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Indian (NIFTY) Insurance Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies15
  • 7D-2.3%
  • 3M-1.2%
  • 1Y6.7%
  • YTD-1.6%

In the last week, the Insurance industry is flat overall, with Life Insurance Corporation of India standing out by going down 3.7%. The past year has been better, since the industry has gained 6.3% in that time. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

Has the Indian Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026₹14.1t₹14.0t₹748.2b75.9x18.8x1x
Mon, 08 Dec 2025₹14.4t₹14.0t₹748.2b69.3x19.2x1x
Wed, 05 Nov 2025₹14.5t₹13.8t₹719.1b68x20.2x1x
Fri, 03 Oct 2025₹14.1t₹14.1t₹715.8b68.5x19.7x1x
Sun, 31 Aug 2025₹13.8t₹14.1t₹715.8b67.8x19.2x1x
Tue, 29 Jul 2025₹14.1t₹13.9t₹744.7b70.3x18.9x1x
Thu, 26 Jun 2025₹14.7t₹13.8t₹740.7b70.9x19.8x1.1x
Sat, 24 May 2025₹14.0t₹13.7t₹679.6b70.3x20.6x1x
Mon, 21 Apr 2025₹12.9t₹13.9t₹678.0b66.9x19.1x0.9x
Wed, 19 Mar 2025₹12.0t₹14.0t₹675.3b60.6x17.7x0.9x
Fri, 14 Feb 2025₹12.3t₹14.0t₹675.3b61.1x18.2x0.9x
Sun, 12 Jan 2025₹13.0t₹14.6t₹661.0b67.9x19.7x0.9x
Tue, 10 Dec 2024₹14.3t₹14.6t₹661.0b67.5x21.7x1x
Thu, 07 Nov 2024₹13.9t₹14.3t₹648.0b59.2x21.5x1x
Sat, 05 Oct 2024₹14.6t₹14.0t₹637.8b69.3x22.9x1x
Mon, 02 Sep 2024₹15.5t₹14.0t₹637.8b70.7x24.2x1.1x
Wed, 31 Jul 2024₹15.8t₹13.8t₹584.9b65.4x26.9x1.1x
Fri, 28 Jun 2024₹13.5t₹13.7t₹580.1b61.8x23.2x1x
Sun, 26 May 2024₹13.4t₹12.8t₹518.4b59.3x25.9x1.1x
Tue, 23 Apr 2024₹12.8t₹12.8t₹548.6b42.3x23.3x1x
Thu, 21 Mar 2024₹12.1t₹12.7t₹547.3b41.8x22x0.9x
Sat, 17 Feb 2024₹13.3t₹12.7t₹547.3b47.3x24.3x1x
Mon, 15 Jan 2024₹11.5t₹12.3t₹574.9b41.9x20x0.9x
Wed, 13 Dec 2023₹11.6t₹12.3t₹574.4b42.8x20.1x0.9x
Fri, 10 Nov 2023₹9.7t₹12.5t₹655.8b40.7x14.7x0.8x
Sun, 08 Oct 2023₹9.9t₹12.5t₹651.9b43.3x15.2x0.8x
Tue, 05 Sep 2023₹10.1t₹12.5t₹651.5b46.6x15.4x0.8x
Thu, 03 Aug 2023₹9.8t₹12.2t₹601.9b45.8x16.2x0.8x
Sat, 01 Jul 2023₹9.7t₹11.6t₹593.5b46.6x16.3x0.8x
Mon, 29 May 2023₹8.8t₹11.6t₹586.7b51.9x15x0.8x
Wed, 26 Apr 2023₹8.1t₹11.5t₹535.8b47.4x15.1x0.7x
Fri, 24 Mar 2023₹8.1t₹11.5t₹534.1b48.5x15.2x0.7x
Sun, 19 Feb 2023₹8.4t₹11.5t₹534.1b55.2x15.7x0.7x
Tue, 17 Jan 2023₹9.7t₹11.0t₹322.5b79x30.2x0.9x
Price to Earnings Ratio

30.2x


Total Market Cap: ₹9.7tTotal Earnings: ₹322.5bTotal Revenue: ₹11.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Insurance Industry Price to Earnings3Y Average 20.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Insurance industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.94x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 32% per year over the last three years.
  • Revenues for these companies have grown 8.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Financials industry?

IN Market-2.80%
Financials-2.27%
Insurance-2.26%
General Insurance0%0
Life and Health Insurance-1.74%
Reinsurance-3.43%
Property and Casualty Insurance-3.97%
Insurance Brokers-5.07%
Industry PE
  • Investors are most optimistic about the Insurance Brokers industry which is trading above its 3-year average PE ratio.
    • Analysts expect its future annual earnings growth (32.5%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Reinsurance industry, which is trading below its 3-year average of 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Insurance Brokers industry, expecting annual earnings growth of 32% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Reinsurance industry is expected to see its earnings decline by 3.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ICICIPRULI ICICI Prudential Life Insurance₹685.451.1%
+₹10.4b		6.3%PE75.9x
NIVABUPA Niva Bupa Health Insurance₹79.175.3%
+₹7.4b		2.8%PE178.4x
MFSL Max Financial Services₹1.68k0.5%
+₹3.1b		55.9%PE211.5x
SBILIFE SBI Life Insurance₹2.07k0.1%
+₹2.6b		40.0%PE84.6x
526530 IIRM Holdings India₹89.910.3%
+₹19.8m		-22.9%PE34.2x

Latest News

ICICIGI
₹1,896.10
ICICI Lombard General Insurance
7D
-3.9%
1Y
1.0%

Should You Be Adding ICICI Lombard General Insurance (NSE:ICICIGI) To Your Watchlist Today?

Jan 09
Should You Be Adding ICICI Lombard General Insurance (NSE:ICICIGI) To Your Watchlist Today?
GODIGIT
₹335.35
Go Digit General Insurance
7D
-3.2%
1Y
17.6%

GODIGIT: Upcoming Amalgamation Scheme And Meetings Will Support A Positive Outlook

Analysts have nudged their fair value estimate for Go Digit General Insurance slightly higher from ₹382.30 to ₹383.50, reflecting small adjustments to revenue growth, profit margin and future P/E assumptions. What's in the News A board meeting is scheduled on Dec 19, 2025 to consider a scheme of amalgamation between Go Digit Infoworks Services Private Limited and Go Digit General Insurance, along with their respective shareholders, under Sections 230 to 232 of the Companies Act, 2013 (company filing).
GICRE
₹366.55
General Insurance Corporation of India
7D
-3.4%
1Y
-14.7%

GICRE: Government Stake Sales And Margin Pressure Will Likely Cap Near-Term Upside

Analysts have maintained their fair value estimate for General Insurance Corporation of India at ₹345.0. This reflects slightly higher revenue growth assumptions alongside marginally softer profit margins and a near-unchanged forward P/E, which they view as broadly offsetting factors. What's in the News The Indian government held road shows in London to gauge investor interest in a minority stake sale in General Insurance Corporation of India, as part of a plan to sell a total 10% stake in tranches to meet minimum public shareholding requirements (Reuters, government sources).
SBILIFE
₹2,070.00
SBI Life Insurance
7D
0.1%
1Y
40.0%

SBILIFE: Elevated Future P/E Compression Will Likely Restrain Share Performance

Analysts have nudged up their fair value estimate for SBI Life Insurance to ₹1,656 from ₹1,621, citing updated assumptions around revenue growth, profit margins and a slightly lower future P/E multiple in their refreshed models. What's in the News SBI Life Insurance has scheduled a board meeting on October 24, 2025, at 11:30 a.m. Indian Standard Time.
NIACL
₹149.11
New India Assurance
7D
-5.0%
1Y
-21.0%

NIACL: Stronger Margins Will Support Future Upside From Current Levels

Analysts have kept their fair value estimate for New India Assurance steady at ₹250. They point to slightly stronger assumptions for revenue growth and profit margins, together with a marginally lower future P/E multiple, to support their updated price target rationale.
POLICYBZR
₹1,690.80
PB Fintech
7D
-5.1%
1Y
-9.2%

POLICYBZR: Rich P/E Assumptions Will Likely Restrain Future Upside Potential

Analysts now put PB Fintech's price target at ₹1,408, up from ₹1,370. This reflects updated views on slightly higher profit margins, a different revenue growth profile, and a lower assumed future P/E multiple.
LICI
₹829.00
Life Insurance Corporation of India
7D
-3.7%
1Y
-1.3%
ICICIPRULI
₹685.45
ICICI Prudential Life Insurance
7D
1.1%
1Y
6.3%

Here's Why We Think ICICI Prudential Life Insurance (NSE:ICICIPRULI) Is Well Worth Watching

Jan 01
Here's Why We Think ICICI Prudential Life Insurance (NSE:ICICIPRULI) Is Well Worth Watching
HDFCLIFE
₹749.90
HDFC Life Insurance
7D
-0.7%
1Y
23.2%
STARHEALTH
₹449.45
Star Health and Allied Insurance
7D
-2.2%
1Y
-2.8%
MFSL
₹1,679.90
Max Financial Services
7D
0.5%
1Y
55.9%

MFSL: Upcoming Governance Events Will Support Confident Future Earnings Outlook

Analysts have modestly revised their price target for Max Financial Services to ₹1,886.52, reflecting stable assumptions on growth, profitability, and valuation multiples that support a largely unchanged fair value outlook. What's in the News Board meeting scheduled for February 11, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025 (Key Developments) Extraordinary shareholders meeting on December 21, 2025, via postal ballot to consider the appointment of Mr. Pradeep Pant as Independent Director and approve his remuneration as a special resolution (Key Developments) Company reiterates its 2026 earnings guidance, maintaining previously communicated sales and margin targets (Key Developments) Valuation Changes The fair value estimate is unchanged at approximately ₹1,886.5 per share, indicating no material reassessment of intrinsic value.
526530
₹89.91
IIRM Holdings India
7D
0.3%
1Y
-22.9%
NIVABUPA
₹79.17
Niva Bupa Health Insurance
7D
5.3%
1Y
2.8%

Potential Upside For Niva Bupa Health Insurance Company Limited (NSE:NIVABUPA) Not Without Risk

Dec 17
Potential Upside For Niva Bupa Health Insurance Company Limited (NSE:NIVABUPA) Not Without Risk