Top 10 Listed Insurance Companies In India By Market Cap In 2024

Last Updated on Jun 18, 2024 by Anjali Chourasiya

The insurance market in India is steadily growing as the awareness of insurance is rising among the masses. The Covid-19 pandemic can also be considered a major contributing factor to the same. Moreover, there have been many changes in the insurance sector recently. Many insurers have gone public and have listed themselves on the Indian stock exchanges. So, if you invest in stocks, you can additionally pick the stocks of listed insurance companies and benefit from their profitability. Here is a list of the top 10 listed insurance companies based on market cap.

Top 10 Listed Insurance Companies in India (2024)

Note: The data mentioned in the table is from 7th June 2024. The following parameters are used on the Tickertape Stock Screener – 

• Sector: Insurance
• Market Cap: Sort from highest to lowest
• Close Price
• PE Ratio

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Details of the top listed insurance companies in India

Let’s dive into the key financial metrics of the listed insurers.

Life Insurance Corporation Of India

Popularly known as LIC, the company made its debut in India over 100 yrs ago. The company has the highest market share of life insurance companies in India 2024. It has a diversified product portfolio covering various segments across individual products and group products.

• The company has the highest market cap in the list of top 10 insurance companies in India, Rs. 6,51,316.64 cr.
• The PE ratio of the company stands at 15.92 as of 7th June 2024.
• As of 7th June 2024, the 1Y return on investments in LIC company is 65.33%.
• The stock shows good signs of profitability and efficiency, with a return on equity of 124.54%.

Learn more about the stock’s financial performance here.

Bajaj Finserv Limited

The company is a core investment company and the holding company for the various financial services business under the Bajaj Group, India’s most diversified non-banking finance company. Bajaj Finserv also participated in housing and developer financing through Bajaj Housing Finance Ltd and digital broking, equity trading, and wealth management through Bajaj Financial Securities Ltd.

• The company’s market cap is Rs. 2,55,081.04 cr., as of 7th June 2024.
• Among the list of ‘top 10 insurance companies in India’, the 5-yr CAGR of the company is 13.83% over the last 5 yrs.
• The current PE ratio of the company stands at 31.31.

Check out the stock’s performance in comparison to its peers here.

SBI Life Insurance Company Limited

Established in the year 2000, SBI Life is listed on both the NSE and the BSE. The company has overtaken HDFC Life Insurance Company Ltd in the list of ‘Top market share of insurance companies in India’. an authorised share capital of Rs. 20 bn. and a paid-up share capital of Rs. 10 bn. The key financial highlights of the company are as follows:

• The company’s current market cap is Rs. 1,43,843.23 cr.
• The PE ratio of the company is 75.96 as of 7th June 2024.
• As of 7th June 2024, the 1Y return on investments in SBI Life Insurance Company Ltd is 14.45%.

Learn about the stock’s events here.

HDFC Life Insurance Company Limited 

Formed as a joint venture between HDFC Limited and Standard Aberdeen PLC, HDFC Life is India’s leading life insurance provider. Though The company has been recording strong financial growth in the past few years, it lost a sizable amount of market cap in 2023 and fell a position in the list of ‘Top Listed Insurance Companies in India. Here’s the key financial highlights of the company:

• The company’s revenue has grown at an average annual rate of 27.56% over the last 5 yrs. This growth is more than the industry average growth rate of 11.52%.
• Over the last 5 yrs, the debt-to-equity ratio of the company has been 3.62%, vs the industry average of 170.86%.
• The PE ratio of the company stands at 77.20, and the market capitalisation is Rs. 121,519.35 cr., as of 7th June 2024.

Explore more about the stock’s financial performance here.

ICICI Prudential Life Insurance Company Limited

ICICI Prudential was the first life insurance company to list on the Indian stock exchange. It was launched in 2001 and is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The financial highlights of the company are as follows:

• The company’s current market cap is Rs. 83,524.11 cr.
• The PE ratio is 98.19 as of 7th June 2024.
• Over the last 5 yrs, the debt-to-equity ratio has been 7.63%, vs the industry average of 170.86%.

Check out the stock’s performance in comparison to its peers here.

ICICI Lombard General Insurance Company Limited

One of India’s largest general insurance providers, ICICI Lombard, has issued more than 2.17 cr. policies and has settled more than 1.6 mn. claims at the end of FY 2022-2023. The key financial highlights of the company are as follows:

• The company’s market cap is Rs. 81,833.70 cr.
• The PE ratio is 42.65 as of 7th June 2024.
• While the industry delivered an average net income of 55.2%, the company’s net income averaged only 16.25% over the last 5 yrs.
• In the last 5 yrs, the company’s revenue grew at an average annual rate of 17.95% as against the industry average of 11.52%. 

Learn about the stock’s events here.

General Insurance Corporation of India

Incorporated in 1972, General Insurance Corporation of India is a reinsurance company. Its domestic business provides reinsurance to direct general insurance companies in India, and the international reinsurance business provides the same to several international companies. 

• Over the last 5 yrs, this top listed insurance company in India has the average net income of 251.67%, vs the industry average of 55.2%.
• As of 7th June 2024, the market cap of the company is Rs. 64,746.13 cr. 
• The PE ratio of the stock is 9.68, the lowest in the list of the top health insurance companies in India by market cap.

Explore more about the stock’s financial performance here.

New India Assurance Company Ltd

Incorporated in 1973, The New India Assurance Co Ltd is an India-based government-owned multinational general insurance company whose products include personal, commercial, industrial, liability, and social insurance.

• The market cap of this top listed insurance company in India as of 7th June 2024 is Rs. 39,378.96 cr.
• The PE ratio of the stock is 35.27.
• The 1Y return of this listed insurance company is 82.34%.

Learn about the stock’s events here.

Max Financial Services Ltd

Incorporated in 1988, Max Financial Services Limited is the holding company for Max Life Insurance Company Limited. The company is engaged in the life insurance business through Max Life Insurance Company Limited. 

• The PE ratio of the stock is 97.79.
• Over the last 5 yrs, the revenue growth has averaged 16.98%, vs the industry average of 11.52%.
• The stock’s market cap is Rs. 33,256.98 cr. as of 7th June 2024.

Check out the stock’s performance in comparison to its peers here.

Star Health and Allied Insurance Company Limited

A leading name in the general insurance segment, Star Health is a standalone health insurance provider. The company has settled more than 5.2 mn. claims since it began operations in 2006. The key financial details of the company are as follows:

• As of 7th June 2024, the company’s net worth stood at Rs. 31,903.80 cr.
• Over the last 5 yrs, the debt-to-equity ratio has been 13.39%, vs the industry average of 170.86%.

Explore more about the stock’s financial performance here.

Note: Data of all insurance companies has been taken from the Tickertape website’s official stock pages and the respective insurance company websites.

Importance of insurance

According to Benori Knowledge, a research and analytics company, India ranks 10th in the global life insurance market at 3.2% penetration and ahead of China (at 2.4%) and the UK (at 3%). But why? Is getting insurance crucial? Here are some reasons to get insurance:

• It provides you with financial security and a safety net if something unforeseen happens.
• It safeguards you and your family’s future goals.
• Insurance is a good way of wealth creation and encourages savings.
• It is an effective risk management tool.
• Insurance can give you peace of mind.

Further, with increasing uncertainties, having adequate insurance coverage is more important than ever.

Factors to Consider Before Investing in the Best Life Insurance Company Stocks in India

1. Financial Stability: Evaluating the financial health of an insurance company, including its revenue, profit margins, and asset quality, can provide insights into its ability to sustain and grow. Companies with strong financials may be better positioned to weather economic fluctuations.
2. Market Share: Considering the company’s market share can indicate its competitiveness and the level of trust it has garnered among customers. A higher market share often reflects a company’s ability to attract and retain clients.
3. Growth Potential: Looking at the company’s growth prospects, including new product offerings and expansion plans, can help assess future performance. Companies that innovate and expand their offerings may have better growth potential.
4. Claim Settlement Ratio: A high claim settlement ratio signifies the company’s reliability in honouring claims, which is a critical factor for policyholders. It indicates how efficiently an insurance company processes and pays out claims.
5. Customer Service: Assessing the quality of customer service and support can impact policyholders’ overall experience and satisfaction. Companies with good customer service are more likely to have high customer retention rates.

Benefits of Investing in the Top Life Insurance Companies in India

1. Stable Returns: Investing in top insurance companies may offer stable returns, making them a reliable investment option. Their business model, based on long-term contracts and regular premium payments, helps maintain steady cash flow.
2. Dividend Payouts: Many top insurance companies provide regular dividends to their shareholders, offering an additional income stream. This can be attractive for investors seeking consistent income.
3. Risk Mitigation: Adding insurance stocks to your portfolio can help diversify your investments and reduce overall risk. The insurance sector often behaves differently from other sectors, potentially providing a hedge against market volatility.
4. Growth Potential: The expanding insurance market in India offers substantial growth opportunities for leading companies, driven by increasing awareness and a growing middle class.

How to Choose the Best Life Insurance Company in India?

Choosing the best life insurance company involves a thorough evaluation of several factors:

1. Reputation and Trust: A well-reputed company with a long-standing history of trust and service may be a safer bet. Look for companies with strong reputations and positive track records.
2. Product Offerings: Evaluate the diversity and flexibility of the insurance products offered by the company. A wide range of products can cater to varying customer needs, enhancing satisfaction and loyalty.
3. Financial Health: A financially robust company is more likely to provide consistent returns and meet its obligations. Assessing financial statements and performance metrics is essential.
4. Customer Feedback: Positive customer reviews and high satisfaction scores can indicate good service quality. Consider checking online reviews and ratings to gauge customer experiences.

How to choose the best life insurance company in India?

Here are key considerations to keep in mind when selecting the top life insurance company in India for your needs:

1. Reputation and Trust: A well-reputed company with a long-standing history of trust and service may be a safer bet. Look for companies with strong reputations and positive track records.
2. Product Offerings: Evaluate the diversity and flexibility of the insurance products offered by the company. A wide range of products can cater to varying customer needs, enhancing satisfaction and loyalty.
3. Claim Settlement Ratio: The Claim Settlement Ratio (CSR) is a critical metric indicating the proportion of claims settled by the company against the total claims filed in the previous financial year. It’s advisable to compare the CSR values and term plans of different companies to find the most suitable life insurance plan.
4. Robust Customer Support: Assessing the insurer’s customer support is vital. Opt for a life insurance provider that offers dedicated support for customers and claims. Round-the-clock assistance is crucial for addressing any issues throughout the duration of the policy.
5. Consumer Feedback and Reviews: Examining reviews and feedback from existing customers can offer valuable insights into the quality of service provided by life insurance companies in India, aiding you in making an informed decision.
6. Availability of Riders: Indian life insurance companies present an array of term riders that can be added to your base plan for expanded coverage at a nominal additional premium. These include riders for Critical Illness, Accidental Death, Accidental Total and Permanent Disability, and Premium Waiver options.
7. Regulatory Compliance: Ensuring the company complies with all regulatory requirements can provide added security. Companies that adhere to regulations are generally more trustworthy and stable.

To conclude

These are some of the top insurers listed in the Indian stock market. You can pick these stocks and diversify your portfolio in the Banking, Financial Services and Insurance (BFSI) sector. Study the financial metrics of the stocks that you pick and then choose the best-performing stocks for enhancing the profitability of your portfolio. Consult your financial advisor before investing in any insurance stock or scheme.

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Anjali Chourasiya

I am a finance enthusiast who loves exploring the world of money through my lens. I’ve been dedicated to building systems that work and curating content that helps people learn.

As an insatiable reader and learner, I’ve spent the last two years exploring the world of finance. With my creative mind and curious spirit, I love making complex finance topics easy and fun for everyone to understand. Join me on my journey as we navigate the world of finance together!

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