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Indian (NIFTY) Insurance Industry Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.6%
  • 3M-0.7%
  • 1Y10.5%
  • YTD-1.3%

Over the last 7 days, the Insurance industry has dropped 2.3%, driven by a pullback from Life Insurance Corporation of India of 1.7%. This takes the industry's 12 month performance to a gain of 6.7%. 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
Tue, 13 Jan 2026₹14.1t₹14.0t₹748.2b75.4x18.9x1x
Thu, 11 Dec 2025₹14.3t₹14.0t₹748.2b70.7x19.2x1x
Sat, 08 Nov 2025₹14.7t₹13.8t₹719.1b68.1x20.4x1.1x
Mon, 06 Oct 2025₹14.1t₹14.1t₹715.8b68.3x19.7x1x
Wed, 03 Sep 2025₹13.9t₹14.1t₹715.8b69.2x19.5x1x
Fri, 01 Aug 2025₹14.2t₹13.9t₹746.1b70.9x19x1x
Sun, 29 Jun 2025₹14.8t₹13.8t₹740.6b74.4x19.9x1.1x
Tue, 27 May 2025₹14.0t₹13.7t₹679.8b70.9x20.7x1x
Thu, 24 Apr 2025₹13.1t₹13.9t₹678.0b67.2x19.3x0.9x
Sat, 22 Mar 2025₹12.6t₹14.0t₹675.3b64.3x18.6x0.9x
Mon, 17 Feb 2025₹12.0t₹14.0t₹675.3b60.9x17.8x0.9x
Wed, 15 Jan 2025₹12.8t₹14.6t₹661.0b68.9x19.4x0.9x
Fri, 13 Dec 2024₹13.9t₹14.6t₹661.0b65.8x21.1x1x
Sun, 10 Nov 2024₹13.7t₹14.3t₹648.0b58x21.1x1x
Tue, 08 Oct 2024₹14.2t₹14.0t₹637.8b68.7x22.3x1x
Thu, 05 Sep 2024₹15.6t₹14.0t₹637.8b73.5x24.5x1.1x
Sat, 03 Aug 2024₹15.7t₹13.7t₹586.2b66.2x26.8x1.1x
Mon, 01 Jul 2024₹13.5t₹13.7t₹580.1b62.5x23.3x1x
Wed, 29 May 2024₹13.3t₹12.8t₹518.4b59.4x25.7x1x
Fri, 26 Apr 2024₹12.9t₹12.9t₹548.0b42.4x23.5x1x
Sun, 24 Mar 2024₹12.4t₹12.7t₹547.3b43x22.7x1x
Tue, 20 Feb 2024₹13.4t₹12.7t₹547.3b48.2x24.4x1.1x
Thu, 18 Jan 2024₹11.8t₹12.3t₹575.7b41.9x20.5x1x
Sat, 16 Dec 2023₹11.4t₹12.3t₹574.4b42.3x19.9x0.9x
Mon, 13 Nov 2023₹9.7t₹12.5t₹650.6b41.2x14.9x0.8x
Wed, 11 Oct 2023₹9.8t₹12.5t₹651.9b42.4x15x0.8x
Fri, 08 Sep 2023₹10.2t₹12.5t₹651.5b46.7x15.7x0.8x
Sun, 06 Aug 2023₹9.9t₹12.2t₹601.5b46.2x16.5x0.8x
Tue, 04 Jul 2023₹9.7t₹11.6t₹593.5b46.9x16.3x0.8x
Thu, 01 Jun 2023₹8.9t₹11.6t₹593.5b42.1x15x0.8x
Sat, 29 Apr 2023₹8.2t₹11.5t₹535.4b49x15.3x0.7x
Mon, 27 Mar 2023₹8.0t₹11.5t₹534.1b47.5x15x0.7x
Wed, 22 Feb 2023₹8.4t₹11.5t₹534.1b54.3x15.7x0.7x
Fri, 20 Jan 2023₹9.6t₹11.1t₹321.8b84.9x29.9x0.9x
Price to Earnings Ratio

29.9x


Total Market Cap: ₹9.6tTotal Earnings: ₹321.8bTotal Revenue: ₹11.1tTotal 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-2.54%
Financials-1.89%
Insurance-1.57%
General Insurance0%0
Life and Health Insurance-0.93%
Reinsurance-2.39%
Property and Casualty Insurance-3.79%
Insurance Brokers-5.42%
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 (31.7%) 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
NIVABUPA Niva Bupa Health Insurance₹78.044.3%
+₹6.0b		0.9%PE175.8x

Latest News

MFSL
₹1,646.10
Max Financial Services
7D
-4.9%
1Y
56.6%

MFSL: Upcoming Board And Shareholder Decisions Will Support Future Earnings Confidence

Analysts have raised their price target for Max Financial Services from ₹1,886.52 to ₹1,924.42, citing slightly higher revenue growth assumptions and a modestly richer future P/E multiple, partly offset by a small adjustment to profit margin expectations. What's in the News Board meeting scheduled on Feb 11, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ending Dec 31, 2025 (company filing).
ICICIGI
₹1,885.50
ICICI Lombard General Insurance
7D
-6.2%
1Y
3.0%

ICICIGI: Interim Dividend And Upcoming Results Will Support Constructive Forward Outlook

Analysts have slightly increased their price target for ICICI Lombard General Insurance to ₹2,159.85 from ₹2,154.08, citing updated assumptions around fair value, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled on January 13, 2026 to consider and approve the audited financial results and audited financial statements for the quarter and nine months ending December 31, 2025 (Board Meeting).
GICRE
₹366.55
General Insurance Corporation of India
7D
-1.4%
1Y
-13.4%

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
₹2,082.40
SBI Life Insurance
7D
-0.6%
1Y
38.9%

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.
POLICYBZR
₹1,638.30
PB Fintech
7D
-6.1%
1Y
-6.1%

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
₹831.75
Life Insurance Corporation of India
7D
-2.2%
1Y
0.8%
ICICIPRULI
₹681.45
ICICI Prudential Life Insurance
7D
-1.0%
1Y
6.1%

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
₹748.50
HDFC Life Insurance
7D
-3.8%
1Y
24.7%
NIVABUPA
₹78.04
Niva Bupa Health Insurance
7D
4.3%
1Y
0.9%

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