May 2026
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Largest Insurance Carriers Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Life Insurance Corporation of India, SBI Life Insurance, Jio Financial Services, HDFC Life Insurance and ICICI Lombard General.
 | Life Insurance Corporation of India is engaged in providing life insurance in India. The company offers diversified product portfolio covering various segments across individual products and group products. | $9 | -15% | $55B | $48B | 0.5x | — | ||
| SBI Life Insurance Co Ltd is a life insurance company in India. The company offers insurance products for individuals and groups, including Poorna Suraksha, Sampoorn Cancer Suraksha, eShield, CapAssure Gold, and others. The company has many products catering to various customer needs in the life, health, pension, and micro-insurance segments. The company operates through the following segments: Participating, Non-Participating, and Linked. The company derives the majority of its revenue from the Non-Participating segment, which includes endowment products, a variable insurance plan, an immediate annuity product, group protection products, and others. | $20 | +1% | $20B | $20B | 1.7x | 65.8x | ||
| Jio Financial Services Ltd is a core investment company, non-deposit taking, systemically important (CIC-ND-SI). Along with its subsidiaries, joint ventures, and associates, it is engaged in the business of Investing and Financing, mainly Leasing, Insurance broking, Payment Bank, Payment Aggregator, and Payment Gateway services. | $3 | -19% | $17B | $19B | 61.7x | 66.2x | ||
| HDFC Life Insurance Co Ltd is a long-term life insurance company. It offers individual and group insurance solutions such as Protection, Pension, Savings and Investment, and Health, along with Children's and Women's Plans. The company operates through segments namely, Participating Life (Individual & Group), Participating Pension (Individual & Group), Non-Participating Life (Individual & Group), Non-Participating Pension (Individual & Group), Non-Participating Life Group Variable, Non-Participating Pension Group Variable, Non-Participating - Annuity, Non Participating - Individual & Group Health, Unit Linked - Individual Life, Unit Linked - Individual Pension, Unit Linked - Group Life and Unit Linked - Group Pension. | $6 | -23% | $14B | $14B | 1.4x | 1.2x | ||
| ICICI Lombard General Insurance Co Ltd is a general insurance company. Its business activities include Fire; Engineering; Marine, and Liability. The company products include Motor Insurance; Car Insurance; Two Wheeler Insurance; Health Insurance; Complete Health Insurance; Health Booster; Personal Accident Insurance; International Travel Insurance; Home Insurance; Marine Insurance; NRI Insurance Services; Business Insurance; third-party insurance; Crop Insurance and Rural Insurance. Geographically, it operates only in India. | $19 | -5% | $10B | $10B | 2.9x | 70.5x | ||
| ICICI Prudential Life Insurance Co Ltd offers products across savings, investments, and protection categories that match the different life stage requirements of customers and enable them to achieve their long-term financial goals. The company has developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance, and a hassle-free claim settlement experience to customers. Its segments are Par Life, Par Pension, Non Par Life, Non Par Pension, Non Par Variable, Non Par Variable Pension, Annuity Non Par, Health, Linked Life, Linked Pension, Linked Health, Linked Group Life, Linked Group Pension, and Group Pension Share holders. | $6 | -23% | $8B | $8B | 1.2x | 42.0x | ||
| Max Financial Services Ltd is a non-bank private life insurance company. Max Group entities are Max Life Insurance Company, Max India, and Max Venture & Industries. Max Life Insurance Company is co-owned by Max Financial Services and Mitsui Sumitomo Insurance, a Japanese life insurance company. Max India offers healthcare and health insurance. The Max-Ventures and Industries division is an entrepreneurial division that helps the government with economic and commercial efforts. The company's operating segment involves Business Investment and Life Insurance. It generates majority of revenue from Life Insurance segment. | $18 | +11% | $6B | $6B | 1.2x | 737.6x | ||
| Star Health and Allied Insurance Co Ltd operates a non-life insurance business in India. It focuses on the retail health and group health segments. The company distributes policies through individual agents and also includes corporate agent banks and other corporate agents. It offers various types of insurance plans such as health, accidental, travel, corporate, and others. The operating segments of the company are based on the various types of insurance and include Fire, Marine Cargo, Marine Hull, Aviation, Motor, Workmen Compensation, Engineering, Public Product Liability, Personal Accident, Travel, and Health Insurance. The majority of its revenue is generated from its Health insurance products. | $5 | +6% | $3B | $3B | 1.6x | (71.9x) | ||
| Go Digit General Insurance Ltd is a diversified insurance company. It offers insurance products across various segments such as Fire, Marine Cargo, Marine Hull, Motor, Aviation, Personal Accident, Health insurance, and others. Maximum revenue is generated from its Motor insurance products. Geographically, the company operates in India. | $3 | -14% | $3B | $3B | 2.8x | 28.6x | ||
| The New India Assurance Co Ltd is a general insurance company in India. Its divisions include fire insurance, marine insurance, motor insurance, travel insurance, property insurance, aviation, engineering, accident and health insurance, and other lines of business. | $2 | -14% | $3B | $844M | 0.2x | — | ||
| Median | $6 | -14% | $9B | $9B | 1.5x | 53.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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