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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: -6.7%
52-week sector return versus NIFTY 500: -21%
Stocks leading NIFTY: 1/2
Stocks leading sector: 1/2

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

Companies: 2
Combined market value: ₹83.2K Cr

## 4-Factor Sector Score

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

1. PB Fintech Ltd (POLICYBZR): 69/100 — Favorable setup; evidence 80%
   - Growth & earnings 32.5/35 | Capital efficiency 14.7/25 | Valuation 4.0/20 | Relative strength 17.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - 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.
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): 38/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 10.5/35 | Capital efficiency 19.1/25 | Valuation 7.7/20 | Relative strength 1.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - 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.

## 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.

### Strongest one-year price performers
1. PB Fintech Ltd (POLICYBZR): -1.6%
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): -36%

### Strongest relative strength versus NIFTY 500
1. PB Fintech Ltd (POLICYBZR): 2.4%
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): -18%

## Income Scale & Growth Durability

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.

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.

Evidence: PB Fintech Ltd · ₹7,334 crore | 670.4% versus #2 · Medi Assist Healthcare Services Ltd | 8/8 recent comparable periods | 2/2 companies · 37 observations

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

### Income — largest
1. PB Fintech Ltd (POLICYBZR): ₹7.3K Cr
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): ₹952 Cr

### Income growth — fastest growers
1. PB Fintech Ltd (POLICYBZR): 38%
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): 27%

### 20-quarter Income history
- 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
- 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

### 20-quarter Income growth history
- POLICYBZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 112% | Sep 2022 105% | Dec 2022 66% | Mar 2023 61% | Jun 2023 32% | Sep 2023 42% | Dec 2023 43% | Mar 2024 25% | Jun 2024 52% | Sep 2024 44% | Dec 2024 48% | Mar 2025 38% | Jun 2025 33% | Sep 2025 38% | Dec 2025 37% | Mar 2026 37% | Jun 2026 40%
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 16% | Sep 2023 32% | Dec 2023 33% | Mar 2024 23% | Jun 2024 19% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 14% | Sep 2025 29% | Dec 2025 29% | Mar 2026 28% | Jun 2026 24%

## Profit Scale & Acceleration

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.

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.

Evidence: PB Fintech Ltd · ₹748 crore | 695.7% versus #2 · Medi Assist Healthcare Services Ltd | 7/7 recent comparable periods | 2/2 companies · 37 observations

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

### Net profit — largest
1. PB Fintech Ltd (POLICYBZR): ₹748 Cr
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): ₹94 Cr

### Profit growth — fastest growers
1. PB Fintech Ltd (POLICYBZR): 98%
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): -2.1%

### 20-quarter Net profit history
- 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
- 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

### 20-quarter Profit growth history
- 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 2024 95% | Mar 2025 183% | Jun 2025 42% | Sep 2025 165% | Dec 2025 163% | Mar 2026 54% | Jun 2026 92%
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -72% | Dec 2023 -4.6% | Mar 2024 63% | Jun 2024 5.6% | Sep 2024 320% | Dec 2024 43% | Mar 2025 -15% | Jun 2025 21% | Sep 2025 -62% | Dec 2025 -87% | Mar 2026 145% | Jun 2026 22%

## Funding Base & Its Composition

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

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

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

Evidence: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 observations

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

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. PB Fintech Ltd (POLICYBZR): ₹360 Cr
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): ₹54 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- 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 —
- 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 —

## Return On Assets

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

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.

Evidence: PB Fintech Ltd · 7.7% | 18.5% versus #2 · Medi Assist Healthcare Services Ltd | 7/7 recent comparable periods | 2/2 companies · 16 observations

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

### ROA — highest
1. PB Fintech Ltd (POLICYBZR): 7.7%
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): 6.5%

### ROA change — fastest improvers
1. PB Fintech Ltd (POLICYBZR): +3.0 pp
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): −1.4 pp

### 20-quarter ROA history
- 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 2024 1.0% | Jun 2024 — | Sep 2024 2.9% | Dec 2024 — | Mar 2025 4.7% | Jun 2025 — | Sep 2025 5.8% | Dec 2025 — | Mar 2026 7.7% | Jun 2026 —
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 7.6% | Dec 2023 — | Mar 2024 8.2% | Jun 2024 — | Sep 2024 8.1% | Dec 2024 — | Mar 2025 7.9% | Jun 2025 — | Sep 2025 5.8% | Dec 2025 — | Mar 2026 6.5% | Jun 2026 —

### 20-quarter ROA change history
- 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 —
- 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 —

## ROE — Leaders & Improvers

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.

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.

Evidence: Medi Assist Healthcare Services Ltd · 13.9% | 42.6% versus #2 · PB Fintech Ltd | 4/7 recent comparable periods | 2/2 companies · 28 observations

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

### ROE — highest
1. Medi Assist Healthcare Services Ltd (MEDIASSIST): 14%
2. PB Fintech Ltd (POLICYBZR): 9.8%

### ROE change — fastest improvers
1. PB Fintech Ltd (POLICYBZR): +6.5 pp
2. Medi Assist Healthcare Services Ltd (MEDIASSIST): −21.2 pp

### 20-quarter ROE history
- 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 2024 2.6% | Jun 2024 4.2% | Sep 2024 4.1% | Dec 2024 3.4% | Mar 2025 4.7% | Jun 2025 11% | Sep 2025 5.3% | Dec 2025 8.2% | Mar 2026 11% | Jun 2026 —
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 15% | Jun 2024 15% | Sep 2024 16% | Dec 2024 17% | Mar 2025 24% | Jun 2025 17% | Sep 2025 16% | Dec 2025 5.6% | Mar 2026 2.8% | Jun 2026 —

### 20-quarter ROE change history
- 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 —
- 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 —

## Gross NPA — Leaders & Improvers

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

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

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

Evidence: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 observations

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

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: 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.

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

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

Evidence: Medi Assist Healthcare Services Ltd · 0.22× | 80.5% versus #2 · PB Fintech Ltd | 0/8 recent comparable periods | 2/2 companies · 18 observations

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

### P/BV ÷ ROE — lowest return-adjusted price
1. Medi Assist Healthcare Services Ltd (MEDIASSIST): 0.2
2. PB Fintech Ltd (POLICYBZR): 1.1

### P/BV — lowest P/BV
1. Medi Assist Healthcare Services Ltd (MEDIASSIST): 3.1
2. PB Fintech Ltd (POLICYBZR): 11.0

### 20-quarter P/BV ÷ ROE history
- POLICYBZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.5 | Jun 2024 2.7 | Sep 2024 3.1 | Dec 2024 4.5 | Mar 2025 2.5 | Jun 2025 1.3 | Sep 2025 2.3 | Dec 2025 1.6 | Mar 2026 0.9 | Jun 2026 —
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 1.0 | Mar 2026 1.4 | Jun 2026 —

### 20-quarter P/BV history
- POLICYBZR: Sep 2021 — | Dec 2021 — | Mar 2022 5.5 | Jun 2022 5.0 | Sep 2022 4.0 | Dec 2022 3.8 | Mar 2023 5.3 | Jun 2023 5.8 | Sep 2023 6.3 | Dec 2023 6.3 | Mar 2024 9.0 | Jun 2024 11.5 | Sep 2024 12.6 | Dec 2024 15.3 | Mar 2025 11.9 | Jun 2025 14.0 | Sep 2025 12.0 | Dec 2025 13.0 | Mar 2026 10.0 | Jun 2026 10.2
- MEDIASSIST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.4 | Jun 2024 8.2 | Sep 2024 9.5 | Dec 2024 8.4 | Mar 2025 6.6 | Jun 2025 7.4 | Sep 2025 6.9 | Dec 2025 5.4 | Mar 2026 3.9 | Jun 2026 3.2


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- PB Fintech Ltd (POLICYBZR) — market value ₹80.6K Cr; latest fundamentals Jun 2026
- Medi Assist Healthcare Services Ltd (MEDIASSIST) — market value ₹2.6K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 0. Graded companies: 2.

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-14.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.