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Under-penetration at 4% of GDP versus 7% global average creates a decade-long structural growth runway.
| Company | M.Cap | Price | P/E | P/B | ROE | ROCE | D/E | Div Yield | 1Y Return |
|---|---|---|---|---|---|---|---|---|---|
| SBI Life Insurance Company Ltd | ₹1,87,001 Cr | ₹1,832.3 | 75.8 | 9.8 | 13.7% | 0.0% | 0.0 | 0.1% | -8.62% |
| HDFC Life Insurance Company Ltd | ₹1,31,324 Cr | ₹572.45 | 68.5 | 7.4 | 11.3% | 0.0% | 0.2 | 0.3% | -24.93% |
| Life Insurance Corporation of India | ₹5,08,214 Cr | ₹435.4 | 9.6 | 4.2 | 0.0% | 67.3% | 0.0 | 0.0% | -49.43% |
| ICICI Lombard General Insurance Company Ltd | ₹91,473 Cr | ₹1,794.3 | 33.2 | 5.7 | 17.9% | 0.0% | 0.0 | 0.7% | -7.76% |
| Canara HSBC Life Insurance Company Ltd | ₹12,752 Cr | ₹143.05 | 101.2 | 7.9 | 8.1% | 0.0% | 0.2 | 0.3% | +17.36% |
| General Insurance Corporation of India | ₹66,922 Cr | ₹362.55 | 7.0 | 0.7 | 10.1% | 414.9% | 0.0 | 2.6% | -4.11% |
| Go Digit General Insurance Ltd | ₹28,482 Cr | ₹311.15 | 52.5 | 6.1 | 11.7% | 0.0% | 0.1 | 0.0% | -9.99% |
| ICICI Prudential Life Insurance Company Ltd | ₹77,555 Cr | ₹487.85 | 48.3 | 5.7 | 12.6% | 0.0% | 0.2 | 0.3% | -21.77% |
| Max Financial Services Ltd | ₹55,104 Cr | ₹1,608.9 | 665.8 | 20.1 | 1.6% | 107.0% | 0.1 | 0.0% | -4.85% |
| The New India Assurance Company Ltd | ₹26,722 Cr | ₹185 | 18.9 | 0.7 | 3.4% | 10.0% | 0.0 | 0.0% | +16.23% |
| Niva Bupa Health Insurance Company Ltd | ₹14,778 Cr | ₹86.5 | 112.7 | 4.2 | 8.0% | 10.8% | 0.1 | 0.0% | +14.75% |
| PB Fintech Ltd | ₹77,987 Cr | ₹1,608 | 116.3 | 10.7 | 9.7% | 5.4% | 0.1 | 0.0% | -15.97% |
| Religare Enterprises Ltd | ₹7,264 Cr | ₹272.15 | 83.9 | 2.5 | 2.0% | 0.0% | 0.1 | 0.0% | +19.5% |
| Star Health and Allied Insurance Company Ltd | ₹29,397 Cr | ₹589.75 | 52.7 | 3.9 | 0.0% | 0.0% | 0.0 | 0.0% | +25.37% |
| IIRM Holdings India Ltd | ₹773 Cr | ₹135.45 | 39.5 | 5.3 | 32.4% | 0.0% | 0.0 | 0.0% | +62.8% |
| TURTLEMINT | ₹0 Cr | ₹134.99 | 0.0 | 0.0 | 0.0% | 0.0% | 0.1 | 0.0% | 0.00% |
India's insurance penetration at 4% of GDP is significantly below the global average of 7%, presenting a massive growth opportunity. Life insurance premiums are growing at 12-15% annually, driven by increasing financial awareness and favorable demographics. Health insurance has seen explosive growth post-COVID, with standalone health insurers growing at 25-30%.
Distribution is shifting towards digital channels, reducing acquisition costs. Key metrics: Value of New Business (VNB), VNB margin, persistency ratios, combined ratio (for general insurers), and embedded value growth. The sector benefits from long-duration liabilities, float income, and relatively predictable cash flows.
Valuations are typically measured on P/EV (Price to Embedded Value) basis at 2-4x for quality names.
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