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

> Finance - Non Life Insurance: General Insurance Corporation of India owns the largest revenue base; ICICI Lombard General 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 - Non Life Insurance has underperformed NIFTY 500 by 0.4% over 52 weeks and 0.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. General Insurance Corporation of India leads with income of ₹52,985 crore, based on 4 of 4 comparable companies through Mar 2026.

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

Finance - Non Life Insurance has underperformed NIFTY 500 by 0.4% over 52 weeks and 0.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

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

General Insurance Corporation of India leads with income of ₹52,985 crore, based on 4 of 4 comparable companies through Mar 2026.

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

ICICI Lombard General Insurance Company Ltd has the fastest current income growth at 11.8%, across 4 of 4 comparable companies.

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

General Insurance Corporation of India ranks first at 60.9/100 with 82.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

General Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.06, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this Finance - Non Life 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 - Non Life Insurance has underperformed NIFTY 500 by 0.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.1%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.1%
52-week sector return versus NIFTY 500: -0.4%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹2.1 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. General Insurance Corporation of India (GICRE): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 23.4/35 | Capital efficiency 19.5/25 | Valuation 17.2/20 | Relative strength 0.8/20
   - Exact sum: 23.4 + 19.5 + 17.2 + 0.8 = 60.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.4% and the one-year return is -6.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): 48/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 10.1/35 | Capital efficiency 20.7/25 | Valuation 8.4/20 | Relative strength 9.2/20
   - Exact sum: 10.1 + 20.7 + 8.4 + 9.2 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.0/35 | Capital efficiency 8.8/25 | Valuation 3.2/20 | Relative strength 20.0/20
   - Exact sum: 9 + 8.8 + 3.2 + 20 = 41
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. New India Assurance Company Ltd (NIACL): 38/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 13.3/35 | Capital efficiency 9.5/25 | Valuation 7.6/20 | Relative strength 7.6/20
   - Exact sum: 13.3 + 9.5 + 7.6 + 7.6 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: General Insurance Corporation of India is the scale leader at ₹52,985 crore, 6% ahead of New India Assurance Company Ltd. ICICI Lombard General Insurance Company Ltd's growth is 11.8% from a ₹27,687 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

This conclusion weakens if: General Insurance Corporation of India's growth falls below ICICI Lombard General Insurance Company Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: General Insurance Corporation of India · ₹52,985 crore | 6% versus #2 · New India Assurance Company Ltd | 5/8 recent comparable periods | 4/4 companies · 58 observations

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

### Income — largest
1. General Insurance Corporation of India (GICRE): ₹53.0K Cr
2. New India Assurance Company Ltd (NIACL): ₹50.0K Cr
3. ICICI Lombard General Insurance Company Ltd (ICICIGI): ₹27.7K Cr
4. Star Health & Allied Insurance Company Ltd (STARHEALTH): ₹17.8K Cr

### Income growth — fastest growers
1. ICICI Lombard General Insurance Company Ltd (ICICIGI): 12%
2. New India Assurance Company Ltd (NIACL): 11%
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): 11%
4. General Insurance Corporation of India (GICRE): 6.8%

### 20-quarter Income history
- ICICIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.1K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 ₹7.1K Cr
- GICRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11.3K Cr | Mar 2023 ₹10.7K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹10.3K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹12.4K Cr | Dec 2024 ₹11.1K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹14.6K Cr | Sep 2025 ₹12.8K Cr | Dec 2025 ₹12.6K Cr | Mar 2026 ₹13.0K Cr | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- NIACL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10.6K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹9.9K Cr | Sep 2023 ₹10.6K Cr | Dec 2023 ₹11.4K Cr | Mar 2024 ₹11.7K Cr | Jun 2024 ₹10.4K Cr | Sep 2024 ₹10.8K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹11.7K Cr | Jun 2025 ₹11.7K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹12.1K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 ₹11.9K Cr

### 20-quarter Income growth history
- ICICIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 19% | Jun 2024 19% | Sep 2024 17% | Dec 2024 19% | Mar 2025 12% | Jun 2025 14% | Sep 2025 12% | Dec 2025 12% | Mar 2026 13% | Jun 2026 11%
- GICRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.1% | Mar 2024 -3.8% | Jun 2024 15% | Sep 2024 -5.3% | Dec 2024 -0.0% | Mar 2025 29% | Jun 2025 13% | Sep 2025 3.1% | Dec 2025 13% | Mar 2026 -1.5% | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 18% | Jun 2024 16% | Sep 2024 17% | Dec 2024 16% | Mar 2025 11% | Jun 2025 11% | Sep 2025 7.9% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- NIACL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 15% | Jun 2024 5.2% | Sep 2024 2.1% | Dec 2024 -5.8% | Mar 2025 -0.2% | Jun 2025 12% | Sep 2025 25% | Dec 2025 13% | Mar 2026 7.5% | Jun 2026 1.5%

## Profit Scale & Acceleration

What the numbers say: General Insurance Corporation of India leads with ₹9,664 crore of TTM profit, 297.9% above ICICI Lombard General Insurance Company Ltd. General Insurance Corporation of India shows 30% growth from a ₹9,664 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: General 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: General Insurance Corporation of India · ₹9,664 crore | 297.9% versus #2 · ICICI Lombard General Insurance Company Ltd | 7/8 recent comparable periods | 4/4 companies · 73 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. General Insurance Corporation of India (GICRE): ₹9.7K Cr
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): ₹2.4K Cr
3. New India Assurance Company Ltd (NIACL): ₹776 Cr
4. Star Health & Allied Insurance Company Ltd (STARHEALTH): ₹557 Cr

### Profit growth — fastest growers
1. General Insurance Corporation of India (GICRE): 30%
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): -9.2%
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): -14%
4. New India Assurance Company Ltd (NIACL): -35%

### 20-quarter Net profit history
- ICICIGI: Sep 2021 ₹447 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹349 Cr | Sep 2022 ₹591 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹437 Cr | Jun 2023 ₹390 Cr | Sep 2023 ₹577 Cr | Dec 2023 ₹431 Cr | Mar 2024 ₹520 Cr | Jun 2024 ₹580 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹724 Cr | Mar 2025 ₹510 Cr | Jun 2025 ₹747 Cr | Sep 2025 ₹820 Cr | Dec 2025 ₹659 Cr | Mar 2026 ₹547 Cr | Jun 2026 ₹403 Cr
- GICRE: Sep 2021 ₹1.3K Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹729 Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹978 Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- STARHEALTH: Sep 2021 ₹-171 Cr | Dec 2021 ₹-578 Cr | Mar 2022 ₹-82 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹290 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- NIACL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹736 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹-175 Cr | Dec 2023 ₹722 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹356 Cr | Jun 2025 ₹402 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹380 Cr | Mar 2026 ₹580 Cr | Jun 2026 ₹-239 Cr

### 20-quarter Profit growth history
- ICICIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 11% | Mar 2023 40% | Jun 2023 12% | Sep 2023 -2.4% | Dec 2023 22% | Mar 2024 19% | Jun 2024 49% | Sep 2024 20% | Dec 2024 68% | Mar 2025 -1.9% | Jun 2025 29% | Sep 2025 18% | Dec 2025 -9.0% | Mar 2026 7.3% | Jun 2026 -46%
- GICRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 64% | Dec 2022 768% | Mar 2023 41% | Jun 2023 34% | Sep 2023 -24% | Dec 2023 17% | Mar 2024 -5.5% | Jun 2024 43% | Sep 2024 9.9% | Dec 2024 17% | Mar 2025 -3.1% | Jun 2025 81% | Sep 2025 55% | Dec 2025 2.9% | Mar 2026 1.4% | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 35% | Sep 2023 34% | Dec 2023 38% | Mar 2024 39% | Jun 2024 11% | Sep 2024 -11% | Dec 2024 -26% | Mar 2025 -99% | Jun 2025 -18% | Sep 2025 -50% | Dec 2025 -40% | Mar 2026 11,000% | Jun 2026 —
- NIACL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.9% | Mar 2024 152% | Jun 2024 -6.9% | Sep 2024 — | Dec 2024 -52% | Mar 2025 14% | Jun 2025 65% | Sep 2025 -40% | Dec 2025 8.9% | Mar 2026 63% | Jun 2026 -159%

## 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 | 0/4 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. Star Health & Allied Insurance Company Ltd (STARHEALTH): ₹490 Cr
2. General Insurance Corporation of India (GICRE): ₹0 Cr
3. ICICI Lombard General Insurance Company Ltd (ICICIGI): ₹0 Cr
4. New India Assurance Company Ltd (NIACL): ₹0 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- ICICIGI: Sep 2021 ₹255 Cr | Dec 2021 ₹255 Cr | Mar 2022 ₹255 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹35 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 —
- GICRE: 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 —
- STARHEALTH: Sep 2021 — | Dec 2021 ₹720 Cr | Mar 2022 ₹720 Cr | Jun 2022 ₹720 Cr | Sep 2022 ₹520 Cr | Dec 2022 ₹470 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹470 Cr | Sep 2023 ₹470 Cr | Dec 2023 ₹470 Cr | Mar 2024 ₹470 Cr | Jun 2024 ₹470 Cr | Sep 2024 ₹470 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹470 Cr | Sep 2025 ₹470 Cr | Dec 2025 ₹470 Cr | Mar 2026 ₹490 Cr | Jun 2026 —
- NIACL: 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 —

## Return On Assets

What the numbers say: General Insurance Corporation of India leads both roa at 2.7% and roa change at +0.3 percentage points.

Investor read: General 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 roa change signal.

Evidence: General Insurance Corporation of India · 2.7% | 8% versus #2 · ICICI Lombard General Insurance Company Ltd | 6/8 recent comparable periods | 3/4 companies · 54 observations

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

### ROA — highest
1. General Insurance Corporation of India (GICRE): 2.7%
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): 2.5%
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): 1.0%

### ROA change — fastest improvers
1. General Insurance Corporation of India (GICRE): +0.3 pp
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): −0.2 pp
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): −1.2 pp

### 20-quarter ROA history
- ICICIGI: Sep 2021 — | Dec 2021 3.3% | Mar 2022 2.1% | Jun 2022 2.2% | Sep 2022 2.2% | Dec 2022 2.8% | Mar 2023 2.1% | Jun 2023 3.0% | Sep 2023 2.3% | Dec 2023 3.2% | Mar 2024 2.4% | Jun 2024 3.1% | Sep 2024 3.0% | Dec 2024 3.5% | Mar 2025 3.5% | Jun 2025 2.7% | Sep 2025 3.5% | Dec 2025 3.6% | Mar 2026 2.9% | Jun 2026 2.5%
- GICRE: Sep 2021 -3.0% | Dec 2021 2.6% | Mar 2022 -0.1% | Jun 2022 5.8% | Sep 2022 3.2% | Dec 2022 — | Mar 2023 4.2% | Jun 2023 4.2% | Sep 2023 1.5% | Dec 2023 2.1% | Mar 2024 3.6% | Jun 2024 3.7% | Sep 2024 2.0% | Dec 2024 3.0% | Mar 2025 2.4% | Jun 2025 4.1% | Sep 2025 3.5% | Dec 2025 3.7% | Mar 2026 2.7% | Jun 2026 —
- STARHEALTH: Sep 2021 -5.9% | Dec 2021 — | Mar 2022 -6.8% | Jun 2022 -1.2% | Sep 2022 5.0% | Dec 2022 2.2% | Mar 2023 5.0% | Jun 2023 2.8% | Sep 2023 6.1% | Dec 2023 2.7% | Mar 2024 6.1% | Jun 2024 3.0% | Sep 2024 6.1% | Dec 2024 2.2% | Mar 2025 3.1% | Jun 2025 2.8% | Sep 2025 4.4% | Dec 2025 1.0% | Mar 2026 — | Jun 2026 —

### 20-quarter ROA change history
- ICICIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.5 pp | Mar 2023 0.0 pp | Jun 2023 +0.8 pp | Sep 2023 +0.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.7 pp | Dec 2024 +0.3 pp | Mar 2025 +1.1 pp | Jun 2025 −0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +0.1 pp | Mar 2026 −0.6 pp | Jun 2026 −0.2 pp
- GICRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 −1.6 pp | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 −0.5 pp | Sep 2024 +0.5 pp | Dec 2024 +0.9 pp | Mar 2025 −1.2 pp | Jun 2025 +0.4 pp | Sep 2025 +1.5 pp | Dec 2025 +0.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.9 pp | Dec 2022 — | Mar 2023 +11.8 pp | Jun 2023 +4.0 pp | Sep 2023 +1.1 pp | Dec 2023 +0.5 pp | Mar 2024 +1.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 −0.5 pp | Mar 2025 −3.0 pp | Jun 2025 −0.2 pp | Sep 2025 −1.7 pp | Dec 2025 −1.2 pp | Mar 2026 — | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: ICICI Lombard General Insurance Company Ltd leads roe at 16.6%; General Insurance Corporation of India leads roe change at +0.1 percentage points.

Investor read: ICICI Lombard General 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 roe change signal.

Evidence: ICICI Lombard General Insurance Company Ltd · 16.6% | 13.7% versus #2 · General Insurance Corporation of India | 4/8 recent comparable periods | 4/4 companies · 56 observations

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

### ROE — highest
1. ICICI Lombard General Insurance Company Ltd (ICICIGI): 17%
2. General Insurance Corporation of India (GICRE): 15%
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): 6.7%
4. New India Assurance Company Ltd (NIACL): 4.9%

### ROE change — fastest improvers
1. General Insurance Corporation of India (GICRE): +0.1 pp
2. ICICI Lombard General Insurance Company Ltd (ICICIGI): −0.7 pp
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): −5.6 pp

### 20-quarter ROE history
- ICICIGI: Sep 2021 — | Dec 2021 20% | Mar 2022 13% | Jun 2022 13% | Sep 2022 15% | Dec 2022 24% | Mar 2023 14% | Jun 2023 17% | Sep 2023 14% | Dec 2023 20% | Mar 2024 14% | Jun 2024 16% | Sep 2024 17% | Dec 2024 19% | Mar 2025 20% | Jun 2025 14% | Sep 2025 19% | Dec 2025 20% | Mar 2026 16% | Jun 2026 13%
- GICRE: Sep 2021 -7.7% | Dec 2021 9.5% | Mar 2022 1.0% | Jun 2022 13% | Sep 2022 7.9% | Dec 2022 9.6% | Mar 2023 7.7% | Jun 2023 17% | Sep 2023 5.6% | Dec 2023 9.1% | Mar 2024 7.7% | Jun 2024 13% | Sep 2024 6.4% | Dec 2024 8.0% | Mar 2025 7.2% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 7.3% | Jun 2026 —
- STARHEALTH: Sep 2021 -20% | Dec 2021 — | Mar 2022 -16% | Jun 2022 -5.2% | Sep 2022 13% | Dec 2022 5.7% | Mar 2023 13% | Jun 2023 6.2% | Sep 2023 17% | Dec 2023 7.5% | Mar 2024 17% | Jun 2024 8.4% | Sep 2024 19% | Dec 2024 6.4% | Mar 2025 12% | Jun 2025 0.0% | Sep 2025 14% | Dec 2025 2.9% | Mar 2026 6.7% | Jun 2026 —

### 20-quarter ROE change history
- ICICIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.8 pp | Mar 2023 +0.1 pp | Jun 2023 +3.4 pp | Sep 2023 −0.5 pp | Dec 2023 −3.9 pp | Mar 2024 +0.6 pp | Jun 2024 −0.3 pp | Sep 2024 +3.2 pp | Dec 2024 −0.4 pp | Mar 2025 +5.7 pp | Jun 2025 −2.5 pp | Sep 2025 +1.8 pp | Dec 2025 +0.6 pp | Mar 2026 −4.2 pp | Jun 2026 −0.7 pp
- GICRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.6 pp | Dec 2022 +0.1 pp | Mar 2023 +6.7 pp | Jun 2023 +3.5 pp | Sep 2023 −2.3 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 −3.8 pp | Sep 2024 +0.8 pp | Dec 2024 −1.1 pp | Mar 2025 −0.5 pp | Jun 2025 −1.6 pp | Sep 2025 +4.5 pp | Dec 2025 +4.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +33.1 pp | Dec 2022 — | Mar 2023 +29.1 pp | Jun 2023 +11.4 pp | Sep 2023 +4.1 pp | Dec 2023 +1.8 pp | Mar 2024 +4.4 pp | Jun 2024 +2.2 pp | Sep 2024 +1.4 pp | Dec 2024 −1.1 pp | Mar 2025 −4.9 pp | Jun 2025 −8.4 pp | Sep 2025 −4.6 pp | Dec 2025 −3.5 pp | Mar 2026 −5.6 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 | 0/4 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: General Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.06×, 70% below New India Assurance Company Ltd. Only 4 of 4 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: General Insurance Corporation of India · 0.06× | 70% versus #2 · New India Assurance Company Ltd | 0/8 recent comparable periods | 4/4 companies · 51 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. General Insurance Corporation of India (GICRE): 0.1
2. New India Assurance Company Ltd (NIACL): 0.2
3. ICICI Lombard General Insurance Company Ltd (ICICIGI): 0.3
4. Star Health & Allied Insurance Company Ltd (STARHEALTH): 0.5

### P/BV — lowest P/BV
1. General Insurance Corporation of India (GICRE): 0.9
2. New India Assurance Company Ltd (NIACL): 1.0
3. Star Health & Allied Insurance Company Ltd (STARHEALTH): 3.6
4. ICICI Lombard General Insurance Company Ltd (ICICIGI): 4.9

### 20-quarter P/BV ÷ ROE history
- ICICIGI: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.5 | 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 0.4
- GICRE: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.6 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.2 | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 0.9 | Mar 2023 0.5 | Jun 2023 1.2 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 0.3 | Jun 2024 0.7 | Sep 2024 0.3 | Dec 2024 0.6 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 0.3 | Dec 2025 1.2 | Mar 2026 0.5 | Jun 2026 —

### 20-quarter P/BV history
- ICICIGI: Sep 2021 9.3 | Dec 2021 7.7 | Mar 2022 7.0 | Jun 2022 6.7 | Sep 2022 5.7 | Dec 2022 6.1 | Mar 2023 5.7 | Jun 2023 6.0 | Sep 2023 5.9 | Dec 2023 6.2 | Mar 2024 7.1 | Jun 2024 7.2 | Sep 2024 8.7 | Dec 2024 6.7 | Mar 2025 6.4 | Jun 2025 6.9 | Sep 2025 6.2 | Dec 2025 6.1 | Mar 2026 5.3 | Jun 2026 5.4
- GICRE: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 1.2 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- STARHEALTH: Sep 2021 — | Dec 2021 7.2 | Mar 2022 6.4 | Jun 2022 4.8 | Sep 2022 6.2 | Dec 2022 5.0 | Mar 2023 6.5 | Jun 2023 7.3 | Sep 2023 6.4 | Dec 2023 4.6 | Mar 2024 4.7 | Jun 2024 6.0 | Sep 2024 5.6 | Dec 2024 4.0 | Mar 2025 3.0 | Jun 2025 3.8 | Sep 2025 3.7 | Dec 2025 3.5 | Mar 2026 3.6 | Jun 2026 —
- NIACL: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 — | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 1.1

## Market action

Star Health & Allied Insurance Company Ltd has the strongest one-year price move in Finance - Non Life Insurance at +34%. It also leads on Mansfield relative strength against NIFTY at +20.4%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Star Health & Allied Insurance Company Ltd (STARHEALTH): 34%
2. General Insurance Corporation of India (GICRE): -6.5%
3. New India Assurance Company Ltd (NIACL): -6.6%
4. ICICI Lombard General Insurance Company Ltd (ICICIGI): -13%

### Strongest relative strength versus NIFTY 500
1. Star Health & Allied Insurance Company Ltd (STARHEALTH): 20%
2. New India Assurance Company Ltd (NIACL): 4.1%
3. General Insurance Corporation of India (GICRE): -4.6%
4. ICICI Lombard General Insurance Company Ltd (ICICIGI): -10%

## 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.
- 1 company is 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
- ICICI Lombard General Insurance Company Ltd (ICICIGI) — market value ₹83.0K Cr; latest fundamentals Jun 2026
- General Insurance Corporation of India (GICRE) — market value ₹62.7K Cr; latest fundamentals Mar 2026
- Star Health & Allied Insurance Company Ltd (STARHEALTH) — market value ₹34.2K Cr; latest fundamentals Mar 2026
- New India Assurance Company Ltd (NIACL) — market value ₹28.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 1. Graded companies: 4.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: New India Assurance Company Ltd (NIACL) — its two data sources disagree by up to 8.3% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | NIACL | New India Assurance Company Ltd | diff_gt_2pct | disagreement up to 8.25% 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 - Non Life Insurance index?

The Nifty Finance - Non Life Insurance index tracks India's listed Finance - Non Life Insurance companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - Non Life Insurance sector rather than to its largest constituent. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, General Insurance Corporation of India places first among 4 listed Finance - Non Life Insurance companies, followed by ICICI Lombard General 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 - Non Life Insurance stocks are listed in India?

This comparison covers 4 listed Finance - Non Life 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 - Non Life Insurance company is the biggest?

General Insurance Corporation of India is the largest, with trailing-twelve-month income of ₹52,985 crore, ahead of New India Assurance Company Ltd at ₹49,963 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

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

ICICI Lombard General Insurance Company Ltd has the fastest income growth at 11.8% year on year, across 4 of 4 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 - Non Life Insurance company makes the most profit?

General Insurance Corporation of India earns the most, at ₹9,664 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. General Insurance Corporation of India has the fastest profit growth at 30%, though growth off a small or recovering profit base overstates how much has actually changed.

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

General Insurance Corporation of India leads on return on assets at 2.7%, across 3 of 4 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 - Non Life Insurance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — General Insurance Corporation of India screens cheapest at 0.06×. Only 4 of 4 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 - Non Life Insurance sector beating the market?

Finance - Non Life Insurance has underperformed NIFTY 500 by 0.4% over the last 52 weeks and 0.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Star Health & Allied 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 - Non Life Insurance company scores highest for research priority?

General Insurance Corporation of India scores 60.9 out of 100 with 82.3% evidence confidence, from 23.4 points on growth and earnings, 19.5 on capital efficiency, 17.2 on valuation and 0.8 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 - Non Life Insurance companies does this comparison cover, and over what period?

It compares 4 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 - Non Life Insurance sector?

The 4 Finance - Non Life Insurance companies on this page carry ₹2,08,431 crore of combined market value. ICICI Lombard General Insurance Company Ltd is the largest at ₹82,983 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

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

2 of the 4 covered Finance - Non Life Insurance companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 0.4% 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-non-life-insurance