GENERAL INSURANCE CORPORATION OF INDIA

Shareholders of General Insurance Corporation of India

GIC Re is a government-controlled listed company. The promoter of record is the President of India, acting through the Government of India’s Department of Financial Services, Ministry of Finance. Following an Offer for Sale conducted on 16 and 17 June 2026, in which the Government sold up to 87,720,000 equity shares representing 5.00% of the issued and paid-up equity share capital at a floor price of INR 352 per share, the promoter holding fell from 82.40% to 77.40%. The remaining approximately 22.60% is public shareholding held by institutional and non-institutional investors.

The 5.00% tranche of 87,720,000 shares implies a total issued and paid-up equity share capital of approximately 1,754,400,000 shares. The divestment was undertaken in the context of the SEBI minimum public shareholding requirement of 25%, which the company had not yet met at the date of the offer.

Indian listed companies do not maintain a publicly searchable shareholder register in the way that some European registries do. Instead, the company files a shareholding pattern with BSE and NSE under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, within the prescribed period after the end of each quarter. That filing shows promoter and promoter-group holdings, public shareholding broken down by category, and separately identifies any shareholder holding more than 1% of the share capital. A KYB reviewer seeking the position at a specific date should take the relevant quarterly shareholding pattern filing from BSE or NSE, or the shareholding disclosures in the annual report, rather than a derived profile.

The underlying data record attached to this company lists three foreign fund positions — Vanguard Total World Stock Index at 1.95%, WisdomTree India Earnings Fund at 18.07% and Schwab Emerging Markets Equity ETF at 2.87% — marked as verified on 2 August 2026. These percentages are not reproduced here as ownership of the company, because they are inconsistent with the issued share capital and with the promoter holding disclosed to the exchanges: a holding of 18.07% would amount to roughly 317 million shares and would exceed the entire free float, and one of the three entries is incorrectly typed as a natural person. At most, positions of this kind would be small index-tracking stakes within the public shareholding; they have not been relied upon.

Ultimate beneficial ownership

GIC Re is a state-controlled entity. The ultimate controller is the Government of India, holding through the President of India, with 77.40% of the equity following the June 2026 Offer for Sale. There is no natural-person ultimate beneficial owner to identify, and none should be recorded. Under most beneficial ownership frameworks, a government-controlled listed company of this kind is treated as controlled by the state, with senior managing officials recorded in place of a beneficial owner where the framework requires an individual.

Data availability

Verified from the company’s exchange disclosures relating to the June 2026 Offer for Sale and from the Ministry of Corporate Affairs record. Quarterly shareholding pattern filings are available from BSE (scrip code 540755) and NSE (symbol GICRE). No full shareholder register is published. The three fund percentages in the underlying record could not be reconciled to any official filing and are flagged as unreliable.

Directors and officers of General Insurance Corporation of India

The board disclosed by the company on its own corporate governance pages, last updated 16 September 2026, comprises Shri Hitesh Joshi as Chairman-cum-Managing Director; Smt. Jayashri B as Executive Director; Shri Divesh Sehara, Joint Secretary, Department of Financial Services; Dr. Debasish Prusty, Additional Secretary, Department of Financial Services; and Shri Hiteshkumar Kismatbhai Bhandari as Independent Director.

The two Department of Financial Services officials sit on the board in their official capacity and represent the Government of India as promoter; they are government-nominee directors rather than executives of the company. The Chairman-cum-Managing Director and the Executive Director are whole-time directors holding executive office. Appointments to those positions at Indian public-sector insurers are made by the Central Government, and tenures are fixed, so the composition changes more frequently than at a privately controlled company.

Legal directorships should be kept distinct from executive job titles. Roles such as Chief Vigilance Officer, Chief Information Security Officer or Deputy General Manager are management positions and do not confer board membership or the associated directors’ duties.

The officer list in the underlying data record conflicts with the company’s own disclosure and appears to be stale. It names Devesh Srivastava as Chief Executive Officer, together with S. Alagarsamy as Chief Vigilance Officer, Sachindra Salvi as Chief Information Security Officer and Deputy General Manager, and Rajesh Khadatare, in each case without appointment dates. Devesh Srivastava is not the current Chairman-cum-Managing Director. The company’s own board disclosure has been used in preference to that record. One entry in the underlying record carries a country of GB for an officer address, which appears to be a data error and has not been repeated.

Nationality is not disclosed for any of the individuals named and has not been inferred.

Recent officer changes

1 October 2025 — Shri Hitesh Rameshchandra Joshi, then Executive Director, took charge of the office of Chairman-cum-Managing Director on an interim basis following the completion of the two-year tenure of Shri Ramaswamy Narayanan.

16 June 2026 — Shri Hitesh Rameshchandra Joshi was appointed Chairman-cum-Managing Director substantively with effect from that date, on approval of the Central Government, to hold office until his superannuation on 30 September 2028 or until further orders.

Data availability

Verified from the company’s corporate management disclosure at gicre.in (board of directors page, last updated 16 September 2026) and from the appointment announcement made to the stock exchanges. Appointment and cessation dates for the non-executive and government-nominee directors are not stated on that page; individual directors’ DINs and their full directorship histories can be obtained from the MCA21 register.

Group structure of General Insurance Corporation of India

Control of GIC Re rests with the Government of India. The President of India is the promoter and held 77.40% of the equity share capital following the Offer for Sale of 16 and 17 June 2026, down from 82.40% before it. That shareholding is the controlling interest in the company; administrative oversight sits with the Department of Financial Services in the Ministry of Finance, while prudential supervision is exercised by IRDAI.

Below the company, the group consists of GIC Re’s own subsidiaries. The company’s disclosure of audited subsidiary accounts names three subsidiary undertakings: GIC Re South Africa, GIC Perestrakhovanie LLC in Russia, and GIC Re India, Corporate Member Ltd, the group’s United Kingdom vehicle. Separately, the company discloses permanent offices in the United Kingdom, Malaysia, Russia and the United Arab Emirates; those offices are branches or representative offices of the company itself and are not separate legal entities.

The annual report additionally discloses associate interests, reported as GIC Bhutan Re, India International Insurance Pte Ltd in Singapore and Agriculture Insurance Company of India Limited. Holding percentages for those associates have not been reproduced here because they could not be confirmed from the filing itself; they should be taken from the consolidated accounts in the annual report where a precise figure is needed.

A caution on the underlying data: the linkage record attached to this company places GOVERNMENT OF INDIA at the head of a tree that also contains the Ministry of Petroleum and Natural Gas, Software Technology Parks of India and the Embassy of India in Bern. That is a listing of entities associated with the Indian state, not a corporate group. Those bodies are not parents, subsidiaries or sister companies of GIC Re, have no shareholding in it and no common corporate parent with it, and should not be treated as group relationships in a KYB assessment. The only state relationship that matters here is the Government of India’s direct shareholding in GIC Re.

Data availability

Verified from the company’s own subsidiary and global-presence disclosures at gicre.in and from exchange disclosures on the June 2026 Offer for Sale. Full consolidated group detail, including ownership percentages and the treatment of associates, is set out in the company’s annual report and consolidated financial statements. Corporate particulars for the Indian entities can be confirmed on the MCA21 register.