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

Last Updated on Jan 16, 2024 by Harsh*t Singh

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 16th Jan 2024. 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. 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. 5,40,660.80 cr.
• The PE ratio of the company stands at 15.02 as of 16th January 2024.
• As of 16th January 2024, the 1Y return on investments in LIC company is 20.53%.
• The stock shows good signs of profitability and efficiency, with a return on equity of 124.54%.

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. 2,59,803.78 cr.
• Among the list of ‘top 10 insurance company in India’, the earnings CAGR of the company is 20.19% over the last 5 yrs, which is the highest.
• The current PE ratio of the company stands at 40.49.

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. 1,43,182.36 cr.
• The PE ratio of the company is 83.2 as of 16th January 2024.
• As of 16th January 2024, the 1Y return on investments in SBI Life Insurance Company Ltd is 9.93%.

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 17.1% over the last 5 yrs. This growth is more than the industry average growth rate of 13.27%.
• Over the last 5 yrs, the debt-to-equity ratio of the company has been 3.62%, vs the industry average of 171.57%.
• The PE ratio of the company stands at 96.56 as of 16th January 2024.

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. 75,199.70 cr.
• The PE ratio is 92.44 as of 16th January 2024.
• Over the last 5 yrs, the debt-to-equity ratio has been 7.63%, vs the industry average of 171.57%.

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. 67,580.82 cr.
• The PE ratio is 39.09 as of 16th January 2024.
• While the industry delivered an average net income of 9.71%, the company’s net income averaged 14.94% over the last 5 yrs.
• In the last 5 yrs, the company’s revenue grew at an average annual rate of 17.35% as against the industry average of 13.27%.

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 17.02%, vs the industry average of 9.71%.
• As of 16th January 2024, the market cap of the company is Rs. 54,596.93 cr.
• The PE ratio of the stock is 7.90.

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 is Rs. 35,753.36 cr.
• The PE ratio of the stock is 34.12.
• The 1Y return of this listed insurance company is 68.77%, which is the highest among the best insurance companies in india.

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 16th January 2024, the company’s net worth stood at Rs. 32,476.37 cr.
• Over the last 5 yrs, the debt-to-equity ratio has been 13.39%, vs the industry average of 171.57%.

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 84.59.
• Over the last 3 yrs, the revenue growth has averaged 23.10%, vs the industry average of 19.88%.
• The stock’s market cap is Rs. 32,014.57 cr. as of 16th January 2024.

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.

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:

• 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.
• 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.
• 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.
• 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.

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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