By Lal Singh It is pretty impressive to see how the Indian people are responding to the need for insurance after becoming more aware of its importance in life, and that is precisely the reason why the insurance segment is growing super fast in India right now. Like, can you even imagine that the growth rate for this particular segment is as much as 17% CAGR right now? If we put that in figures, well, as per some estimates, this segment will grow to as much as Rs. 19,30,290 crore (US$ 222 billion) by FY26. And the credit for that simply goes to the companies that are making people aware of the insurance and its importance, and these are the very companies that are also the ones providing the top insurance plans in the country. So, let’s just talk about that for a minute in this post of the Top 10 Biggest Insurance Companies in India by Market Cap. Let’s get going then.
1. Life Insurance Corporation of India (LIC)
Market Cap: ₹5.58 Lakh Crore
Have you ever considered how to cover the risk of almost one-fifth of the whole population of India? Exactly, that’s the magnitude at which LIC functions. It is not only the largest insurance company in India; it is also a bank with more than 250 million life insurance policyholders worldwide and over 2,000 branch offices. Established in 1956 and remaining a public-sector company, LIC grabbed a total premium of ₹4.75 lakh crore for the financial year 2023-24. Its claim settlement ratio of 98.74% and solvency ratio of 1.79 are indicative of its strength in honoring liabilities in a hassle-free way.
2. Bajaj Finserv Ltd
Market Cap: ₹3.32 Lakh Crore
It is possible that you are more familiar with Bajaj Finserv, which provides various types of loans and consumer finance services. Just to give you an idea, in the last financial year, Bajaj Allianz Life went past ₹23,043 crores in total premiums, and their claim settlement ratio is at a very good 99.04%. What makes it unique? A record-breaking solvency ratio of 4.5, the highest among all major life insurers in the country, that’s precisely what!
3. SBI Life Insurance Company Ltd
Market Cap: ₹1.83 Lakh Crore
There is a lot that the State Bank of India can do for a company that is in the Indian market, and SBI Life has taken this advantage very well. It is one of the most powerful players in the private life insurance sector with more than ₹81,430 crores of premium collections in the FY 2023-24. The company ensures a claim settlement ratio of 97.05% and a solvency ratio of 2.1, which provides both reliability and security with a good mix.
4. HDFC Life Insurance Company Ltd
Market Cap: ₹1.68 Lakh Crore
HDFC Life has been the leader for many years in the field of digital transformation in life insurance. This company has made a name for itself from both the innovation and the trust aspects, with a premium income of ₹63,076 crore and a claim settlement ratio of 99.30% throughout. Click 2 Protect Super, their leading policy, along with a solvency ratio of 1.89, demonstrates not only the company’s financial strength but also its focus on customers.
5. ICICI Lombard General Insurance Company Ltd
Market Cap: ₹94,691 Crore
Here is the first non-life insurance company to be ranked among the top 5, which is undoubtedly a big surprise. The company ICICI Lombard is not in the business of life insurance but is a leader in car, health, travel, and property insurance. ICICI Bank supports the firm, which has a claim settlement ratio (around 97%) and a solvency ratio of 2.21, both of which are very impressive.
6. ICICI Prudential Life Insurance Company Ltd
Market Cap: ₹87,591 Crore
ICICI Prudential Life is among the pioneer life insurance companies in India to be publicly listed, and from that moment on, it has been continuously successful. It is reassuring to see that after having collected ₹43,235 crore worth of premiums for the financial year 2023-24 and maintaining a claim settlement ratio of 99.17%, it still holds a steady position in the market.
7. General Insurance Corporation of India (GIC Re)
Market Cap: ₹65,623 Crore
Most people don’t know, but GIC Re is not in the business of selling insurance policies to individuals. What it does is that it takes on a much bigger role. Being the sole domestic reinsurance provider in India, GIC Re offloads the parts of the riskiest and most extensive cases, such as those involving aviation, the development of infrastructure, and catastrophe insurance that local insurers cannot wholly underwrite.
8. Max Financial Services Ltd
Market Cap: ₹54,452 Crore
The next company that we have to discuss is Max Financial, which is the parent company of Max Life Insurance. Max Life Insurance is one of the companies that not only has been progressively climbing the ladder but also has been quite consistent. It boasts such a high claim settlement ratio of 99.51% that it’s even at the top of this list. The company showing a strong performance is evidenced by a premium collection of ₹29,529 crores for FY 2023-24 and a solvency ratio of 2.04.
9. Go Digit General Insurance Ltd
Market Cap: ₹32,777 Crore
Go Digit could possibly be the most recent, but the fastest climber is definitely the one name out of the list. By using a technology-driven strategy that puts mobile at the core, Go Digit has gained the popularity of millennials and those who have never bought insurance before, and thus is now their first choice. The company has a claim settlement ratio that is above 98% and a well over 2.0 solvency ratio of 2.3, even though it is a new player in the market.
10. New India Assurance Company Ltd
Market Cap: ₹31,833 Crore
New India Assurance, a government-owned company, is the last on the list. This one gathered more than ₹11,700 crores of premiums last year and has a claim settlement ratio of 97% with a solvency ratio of 2.15.
Conclusion
Without a single doubt, if market cap is the main ranking factor, these are by far the biggest insurance companies in India by this metric. And if you check out what each of these companies is up to in India right now, you’ll get the idea why these deserve to be on this ranking, like, their insurance offerings are just super impressive.