How India buys insurance
9 listed companies sold ₹388,848 crore of insurance in FY25. State Bank of India sold the most, 29.0% of it. PB Fintech Ltd earned the most on each rupee of sales: 15.8%.
The brands, and who owns them
Activ Fit is Aditya Birla Capital Ltd's; Activate Booster, Elevate, IL TakeCare, Tripsecure+ and others are ICICI Lombard General Insurance Company Ltd's; Kotak Mahindra Life Insurance is Kotak Mahindra Bank Ltd's; Policybazaar, Policybazaar.com, PB Care+, Pensionbazaar and others are PB Fintech Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
State Bank of India had 29.0% of the listed companies' sales of insurance here, 1.6 times as much as HDFC Bank Ltd, the next largest. The two together sold 48%; the other 7 the rest.
How the sales have grown, and who sold them
The listed companies here sold ₹4.18 lakh Cr of insurance in FY26. Counting only the companies with figures in both years, sales went from ₹11,164 Cr in FY19 to ₹27,088 Cr, 2.4 times as much. The biggest rise was in FY22 (+38%) and the weakest year FY20 (+3%). State Bank of India's part of the total went from 29% in FY25 to 31% in FY26. Over three years ICICI Lombard General Insurance Company Ltd grew fastest, +12.8% a year. Some companies are counted only from a later year (State Bank of India from FY25; HDFC Bank Ltd from FY25; Bajaj Finserv Ltd from FY25; ICICI Bank Ltd from FY25; Aditya Birla Capital Ltd from FY25; Kotak Mahindra Bank Ltd from FY25; Canara Bank from FY25; PB Fintech Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of sales of insurance. State Bank of India earned 2.6% on its sales in FY26, against 3.0% in FY25. HDFC Bank Ltd earned 9.6% on its sales in FY26, against 8.2% in FY25. Bajaj Finserv Ltd earned 3.2% on its sales in FY26, against 3.7% in FY25. ICICI Bank Ltd earned 9.5% on its sales in FY26, against 8.9% in FY25. Aditya Birla Capital Ltd earned 1.0% on its sales in FY26, against 0.7% in FY25. ICICI Lombard General Insurance Company Ltd earned 13.5% on its sales in FY26, against 12.1% in FY17; its best year was FY21 at 16.1%.
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| State Bank of India Sells in 28 states and 29 countries; exports 0.0% of turnover |
₹112,606 Cr | +16.7% | — | — | 3.0% | 15.5% | 0.7% | 10.3 | 17.3% | +9.1% |
| HDFC Bank Ltd Sells in 28 states and 6 countries; exports 0.0% of turnover |
₹72,631 Cr | +2.0% | — | — | 8.2% | 27.4% | 1.6% | 13.9 | 14.0% | -26.9% |
| Bajaj Finserv Ltd Sells in 28 states and 2 countries; exports 0.0% of turnover |
₹62,264 Cr | +7.8% | — | — | 3.7% | 10.6% | 1.3% | 27.6 | 15.4% | -13.1% |
| ICICI Bank Ltd Sells in 35 states and 14 countries; exports 0.0% of turnover |
₹52,066 Cr | +10.8% | — | — | 8.9% | 21.4% | 1.2% | 17.4 | 16.1% | -1.7% |
| Aditya Birla Capital Ltd Activ Fit Sells in 28 states; exports 0.0% of turnover |
₹26,770 Cr | +12.6% | — | — | 0.7% | 0.9% | — | 25.3 | 11.5% | +29.1% |
| ICICI Lombard General Insurance Company Ltd Activate Booster, Elevate, IL TakeCare, Tripsecure+, IL Sahayak Sells in 37 states; exports 0.0% of turnover |
₹24,001 Cr | +12.9% | +12.8% | +17.3% | 13.8% | 15.3% | — | 34.7 | 17.8% | -8.8% |
| Kotak Mahindra Bank Ltd Kotak Mahindra Life Insurance Sells in 30 states and 2 countries; exports 0.0% of turnover |
₹23,256 Cr | +3.9% | — | — | 5.0% | 5.3% | 1.2% | 21.5 | 11.1% | +2.0% |
| Canara Bank Sells in 36 states and 4 countries; exports 0.0% of turnover |
₹10,957 Cr | — | — | — | 1.2% | 0.6% | 0.3% | 5.5 | 18.0% | -3.8% |
| PB Fintech Ltd Policybazaar, Policybazaar.com, PB Care+, Pensionbazaar, Policybazaar.ae Sells in 28 states and 1 countries; exports 0.0% of turnover |
₹4,298 Cr | +41.7% | — | — | 15.8% | 3.1% | 22.1% | 65.7 | 0.3% | -37.5% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Which listed companies sell insurance in India?
9 listed companies report their sales of insurance: State Bank of India (SBIN), HDFC Bank Ltd (HDFCBANK), Bajaj Finserv Ltd (BAJAJFINSV), ICICI Bank Ltd (ICICIBANK), Aditya Birla Capital Ltd (ABCAPITAL), ICICI Lombard General Insurance Company Ltd (ICICIGI), Kotak Mahindra Bank Ltd (KOTAKBANK), Canara Bank (CANBK). 1 more sell them but report them together with other products.
Which listed company sells the most insurance in India?
State Bank of India, with sales of insurance of ₹112,606 crore in FY25: 29.0% of the listed companies' total here.
How big is the listed market for insurance?
The listed companies here sold ₹388,848 crore of insurance in FY25. Private makers are not included.
Which listed company makes the most profit on insurance?
PB Fintech Ltd: its operating profit was 15.8% of its sales of insurance in FY25.
Who owns Activ Fit?
Activ Fit is a brand of Aditya Birla Capital Ltd, listed on the NSE as ABCAPITAL.
Who owns Activate Booster?
Activate Booster is a brand of ICICI Lombard General Insurance Company Ltd, listed on the NSE as ICICIGI.
Who owns Elevate?
Elevate is a brand of ICICI Lombard General Insurance Company Ltd, listed on the NSE as ICICIGI.
Who owns Kotak Mahindra Life Insurance?
Kotak Mahindra Life Insurance is a brand of Kotak Mahindra Bank Ltd, listed on the NSE as KOTAKBANK.
Who owns Policybazaar?
Policybazaar is a brand of PB Fintech Ltd, listed on the NSE as POLICYBZR.
Who owns Policybazaar.com?
Policybazaar.com is a brand of PB Fintech Ltd, listed on the NSE as POLICYBZR.