# Finance - Insurance — company-by-company sector analysis

> Finance - Insurance: Life Insurance Corporation of India owns the largest revenue base; Niva Bupa Health Insurance Company Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance - Insurance has underperformed NIFTY 500 by 13.4% over 52 weeks and 0.8% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. Life Insurance Corporation of India leads with income of ₹9,78,893 crore, based on 8 of 8 comparable companies through Mar 2026.

### Is the Finance - Insurance sector outperforming NIFTY 500?

Finance - Insurance has underperformed NIFTY 500 by 13.4% over 52 weeks and 0.8% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### Which Finance - Insurance company is largest by income?

Life Insurance Corporation of India leads with income of ₹9,78,893 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Finance - Insurance company is growing fastest?

Niva Bupa Health Insurance Company Ltd has the fastest current income growth at 24.6%, across 8 of 8 comparable companies.

### Which Finance - Insurance company has the strongest 4-Factor Sector Score?

Life Insurance Corporation of India ranks first at 66.8/100 with 72.9% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance - Insurance company has the lowest comparable P/BV-to-ROE?

Life Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.08, among 8 of 8 companies that pass the metric’s comparability rules.

### How much history does this Finance - Insurance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance - Insurance has underperformed NIFTY 500 by 13.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.8%. 2 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Niva Bupa Health Insurance Company Ltd is the strongest against the sector itself at +20.6%.

13-week sector return versus NIFTY 500: 0.8%
52-week sector return versus NIFTY 500: -13%
Stocks leading NIFTY: 2/7
Stocks leading sector: 2/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹9.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Life Insurance Corporation of India (LICI): 67/100 — Favorable setup; evidence 73%
   - Growth & earnings 21.5/35 | Capital efficiency 16.6/25 | Valuation 19.7/20 | Relative strength 9.0/20
   - Exact sum: 21.5 + 16.6 + 19.7 + 9 = 66.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Niva Bupa Health Insurance Company Ltd (NIVABUPA): 54/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 17.1/35 | Capital efficiency 13.1/25 | Valuation 3.8/20 | Relative strength 20.0/20
   - Exact sum: 17.1 + 13.1 + 3.8 + 20 = 54
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): 47/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 18.4/35 | Capital efficiency 11.0/25 | Valuation 10.3/20 | Relative strength 7.0/20
   - Exact sum: 18.4 + 11 + 10.3 + 7 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Go Digit General Insurance Ltd (GODIGIT): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.7/35 | Capital efficiency 16.3/25 | Valuation 8.3/20 | Relative strength 1.0/20
   - Exact sum: 18.7 + 16.3 + 8.3 + 1 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Religare Enterprises Ltd (RELIGARE): 41/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 15.2/35 | Capital efficiency 7.8/25 | Valuation 5.2/20 | Relative strength 12.3/20
   - Exact sum: 15.2 + 7.8 + 5.2 + 12.3 = 40.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. SBI Life Insurance Company Ltd (SBILIFE): 40/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.1/35 | Capital efficiency 11.8/25 | Valuation 5.1/20 | Relative strength 13.1/20
   - Exact sum: 10.1 + 11.8 + 5.1 + 13.1 = 40.1
   - Decision use: Price leads the evidence: RS versus the benchmark is -1.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. HDFC Life Insurance Company Ltd (HDFCLIFE): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 13.9/35 | Capital efficiency 10.7/25 | Valuation 6.3/20 | Relative strength 5.5/20
   - Exact sum: 13.9 + 10.7 + 6.3 + 5.5 = 36.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Canara HSBC Life Insurance Company Ltd (CANHLIFE): 40/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 18.8/35 | Capital efficiency 7.2/25 | Valuation 4.0/20 | Relative strength 10.0/20
   - Exact sum: 18.8 + 7.2 + 4 + 10 = 40
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Life Insurance Corporation of India is the scale leader at ₹9,78,893 crore, 718.1% ahead of SBI Life Insurance Company Ltd. Niva Bupa Health Insurance Company Ltd's growth is 24.6% from a ₹6,695 crore base, with 11 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Life Insurance Corporation of India is the scale benchmark; Niva Bupa Health Insurance Company Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Life Insurance Corporation of India's growth falls below Niva Bupa Health Insurance Company Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Life Insurance Corporation of India · ₹9,78,893 crore | 718.1% versus #2 · SBI Life Insurance Company Ltd | 7/8 recent comparable periods | 8/8 companies · 105 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Life Insurance Corporation of India (LICI): ₹9.8 L Cr
2. SBI Life Insurance Company Ltd (SBILIFE): ₹1.2 L Cr
3. HDFC Life Insurance Company Ltd (HDFCLIFE): ₹1.0 L Cr
4. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): ₹63.4K Cr
5. Canara HSBC Life Insurance Company Ltd (CANHLIFE): ₹12.3K Cr

### Income growth — fastest growers
1. Niva Bupa Health Insurance Company Ltd (NIVABUPA): 25%
2. Religare Enterprises Ltd (RELIGARE): 15%
3. Life Insurance Corporation of India (LICI): 10.0%
4. Canara HSBC Life Insurance Company Ltd (CANHLIFE): 9.1%
5. Go Digit General Insurance Ltd (GODIGIT): 7.3%

### 20-quarter Income history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.0 L Cr | Mar 2023 ₹2.0 L Cr | Jun 2023 ₹1.9 L Cr | Sep 2023 ₹2.0 L Cr | Dec 2023 ₹2.1 L Cr | Mar 2024 ₹2.4 L Cr | Jun 2024 ₹2.1 L Cr | Sep 2024 ₹2.3 L Cr | Dec 2024 ₹2.0 L Cr | Mar 2025 ₹2.4 L Cr | Jun 2025 ₹2.2 L Cr | Sep 2025 ₹2.4 L Cr | Dec 2025 ₹2.4 L Cr | Mar 2026 ₹2.8 L Cr | Jun 2026 —
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26.8K Cr | Mar 2023 ₹21.3K Cr | Jun 2023 ₹27.9K Cr | Sep 2023 ₹28.8K Cr | Dec 2023 ₹39.0K Cr | Mar 2024 ₹36.3K Cr | Jun 2024 ₹34.7K Cr | Sep 2024 ₹40.3K Cr | Dec 2024 ₹18.9K Cr | Mar 2025 ₹23.1K Cr | Jun 2025 ₹39.0K Cr | Sep 2025 ₹23.1K Cr | Dec 2025 ₹46.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 ₹46.3K Cr
- HDFCLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19.6K Cr | Mar 2023 ₹20.9K Cr | Jun 2023 ₹23.4K Cr | Sep 2023 ₹23.1K Cr | Dec 2023 ₹26.9K Cr | Mar 2024 ₹28.0K Cr | Jun 2024 ₹26.9K Cr | Sep 2024 ₹28.5K Cr | Dec 2024 ₹17.3K Cr | Mar 2025 ₹24.2K Cr | Jun 2025 ₹29.5K Cr | Sep 2025 ₹20.7K Cr | Dec 2025 ₹29.4K Cr | Mar 2026 ₹19.9K Cr | Jun 2026 ₹33.8K Cr
- ICICIPRULI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17.4K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹23.4K Cr | Sep 2023 ₹17.4K Cr | Dec 2023 ₹26.4K Cr | Mar 2024 ₹22.5K Cr | Jun 2024 ₹25.4K Cr | Sep 2024 ₹25.2K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹15.7K Cr | Jun 2025 ₹25.4K Cr | Sep 2025 ₹11.9K Cr | Dec 2025 ₹22.8K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.4K Cr
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹969 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹4.4K Cr
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —

### 20-quarter Income growth history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.3% | Mar 2024 19% | Jun 2024 11% | Sep 2024 14% | Dec 2024 -4.8% | Mar 2025 1.9% | Jun 2025 6.0% | Sep 2025 4.5% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 46% | Mar 2024 70% | Jun 2024 24% | Sep 2024 40% | Dec 2024 -52% | Mar 2025 -36% | Jun 2025 13% | Sep 2025 -43% | Dec 2025 145% | Mar 2026 -82% | Jun 2026 19%
- HDFCLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 34% | Jun 2024 15% | Sep 2024 23% | Dec 2024 -36% | Mar 2025 -14% | Jun 2025 9.4% | Sep 2025 -28% | Dec 2025 70% | Mar 2026 -18% | Jun 2026 15%
- ICICIPRULI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52% | Mar 2024 105% | Jun 2024 8.6% | Sep 2024 45% | Dec 2024 -83% | Mar 2025 -30% | Jun 2025 0.0% | Sep 2025 -53% | Dec 2025 403% | Mar 2026 -80% | Jun 2026 —
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 41% | Jun 2024 24% | Sep 2024 17% | Dec 2024 6.6% | Mar 2025 15% | Jun 2025 6.2% | Sep 2025 11% | Dec 2025 5.5% | Mar 2026 4.5% | Jun 2026 8.5%
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 36% | Dec 2024 23% | Mar 2025 27% | Jun 2025 22% | Sep 2025 19% | Dec 2025 28% | Mar 2026 28% | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -29% | Dec 2025 177% | Mar 2026 -51% | Jun 2026 20%
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 33% | Jun 2024 33% | Sep 2024 23% | Dec 2024 10% | Mar 2025 10% | Jun 2025 8.8% | Sep 2025 6.4% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Life Insurance Corporation of India leads with ₹57,426 crore of TTM profit, 22.1× the profit of SBI Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd shows 35.7% growth from a ₹1,608 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Life Insurance Corporation of India sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Life Insurance Corporation of India · ₹57,426 crore | 22.1× versus #2 · SBI Life Insurance Company Ltd | 7/8 recent comparable periods | 8/8 companies · 125 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Life Insurance Corporation of India (LICI): ₹57.4K Cr
2. SBI Life Insurance Company Ltd (SBILIFE): ₹2.6K Cr
3. HDFC Life Insurance Company Ltd (HDFCLIFE): ₹2.0K Cr
4. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): ₹1.6K Cr
5. Go Digit General Insurance Ltd (GODIGIT): ₹492 Cr

### Profit growth — fastest growers
1. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): 36%
2. Life Insurance Corporation of India (LICI): 19%
3. Canara HSBC Life Insurance Company Ltd (CANHLIFE): 9.1%
4. Go Digit General Insurance Ltd (GODIGIT): 6.5%
5. HDFC Life Insurance Company Ltd (HDFCLIFE): 5.1%

### 20-quarter Net profit history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7.3K Cr | Mar 2023 ₹13.2K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹11.0K Cr | Mar 2025 ₹19.0K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹10.1K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹23.5K Cr | Jun 2026 —
- SBILIFE: Sep 2021 ₹247 Cr | Dec 2021 ₹364 Cr | Mar 2022 ₹672 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹777 Cr | Jun 2023 ₹381 Cr | Sep 2023 ₹380 Cr | Dec 2023 ₹322 Cr | Mar 2024 ₹811 Cr | Jun 2024 ₹520 Cr | Sep 2024 ₹529 Cr | Dec 2024 ₹551 Cr | Mar 2025 ₹814 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹577 Cr | Mar 2026 ₹805 Cr | Jun 2026 ₹725 Cr
- HDFCLIFE: Sep 2021 ₹274 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹477 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹316 Cr | Dec 2022 ₹316 Cr | Mar 2023 ₹362 Cr | Jun 2023 ₹417 Cr | Sep 2023 ₹378 Cr | Dec 2023 ₹368 Cr | Mar 2024 ₹412 Cr | Jun 2024 ₹479 Cr | Sep 2024 ₹435 Cr | Dec 2024 ₹421 Cr | Mar 2025 ₹475 Cr | Jun 2025 ₹548 Cr | Sep 2025 ₹448 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹497 Cr | Jun 2026 ₹611 Cr
- ICICIPRULI: Sep 2021 ₹446 Cr | Dec 2021 ₹312 Cr | Mar 2022 ₹187 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹222 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹206 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹385 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹387 Cr | Mar 2026 ₹624 Cr | Jun 2026 ₹386 Cr
- GODIGIT: Sep 2021 ₹-77 Cr | Dec 2021 ₹-145 Cr | Mar 2022 ₹-100 Cr | Jun 2022 ₹14 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹26 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹149 Cr | Jun 2026 ₹86 Cr
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-8 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹-91 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-88 Cr | Mar 2026 ₹345 Cr | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹37 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹35 Cr | Jun 2026 ₹28 Cr
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-96 Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹-77 Cr | Mar 2026 ₹96 Cr | Jun 2026 —

### 20-quarter Profit growth history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29% | Mar 2024 5.0% | Jun 2024 9.3% | Sep 2024 -3.9% | Dec 2024 17% | Mar 2025 38% | Jun 2025 4.1% | Sep 2025 31% | Dec 2025 17% | Mar 2026 23% | Jun 2026 —
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 53% | Dec 2022 -16% | Mar 2023 16% | Jun 2023 45% | Sep 2023 0.8% | Dec 2023 5.9% | Mar 2024 4.4% | Jun 2024 36% | Sep 2024 39% | Dec 2024 71% | Mar 2025 0.4% | Jun 2025 14% | Sep 2025 -6.4% | Dec 2025 4.7% | Mar 2026 -1.1% | Jun 2026 22%
- HDFCLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 15% | Mar 2023 -24% | Jun 2023 14% | Sep 2023 20% | Dec 2023 16% | Mar 2024 14% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 3.0% | Dec 2025 -0.7% | Mar 2026 4.6% | Jun 2026 12%
- ICICIPRULI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -55% | Dec 2022 -29% | Mar 2023 26% | Jun 2023 31% | Sep 2023 22% | Dec 2023 2.3% | Mar 2024 -26% | Jun 2024 8.7% | Sep 2024 2.9% | Dec 2024 43% | Mar 2025 121% | Jun 2025 34% | Sep 2025 18% | Dec 2025 19% | Mar 2026 62% | Jun 2026 28%
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 314% | Sep 2023 — | Dec 2023 — | Mar 2024 104% | Jun 2024 74% | Sep 2024 218% | Dec 2024 177% | Mar 2025 119% | Jun 2025 37% | Sep 2025 31% | Dec 2025 18% | Mar 2026 28% | Jun 2026 -38%
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 160% | Mar 2025 31% | Jun 2025 — | Sep 2025 -369% | Dec 2025 -777% | Mar 2026 67% | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 11% | Dec 2025 -3.5% | Mar 2026 9.4% | Jun 2026 22%
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -95% | Jun 2024 -71% | Sep 2024 73% | Dec 2024 -285% | Mar 2025 -17% | Jun 2025 -70% | Sep 2025 -33% | Dec 2025 — | Mar 2026 -36% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. HDFC Life Insurance Company Ltd (HDFCLIFE): ₹3.1K Cr
2. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): ₹2.6K Cr
3. Religare Enterprises Ltd (RELIGARE): ₹493 Cr
4. Go Digit General Insurance Ltd (GODIGIT): ₹350 Cr
5. Canara HSBC Life Insurance Company Ltd (CANHLIFE): ₹250 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- HDFCLIFE: Sep 2021 ₹600 Cr | Dec 2021 ₹600 Cr | Mar 2022 ₹600 Cr | Jun 2022 ₹950 Cr | Sep 2022 ₹950 Cr | Dec 2022 ₹950 Cr | Mar 2023 ₹950 Cr | Jun 2023 ₹950 Cr | Sep 2023 ₹950 Cr | Dec 2023 ₹950 Cr | Mar 2024 ₹950 Cr | Jun 2024 ₹950 Cr | Sep 2024 ₹950 Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.1K Cr
- ICICIPRULI: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹200 Cr | Mar 2024 ₹350 Cr | Jun 2024 ₹350 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹350 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹350 Cr | Jun 2026 —
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹250 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹250 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹250 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹250 Cr | Jun 2025 — | Sep 2025 ₹250 Cr | Dec 2025 — | Mar 2026 ₹250 Cr | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹250 Cr | Jun 2026 —
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹841 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹443 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹233 Cr | Jun 2025 — | Sep 2025 ₹319 Cr | Dec 2025 — | Mar 2026 ₹493 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Niva Bupa Health Insurance Company Ltd leads roa at 3%; Go Digit General Insurance Ltd leads roa change at +0.2 percentage points.

Investor read: Niva Bupa Health Insurance Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Niva Bupa Health Insurance Company Ltd · 3% | 36.4% versus #2 · Go Digit General Insurance Ltd | Not enough history | 8/8 companies · 68 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Niva Bupa Health Insurance Company Ltd (NIVABUPA): 3.0%
2. Go Digit General Insurance Ltd (GODIGIT): 2.2%
3. Life Insurance Corporation of India (LICI): 0.7%
4. Religare Enterprises Ltd (RELIGARE): 0.6%
5. HDFC Life Insurance Company Ltd (HDFCLIFE): 0.5%

### ROA change — fastest improvers
1. Go Digit General Insurance Ltd (GODIGIT): +0.2 pp
2. HDFC Life Insurance Company Ltd (HDFCLIFE): +0.1 pp
3. SBI Life Insurance Company Ltd (SBILIFE): 0.0 pp
4. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): −0.2 pp

### 20-quarter ROA history
- SBILIFE: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 0.7% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.6% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.5% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.3% | Jun 2026 —
- HDFCLIFE: Sep 2021 — | Dec 2021 0.4% | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 0.5% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 — | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.3% | Dec 2024 0.0% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.3% | Jun 2026 0.5%
- ICICIPRULI: Sep 2021 — | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 0.2% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.5% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.4% | Jun 2026 0.3%
- GODIGIT: Sep 2021 1.0% | Dec 2021 -2.5% | Mar 2022 -3.9% | Jun 2022 -2.3% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.0% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.4% | Dec 2024 — | Mar 2025 2.0% | Jun 2025 — | Sep 2025 2.1% | Dec 2025 — | Mar 2026 2.2% | Jun 2026 —

### 20-quarter ROA change history
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- HDFCLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 −0.5 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- ICICIPRULI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −0.1 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 −0.2 pp
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 — | Mar 2025 +1.0 pp | Jun 2025 — | Sep 2025 +0.7 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Life Insurance Corporation of India leads roe at 37.8%; ICICI Prudential Life Insurance Company Ltd leads roe change at +5.3 percentage points.

Investor read: Life Insurance Corporation of India sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Life Insurance Corporation of India · 37.8% | 175.9% versus #2 · SBI Life Insurance Company Ltd | Not enough history | 8/8 companies · 73 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Life Insurance Corporation of India (LICI): 38%
2. SBI Life Insurance Company Ltd (SBILIFE): 14%
3. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): 13%
4. Go Digit General Insurance Ltd (GODIGIT): 12%
5. HDFC Life Insurance Company Ltd (HDFCLIFE): 11%

### ROE change — fastest improvers
1. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): +5.3 pp
2. Go Digit General Insurance Ltd (GODIGIT): +1.7 pp
3. HDFC Life Insurance Company Ltd (HDFCLIFE): −0.6 pp
4. SBI Life Insurance Company Ltd (SBILIFE): −1.0 pp

### 20-quarter ROE history
- SBILIFE: Sep 2021 8.5% | Dec 2021 9.2% | Mar 2022 13% | Jun 2022 24% | Sep 2022 9.0% | Dec 2022 13% | Mar 2023 9.8% | Jun 2023 24% | Sep 2023 12% | Dec 2023 11% | Mar 2024 9.1% | Jun 2024 22% | Sep 2024 14% | Dec 2024 13% | Mar 2025 13% | Jun 2025 19% | Sep 2025 14% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- HDFCLIFE: Sep 2021 — | Dec 2021 12% | Mar 2022 12% | Jun 2022 15% | Sep 2022 9.4% | Dec 2022 7.6% | Mar 2023 7.1% | Jun 2023 9.4% | Sep 2023 13% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 11% | Mar 2026 9.7% | Jun 2026 11%
- ICICIPRULI: Sep 2021 — | Dec 2021 21% | Mar 2022 14% | Jun 2022 8.2% | Sep 2022 6.9% | Dec 2022 8.6% | Mar 2023 9.0% | Jun 2023 9.3% | Sep 2023 8.0% | Dec 2023 9.2% | Mar 2024 8.3% | Jun 2024 6.3% | Sep 2024 8.1% | Dec 2024 8.8% | Mar 2025 11% | Jun 2025 13% | Sep 2025 9.8% | Dec 2025 9.4% | Mar 2026 12% | Jun 2026 18%
- GODIGIT: Sep 2021 5.4% | Dec 2021 -16% | Mar 2022 -27% | Jun 2022 -15% | Sep 2022 — | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 6.9% | Dec 2023 4.5% | Mar 2024 5.3% | Jun 2024 6.1% | Sep 2024 12% | Dec 2024 8.8% | Mar 2025 10% | Jun 2025 10% | Sep 2025 12% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROE change history
- SBILIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +3.4 pp | Mar 2023 −3.4 pp | Jun 2023 +0.7 pp | Sep 2023 +2.5 pp | Dec 2023 −1.5 pp | Mar 2024 −0.7 pp | Jun 2024 −2.2 pp | Sep 2024 +2.1 pp | Dec 2024 +2.2 pp | Mar 2025 +4.3 pp | Jun 2025 −2.7 pp | Sep 2025 +0.1 pp | Dec 2025 −2.4 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HDFCLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −4.7 pp | Mar 2023 −5.0 pp | Jun 2023 −6.0 pp | Sep 2023 +3.4 pp | Dec 2023 +3.7 pp | Mar 2024 +3.5 pp | Jun 2024 +2.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +0.5 pp | Dec 2025 −0.7 pp | Mar 2026 −1.0 pp | Jun 2026 −0.6 pp
- ICICIPRULI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −12.1 pp | Mar 2023 −5.0 pp | Jun 2023 +1.1 pp | Sep 2023 +1.1 pp | Dec 2023 +0.6 pp | Mar 2024 −0.7 pp | Jun 2024 −3.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.4 pp | Mar 2025 +2.9 pp | Jun 2025 +6.8 pp | Sep 2025 +1.7 pp | Dec 2025 +0.6 pp | Mar 2026 +0.6 pp | Jun 2026 +5.3 pp
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +28.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +3.4 pp | Jun 2024 — | Sep 2024 +4.9 pp | Dec 2024 +4.3 pp | Mar 2025 +4.9 pp | Jun 2025 +3.9 pp | Sep 2025 +0.2 pp | Dec 2025 +1.2 pp | Mar 2026 +1.7 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Life Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.08×, 80% below Go Digit General Insurance Ltd. Only 8 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Life Insurance Corporation of India · 0.08× | 80% versus #2 · Go Digit General Insurance Ltd | 0/8 recent comparable periods | 8/8 companies · 65 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Life Insurance Corporation of India (LICI): 0.1
2. Go Digit General Insurance Ltd (GODIGIT): 0.4
3. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): 0.4
4. HDFC Life Insurance Company Ltd (HDFCLIFE): 0.6
5. SBI Life Insurance Company Ltd (SBILIFE): 0.7

### P/BV — lowest P/BV
1. Religare Enterprises Ltd (RELIGARE): 3.0
2. Life Insurance Corporation of India (LICI): 3.0
3. Niva Bupa Health Insurance Company Ltd (NIVABUPA): 4.2
4. Go Digit General Insurance Ltd (GODIGIT): 4.9
5. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): 5.3

### 20-quarter P/BV ÷ ROE history
- SBILIFE: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 0.7 | Jun 2022 0.4 | Sep 2022 1.1 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 0.4 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 0.5 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- HDFCLIFE: Sep 2021 — | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.5 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 0.7
- ICICIPRULI: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 0.9 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.5 | Jun 2026 0.3
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/BV history
- LICI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16.1 | Mar 2023 13.2 | Jun 2023 8.7 | Sep 2023 8.9 | Dec 2023 8.5 | Mar 2024 9.3 | Jun 2024 13.5 | Sep 2024 7.8 | Dec 2024 5.8 | Mar 2025 5.2 | Jun 2025 7.3 | Sep 2025 4.3 | Dec 2025 3.8 | Mar 2026 3.4 | Jun 2026 —
- SBILIFE: Sep 2021 11.6 | Dec 2021 10.7 | Mar 2022 9.8 | Jun 2022 9.3 | Sep 2022 10.2 | Dec 2022 10.1 | Mar 2023 9.5 | Jun 2023 9.7 | Sep 2023 9.7 | Dec 2023 10.3 | Mar 2024 10.4 | Jun 2024 11.5 | Sep 2024 12.1 | Dec 2024 8.7 | Mar 2025 9.3 | Jun 2025 12.4 | Sep 2025 10.1 | Dec 2025 11.1 | Mar 2026 9.7 | Jun 2026 9.2
- HDFCLIFE: Sep 2021 17.0 | Dec 2021 14.8 | Mar 2022 11.8 | Jun 2022 7.6 | Sep 2022 9.1 | Dec 2022 9.9 | Mar 2023 6.7 | Jun 2023 10.3 | Sep 2023 10.1 | Dec 2023 10.2 | Mar 2024 9.6 | Jun 2024 8.7 | Sep 2024 10.2 | Dec 2024 8.6 | Mar 2025 9.3 | Jun 2025 10.8 | Sep 2025 9.7 | Dec 2025 9.5 | Mar 2026 7.5 | Jun 2026 7.8
- ICICIPRULI: Sep 2021 11.4 | Dec 2021 8.9 | Mar 2022 7.7 | Jun 2022 7.7 | Sep 2022 7.8 | Dec 2022 6.7 | Mar 2023 6.8 | Jun 2023 7.8 | Sep 2023 7.7 | Dec 2023 7.6 | Mar 2024 7.9 | Jun 2024 7.9 | Sep 2024 10.1 | Dec 2024 8.2 | Mar 2025 7.0 | Jun 2025 7.8 | Sep 2025 6.8 | Dec 2025 7.4 | Mar 2026 5.7 | Jun 2026 5.2
- GODIGIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.0 | Sep 2024 7.4 | Dec 2024 6.4 | Mar 2025 5.7 | Jun 2025 7.3 | Sep 2025 7.5 | Dec 2025 6.9 | Mar 2026 6.5 | Jun 2026 6.7
- NIVABUPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.9 | Jun 2025 4.0 | Sep 2025 3.9 | Dec 2025 3.7 | Mar 2026 3.4 | Jun 2026 —
- CANHLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.5 | Jun 2026 8.1
- RELIGARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -4.2 | Mar 2023 -4.7 | Jun 2023 -5.8 | Sep 2023 3.8 | Dec 2023 3.1 | Mar 2024 3.1 | Jun 2024 3.8 | Sep 2024 4.3 | Dec 2024 3.8 | Mar 2025 3.2 | Jun 2025 3.1 | Sep 2025 3.3 | Dec 2025 2.8 | Mar 2026 2.5 | Jun 2026 —

## Market action

SBI Life Insurance Company Ltd has the strongest one-year price move in Finance - Insurance at +3.9%. Niva Bupa Health Insurance Company Ltd leads on Mansfield relative strength against NIFTY at +10.6%. 2 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. SBI Life Insurance Company Ltd (SBILIFE): 3.9%
2. Niva Bupa Health Insurance Company Ltd (NIVABUPA): -3.0%
3. Religare Enterprises Ltd (RELIGARE): -4.1%
4. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): -21%
5. HDFC Life Insurance Company Ltd (HDFCLIFE): -25%

### Strongest relative strength versus NIFTY 500
1. Niva Bupa Health Insurance Company Ltd (NIVABUPA): 11%
2. Religare Enterprises Ltd (RELIGARE): 7.4%
3. Life Insurance Corporation of India (LICI): -0.2%
4. SBI Life Insurance Company Ltd (SBILIFE): -1.4%
5. ICICI Prudential Life Insurance Company Ltd (ICICIPRULI): -14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Life Insurance Corporation of India (LICI) — market value ₹5.3 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- SBI Life Insurance Company Ltd (SBILIFE) — market value ₹1.9 L Cr; latest fundamentals Jun 2026
- HDFC Life Insurance Company Ltd (HDFCLIFE) — market value ₹1.2 L Cr; latest fundamentals Jun 2026
- ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) — market value ₹72.6K Cr; latest fundamentals Jun 2026
- Go Digit General Insurance Ltd (GODIGIT) — market value ₹23.7K Cr; latest fundamentals Jun 2026
- Niva Bupa Health Insurance Company Ltd (NIVABUPA) — market value ₹16.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Canara HSBC Life Insurance Company Ltd (CANHLIFE) — market value ₹14.0K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Religare Enterprises Ltd (RELIGARE) — market value ₹8.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 4. Graded companies: 8.

4 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Life Insurance Corporation of India (LICI) — its two data sources disagree by up to 120% on reported income across 14 comparable periods, so its derived ratios are withheld; Niva Bupa Health Insurance Company Ltd (NIVABUPA) — its two data sources disagree by up to 860% on reported income across 11 comparable periods, so its derived ratios are withheld; Canara HSBC Life Insurance Company Ltd (CANHLIFE) — its two data sources disagree by up to 195% on reported income across 7 comparable periods, so its derived ratios are withheld; Religare Enterprises Ltd (RELIGARE) — its two data sources disagree by up to 41% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | LICI | Life Insurance Corporation of India | diff_gt_2pct | disagreement up to 120.23% over 14 comparable periods
- WITHHELD | NIVABUPA | Niva Bupa Health Insurance Company Ltd | diff_gt_2pct | disagreement up to 860.15% over 11 comparable periods
- WITHHELD | CANHLIFE | Canara HSBC Life Insurance Company Ltd | diff_gt_2pct | disagreement up to 195.18% over 7 comparable periods
- WITHHELD | RELIGARE | Religare Enterprises Ltd | diff_gt_2pct | disagreement up to 41.18% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance - Insurance index?

The Nifty Finance - Insurance index tracks India's listed Finance - Insurance companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - Insurance sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance - Insurance stocks in India?

Ranked by this page's four-factor score, Life Insurance Corporation of India places first among 8 listed Finance - Insurance companies, followed by Niva Bupa Health Insurance Company Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance - Insurance stocks are listed in India?

This comparison covers 8 listed Finance - Insurance companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance - Insurance company is the biggest?

Life Insurance Corporation of India is the largest, with trailing-twelve-month income of ₹9,78,893 crore, ahead of SBI Life Insurance Company Ltd at ₹1,19,656 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Finance - Insurance company is growing fastest?

Niva Bupa Health Insurance Company Ltd has the fastest income growth at 24.6% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance - Insurance company makes the most profit?

Life Insurance Corporation of India earns the most, at ₹57,426 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. ICICI Prudential Life Insurance Company Ltd has the fastest profit growth at 35.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance - Insurance company earns the highest return on capital?

Niva Bupa Health Insurance Company Ltd leads on return on assets at 3%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance - Insurance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Life Insurance Corporation of India screens cheapest at 0.08×. Only 8 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance - Insurance sector beating the market?

Finance - Insurance has underperformed NIFTY 500 by 13.4% over the last 52 weeks and 0.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance - Insurance stock has the strongest price momentum?

Niva Bupa Health Insurance Company Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance - Insurance company scores highest for research priority?

Life Insurance Corporation of India scores 66.8 out of 100 with 72.9% evidence confidence, from 21.5 points on growth and earnings, 16.6 on capital efficiency, 19.7 on valuation and 9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance - Insurance companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance - Insurance sector?

The 8 Finance - Insurance companies on this page carry ₹9,74,907 crore of combined market value. Life Insurance Corporation of India is the largest at ₹5,32,944 crore, about 55% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance - Insurance sector's P/B ratio?

The median price-to-book ratio across the 8 Finance - Insurance companies on this page is 5.3×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance - Insurance sector performing?

2 of the 7 covered Finance - Insurance companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-insurance