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Indian (NIFTY) Insurance Industry Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies15
  • 7D7.7%
  • 3M-7.1%
  • 1Y5.6%
  • YTD-8.3%

The Insurance industry is up 7.7% in the last week, with Life Insurance Corporation of India up 7.9%. This means that the industry has gained 5.6% over the past year. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026₹13.1t₹15.0t₹780.0b57.9x16.8x0.9x
Wed, 11 Mar 2026₹13.5t₹15.0t₹780.0b60.3x17.3x0.9x
Fri, 06 Feb 2026₹13.9t₹14.6t₹749.2b69.3x18.6x1x
Sun, 04 Jan 2026₹14.4t₹14.0t₹748.2b75.1x19.2x1x
Tue, 02 Dec 2025₹14.5t₹14.0t₹748.2b68.8x19.3x1x
Thu, 30 Oct 2025₹14.5t₹13.8t₹718.6b73.1x20.2x1x
Sat, 27 Sep 2025₹13.8t₹14.1t₹715.8b68.6x19.3x1x
Mon, 25 Aug 2025₹14.3t₹14.1t₹760.2b71.2x18.8x1x
Wed, 23 Jul 2025₹14.3t₹13.9t₹744.0b73.4x19.3x1x
Fri, 20 Jun 2025₹14.3t₹13.8t₹740.7b69.2x19.3x1x
Sun, 18 May 2025₹13.7t₹13.7t₹679.6b65.1x20.2x1x
Tue, 15 Apr 2025₹12.3t₹14.0t₹675.3b63.3x18.2x0.9x
Thu, 13 Mar 2025₹11.7t₹14.0t₹675.3b58.6x17.3x0.8x
Sat, 08 Feb 2025₹12.7t₹14.1t₹661.9b61.1x19.2x0.9x
Mon, 06 Jan 2025₹13.8t₹14.6t₹661.0b66.5x20.9x0.9x
Wed, 04 Dec 2024₹14.0t₹14.6t₹661.0b66.2x21.2x1x
Fri, 01 Nov 2024₹14.0t₹14.3t₹643.9b58.9x21.8x1x
Sun, 29 Sep 2024₹15.2t₹14.0t₹637.8b72.7x23.9x1.1x
Tue, 27 Aug 2024₹15.2t₹14.0t₹637.8b69.1x23.9x1.1x
Thu, 25 Jul 2024₹15.3t₹13.7t₹582.6b65.5x26.2x1.1x
Sat, 22 Jun 2024₹13.7t₹13.7t₹580.1b61.3x23.6x1x
Mon, 20 May 2024₹12.9t₹12.7t₹548.6b43x23.4x1x
Wed, 17 Apr 2024₹12.8t₹12.7t₹547.3b41.9x23.4x1x
Fri, 15 Mar 2024₹12.8t₹12.7t₹547.3b43.1x23.3x1x
Sun, 11 Feb 2024₹13.4t₹12.7t₹547.3b47.7x24.6x1.1x
Tue, 09 Jan 2024₹11.5t₹12.3t₹574.4b41.7x20x0.9x
Thu, 07 Dec 2023₹11.2t₹12.3t₹574.4b42.7x19.4x0.9x
Sat, 04 Nov 2023₹9.6t₹12.5t₹653.2b41x14.7x0.8x
Mon, 02 Oct 2023₹10.0t₹12.5t₹651.9b43.4x15.3x0.8x
Wed, 30 Aug 2023₹9.9t₹12.5t₹651.5b45.1x15.2x0.8x
Fri, 28 Jul 2023₹9.8t₹12.2t₹596.2b48.5x16.4x0.8x
Sun, 25 Jun 2023₹9.4t₹11.6t₹593.5b44x15.9x0.8x
Tue, 23 May 2023₹8.5t₹11.6t₹567.4b53.6x14.9x0.7x
Thu, 20 Apr 2023₹8.1t₹11.5t₹535.3b48.8x15.2x0.7x
Price to Earnings Ratio

15.2x


Total Market Cap: ₹8.1tTotal Earnings: ₹535.3bTotal Revenue: ₹11.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Insurance Industry Price to Earnings3Y Average 19.9x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 16.8x which is lower than its 3-year average PE of 19.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.95x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 9.1% 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 Market6.90%
Financials9.01%
Insurance7.69%
Life and Health Insurance8.04%
Property and Casualty Insurance7.52%
Insurance Brokers5.71%
Reinsurance5.03%
General Insurance0%0
Industry PE
  • Investors are most optimistic about the Insurance Brokers industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 31.3%, which is lower than the prior year's growth of 42.8% per year.
  • Investors are most pessimistic about the Reinsurance industry, which is trading below its 3-year average of 8.1x.
Forecasted Growth
  • Analysts are most optimistic on the Insurance Brokers industry, expecting annual earnings growth of 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 43% per year.
  • In contrast, the Reinsurance industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
LICI Life Insurance Corporation of India₹803.657.9%
+₹371.3b		4.2%PE9x
HDFCLIFE HDFC Life Insurance₹619.106.7%
+₹83.5b		-9.7%PE70.7x
NIACL New India Assurance₹171.6738.5%
+₹78.7b		9.8%PE23.7x
SBILIFE SBI Life Insurance₹1.91k4.2%
+₹77.8b		25.8%PE77.5x
MFSL Max Financial Services₹1.65k9.8%
+₹50.7b		41.5%PE392.3x

Latest News

GODIGIT
₹319.10
Go Digit General Insurance
7D
-0.3%
1Y
13.5%

GODIGIT: Upcoming Results Will Reinforce Positive View On Profitability Improvements

Analysts have kept the price target for Go Digit General Insurance steady at ₹435, citing updated assumptions that combine a lower projected revenue growth rate of 15.18% with a slightly higher profit margin of 8.05% and a revised future P/E of 46.64x. What's in the News Analyst and investor day held by Go Digit General Insurance Limited, giving the market an opportunity to hear updated assumptions and management commentary directly.
LICI
₹803.65
Life Insurance Corporation of India
7D
7.9%
1Y
4.2%

LICI: Government Stake Sale Plans And Bonus Share Proposal Will Shape Fair Pricing

Analysts are keeping the price target for Life Insurance Corporation of India steady at ₹850.00. This reflects changed assumptions that now pair projected revenue growth of about 10.60% with a profit margin of about 4.67% and a lower future P/E estimate of about 18.19x.
SBILIFE
₹1,914.40
SBI Life Insurance
7D
4.2%
1Y
25.8%
NIACL
₹171.67
New India Assurance
7D
38.5%
1Y
9.8%
HDFCLIFE
₹619.10
HDFC Life Insurance
7D
6.7%
1Y
-9.7%
MFSL
₹1,646.40
Max Financial Services
7D
9.8%
1Y
41.5%

MFSL: Planned Amalgamation And Capital Plans Will Support 2026 Outlook

Analysts have adjusted the fair value estimate for Max Financial Services slightly lower from ₹2,096.20 to ₹2,055.48, reflecting updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News Board meeting scheduled for Jan 28, 2026, to discuss and provide in principle approval for a potential amalgamation between Max Financial Services and its subsidiary Axis Max Life Insurance Limited, AMLI (Key Developments).
STARHEALTH
₹470.95
Star Health and Allied Insurance
7D
2.7%
1Y
30.7%

STARHEALTH: Upcoming Results And Board Meeting Will Support Steady Earnings Outlook

Analysts have slightly reduced their price target for Star Health and Allied Insurance from ₹530.41 to ₹527.68. This adjustment reflects updated assumptions around revenue growth, profit margin, and future P/E expectations.
POLICYBZR
₹1,453.00
PB Fintech
7D
-1.2%
1Y
-5.2%

POLICYBZR: Steady Outlook As Capital Plans And Margins Guide Future Balance

Analysts are keeping their fair value estimate for PB Fintech steady at about ₹1,440, explaining the unchanged price target by balancing expectations of higher revenue growth of roughly 28.6% against slightly lower projected profit margins of about 12.3% and a marginally lower forward P/E of around 58.9x. What's in the News PB Fintech scheduled a board meeting on 2 February 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, along with the auditors' limited review report (exchange filing).
ICICIPRULI
₹546.50
ICICI Prudential Life Insurance
7D
6.5%
1Y
-1.2%

ICICIPRULI: Upcoming Board Meetings Will Support Steady Margin Outlook

Analysts have trimmed their price target for ICICI Prudential Life Insurance slightly to ₹758.97 from ₹760.18, citing modest adjustments to longer term revenue and profit margin assumptions, along with a slightly higher future P/E multiple of 81.39x versus 79.31x in their updated models. What's in the News Board meeting scheduled for Apr 14, 2026, to review and approve audited standalone and consolidated financial statements and financial results for the quarter and year ended Mar 31, 2026, and to consider a dividend recommendation for the financial year (Key Developments).
ICICIGI
₹1,782.20
ICICI Lombard General Insurance
7D
4.0%
1Y
3.7%

ICICIGI: Upcoming Board Decisions And Stable Assumptions Will Support Bullish Outlook

Analysts have maintained their price target for ICICI Lombard General Insurance at about ₹2,153, reflecting unchanged assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on Apr 15, 2026 to consider and approve audited financial results and audited financial statements for the quarter and financial year ending Mar 31, 2026, and to recommend a final dividend, if any, for the financial year ending Mar 31, 2026 (company filing).
526530
₹84.16
IIRM Holdings India
7D
-3.8%
1Y
0.6%