance in our audit of the Standalone Financial Statements
of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
5. We have determined the matters described below to be the key audit matters to be communicated in our report.
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Sr.
No.
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Key Audit Matters
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How our Audit addressed the Key Audit Matter
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a.
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Revenue Recognition:
The Corporation recognizes reinsurance premium income
based on the statement of accounts or closing statements
received from the ceding companies. At the year end,
estimates are made for the accounts not received based on
the Estimated Premium Income (EPI) agreed upon by both
the Corporation and the Ceding Companies at the time of
inception of the treaty or policy slip. Premium estimation
is the differential of EPI and the booked premium for the
Corporation. Estimation of Income can be considered
reasonable only when the factors involved in premium
estimation are extracted correctly from the IT accounting
system.
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Our audit procedures on revenue recognized included:
• Tested the design, implementation and operating
effectiveness of key controls over Revenue Recognition.
• Verified Premium Estimation with the guidelines of the
Corporation and have performed test of controls, test of
details and analytical review procedures on estimation of
income.
• Verified EPI from the treaty or policy slip as the case may
be and verified Actual Premium booked from Statement
of Accounts or Closing statements received from the
Cedants on the sample basis.
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b.
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Claim Provisioning:
Insurance Claim is the major area of expense for the
insurance company. Total claims incurred include paid
claims, Outstanding Loss Reserve (OSLR) and Claims
Incurred but Not (Enough) Reported (IBNER).
The Provision and payment of claims was considered to
be one of the areas which required significant auditor
attention and was one of the matters of most significance
in the Standalone Financial Statements as the quantum
involved is significant.
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Our audit procedures on claim provisioning included:
• Verified guidelines of the Corporation relating to claim
processing, have performed test of controls, test of details
and analytical review procedures on the outstanding
claims. Verified the claim paid and provision created on
sample basis with payment proof and Preliminary Loss
advice received from the Cedant Company and the same
is further verified from the surveyor's report.
• For the claim cases which has been incurred but not
reported and cases in which claim has been reported but
not enough reported, these cases has been captured by
the actuaries appointed by the Corporation. The Actuarial
valuation of liability in respect of Claims Incurred but
Not Reported (IBNR) and those Incurred but Not Enough
Reported (IBNER) as at March 31st 2025, is as certified
by the Corporation's Appointed Actuaries and we had
audited the amounts and the related liability, based on
such report.
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c.
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Valuation of Investments:
The Corporation's investments represent a substantial
portion of the assets as of 31st March 2025, which are to
be valued in accordance with accounting policy framed as
per the extent of the regulatory guidelines.
The valuation of all investments should be as per the
investment policy framed by the Company which in turn
should be in line with IRDAI Investment Regulations and
Preparation of Financial Statement Regulations. The
valuation methodology specified in the regulation is to be
used for each class of investment.
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Our audit procedures on Investment included the
following:
• Understood Management's process and controls to ensure
proper classification and valuation of Investment.
• Verified and obtained appropriate external confirmations
and/or Statements for availability and ownership rights
related to these investments.
• Tested the design, implementation, management oversight
and operating effectiveness of key controls over the
classification and valuation process of investments.
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Sr.
No.
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Key Audit Matters
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How our Audit addressed the Key Audit Matter
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The Company has a policy framework for Valuation and
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• Test-checked valuation of different class of investments
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impairment of Investments. The Company performs an
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to assess appropriateness of the valuation methodologies
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impairment review of its investments periodically and
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with reference to IRDAI Investment Regulations along with
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recognizes impairment charge when the investments
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Company's own investment policy.
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meet the trigger/s for impairment provision as per the
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• Reviewed the Company's impairment policy and assessed
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criteria set out in the investment policy of the Company.
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the adequacy of its impairment charge on investments
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Further, the assessment of impairment involves significant
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outstanding at the Year end.
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management judgment. The classification and valuation
of these investments was considered one of the matters of
material significance in the audit of Standalone Financial
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• Based on procedures above, we found the company's
impairment, valuation, and classification of investments
in its Standalone Financial Statements in all material
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Statements due to the materiality of the total value of
investments to the Standalone Financial Statements.
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respects to be fair.
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d.
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Ascertainment, disclosure and Provisions of contingent
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Our audit procedures included, but were not limited to
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liabilities:
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the following:
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The Company has material uncertain tax matters, both
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• Obtained understanding of the process of identification
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direct and indirect, under disputes involving considerable
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and measurement of provisions and contingent liabilities
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demand raised on the Company which require significant
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relating to ongoing litigations implemented by the
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judgment to determine the possible outcome of these
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management, through various discussions held with
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disputes.
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company's legal and finance personnel.
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Additionally, the Company has other ongoing legal matters
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• Tested the design and operating effectiveness of the
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relating to various claims not acknowledged as debts
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controls put in place by the management in relation to
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which require application of management judgement in
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assessment of the outcome of the pending litigations at
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order to determine the likely outcome.
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various level of regulatory authorities and judicial hierarchy.
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Management's disclosures with regards to provisions and
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• Inspected the summary of litigation matters and discuss
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contingent liabilities relating to ongoing litigation are
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key developments during the year with the Company's
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presented in Note No. 44 to the Company's Standalone
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Legal and Finance personnel.
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Financial Statements.
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• Inspected and evaluated, where applicable, external legal
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The assessment of whether a liability is recognised as
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and/or regulatory advice sought by the Company.
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a provision or disclosed as a contingent liability in the
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• Discussed and challenged the management's assessment
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Standalone Financial Statements is inherently subjective
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of the likelihood, magnitude and accounting of any liability
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and requires significant management judgement in
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that may arise in certain material cases. Accordingly,
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determination of the cash outflows from the business,
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we reviewed the amount of provisions recognised and
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interpretation of applicable laws and regulations, and
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contingent liabilities disclosed in the Standalone Financial
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careful examination of pending assessments at various
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Statements and exercised our professional judgment to
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levels of regulatory authorities.
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assess appropriateness of such conclusions, involving
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Since the amounts involved are significant and due to the
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experts as required.
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range of possible outcomes leading to high estimation
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• Evaluated the adequacy of disclosures made in the
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uncertainty that requires significant management and
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Standalone Financial Statements in accordance with the
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auditor judgement, this matter is considered to be a key
audit matter for the current year audit.
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applicable Accounting Standards.
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OTHER MATTERS
6. We did not audit the financial information of three foreign branches and one domestic branch included in the Standalone
Financial Statements, whose audited financial information reflect total assets (before eliminations) of ?11,21,868 Lakhs as at
31st March 2025 and total Premiums earned (Net) (before eliminations) of ?2,36,391 Lakhs and Profit after Tax (before
eliminations) of ?25,733 Lakhs for the year ended on that date respectively, as considered in the Standalone Financial
Statements. These financial information have been audited by another auditor whose report has been furnished to us and our
conclusion on the Standalone Financial Statements, in so far as it relates to the amounts and disclosures included in respect of
these branches is based solely on the report of another auditor.
7. Three branches are located outside India whose financial information have been prepared in accordance with accounting
principles generally accepted in their respective countries and which have been reviewed by other auditors or local
management certified under generally accepted auditing standards applicable in their respective countries. The Corporation's
management has converted the financial information of such branches located outside India from accounting principles
generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed
these conversion adjustments made by the Corporation's management. Our conclusion in so far as it relates to the balances
and affairs of such foreign branches located outside India is based on the report of another auditor/management certified
accounts and the material conversion adjustments prepared by the management of the Corporation reviewed by us.
8. The Standalone Financial Statements include the financial information of Dubai branch which has intimated the Run-off
branch status as per the audited financial information received for the year ended 31st March 2025. The auditors of the branch
have also stated that the Branch is not looked upon as a Going Concern in the future as a Portfolio Transfer Agreement has
been entered on 14th September 2022, between GIC Gift City Branch and Dubai Branch.
9. The actuarial valuation of liabilities in respect of Incurred But Not Reported (the "IBNR") including Incurred but not Enough
Reported (the "IBNER"), Premium Deficiency Reserve (the "PDR") and Technical Reserves (the "TR") is the responsibility of the
Corporation's Appointed Actuaries (the "Appointed Actuaries"). The actuarial valuation of these liabilities, that are estimated
using statistical methods, as at 31st March 2025 has been duly certified by the Appointed Actuaries and in their opinion, the
assumptions considered by them for such valuations are in accordance with the guidelines and norms issued by the IRDAI and
the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Corporation's Appointed Actuaries'
Certificates in this regard for forming our conclusion on the valuation of liabilities for outstanding claims reserves, the PDR and
TR contained in the Standalone Financial Statements of the Corporation.
10. The Standalone Financial Statements of the Corporation for the year ended 31st March 2024 were audited by K A S G & Co.
and Mehra Goel & Co., previous joint statutory auditors of the Corporation who have expressed unmodified opinion vide their
audit report dated 28th May, 2024.
Our report is not modified in respect of the above matters.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON
11. The Corporation's Management and Board of Directors is responsible for preparation of the other information. The other
information comprises the information included in the Annual Report including Board's Report and its Annexures,
Management Discussion and Analysis, Business Responsibility Report and Report on Corporate Governance, but does not
include the Standalone and Consolidated Financial Statements and our auditor's report thereon. This Annual Report and other
information are expected to be made available to us after the date of this auditors' report.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or
our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. When we read the
Annual Report, if we conclude that there is a material misstatements therein, we are required to communicate the matters to
those charged with governance.
RESPONSIBILITIES OF THE MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE STANDALONE
FINANCIAL STATEMENTS
12. The accompanying Standalone Financial Statements have been approved by the Company's Board of Directors. The
Corporation's Board of Directors is responsible for matters as stated in section 134(5) of the Companies Act, 2013 ("the
Act") with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial
position, financial performance and Cash flows of the Corporation in accordance with the Insurance Act 1938, as amended,
by the Insurance Laws (Amendment) Act, 2015 ("the Insurance Act"), the Insurance Regulatory and Development Authority
Act, 1999 ("the IRDAI Act"), the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment
Functions of Insurers) Regulations, 2024 ("Regulations"), the Companies Act, 2013 ("the Act") including the Accounting
Standard specified under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.
13. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the act
for safeguarding of the assets of the Corporation and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation & presentation of the Standalone
Financial Statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.
14. In preparing the Standalone Financial Statements, the management is responsible for assessing the ability of the Corporation's
to continue as Going Concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Corporation or to cease operations, as has no realistic
alternative but to do so.
15. The Board of Directors is also responsible for overseeing the Corporation's financial reporting process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
16. Our Objective are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from
material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SA's will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these Standalone Financial Statements.
17. As part of an audit in accordance with SA's, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatements of the Standalone Financial Statements, whether due to fraud
and error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation,
or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances but not for the purpose of expressing an opinion on whether the Corporation has in place an
adequate internal financial control systems over financial reporting and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of the management use of going concern basis of accounting and, based on audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Corporation's ability to continue as a going concern. Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events or condition may cause the Corporation to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of Standalone Financial Statements, including the disclosures,
and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
18. We communicate with those charged with governance regarding, among other matters the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
19. We also provide those charged with governance with a statement that we have complied with the relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence and where applicable, related safeguards.
20. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of Standalone Financial Statements of the current period and are therefore the Key Audit Matters.
We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
21. Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate makes it probable
that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
22. As required by the Regulations, we have issued a separate certificate dated 26th May 2025 certifying the matters specified in
paragraphs 3 and 4 of Part III to the Regulations (refer "Annexure A").
23. Based on our audit and on the consideration of the reports of the branch auditors as referred to in paragraph 6 above,
we report that the provisions of section 197 read with Schedule V to the Act are not applicable to the Company since the
Company is a Government company as defined under section 2(45) of the Act. Accordingly, reporting under section 197(16) is
not applicable.
24. As required by Section 143 (3) of the Companies Act, 2013 and the Insurance Regulatory and Development Authority of India
(Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and orders or direction issued by the Insurance
Regulatory and Development Authority, based on our audit, and on the consideration of the reports of the branch auditors as
referred to in paragraph 6 above, we report, to the extent applicable, that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit of the accompanying Standalone Financial Statements;
b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from
our examination of those books and proper returns adequate for the purposes of our audit have been received from the
branches not visited by us;
c. The reports on the accounts of the four branch offices of the Company audited under section 143(8) of the Act by the
branch auditors have been sent to us and have been properly dealt with by us in preparing this report;
d. The Standalone Balance Sheet, Standalone Revenue Accounts, Standalone Profit and Loss Account and Standalone Cash
Flow Statement dealt by this Report are in agreement with the books of accounts and with the returns received from the
branches/representative offices not visited by us.
e. The Actuarial valuation of liabilities as on 31st March, 2025 is duly certified by the Corporation's appointed actuary
including to the effect that the assumptions for such valuation are in accordance with the guidelines issued by the
Institute of Actuaries of India to its members and has been forwarded to IRDAI.
f. The Standalone Balance Sheet, Standalone Revenue Account, Standalone Profit and Loss Account and Standalone Cash
Flow Statement (Direct Method) have been drawn in accordance with the Insurance Act 1938, The IRDAI Act, 1999 and
the Act.
g. Investments have been valued in accordance with the provisions of the Insurance Act, the regulations and orders/
directions issued by IRDAI in this regard except investment which have been considered as fully impaired are not fair
valued as required by para 7(3) of part I of Schedule II of the Regulations.
h. In our opinion, the aforesaid Standalone Financial Statements comply with Accounting Standards specified under the
Act, the Accounting policies selected by the Corporation are appropriate and are in accordance with the applicable
Accounting Standards and with the accounting principles, as prescribed in the IRDAI (Auditor's Report) Regulations, 2024
or any order or direction issued by IRDAI in this behalf.
i. In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under
section 133 of the Act in conformity with the accounting principles prescribed in the IRDAI regulations.
j. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section
197(16) of the Act, as amended, we report that the provisions of section 197 of the act are not applicable to the Corporation
vide notification No. GSSR 463 (E) dated June 5th, 2015. Hence reporting u/s 197 (16) of the Act is not required.
k. The Corporation being an Insurance Company, the Companies (Auditor's Report) Order, 2020 ("the order") as amended,
issued by the Central Government of India in terms of sub section (11) of Section 143 of the Act is not applicable.
l. With respect to the adequacy of the internal financial controls over financial reporting of the Corporation and the
operating effectiveness of such controls, refer to our separate report in "Annexure B".
m. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies
(Audit & Auditors) Rules 2014, in our opinion and to the best of our information and according to the explanations
given to us:
(i) The Standalone Financial Statements disclose the impact of pending litigations on the standalone financial position
of the Company as at 31st March 2025, as detailed in note 44 to the Standalone Financial Statements;
(ii) Provisions have been made as on 31st March 2025 in the Standalone Financial Statements, as required under the
applicable law or Accounting Standards, for material foreseeable losses, if any, on long term contracts. There were
no derivative contracts as on 31st March 2025.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Corporation.
(iv) (a) The Management has represented that, to the best of their knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of their knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person(s) or entity(ies),
including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
(v) The Board of Directors of the Company has proposed a final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with
section 123 of the Act, as applicable.
(vi) Based on our examination which included test checks, the corporation has used an accounting software for
maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our
audit, we did not come across any instance of audit trail feature being tampered with and the audit trail has been
preserved in accordance with the requirements of section 128(5) of the Companies Act, 2013 for record retention.
25. As required under section 143(5) of the Companies Act, 2013 based on our audit as aforesaid, we enclose herewith, as per
"Annexure C", the directions including the additional directions issued by Comptroller and Auditor General of India, action
taken thereon and the financial impact on the accounts and the Standalone Financial Statements of the Corporation.
For S H B A & CO LLP For S A R A & Associates
(Formerly Bathiya & Associates LLP) Chartered Accountants
Chartered Accountants Firm Regn No. 120927W
Firm Regn No. 101046W / W100063
Jatin A. Thakkar Manoj Agarwal
Partner Partner
Membership No. 134767 Membership No. 119509
UDIN: 25134767BMJEUT9708 UDIN: 25119509BMHYAM3627
Place: Mumbai Place: Mumbai
Date: 26th May 2025 Date: 26th May 2025
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