General Insurance Stocks and Companies in India

The largest General Insurance stocks in India by market value are ICICI Lombard (₹82,406 crore), GIC Re (₹60,054 crore) and Star Health & Allied Insurance Company (₹33,243 crore), at prices of 6 Nov 2026.

• ICICI Lombard: ₹1,649 | market value ₹82,406 crore | P/BV 4.4
• GIC Re: ₹342.30 | market value ₹60,054 crore | P/BV 0.8
• Star Health & Allied Insurance Company: ₹564.75 | market value ₹33,243 crore | P/BV 3.2
• New India Assurance: ₹157.33 | market value ₹25,928 crore | P/BV 0.9

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian Finance - Non Life Insurance companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance - Non Life Insurance index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. ICICI Lombard General Insurance Company Ltd₹79,000 cr
2. General Insurance Corporation of India₹54,500 cr
3. Star Health & Allied Insurance Company Ltd₹31,200 cr
4. New India Assurance Company Ltd₹26,200 cr

4 General Insurance companies in the Finance - Non Life Insurance industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is ICICI Lombard General Insurance Company (₹78,998 crore) and the smallest with a market value is New India Assurance Company.

Download all 4 General Insurance companies (CSV)

The line below covers up to 5.1 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 3% behind NIFTY 500. Earnings across its companies grew 7% on average over the last four reported quarters, close to flat.

0 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 4 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 4 pass the momentum test (no change from four weeks earlier); earnings rising at 1 of the 4 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings not confirming, 1 of 4 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Finance - Non Life Insurance has done better than the NIFTY 500 by 0.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.2%. Star Health & Allied Insurance Company Ltd is the strongest against the sector itself at +7.7%.

Finance - Non Life Insurance has done better than the NIFTY 500 by 0.8% over 52 weeks, but is 0.2% behind over the last 13 weeks. 0 of 4 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of the 3 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Star Health & Allied Insurance Company Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 88% evidence confidence.

General Insurance Corporation of India scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Star Health & Allied Insurance Company Ltd has the strongest one-year price move in Finance - Non Life Insurance at +7.3%. It also leads on relative strength against the NIFTY, at +8.3%. 2 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Finance - Non Life Insurance itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 4 Finance - Non Life Insurance companies held a results call for July to September 2026. Star Health & Allied Insurance Company guided: Fresh business growth 20% plus through H2 and consistently long term.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.4 points over the last two quarters. Founders and promoters cut theirs by 1.3 points.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 Finance - Non Life Insurance companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Finance - Non Life Insurance figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 4 themes are live here, 2 of them rated high severity.

The sector is navigating a complex environment of double-digit top-line growth offset by structural inflation and climate risks. STARHEALTH is currently outperforming by successfully passing on medical inflation through pricing and improving its loss ratios.

The Non-Life Insurance sector presents a bifurcated picture this quarter. STARHEALTH delivered a blowout performance with PAT surging 416% YoY to Rs. 449 crore, fueled by a 23% growth in Gross Written Premium (Rs. 5,047 crore) and a 320 bps improvement in its combined ratio to 98.9%.

How old this read is: OLD: this read comes from our Finance - Non Life Insurance sector brief dated 17 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Finance - Non Life Insurance sector brief, 17 Apr 2026 · company earnings-call transcripts.

General Insurance Corporation of India has the highest Income among the 4 Finance - Non Life Insurance companies compared here, at ₹54,993 crore. New India Assurance Company Ltd is next at ₹50,234 crore. ICICI Lombard General Insurance Company Ltd has the highest Income growth at 14%, so level and change sit with different companies.

What the numbers say: General Insurance Corporation of India is the largest at ₹54,993 crore, 9.5% ahead of New India Assurance Company Ltd. ICICI Lombard General Insurance Company Ltd's growth is 14% from a ₹29,038 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: General Insurance Corporation of India is the size to compare against; ICICI Lombard General Insurance Company Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Income · company comparison

Income · largest

Income growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

General Insurance Corporation of India has the highest Net profit among the 4 Finance - Non Life Insurance companies compared here, at ₹8,969 crore. ICICI Lombard General Insurance Company Ltd is next at ₹2,555 crore. Star Health & Allied Insurance Company Ltd has the highest Profit growth at 43.6%, so level and change sit with different companies.

What the numbers say: General Insurance Corporation of India earns the most, ₹8,969 crore of profit over the last 12 months, 251% above ICICI Lombard General Insurance Company Ltd. Star Health & Allied Insurance Company Ltd shows 43.6% growth from a profit base of ₹1,054 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: General Insurance Corporation of India sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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 ₹76 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.

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Star Health & Allied Insurance Company Ltd has the highest ROA among the 4 Finance - Non Life Insurance companies compared here, at 3.3%. General Insurance Corporation of India is next at 3%. The same company also has the highest ROA change, at +0.8 percentage points. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Star Health & Allied Insurance Company Ltd leads both roa at 3.3% and roa change at +0.8 percentage points.

What this means: Star Health & Allied Insurance Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on assets · company comparison

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

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%. Star Health & Allied Insurance Company Ltd has the highest ROE change at +2.2 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%; Star Health & Allied Insurance Company Ltd leads roe change at +2.2 percentage points.

What this means: ICICI Lombard General Insurance Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on equity · company comparison

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

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. Filings were read through Sep 2026.

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

General Insurance Corporation of India has the lowest P/BV ÷ ROE among the 4 Finance - Non Life Insurance companies compared here, at 0.05×. New India Assurance Company Ltd is next at 0.19×. The same company also has the lowest P/BV, at 0.74×. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: General Insurance Corporation of India has the lowest comparable P/BV ÷ ROE at 0.05×, 73.7% below New India Assurance Company Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance - Non Life Insurance companies show up on 3 of our India lists. The most are on the small & mid cap stocks list (4 companies).

This Finance - Non Life Insurance comparison names 6 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. 2 of the 7 ranked sections have fewer than three usable current readings. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

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 Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.