This article is about the list of Top Insurance Companies in India before that take a look at Insurance Industry. As compared to other developed economies, the Insurance Industry in India remains vastly under-insured, both in terms of penetration and density.
The Indian Insurance sector has seen major growth over the last two decades since it was liberalized in fiscal 2000. The sector is divided into two categories − Life Insurance and Nonlife Insurance.
Both segments are governed by the Insurance Regulatory and Development Authority of India (IRDAI). The penetration of life insurance has increased from 1.5 percent in the year FY 2000 to 2.8 percent in FY 2018; with a high of 4.6 percent during FY 2010.
List of Top Insurance Companies in India
This is the list of Top Insurance Companies in India which is sorted out based on the Total Sales. The List was Given in Descending Order.
7. ICICI Lombard General Insurance Companies in India
ICICI Lombard General Insurance Company Limited is one of the largest private sector general insurance companies in India offering insurance coverage for motor, health, travel, home, student travel and more. It is the 6th in the list of Top Insurance Companies in India based on Revenue.
- Total Sales: Rs 9,804 Cr
- Profit: 1,085 Cr
- Market Cap: 61,850 Cr.
- ROE: 16.12 %
- Sales Growth (3Yrs): 20.17 %
- Promoter holding: 55.86 %
- Debt to equity: 0.09
- Price to book value: 11.37
ICICI Lombard is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs147.89 billion for the year ended 2019. The company issued over 26.5 million policies and settled over 1.6 million claims as of 2019.
6. New India Assurance Company Ltd
NEW INDIA ASSURANCE CO. LTD, founded by Sir Dorabji Tata in 1919, a Multinational General Insurance Company, today operates in 28 countries and headquartered at Mumbai, India.
Indian operations today span across all territories through 2452 offices, including more than 1339 Micro Offices. India Insurance Company has 17702 employees and 68389 tied agents. It is the 5th in the list of Top Insurance Companies in India based on Revenue.
- Total sales: Rs 28,447 Cr
- Profit: 424 Cr
- Market Cap: 21,746 Cr.
- ROE: -13.82 %
- Sales Growth (3Yrs): 12.32 %
- Promoter holding: 85.44 %
- Debt to equity: 0.00
- Price to book value: 1.31
India Insurance Company has been market leaders in India in non-life business for more than 40 years. Indian business crossed Rs.19,100 crores in March 2017. The Company is the only direct insurer in India rated A-(Excellent) by AM BEST Company since 2007.
The Company has been rated AAA/Stable by CRISIL since 2014, indicating that the Company has the highest degree of Financial Strength to honor its Policyholder’s obligations.
5. General Insurance Company
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.
The entire general insurance business in India was nationalized by the General Insurance Business (Nationalisation) Act, 1972 (GIBNA). It is the 4th in the list of Top Insurance Companies in India based on Revenue.
- Total Sales: Rs 38,250 Cr
- Profit: 2,758 Cr
- Market Cap: 43,842 Cr.
- ROE: 4.04 %
- Sales Growth (3Yrs): 35.61 %
- Promoter holding: 85.78 %
- Debt to equity: 0.00
- Price to book value: 1.72
The Government of India (GOI), through Nationalisation, took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business.
Subsidiary Companies of GIC
- National Insurance Company Limited.
- The New India Assurance Company Limited.
- The Oriental Insurance Company Limited.
- United India Insurance Company Limited.
4. HDFC Life Insurance Company Ltd
Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity, and Health.
The Company had 38 individual and 11 group products in its portfolio, along with 8 optional rider benefits, catering to a diverse range of customer needs. It is the 3th in the list of Top Insurance Companies in India based on Revenue.
- Total Sales: Rs 40,894 Cr
- Profit: 1,344 Cr
- Market Cap: 116,046 Cr.
- ROE: 24.61 %
- Sales Growth (3Yrs): 28.36 %
- Promoter holding: 71.16 %
- Debt to equity: 0.00
- Price to book value: 18.26
HDFC Life Insurance Company Limited is a joint venture between HDFC Ltd and Standard Life Aberdeen. HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Limited – hold 51.5% and 24.7% respectively in HDFC Life. HDFC Life has 412 branches and additional distribution touch-points through several new tie-ups and partnerships of 266 partners comprising NBFCs, MFIs, SFBs, etc.
3. ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life began its operations in the fiscal year 2001 and has consistently been amongst the top players in the Indian life insurance sector.
- Total Sales: Rs 41,053 Cr
- Profit: 1,144 Cr
- Market Cap: 70,335 Cr.
- ROE: 16.94 %
- Sales Growth (3Yrs): 25.75 %
- Promoter holding: 74.98 %
- Debt to equity: 0.00
- Price to book value: 9.67
In FY2015 ICICI Prudential Life became the first private life insurer to attain assets under management of Rs1 trillion. ICICI Prudential Life is also the first insurance company in India to be listed on NSE and BSE. It is the 2nd Largest Insurance Companies in India based on Revenue.
2. SBI Life Insurance Company Ltd
Formed in October 2000, SBI Life Insurance Company (SBI Life) is registered with the Insurance Regulatory and Development Authority of India (IRDAI) since March 2001 and operates in the life insurance industry.
SBI Life is listed on the Bombay Stock Exchange(‘BSE’) and the National Stock Exchange(‘NSE’). It is the Largest in the list of Top Insurance Companies in India based on Revenue.
- Total Sales: Rs 50,570 Cr
- Profit: 1,224 Cr
- Market Cap: 96,420 Cr.
- ROE: 18.81 %
- Sales Growth (3Yrs): 32.16 %
- Promoter holding: 62.80 %
- Debt to equity: 0.00
- Price to book value: 11.95
The Company has a wide network of 908 offices spread across the country with 14,961 employees. SBI Life also has tie-ups with 76 corporate agents,17 Banca partners, and 99 brokers, along with 184,452 trained insurance personnel.
1. Life Insurance Corporation of India
Life Insurance Corporation of India is the largest privately held state-owned insurance group in India, and also the country’s largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government’s expenses.
- Assets: Rs 13.25 trillion (US$291.5 billion)
Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including
- 2048 branches,
- 54 Customer Zones,
- 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and
- Towns of India and has a network of 13,37,064 individual agents,
- 242 Corporate Agents,
- 79 Referral Agents,
- 98 Brokers and
- 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.
The company was founded in 1956 with the merger of 243 insurance companies and provident societies.
How many Insurance Companies in India
There are 52 Insurance Companies; 24 dealings with Life Insurance and 28 plying in Non-Life Insurance Business in the Insurance Industry of India.
- Insurance Companies: 52 Companies
- Life Insurance: 24 Companies
- Non-Life Insurance: 28 Companies
Top General Insurance Companies in India 2020
| No | Companies Name | Security Code | Security Id | Face Value | ISIN No |
| 1 | General Insurance Corporation of India | 540716 | GICRE | 5 | INE481Y01014 |
| 2 | ICICI Lombard General Insurance Company Ltd | 540755 | ICICIGI | 10 | INE765G01017 |
| 3 | The New India Assurance Company Ltd | 540769 | NIACL | 5 | INE470Y01017 |
Which is the No 1 insurance company in India?
LIC
MAX LIFE INSURANCEC