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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 | ₹1,859.9 | 75.8 | 9.8 | 13.7% | 0.0% | 0.0 | 0.1% | -6.59% |
| HDFC Life Insurance Company Ltd | ₹1,31,324 Cr | ₹614.35 | 68.5 | 7.4 | 11.3% | 0.0% | 0.2 | 0.3% | -22.33% |
| Life Insurance Corporation of India | ₹5,08,214 Cr | ₹800.2 | 9.6 | 4.2 | 0.0% | 67.3% | 0.0 | 0.0% | -11.21% |
| ICICI Lombard General Insurance Company Ltd | ₹91,473 Cr | ₹1,801 | 33.2 | 5.7 | 17.9% | 0.0% | 0.0 | 0.7% | -9.50% |
| Canara HSBC Life Insurance Company Ltd | ₹12,752 Cr | ₹139.21 | 101.2 | 7.9 | 8.1% | 0.0% | 0.2 | 0.3% | +11.89% |
| General Insurance Corporation of India | ₹66,922 Cr | ₹388.25 | 7.0 | 0.7 | 10.1% | 414.9% | 0.0 | 2.6% | +1.40% |
| Go Digit General Insurance Ltd | ₹28,482 Cr | ₹309.85 | 52.5 | 6.1 | 11.7% | 0.0% | 0.1 | 0.0% | -13.52% |
| ICICI Prudential Life Insurance Company Ltd | ₹77,555 Cr | ₹510.1 | 48.3 | 5.7 | 12.6% | 0.0% | 0.2 | 0.3% | -18.48% |
| Max Financial Services Ltd | ₹55,104 Cr | ₹1,626 | 665.8 | 20.1 | 1.6% | 107.0% | 0.1 | 0.0% | -6.77% |
| The New India Assurance Company Ltd | ₹26,722 Cr | ₹166.08 | 18.9 | 0.7 | 3.4% | 10.0% | 0.0 | 0.0% | -12.23% |
| Niva Bupa Health Insurance Company Ltd | ₹14,778 Cr | ₹83.62 | 112.7 | 4.2 | 8.0% | 10.8% | 0.1 | 0.0% | +4.63% |
| PB Fintech Ltd | ₹77,987 Cr | ₹1,819.3 | 116.3 | 10.7 | 9.7% | 5.4% | 0.1 | 0.0% | -2.13% |
| Religare Enterprises Ltd | ₹7,264 Cr | ₹229.96 | 83.9 | 2.5 | 2.0% | 0.0% | 0.1 | 0.0% | -16.7% |
| Star Health and Allied Insurance Company Ltd | ₹29,397 Cr | ₹526.65 | 52.7 | 3.9 | 0.0% | 0.0% | 0.0 | 0.0% | +0.47% |
| IIRM Holdings India Ltd | ₹773 Cr | ₹107.52 | 39.5 | 5.3 | 32.4% | 0.0% | 0.0 | 0.0% | +34.37% |
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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