Top 10 Listed Insurance Companies In India By Market Cap In 2023

Last Updated on May 3, 2023 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 (2023)

While multiple insurers are listed on the Indian stock exchange, here’s a list of the top 10 companies:

Note: The data mentioned in the table is from 3rd May 2023. The following parameters are used on the Tickertape Stock Screener – 

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

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. 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 insurance companies in India, Rs. 3,47,906.50 cr.
• The PE ratio of the company stands at 84.35 as of 3rd May 2023.
• As of 3rd May 2023, the return on investments of LIC is 35.99%.
• The stock shows good signs of profitability and efficiency, with a return on equity of 44.73%.

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 current market cap is Rs. 2,14,603.43 cr.
• As of 3rd May 2023, the earnings CAGR of the company is 19.93% over the last 5 yrs.
• The current PE ratio of the company stands at 33.44.
• Over the last 5 yrs, the revenue growth has averaged 23.15%, vs the industry average of 13.39%.

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. The company has been recording strong financial growth in the past few years. Have a look:

• The company’s revenue has grown at an average annual rate of 27.59% over the last 5 yrs. This growth is more than the industry average growth rate of 13.24%.
• Over the last 5 yrs, the debt-to-equity ratio of the company has been 2.16%, vs the industry average of 166.53%.
• The PE ratio of the company stands at 85.51 as of 3rd May 2023.
• Over the last 5 yrs, the company’s revenue growth has averaged 27.59%, vs the industry average of 13.39%.

SBI Life Insurance Company Limited

Established in the year 2000, SBI Life is listed on both the NSE and the BSE. The company has 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. 1,15,192.98 cr.
• The PE ratio of the company is 66.95 as of 3rd May 2023.
• In the last 5 yrs, the company’s revenue grew at an average annual rate of 25.92%, and its income grew by 13.39%.
• Over the last 5 yrs, free cash flow growth has been 21.06%, vs the industry average of -46.44%.

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. 63,232.72 cr.
• The PE ratio is 77.73 as of 3rd May 2023.
• In the last 5 yrs, the company’s revenue grew at an average annual rate of 44.67%, vs the industry average of 13.39%. 
• Over the last 5 yrs, the debt-to-equity ratio has been 3.99%, vs the industry average of 166.53%.

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. 53,388.52 cr.
• The PE ratio is 30.88 as of 3rd May 2023.
• While the industry delivered an average net income of 13.6%, the company’s net income averaged 2.24% over the last 5 yrs.
• In the last 5 yrs, the company’s revenue grew at an average annual rate of 18.09% as against the industry average of 13.39%. 

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:

• Ever since it was formed, the company has insured more than 169 mn. lives.
• As of 3rd May 2023, the company’s net worth stood at Rs. 35,289.16 cr.
• The company’s average annual revenue of 43.54% vs the industry’s average revenue of 13.39% in the last 5 yrs.
• Over the last 5 yrs, the debt-to-equity ratio has been 16.87%, vs the industry average of 166.53%.

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, the net income of a company has averaged 210.92%, vs the industry average of 2.24%.
• As of 3rd May 2023, the market cap of the company is Rs. 27,377.41 cr. 
• In the last 5 yrs, the free cash flow growth has been 2.63%, vs the industry average of -46.44%.
• The PE ratio of the stock is 11.47.

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 88.37.
• Over the last 5 yrs, the revenue growth has averaged 18.25%, vs the industry average of 13.39%.
• In the last 5 yrs, the net income has averaged 14.46%, vs the industry average of 2.24%.
• The stock’s market cap is Rs. 22,392.77 cr. as of 3rd May 2023.

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.

• Over the last 5 yrs, the net income has averaged 20.76%, vs the industry average of 2.24%.
• The PE ratio of the stock is 93.68.
• The market cap of the company is Rs. 18,226.88 cr.

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.

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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