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Indian (NIFTY) Insurance Industry Analysis

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies15
  • 7D1.3%
  • 3M-1.1%
  • 1Y20.0%
  • YTD0.4%

The Insurance industry is up 1.3% in the last week, with Star Health and Allied Insurance up 2.7%. In the last 12 months, the industry was up 20%. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026₹14.4t₹15.0t₹780.0b62.5x18.4x1x
Sun, 25 Jan 2026₹13.6t₹14.3t₹748.3b67.5x18.1x0.9x
Tue, 23 Dec 2025₹14.3t₹14.0t₹748.2b72x19.1x1x
Thu, 20 Nov 2025₹8.9t₹4.8t₹213.2b74.7x41.9x1.9x
Sat, 18 Oct 2025₹14.1t₹14.0t₹718.9b69.9x19.7x1x
Mon, 15 Sep 2025₹14.0t₹14.1t₹715.8b70.1x19.6x1x
Wed, 13 Aug 2025₹14.3t₹14.1t₹760.2b68.5x18.9x1x
Fri, 11 Jul 2025₹14.5t₹13.8t₹740.6b74.3x19.5x1x
Sun, 08 Jun 2025₹14.6t₹13.8t₹740.7b71x19.8x1.1x
Tue, 06 May 2025₹13.3t₹13.8t₹678.6b62.7x19.6x1x
Thu, 03 Apr 2025₹12.7t₹14.0t₹675.3b64.8x18.8x0.9x
Sat, 01 Mar 2025₹11.7t₹14.0t₹675.3b59.5x17.3x0.8x
Mon, 27 Jan 2025₹12.7t₹14.1t₹668.5b59.9x19x0.9x
Wed, 25 Dec 2024₹13.5t₹14.6t₹661.0b63.7x20.5x0.9x
Fri, 22 Nov 2024₹13.3t₹14.6t₹660.8b67.9x20.1x0.9x
Sun, 20 Oct 2024₹14.2t₹14.0t₹638.4b65.8x22.3x1x
Tue, 17 Sep 2024₹15.0t₹14.0t₹637.8b70x23.6x1.1x
Thu, 15 Aug 2024₹14.5t₹14.0t₹637.8b64.9x22.8x1x
Sat, 13 Jul 2024₹14.4t₹13.7t₹580.1b65.3x24.8x1.1x
Mon, 10 Jun 2024₹13.2t₹13.7t₹580.1b59x22.7x1x
Wed, 08 May 2024₹12.3t₹13.1t₹548.8b41.3x22.5x0.9x
Fri, 05 Apr 2024₹13.1t₹12.7t₹547.3b43.1x24x1x
Sun, 03 Mar 2024₹13.3t₹12.7t₹547.3b45.8x24.2x1x
Tue, 30 Jan 2024₹12.1t₹12.6t₹575.9b43.1x20.9x1x
Thu, 28 Dec 2023₹11.4t₹12.3t₹574.4b41.4x19.9x0.9x
Sat, 25 Nov 2023₹10.6t₹12.5t₹650.6b43.1x16.3x0.9x
Mon, 23 Oct 2023₹9.9t₹12.5t₹652.7b44.2x15.2x0.8x
Wed, 20 Sep 2023₹10.3t₹12.5t₹651.5b46x15.8x0.8x
Fri, 18 Aug 2023₹9.9t₹12.5t₹651.5b45.3x15.1x0.8x
Sun, 16 Jul 2023₹9.7t₹11.6t₹593.5b49.4x16.4x0.8x
Tue, 13 Jun 2023₹9.0t₹11.6t₹593.5b41.2x15.1x0.8x
Thu, 11 May 2023₹8.5t₹11.5t₹537.3b52.3x15.7x0.7x
Sat, 08 Apr 2023₹8.1t₹11.5t₹534.1b48.6x15.2x0.7x
Mon, 06 Mar 2023₹8.4t₹11.5t₹534.1b52.8x15.8x0.7x
Price to Earnings Ratio

15.8x


Total Market Cap: ₹8.4tTotal Earnings: ₹534.1bTotal 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 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 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 9.2% 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 Market0.72%
Financials0.68%
Insurance1.32%
Insurance Brokers4.02%
Reinsurance2.21%
Life and Health Insurance1.18%
Property and Casualty Insurance0.75%
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 31.8%, 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 8.0x.
Forecasted Growth
  • Analysts are most optimistic on the Insurance Brokers industry, expecting annual earnings growth of 32% 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
STARHEALTH Star Health and Allied Insurance₹465.502.7%
+₹7.1b		24.0%PE61.3x
ICICIPRULI ICICI Prudential Life Insurance₹654.500.5%
+₹4.7b		18.7%PE69.3x
GICRE General Insurance Corporation of India₹383.050.6%
+₹3.9b		3.8%PE7x
GODIGIT Go Digit General Insurance₹335.751.0%
+₹3.0b		10.1%PE60.7x
526530 IIRM Holdings India₹88.750.9%
+₹54.5m		-6.8%PE30.9x

Latest News

SBILIFE
₹2,037.20
SBI Life Insurance
7D
-2.1%
1Y
42.4%
ICICIGI
₹1,901.50
ICICI Lombard General Insurance
7D
-1.8%
1Y
12.5%

ICICIGI: Board Reviews And Stable Assumptions Will Support Balanced Outlook

Analysts have inched down their fair value estimate for ICICI Lombard General Insurance slightly to ₹2,152.77 from ₹2,158.22, reflecting updated assumptions around revenue growth, profit margins and the future P/E multiple, while keeping the discount rate unchanged. What's in the News Board meeting scheduled for Jan 13, 2026, to consider and approve audited financial results and audited financial statements for the quarter and nine months ending December 31, 2025 (Key Developments).
MFSL
₹1,813.40
Max Financial Services
7D
-1.9%
1Y
81.7%

MFSL: Potential Amalgamation Will Support Confidence In 2026 Earnings

Analysts have lifted their price target for Max Financial Services from ₹1,936.84 to ₹2,091.04, citing updated assumptions on revenue growth, profit margin, and future P/E that feed into their refreshed fair value framework. What's in the News A board meeting is scheduled for Jan 28, 2026 at 15:30 IST to discuss and provide in-principle approval for a potential amalgamation between Max Financial Services and Axis Max Life Insurance Limited, a subsidiary of the company (Key Developments).
STARHEALTH
₹465.50
Star Health and Allied Insurance
7D
2.7%
1Y
24.0%

STARHEALTH: Steady Assumptions And Upcoming Results Will Support Further Upside

Analysts have kept their price target for Star Health and Allied Insurance steady at around ₹525, reflecting unchanged assumptions on discount rate, revenue growth, profit margin and future P/E. This indicates that their fundamental view on the stock is currently consistent with prior expectations.
GODIGIT
₹335.75
Go Digit General Insurance
7D
1.0%
1Y
10.1%

GODIGIT: Amalgamation Review And Upcoming Results Will Support Bullish Long Term View

Analysts have maintained their price target for Go Digit General Insurance at ₹435. They indicated that only minor adjustments to their assumptions for revenue growth, profit margin and future P/E were required, which do not materially change their view on the stock.
NIACL
₹147.30
New India Assurance
7D
-1.7%
1Y
3.7%

NIACL: Stable Assumptions And Steady P/E Will Support Future Upside

Analysts have kept their fair value estimate for New India Assurance steady at ₹193.33 per share, with only marginal modelling tweaks to revenue growth, profit margin and future P/E assumptions that are not large enough to shift the overall price target. What's in the News A board meeting is scheduled for January 30, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
GICRE
₹383.05
General Insurance Corporation of India
7D
0.6%
1Y
3.8%

GICRE: Government Stake Sale Progress Will Support Stronger Profitability Expectations

Analysts have nudged their price target for General Insurance Corporation of India up by ₹10 to ₹610, reflecting updated assumptions that include a different discount rate, revised revenue growth, a higher profit margin and a lower future P/E multiple. What's in the News Board meeting scheduled on 7 Feb 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter ended 31 Dec 2025, along with other board matters.
POLICYBZR
₹1,481.60
PB Fintech
7D
-2.1%
1Y
1.2%

POLICYBZR: Future Upside Will Rely On Disciplined Margin Expansion

Analysts are maintaining their ₹2,300 price target on PB Fintech, with small tweaks to assumptions such as a slightly lower discount rate, marginally softer revenue growth and a modestly higher profit margin outlook. Together, these changes point to a somewhat lower future P/E multiple of 66.23x versus 70.82x previously.
ICICIPRULI
₹654.50
ICICI Prudential Life Insurance
7D
0.5%
1Y
18.7%
LICI
₹849.40
Life Insurance Corporation of India
7D
-2.7%
1Y
14.7%

LICI: Government Stake Sale Plans Will Drive Future Rerating Potential

Analysts have nudged their fair value estimate for Life Insurance Corporation of India higher from ₹1,389.87 to ₹1,407.73. The change reflects updated assumptions that pair a lower discount rate with stronger revenue growth expectations, partially offset by a thinner profit margin and a reduced future P/E multiple.
HDFCLIFE
₹715.30
HDFC Life Insurance
7D
-1.8%
1Y
17.6%

HDFCLIFE: Upcoming Board Meeting Will Confirm Drivers Of Expected Bullish Repricing

Analysts have trimmed their price target for HDFC Life Insurance slightly from ₹888.69 to ₹887.86. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E, while keeping their overall view broadly unchanged.
526530
₹88.75
IIRM Holdings India
7D
0.9%
1Y
-6.8%
CANHLIFE
₹143.14
Canara HSBC Life Insurance
7D
-4.3%
1Y
n/a