20-quarter listed-company comparison

Insurance - Proxy Stocks in India

Insurance - Proxy: PB Fintech Ltd owns the largest revenue base AND the fastest current growth.

01 · the index people search for

Nifty Insurance - Proxy Index — Constituents & Performance

All 2 listed Indian Insurance - Proxy companies are named here, largest first — the same constituent set people search for as the Nifty Insurance - Proxy index. Every figure on this page is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

PB Fintech Ltd₹80.6K Cr
Medi Assist Healthcare Services Ltd₹2.6K Cr

02 · sector relative strength, before individual stocks

Is Insurance - Proxy outperforming NIFTY 500?

Insurance - Proxy has underperformed NIFTY 500 by 21% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.7%. 1 of 2 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. PB Fintech Ltd is the strongest against the sector itself at +9.8%.

-6.7%Sector vs NIFTY 500 · 13 weeks

-21.0%Sector vs NIFTY 500 · 52 weeks

1/2Stocks leading NIFTY 500

1/2Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: current leadership is concentrated, so durability matters more than rank.

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

Bottom line

Insurance - Proxy has underperformed NIFTY 500 by 21% over 52 weeks and 6.7% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. PB Fintech Ltd leads with income of ₹7,334 crore, based on 2 of 2 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹83.2K Cr

PB Fintech Ltd

Revenue growing

2/2

positive TTM year-on-year growth

Beating NIFTY 500

1/2

positive Mansfield relative strength

Comparing 2 of 2

03 · research priority, made explicit

Best Insurance - Proxy Stocks in India (Aug 2026), Ranked by Data

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%

PB Fintech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80% evidence confidence.

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.

Top 10 Insurance - Proxy Stocks in India

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1PB Fintech LtdPOLICYBZR	69.1/100Favorable setup80% evidence	BASING	32.5/35 Income 38% · PAT 97.9% 86% evidence	14.7/25 ROA 7.7% · ROE 9.8% · GNPA — 72% evidence	4.0/20 P/BV 11.02× · P/BV÷ROE 1.13 60% evidence	17.9/20 RS sector 9.8% · RS bench 2.4% · 1Y -1.6%2 of 12 weeks ahead 100% evidence
Exact sum: 32.5 + 14.7 + 4 + 17.9 = 69.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Medi Assist Healthcare Services LtdMEDIASSIST	38.4/100Mixed-negative evidence80% evidence	ASLEEP	10.5/35 Income 27.4% · PAT -2.1% 86% evidence	19.1/25 ROA 6.5% · ROE 13.9% · GNPA — 72% evidence	7.7/20 P/BV 3.12× · P/BV÷ROE 0.22 60% evidence	1.1/20 RS sector -11.5% · RS bench -18.2% · 1Y -35.5%3 of 12 weeks ahead 100% evidence
Exact sum: 10.5 + 19.1 + 7.7 + 1.1 = 38.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

04 · what price has already done

Market action

PB Fintech Ltd has the strongest one-year price move in Insurance - Proxy at -1.6%. It also leads on Mansfield relative strength against NIFTY at +2.4%. 1 of 2 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

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.

05 · compare level, then change

Income Scale & Growth Durability

PB Fintech Ltd has the highest Income among the 2 Insurance - Proxy companies compared here, at ₹7,334 crore. Medi Assist Healthcare Services Ltd is next at ₹952 crore. The same company also holds the highest Income growth, at 38%. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: PB Fintech Ltd is the scale leader at ₹7,334 crore, 670.4% ahead of Medi Assist Healthcare Services Ltd. PB Fintech Ltd's growth is 38% from a ₹7,334 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderPB Fintech Ltd · ₹7,334 crore

Gap670.4% versus #2 · Medi Assist Healthcare Services Ltd

Persistence8/8 recent comparable periods

Coverage2/2 companies · 37 observations

Investor read: PB Fintech Ltd is the scale benchmark; PB Fintech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: PB Fintech Ltd's growth falls below PB Fintech 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

1PB Fintech Ltd POLICYBZR₹7.3K Cr

2Medi Assist Healthcare Services Ltd MEDIASSIST₹952 Cr

Income growthfastest growers

1PB Fintech Ltd POLICYBZR38%

2Medi Assist Healthcare Services Ltd MEDIASSIST27%

Income · company comparison

2/2 level · 2/2 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.

Company	Income	Income growth	Reported
PB Fintech Ltd POLICYBZR	₹1.9K Cr	40%	Jun 2026
Medi Assist Healthcare Services Ltd MEDIASSIST	₹237 Cr	24%	Jun 2026

Full 20-quarter history · every available company

Income · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹122 Cr

Sep 2022₹122 Cr

Dec 2022₹125 Cr

Mar 2023₹136 Cr

Jun 2023₹141 Cr

Sep 2023₹161 Cr

Dec 2023₹166 Cr

Mar 2024₹167 Cr

Jun 2024₹168 Cr

Sep 2024₹181 Cr

Dec 2024₹186 Cr

Mar 2025₹189 Cr

Jun 2025₹191 Cr

Sep 2025₹233 Cr

Dec 2025₹240 Cr

Mar 2026₹242 Cr

Jun 2026₹237 Cr

PB Fintech Ltd · POLICYBZR

Sep 2021₹280 Cr

Dec 2021₹367 Cr

Mar 2022₹540 Cr

Jun 2022₹505 Cr

Sep 2022₹573 Cr

Dec 2022₹610 Cr

Mar 2023₹869 Cr

Jun 2023₹666 Cr

Sep 2023₹812 Cr

Dec 2023₹871 Cr

Mar 2024₹1.1K Cr

Jun 2024₹1.0K Cr

Sep 2024₹1.2K Cr

Dec 2024₹1.3K Cr

Mar 2025₹1.5K Cr

Jun 2025₹1.3K Cr

Sep 2025₹1.6K Cr

Dec 2025₹1.8K Cr

Mar 2026₹2.1K Cr

Jun 2026₹1.9K Cr

Income growth · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202316%

Sep 202332%

Dec 202333%

Mar 202423%

Jun 202419%

Sep 202412%

Dec 202412%

Mar 202513%

Jun 202514%

Sep 202529%

Dec 202529%

Mar 202628%

Jun 202624%

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022112%

Sep 2022105%

Dec 202266%

Mar 202361%

Jun 202332%

Sep 202342%

Dec 202343%

Mar 202425%

Jun 202452%

Sep 202444%

Dec 202448%

Mar 202538%

Jun 202533%

Sep 202538%

Dec 202537%

Mar 202637%

Jun 202640%

06 · compare level, then change

Profit Scale & Acceleration

PB Fintech Ltd has the highest Net profit among the 2 Insurance - Proxy companies compared here, at ₹748 crore. Medi Assist Healthcare Services Ltd is next at ₹94 crore. The same company also holds the highest Profit growth, at 97.9%. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: PB Fintech Ltd leads with ₹748 crore of TTM profit, 695.7% above Medi Assist Healthcare Services Ltd. PB Fintech Ltd shows 97.9% growth from a ₹748 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderPB Fintech Ltd · ₹748 crore

Gap695.7% versus #2 · Medi Assist Healthcare Services Ltd

Persistence7/7 recent comparable periods

Coverage2/2 companies · 37 observations

Investor read: PB Fintech 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 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

1PB Fintech Ltd POLICYBZR₹748 Cr

2Medi Assist Healthcare Services Ltd MEDIASSIST₹94 Cr

Profit growthfastest growers

1PB Fintech Ltd POLICYBZR98%

2Medi Assist Healthcare Services Ltd MEDIASSIST-2.1%

Net profit · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
PB Fintech Ltd POLICYBZR	₹163 Cr	92%	Jun 2026
Medi Assist Healthcare Services Ltd MEDIASSIST	₹28 Cr	22%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹18 Cr

Sep 2022₹18 Cr

Dec 2022₹22 Cr

Mar 2023₹16 Cr

Jun 2023₹18 Cr

Sep 2023₹5 Cr

Dec 2023₹21 Cr

Mar 2024₹26 Cr

Jun 2024₹19 Cr

Sep 2024₹21 Cr

Dec 2024₹30 Cr

Mar 2025₹22 Cr

Jun 2025₹23 Cr

Sep 2025₹8 Cr

Dec 2025₹4 Cr

Mar 2026₹54 Cr

Jun 2026₹28 Cr

PB Fintech Ltd · POLICYBZR

Sep 2021₹-204 Cr

Dec 2021₹-298 Cr

Mar 2022₹-220 Cr

Jun 2022₹-204 Cr

Sep 2022₹-187 Cr

Dec 2022₹-88 Cr

Mar 2023₹-9 Cr

Jun 2023₹-12 Cr

Sep 2023₹-21 Cr

Dec 2023₹37 Cr

Mar 2024₹60 Cr

Jun 2024₹60 Cr

Sep 2024₹51 Cr

Dec 2024₹72 Cr

Mar 2025₹170 Cr

Jun 2025₹85 Cr

Sep 2025₹135 Cr

Dec 2025₹189 Cr

Mar 2026₹261 Cr

Jun 2026₹163 Cr

Profit growth · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20230.0%

Sep 2023-72%

Dec 2023-4.6%

Mar 202463%

Jun 20245.6%

Sep 2024320%

Dec 202443%

Mar 2025-15%

Jun 202521%

Sep 2025-62%

Dec 2025-87%

Mar 2026145%

Jun 202622%

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 202495%

Mar 2025183%

Jun 202542%

Sep 2025165%

Dec 2025163%

Mar 202654%

Jun 202692%

07 · compare level, then change

Funding Base & Its Composition

No company in this Insurance - Proxy comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, PB Fintech Ltd is highest at ₹360 crore, across 2 of 2 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

Coverage0/2 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

1PB Fintech Ltd POLICYBZR₹360 Cr

2Medi Assist Healthcare Services Ltd MEDIASSIST₹54 Cr

Funding base · company comparison

0/2 level · 2/2 change

All-company data · latest reported quarter

Company	Deposits	Borrowings	Reported
PB Fintech Ltd POLICYBZR	—	₹360 Cr	Jun 2026
Medi Assist Healthcare Services Ltd MEDIASSIST	—	₹54 Cr	Jun 2026

Full 20-quarter history · every available company

No consistent historical series is available for deposits.

Borrowings · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022₹27 Cr

Jun 2022₹27 Cr

Sep 2022—

Dec 2022—

Mar 2023₹31 Cr

Jun 2023—

Sep 2023₹31 Cr

Dec 2023—

Mar 2024₹26 Cr

Jun 2024₹26 Cr

Sep 2024₹59 Cr

Dec 2024₹59 Cr

Mar 2025₹204 Cr

Jun 2025₹204 Cr

Sep 2025₹305 Cr

Dec 2025₹305 Cr

Mar 2026₹54 Cr

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022₹159 Cr

Jun 2022₹159 Cr

Sep 2022₹224 Cr

Dec 2022₹224 Cr

Mar 2023₹227 Cr

Jun 2023₹227 Cr

Sep 2023₹263 Cr

Dec 2023₹263 Cr

Mar 2024₹253 Cr

Jun 2024₹253 Cr

Sep 2024₹335 Cr

Dec 2024₹335 Cr

Mar 2025₹322 Cr

Jun 2025₹322 Cr

Sep 2025₹329 Cr

Dec 2025₹329 Cr

Mar 2026₹360 Cr

Jun 2026—

08 · compare level, then change

Return On Assets

PB Fintech Ltd has the highest ROA among the 2 Insurance - Proxy companies compared here, at 7.7%. Medi Assist Healthcare Services Ltd is next at 6.5%. The same company also holds the highest ROA change, at +3 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: PB Fintech Ltd leads both roa at 7.7% and roa change at +3 percentage points.

LeaderPB Fintech Ltd · 7.7%

Gap18.5% versus #2 · Medi Assist Healthcare Services Ltd

Persistence7/7 recent comparable periods

Coverage2/2 companies · 16 observations

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

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

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

ROAhighest

1PB Fintech Ltd POLICYBZR7.7%

2Medi Assist Healthcare Services Ltd MEDIASSIST6.5%

ROA changefastest improvers

1PB Fintech Ltd POLICYBZR+3.0 pp

2Medi Assist Healthcare Services Ltd MEDIASSIST−1.4 pp

Return on assets · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	ROA	ROA change	Reported
PB Fintech Ltd POLICYBZR	7.7%	+3.0 pp	Jun 2026
Medi Assist Healthcare Services Ltd MEDIASSIST	6.5%	−1.4 pp	Jun 2026

Full 20-quarter history · every available company

ROA · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202311%

Jun 2023—

Sep 20237.6%

Dec 2023—

Mar 20248.2%

Jun 2024—

Sep 20248.1%

Dec 2024—

Mar 20257.9%

Jun 2025—

Sep 20255.8%

Dec 2025—

Mar 20266.5%

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022-14%

Jun 2022—

Sep 2022-15%

Dec 2022—

Mar 2023-7.8%

Jun 2023—

Sep 2023-2.0%

Dec 2023—

Mar 20241.0%

Jun 2024—

Sep 20242.9%

Dec 2024—

Mar 20254.7%

Jun 2025—

Sep 20255.8%

Dec 2025—

Mar 20267.7%

Jun 2026—

ROA change · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024−2.3 pp

Jun 2024—

Sep 2024+0.5 pp

Dec 2024—

Mar 2025−0.3 pp

Jun 2025—

Sep 2025−2.3 pp

Dec 2025—

Mar 2026−1.4 pp

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023+6.3 pp

Jun 2023—

Sep 2023+13.2 pp

Dec 2023—

Mar 2024+8.8 pp

Jun 2024—

Sep 2024+4.9 pp

Dec 2024—

Mar 2025+3.7 pp

Jun 2025—

Sep 2025+2.9 pp

Dec 2025—

Mar 2026+3.0 pp

Jun 2026—

09 · compare level, then change

ROE — Leaders & Improvers

Medi Assist Healthcare Services Ltd has the highest ROE among the 2 Insurance - Proxy companies compared here, at 13.9%. PB Fintech Ltd is next at 9.8%. PB Fintech Ltd has the highest ROE change at +6.5 percentage points, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Medi Assist Healthcare Services Ltd leads roe at 13.9%; PB Fintech Ltd leads roe change at +6.5 percentage points.

LeaderMedi Assist Healthcare Services Ltd · 13.9%

Gap42.6% versus #2 · PB Fintech Ltd

Persistence4/7 recent comparable periods

Coverage2/2 companies · 28 observations

Investor read: Medi Assist Healthcare Services 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

1Medi Assist Healthcare Services Ltd MEDIASSIST14%

2PB Fintech Ltd POLICYBZR9.8%

ROE changefastest improvers

1PB Fintech Ltd POLICYBZR+6.5 pp

2Medi Assist Healthcare Services Ltd MEDIASSIST−21.2 pp

Return on equity · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	ROE	ROE change	Reported
PB Fintech Ltd POLICYBZR	11%	+6.5 pp	Jun 2026
Medi Assist Healthcare Services Ltd MEDIASSIST	2.8%	−21.2 pp	Jun 2026

Full 20-quarter history · every available company

ROE · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202319%

Jun 2023—

Sep 202315%

Dec 2023—

Mar 202415%

Jun 202415%

Sep 202416%

Dec 202417%

Mar 202524%

Jun 202517%

Sep 202516%

Dec 20255.6%

Mar 20262.8%

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022-15%

Jun 2022-17%

Sep 2022-15%

Dec 2022-14%

Mar 2023-6.5%

Jun 2023-0.7%

Sep 2023-0.9%

Dec 2023-1.5%

Mar 20242.6%

Jun 20244.2%

Sep 20244.1%

Dec 20243.4%

Mar 20254.7%

Jun 202511%

Sep 20255.3%

Dec 20258.2%

Mar 202611%

Jun 2026—

ROE change · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024−4.7 pp

Jun 2024—

Sep 2024+1.2 pp

Dec 2024—

Mar 2025+9.4 pp

Jun 2025+1.7 pp

Sep 2025+0.6 pp

Dec 2025−11.5 pp

Mar 2026−21.2 pp

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023+8.9 pp

Jun 2023+16.4 pp

Sep 2023+14.2 pp

Dec 2023+12.3 pp

Mar 2024+9.1 pp

Jun 2024+4.9 pp

Sep 2024+5.0 pp

Dec 2024+4.9 pp

Mar 2025+2.1 pp

Jun 2025+6.7 pp

Sep 2025+1.2 pp

Dec 2025+4.8 pp

Mar 2026+6.5 pp

Jun 2026—

10 · not available

Gross NPA — Leaders & Improvers

No company in this Insurance - Proxy comparison reports gross NPA on a comparable basis, so there is nothing to rank here — 0 of 2 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 Jun 2026.

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

11 · compare level, then change

Valuation Against Growth & Quality

Medi Assist Healthcare Services Ltd has the lowest P/BV ÷ ROE among the 2 Insurance - Proxy companies compared here, at 0.22×. PB Fintech Ltd is next at 1.13×. The same company also holds the lowest P/BV, at 3.12×. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Medi Assist Healthcare Services Ltd has the lowest comparable P/BV ÷ ROE at 0.22×, 80.5% below PB Fintech Ltd. Only 2 of 2 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.

LeaderMedi Assist Healthcare Services Ltd · 0.22×

Gap80.5% versus #2 · PB Fintech Ltd

Persistence0/8 recent comparable periods

Coverage2/2 companies · 18 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

1Medi Assist Healthcare Services Ltd MEDIASSIST0.2

2PB Fintech Ltd POLICYBZR1.1

P/BVlowest P/BV

1Medi Assist Healthcare Services Ltd MEDIASSIST3.1

2PB Fintech Ltd POLICYBZR11.0

Valuation · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	P/BV ÷ ROE	P/BV	Reported
Medi Assist Healthcare Services Ltd MEDIASSIST	1.4	3.2	Jun 2026
PB Fintech Ltd POLICYBZR	0.9	10.2	Jun 2026

Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.5

Jun 20240.6

Sep 20240.6

Dec 20240.5

Mar 20250.3

Jun 20250.5

Sep 20250.4

Dec 20251.0

Mar 20261.4

Jun 2026—

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20243.5

Jun 20242.7

Sep 20243.1

Dec 20244.5

Mar 20252.5

Jun 20251.3

Sep 20252.3

Dec 20251.6

Mar 20260.9

Jun 2026—

P/BV · reported quarter history

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20247.4

Jun 20248.2

Sep 20249.5

Dec 20248.4

Mar 20256.6

Jun 20257.4

Sep 20256.9

Dec 20255.4

Mar 20263.9

Jun 20263.2

PB Fintech Ltd · POLICYBZR

Sep 2021—

Dec 2021—

Mar 20225.5

Jun 20225.0

Sep 20224.0

Dec 20223.8

Mar 20235.3

Jun 20235.8

Sep 20236.3

Dec 20236.3

Mar 20249.0

Jun 202411.5

Sep 202412.6

Dec 202415.3

Mar 202511.9

Jun 202514.0

Sep 202512.0

Dec 202513.0

Mar 202610.0

Jun 202610.2

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Insurance - Proxy comparison names 6 specific ways its own evidence can mislead, all listed below. All 2 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 be a low-base artefact.

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.
Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 2 Insurance - Proxy 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 2026-08-14. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-08-14 · 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 standing2 cross-checked · 0 unverified · 0 withheld, of 2 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.

14 · questions investors ask, short speakable answers

Insurance - Proxy company comparison FAQs

These 22 answers restate the Insurance - Proxy comparison above in question form. Every one is computed from the same 2 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.

Is the Insurance - Proxy sector outperforming NIFTY 500?

Insurance - Proxy has underperformed NIFTY 500 by 21% over 52 weeks and 6.7% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

Which Insurance - Proxy company is largest by income?

PB Fintech Ltd leads with income of ₹7,334 crore, based on 2 of 2 comparable companies through Jun 2026.

Which Insurance - Proxy company is growing fastest?

PB Fintech Ltd has the fastest current income growth at 38%, across 2 of 2 comparable companies.

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

PB Fintech Ltd ranks first at 69.1/100 with 80% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Medi Assist Healthcare Services Ltd has the lowest comparable P/BV ÷ ROE at 0.22, among 2 of 2 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Insurance - Proxy 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.

Is there a Nifty Insurance - Proxy index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Insurance - Proxy, this page builds its own equal-weight basket of 2 listed Insurance - Proxy companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Insurance - Proxy stocks in India?

Ranked by this page's four-factor score, PB Fintech Ltd places first among 2 listed Insurance - Proxy companies, followed by Medi Assist Healthcare Services 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 Insurance - Proxy stocks are listed in India?

This comparison covers 2 listed Insurance - Proxy 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 Insurance - Proxy company is the biggest?

PB Fintech Ltd is the largest, with trailing-twelve-month income of ₹7,334 crore, ahead of Medi Assist Healthcare Services Ltd at ₹952 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.

Which Insurance - Proxy company makes the most profit?

PB Fintech Ltd earns the most, at ₹748 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. PB Fintech Ltd has the fastest profit growth at 97.9%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Insurance - Proxy company earns the highest return on capital?

PB Fintech Ltd leads on return on assets at 7.7%, across 2 of 2 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 Insurance - Proxy stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Medi Assist Healthcare Services Ltd screens cheapest at 0.22×. All 2 companies qualify for the ratio comparison. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Is the Insurance - Proxy sector beating the market?

Insurance - Proxy has underperformed NIFTY 500 by 21% over the last 52 weeks and 6.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Insurance - Proxy stock has the strongest price momentum?

PB Fintech 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 Insurance - Proxy company scores highest for research priority?

PB Fintech Ltd scores 69.1 out of 100 with 80% evidence confidence, from 32.5 points on growth and earnings, 14.7 on capital efficiency, 4 on valuation and 17.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

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

It compares 2 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 Insurance - Proxy sector?

The 2 Insurance - Proxy companies on this page carry ₹83,160 crore of combined market value. PB Fintech Ltd is the largest at ₹80,555 crore, about 97% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.

How is the Insurance - Proxy sector performing?

1 of the 2 covered Insurance - Proxy companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.

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.