Sector Alpha Week of 2026-08-05
20-quarter listed-company comparison

Finance - Non Life Insurance Stocks in India

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.

01 · the index people search for

Nifty Finance - Non Life Insurance Index — Constituents & Performance

The Finance - Non Life Insurance companies below are the listed Indian Finance - Non Life Insurance universe this page tracks — the same constituent set people search for as the Nifty Finance - Non Life Insurance index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Finance - Non Life Insurance moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 17% behind NIFTY 500. Earnings across its companies grew 8% on average over the last four reported quarters — close to flat.

TURNING · ahead 1w~Price down, no fundamental support2 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑1w · 2/4 >200d (+0) · 2/4 lead (+0) · EPS 2/4↑

20020262025202420232022 266333 TRAILING 12-MONTH EPS · 100 AT THE START0100158Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 21.9% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 105, against 100 at the start · up 14.3% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 109, against 100 at the start · up 10.7% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 120, against 100 at the start · up 18.7% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 126, against 100 at the start · up 22.0% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 142, against 100 at the start · up 8.0% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 142, against 100 at the start · up 2.0% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 14.9% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 5.3% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 154, against 100 at the start · up 14.4% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 156, against 100 at the start · up 21.6% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingJun 2026 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two156 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20020262025202420232022 266333 TRAILING 12-MONTH EPS · 100 AT THE START0100158Mar 24Mar 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 21.9% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 105, against 100 at the start · up 14.3% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 109, against 100 at the start · up 10.7% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 120, against 100 at the start · up 18.7% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 126, against 100 at the start · up 22.0% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 142, against 100 at the start · up 8.0% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 142, against 100 at the start · up 2.0% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 14.9% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 5.3% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 154, against 100 at the start · up 14.4% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 156, against 100 at the start · up 21.6% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingJun 2026 · too few reporting — 2 of the Finance - Non Life Insurance filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two156No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Finance - Non Life Insurance, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Finance - Non Life Insurance outperforming NIFTY 500?

Finance - Non Life Insurance has underperformed NIFTY 500 by 5.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.2%. 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.

+0.2%Sector vs NIFTY 500 · 13 weeks
-5.7%Sector vs NIFTY 500 · 52 weeks
2/4Stocks leading NIFTY 500
2/4Stocks leading sector

Sector metric: 13.8 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Finance - Non Life Insurance has underperformed NIFTY 500 by 5.7% over 52 weeks and 0.2% 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.

Companies
4
complete canonical membership
Combined market value
₹2.1 L Cr
ICICI Lombard General Insurance Company Ltd
Revenue growing
4/4
positive TTM year-on-year growth
Beating NIFTY 500
2/4
positive Mansfield relative strength
Comparing 4 of 4
04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
General Insurance Corporation of India has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.
Star Health & Allied Insurance Company Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1General Insurance Corporation of IndiaGICRE 60.3/100Mixed-positive evidence82% evidence ASLEEP 23.4/35 Income 6.8% · PAT 30% 75% evidence 19.5/25 ROA 2.7% · ROE 14.6% · GNPA — 72% evidence 17.2/20 P/BV 0.89× · P/BV÷ROE 0.06 90% evidence 0.2/20 RS sector -4.8% · RS bench -6.8% · 1Y -4.6%0 of 12 weeks ahead 100% evidence
Exact sum: 23.4 + 19.5 + 17.2 + 0.2 = 60.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.8% and the one-year return is -4.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2ICICI Lombard General Insurance Company LtdICICIGI 48.5/100Mixed-negative evidence80% evidence ASLEEP 10.1/35 Income 11.8% · PAT -9.2% 86% evidence 20.7/25 ROA 2.5% · ROE 16.6% · GNPA — 72% evidence 8.5/20 P/BV 4.76× · P/BV÷ROE 0.29 90% evidence 9.2/20 RS sector 1.9% · RS bench -14% · 1Y -15.5%0 of 10 weeks ahead 70% evidence
Exact sum: 10.1 + 20.7 + 8.5 + 9.2 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Star Health & Allied Insurance Company LtdSTARHEALTH 43.9/100Mixed-negative evidence88% evidence LEADER 12.1/35 Income 11.3% · PAT 10.3% 86% evidence 8.6/25 ROA 1% · ROE 6.7% · GNPA — 72% evidence 3.2/20 P/BV 3.41× · P/BV÷ROE 0.51 100% evidence 20.0/20 RS sector 23.7% · RS bench 21% · 1Y 41.4%11 of 12 weeks ahead 100% evidence
Exact sum: 12.1 + 8.6 + 3.2 + 20 = 43.9 · Decision use: Price leads the evidence: RS versus the benchmark is 21%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4New India Assurance Company LtdNIACL 38.8/100Thin evidence · provisional47% evidence TURNING 13.3/35 Income 11.3% · PAT -35.2% 52% evidence 9.5/25 ROA — · ROE 4.9% · GNPA — 34% evidence 9.4/20 P/BV — · P/BV÷ROE — 30% evidence 6.6/20 RS sector -20.8% · RS bench 2.2% · 1Y -3.5%6 of 10 weeks ahead 70% evidence
Exact sum: 13.3 + 9.5 + 9.4 + 6.6 = 38.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
05 · what price has already done

Market action

Star Health & Allied Insurance Company Ltd has the strongest one-year price move in Finance - Non Life Insurance at +41.4%. It also leads on Mansfield relative strength against NIFTY at +21%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Income Scale & Growth Durability

General Insurance Corporation of India has the highest Income among the 4 Finance - Non Life Insurance companies compared here, at ₹52,985 crore. New India Assurance Company Ltd is next at ₹49,963 crore. ICICI Lombard General Insurance Company Ltd has the highest Income growth at 11.8%, so level and change sit with different companies.

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.

LeaderGeneral Insurance Corporation of India · ₹52,985 crore
Gap6% versus #2 · New India Assurance Company Ltd
Persistence5/8 recent comparable periods
Coverage4/4 companies · 59 observations

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.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.
Incomelargest
1General Insurance Corporation of India GICRE₹53.0K Cr
2New India Assurance Company Ltd NIACL₹50.0K Cr
3ICICI Lombard General Insurance Company Ltd ICICIGI₹27.7K Cr
4Star Health & Allied Insurance Company Ltd STARHEALTH₹19.1K Cr
Income growthfastest growers
1ICICI Lombard General Insurance Company Ltd ICICIGI12%
2New India Assurance Company Ltd NIACL11%
3Star Health & Allied Insurance Company Ltd STARHEALTH11%
4General Insurance Corporation of India GICRE6.8%
Income · company comparison
4/4 level · 4/4 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyIncomeIncome growthReported
General Insurance Corporation of India GICRE₹13.0K Cr-1.5%Mar 2026
New India Assurance Company Ltd NIACL₹11.9K Cr1.5%Jun 2026
ICICI Lombard General Insurance Company Ltd ICICIGI₹7.1K Cr11%Jun 2026
Star Health & Allied Insurance Company Ltd STARHEALTH₹5.5K Cr13%Jun 2026
Full 20-quarter history · every available company

Income · reported quarter history

General Insurance Corporation of India · GICRE

—
—
—
—
—
₹11.3K Cr
₹10.7K Cr
₹11.2K Cr
₹13.1K Cr
₹11.1K Cr
₹10.3K Cr
₹12.9K Cr
₹12.4K Cr
₹11.1K Cr
₹13.2K Cr
₹14.6K Cr
₹12.8K Cr
₹12.6K Cr
₹13.0K Cr
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
—
—
—
—
₹4.6K Cr
₹4.5K Cr
₹4.7K Cr
₹5.3K Cr
₹5.2K Cr
₹5.4K Cr
₹5.6K Cr
₹6.1K Cr
₹6.2K Cr
₹6.1K Cr
₹6.4K Cr
₹6.9K Cr
₹6.9K Cr
₹6.8K Cr
₹7.1K Cr

New India Assurance Company Ltd · NIACL

—
—
—
—
—
₹10.6K Cr
₹10.2K Cr
₹9.9K Cr
₹10.6K Cr
₹11.4K Cr
₹11.7K Cr
₹10.4K Cr
₹10.8K Cr
₹10.7K Cr
₹11.7K Cr
₹11.7K Cr
₹13.5K Cr
₹12.1K Cr
₹12.5K Cr
₹11.9K Cr

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
—
₹3.1K Cr
₹3.1K Cr
₹3.3K Cr
₹3.5K Cr
₹3.6K Cr
₹3.7K Cr
₹3.8K Cr
₹4.1K Cr
₹4.1K Cr
₹4.1K Cr
₹4.9K Cr
₹4.4K Cr
₹4.6K Cr
₹4.6K Cr
₹5.5K Cr

Income growth · reported quarter history

General Insurance Corporation of India · GICRE

—
—
—
—
—
—
—
—
—
-1.1%
-3.8%
15%
-5.3%
-0.0%
29%
13%
3.1%
13%
-1.5%
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
—
—
—
—
—
—
—
—
14%
19%
19%
17%
19%
12%
14%
12%
12%
13%
11%

New India Assurance Company Ltd · NIACL

—
—
—
—
—
—
—
—
—
7.7%
15%
5.2%
2.1%
-5.8%
-0.2%
12%
25%
13%
7.5%
1.5%

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
—
—
—
—
—
16%
18%
16%
17%
16%
11%
28%
7.9%
10%
14%
13%
07 · compare level, then change

Profit Scale & Acceleration

General Insurance Corporation of India has the highest Net profit among the 4 Finance - Non Life Insurance companies compared here, at ₹9,664 crore. ICICI Lombard General Insurance Company Ltd is next at ₹2,429 crore. The same company also holds the highest Profit growth, at 30%. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderGeneral Insurance Corporation of India · ₹9,664 crore
Gap297.9% versus #2 · ICICI Lombard General Insurance Company Ltd
Persistence7/8 recent comparable periods
Coverage4/4 companies · 74 observations

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.

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 profitlargest
1General Insurance Corporation of India GICRE₹9.7K Cr
2ICICI Lombard General Insurance Company Ltd ICICIGI₹2.4K Cr
3Star Health & Allied Insurance Company Ltd STARHEALTH₹844 Cr
4New India Assurance Company Ltd NIACL₹776 Cr
Profit growthfastest growers
1General Insurance Corporation of India GICRE30%
2Star Health & Allied Insurance Company Ltd STARHEALTH10%
3ICICI Lombard General Insurance Company Ltd ICICIGI-9.2%
4New India Assurance Company Ltd NIACL-35%
Net profit · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
General Insurance Corporation of India GICRE₹2.5K Cr1.4%Mar 2026
Star Health & Allied Insurance Company Ltd STARHEALTH₹550 Cr26%Jun 2026
ICICI Lombard General Insurance Company Ltd ICICIGI₹403 Cr-46%Jun 2026
New India Assurance Company Ltd NIACL₹-239 Cr-159%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

General Insurance Corporation of India · GICRE

₹1.3K Cr
₹142 Cr
₹1.9K Cr
₹729 Cr
₹2.2K Cr
₹1.2K Cr
₹2.7K Cr
₹978 Cr
₹1.7K Cr
₹1.4K Cr
₹2.6K Cr
₹1.4K Cr
₹1.9K Cr
₹1.7K Cr
₹2.5K Cr
₹2.5K Cr
₹2.9K Cr
₹1.7K Cr
₹2.5K Cr
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

₹447 Cr
₹318 Cr
₹313 Cr
₹349 Cr
₹591 Cr
₹353 Cr
₹437 Cr
₹390 Cr
₹577 Cr
₹431 Cr
₹520 Cr
₹580 Cr
₹694 Cr
₹724 Cr
₹510 Cr
₹747 Cr
₹820 Cr
₹659 Cr
₹547 Cr
₹403 Cr

New India Assurance Company Ltd · NIACL

—
—
—
—
—
₹736 Cr
₹124 Cr
₹261 Cr
₹-175 Cr
₹722 Cr
₹313 Cr
₹243 Cr
₹91 Cr
₹349 Cr
₹356 Cr
₹402 Cr
₹55 Cr
₹380 Cr
₹580 Cr
₹-239 Cr

Star Health & Allied Insurance Company Ltd · STARHEALTH

₹-171 Cr
₹-578 Cr
₹-82 Cr
₹213 Cr
₹93 Cr
₹210 Cr
₹102 Cr
₹288 Cr
₹125 Cr
₹290 Cr
₹142 Cr
₹319 Cr
₹111 Cr
₹215 Cr
₹1 Cr
₹438 Cr
₹55 Cr
₹128 Cr
₹111 Cr
₹550 Cr

Profit growth · reported quarter history

General Insurance Corporation of India · GICRE

—
—
—
—
64%
768%
41%
34%
-24%
17%
-5.5%
43%
9.9%
17%
-3.1%
81%
55%
2.9%
1.4%
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
—
—
—
32%
11%
40%
12%
-2.4%
22%
19%
49%
20%
68%
-1.9%
29%
18%
-9.0%
7.3%
-46%

New India Assurance Company Ltd · NIACL

—
—
—
—
—
—
—
—
—
-1.9%
152%
-6.9%
—
-52%
14%
65%
-40%
8.9%
63%
-159%

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
—
—
—
35%
34%
38%
39%
11%
-11%
-26%
-99%
37%
-50%
-40%
11,000%
26%
08 · compare level, then change

Funding Base & Its Composition

No company in this Finance - Non Life Insurance comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, Star Health & Allied Insurance Company Ltd is highest at ₹490 crore, across 4 of 4 companies with a usable reading.

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

LeaderNo comparable leader
GapNot enough peers
PersistenceNot enough history
Coverage0/4 companies · 0 observations

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.

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.
Depositslargest deposit bases
—Not enough comparable data—
Borrowingslargest borrowings
1Star Health & Allied Insurance Company Ltd STARHEALTH₹490 Cr
2General Insurance Corporation of India GICRE₹0 Cr
3ICICI Lombard General Insurance Company Ltd ICICIGI₹0 Cr
4New India Assurance Company Ltd NIACL₹0 Cr
Funding base · company comparison
0/4 level · 4/4 change
All-company data · latest reported quarter
CompanyDepositsBorrowingsReported
ICICI Lombard General Insurance Company Ltd ICICIGI—₹0 CrJun 2026
General Insurance Corporation of India GICRE—₹0 CrMar 2026
Star Health & Allied Insurance Company Ltd STARHEALTH—₹490 CrJun 2026
New India Assurance Company Ltd NIACL—₹0 CrJun 2026
Full 20-quarter history · every available company

No consistent historical series is available for deposits.

Borrowings · reported quarter history

General Insurance Corporation of India · GICRE

—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

₹255 Cr
₹255 Cr
₹255 Cr
₹255 Cr
₹35 Cr
₹35 Cr
₹35 Cr
₹35 Cr
₹35 Cr
₹35 Cr
₹35 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

New India Assurance Company Ltd · NIACL

—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
₹720 Cr
₹720 Cr
₹720 Cr
₹520 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹470 Cr
₹490 Cr
—
09 · compare level, then change

Return On Assets

General Insurance Corporation of India has the highest ROA among the 4 Finance - Non Life Insurance companies compared here, at 2.7%. ICICI Lombard General Insurance Company Ltd is next at 2.5%. The same company also holds the highest ROA change, at +0.3 percentage points. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

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

LeaderGeneral Insurance Corporation of India · 2.7%
Gap8% versus #2 · ICICI Lombard General Insurance Company Ltd
Persistence6/8 recent comparable periods
Coverage3/4 companies · 54 observations

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.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.
ROAhighest
1General Insurance Corporation of India GICRE2.7%
2ICICI Lombard General Insurance Company Ltd ICICIGI2.5%
3Star Health & Allied Insurance Company Ltd STARHEALTH1.0%
ROA changefastest improvers
1General Insurance Corporation of India GICRE+0.3 pp
2ICICI Lombard General Insurance Company Ltd ICICIGI−0.2 pp
3Star Health & Allied Insurance Company Ltd STARHEALTH−1.2 pp
Return on assets · company comparison
3/4 level · 3/4 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROAROA changeReported
General Insurance Corporation of India GICRE2.7%+0.3 ppMar 2026
ICICI Lombard General Insurance Company Ltd ICICIGI2.5%−0.2 ppJun 2026
Star Health & Allied Insurance Company Ltd STARHEALTH1.0%−1.2 ppJun 2026
Full 20-quarter history · every available company

ROA · reported quarter history

General Insurance Corporation of India · GICRE

-3.0%
2.6%
-0.1%
5.8%
3.2%
—
4.2%
4.2%
1.5%
2.1%
3.6%
3.7%
2.0%
3.0%
2.4%
4.1%
3.5%
3.7%
2.7%
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
3.3%
2.1%
2.2%
2.2%
2.8%
2.1%
3.0%
2.3%
3.2%
2.4%
3.1%
3.0%
3.5%
3.5%
2.7%
3.5%
3.6%
2.9%
2.5%

Star Health & Allied Insurance Company Ltd · STARHEALTH

-5.9%
—
-6.8%
-1.2%
5.0%
2.2%
5.0%
2.8%
6.1%
2.7%
6.1%
3.0%
6.1%
2.2%
3.1%
3.7%
4.4%
1.0%
—
—

ROA change · reported quarter history

General Insurance Corporation of India · GICRE

—
—
—
—
+6.2 pp
—
+4.3 pp
−1.6 pp
−1.7 pp
—
−0.6 pp
−0.5 pp
+0.5 pp
+0.9 pp
−1.2 pp
+0.4 pp
+1.5 pp
+0.7 pp
+0.3 pp
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
—
—
—
—
−0.5 pp
0.0 pp
+0.8 pp
+0.1 pp
+0.4 pp
+0.3 pp
+0.1 pp
+0.7 pp
+0.3 pp
+1.1 pp
−0.4 pp
+0.5 pp
+0.1 pp
−0.6 pp
−0.2 pp

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
+10.9 pp
—
+11.8 pp
+4.0 pp
+1.1 pp
+0.5 pp
+1.1 pp
+0.2 pp
0.0 pp
−0.5 pp
−3.0 pp
+0.7 pp
−1.7 pp
−1.2 pp
—
—
10 · compare level, then change

ROE — Leaders & Improvers

ICICI Lombard General Insurance Company Ltd has the highest ROE among the 4 Finance - Non Life Insurance companies compared here, at 16.6%. General Insurance Corporation of India is next at 14.6%. General Insurance Corporation of India has the highest ROE change at +0.1 percentage points, so level and change sit with different companies.

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.

LeaderICICI Lombard General Insurance Company Ltd · 16.6%
Gap13.7% versus #2 · General Insurance Corporation of India
Persistence4/8 recent comparable periods
Coverage4/4 companies · 56 observations

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.

ROE shows the return to shareholders, but should be read with asset quality and leverage.
ROEhighest
1ICICI Lombard General Insurance Company Ltd ICICIGI17%
2General Insurance Corporation of India GICRE15%
3Star Health & Allied Insurance Company Ltd STARHEALTH6.7%
4New India Assurance Company Ltd NIACL4.9%
ROE changefastest improvers
1General Insurance Corporation of India GICRE+0.1 pp
2ICICI Lombard General Insurance Company Ltd ICICIGI−0.7 pp
3Star Health & Allied Insurance Company Ltd STARHEALTH−5.6 pp
Return on equity · company comparison
4/4 level · 3/4 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROEROE changeReported
ICICI Lombard General Insurance Company Ltd ICICIGI13%−0.7 ppJun 2026
General Insurance Corporation of India GICRE7.3%+0.1 ppMar 2026
Star Health & Allied Insurance Company Ltd STARHEALTH6.7%−5.6 ppJun 2026
Full 20-quarter history · every available company

ROE · reported quarter history

General Insurance Corporation of India · GICRE

-7.7%
9.5%
1.0%
13%
7.9%
9.6%
7.7%
17%
5.6%
9.1%
7.7%
13%
6.4%
8.0%
7.2%
11%
11%
12%
7.3%
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
20%
13%
13%
15%
24%
14%
17%
14%
20%
14%
16%
17%
19%
20%
14%
19%
20%
16%
13%

Star Health & Allied Insurance Company Ltd · STARHEALTH

-20%
—
-16%
-5.2%
13%
5.7%
13%
6.2%
17%
7.5%
17%
8.4%
19%
6.4%
12%
0.0%
14%
2.9%
6.7%
—

ROE change · reported quarter history

General Insurance Corporation of India · GICRE

—
—
—
—
+15.6 pp
+0.1 pp
+6.7 pp
+3.5 pp
−2.3 pp
−0.5 pp
0.0 pp
−3.8 pp
+0.8 pp
−1.1 pp
−0.5 pp
−1.6 pp
+4.5 pp
+4.3 pp
+0.1 pp
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
—
—
—
—
+3.8 pp
+0.1 pp
+3.4 pp
−0.5 pp
−3.9 pp
+0.6 pp
−0.3 pp
+3.2 pp
−0.4 pp
+5.7 pp
−2.5 pp
+1.8 pp
+0.6 pp
−4.2 pp
−0.7 pp

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
+33.1 pp
—
+29.1 pp
+11.4 pp
+4.1 pp
+1.8 pp
+4.4 pp
+2.2 pp
+1.4 pp
−1.1 pp
−4.9 pp
−8.4 pp
−4.6 pp
−3.5 pp
−5.6 pp
—
11 · not available

Gross NPA — Leaders & Improvers

No company in this Finance - Non Life Insurance comparison reports gross NPA on a comparable basis, so there is nothing to rank here — 0 of 4 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out.

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

Withheld from this comparison: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

12 · compare level, then change

Valuation Against Growth & Quality

General Insurance Corporation of India has the lowest P/BV ÷ ROE among the 4 Finance - Non Life Insurance companies compared here, at 0.06×. ICICI Lombard General Insurance Company Ltd is next at 0.29×. The same company also holds the lowest P/BV, at 0.89×. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: General Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.06×, 79.3% below ICICI Lombard General Insurance Company Ltd. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderGeneral Insurance Corporation of India · 0.06×
Gap79.3% versus #2 · ICICI Lombard General Insurance Company Ltd
Persistence0/8 recent comparable periods
Coverage3/4 companies · 51 observations

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.

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 ÷ ROElowest return-adjusted price
1General Insurance Corporation of India GICRE0.1
2ICICI Lombard General Insurance Company Ltd ICICIGI0.3
3Star Health & Allied Insurance Company Ltd STARHEALTH0.5
P/BVlowest P/BV
1General Insurance Corporation of India GICRE0.9
2Star Health & Allied Insurance Company Ltd STARHEALTH3.4
3ICICI Lombard General Insurance Company Ltd ICICIGI4.8
Valuation · company comparison
3/4 level · 3/4 change
All-company data · latest reported quarter
CompanyP/BV ÷ ROEP/BVReported
Star Health & Allied Insurance Company Ltd STARHEALTH0.53.5Jun 2026
ICICI Lombard General Insurance Company Ltd ICICIGI0.45.4Jun 2026
General Insurance Corporation of India GICRE0.10.9Mar 2026
New India Assurance Company Ltd NIACL—1.1Jun 2026
Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

General Insurance Corporation of India · GICRE

—
0.1
0.6
0.1
0.1
0.1
0.1
0.0
0.1
0.1
0.2
0.1
0.2
0.2
0.2
0.1
0.1
0.1
0.1
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

—
0.4
0.5
0.5
0.4
0.3
0.4
0.4
0.4
0.3
0.5
0.4
0.5
0.3
0.3
0.5
0.3
0.3
0.3
0.4

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
—
—
—
0.5
0.9
0.5
1.2
0.4
0.6
0.3
0.7
0.3
0.6
0.2
—
0.3
1.2
0.5
—

P/BV · reported quarter history

General Insurance Corporation of India · GICRE

0.8
0.7
0.6
0.6
0.6
0.8
0.7
0.7
0.8
1.1
1.2
1.5
1.2
1.4
1.2
1.2
1.0
1.1
0.9
—

ICICI Lombard General Insurance Company Ltd · ICICIGI

9.3
7.7
7.0
6.7
5.7
6.1
5.7
6.0
5.9
6.2
7.1
7.2
8.7
6.7
6.4
6.9
6.2
6.1
5.3
5.4

New India Assurance Company Ltd · NIACL

—
—
0.5
—
—
0.8
0.6
0.7
0.8
1.3
1.4
1.5
1.4
1.1
0.8
1.1
1.1
0.9
0.7
1.1

Star Health & Allied Insurance Company Ltd · STARHEALTH

—
7.2
6.4
4.8
6.2
5.0
6.5
7.3
6.4
4.6
4.7
6.0
5.6
4.0
3.0
3.8
3.7
3.5
3.6
3.5
13 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Finance - Non Life Insurance comparison names 7 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-feed figures withheld because the two sources disagree. 2 of the 7 ranked sections have fewer than three usable current readings.

Keep these limits visible

  • 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.
14 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 4 Finance - Non Life Insurance companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · weekly price and relative-strength history
Derived metricsGrowth, changes and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 0 unverified · 1 withheld, of 4 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

15 · questions investors ask, short speakable answers

Finance - Non Life Insurance company comparison FAQs

These 22 answers restate the Finance - Non Life Insurance comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

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

Finance - Non Life Insurance has underperformed NIFTY 500 by 5.7% over 52 weeks and 0.2% 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 60.3/100 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 3 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Finance - Non Life Insurance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 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 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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 5.7% over the last 52 weeks and 0.2% 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 60.3 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 0.2 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, 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 ₹2,07,629 crore of combined market value. ICICI Lombard General Insurance Company Ltd is the largest at ₹81,081 crore, about 39% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 5.7% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.

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