Top Insurance Stocks Compared: LIC vs HDFC Life vs GIC Re vs Max Financial vs New India Assurance on Price, Valuation, Q2 FY27 Results and Risks
- November 10, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Previous close: LIC Rs 396.85, HDFC Life Rs 562.00, GIC Re Rs 339.10, Max Financial Rs 1,282.00, New India Assurance Rs 159.24.
Quick Answer
This insurance stocks compared snapshot checks five names on price, valuation and Q2 FY27 results: LIC, HDFC Life, GIC Re, Max Financial and New India Assurance. LIC is the largest by market capitalisation at Rs 5,05,051 crore. LIC reports the highest return on equity at 32.73%. Life, general and reinsurance models earn differently, so read price to book and returns next to every multiple.
Insurance stocks compared here means LIC, HDFC Life, GIC Re, Max Financial and New India Assurance on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes a life insurance giant, a private life insurer, a holding company, a reinsurer and a general insurer, so a side-by-side look shows how differently each one earns.
All five insurance companies have filed their September 2026 quarter, so every result below is Q2 FY27. Insurers are closely tied to bond yields and equity markets, so a glance at the Nifty Fin Service page and the Sensex page before you read the tables gives useful backdrop.
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Insurance Stocks Compared: The Five Companies on the List
The insurance stocks compared here are LIC, HDFC Life, GIC Re, Max Financial and New India Assurance. LIC is the largest by market capitalisation at Rs 5,05,051 crore. Previous closes run from Rs 159.24 for New India Assurance to Rs 1,282.00 for Max Financial, which is why a side-by-side look at value rather than price is more useful. This insurance stocks compared list is the base for every table that follows.
| Stock | Previous close (Rs) | Market cap (Rs crore) |
|---|---|---|
| LIC | 396.85 | 5,05,051 |
| HDFC Life | 562.00 | 1,22,317 |
| GIC Re | 339.10 | 58,772 |
| Max Financial | 1,282.00 | 43,571 |
| New India Assurance | 159.24 | 26,137 |
A quick look at the business behind each ticker puts the numbers in context. LIC is the country’s largest life insurer, with a wide agent network and a majority government shareholding, while HDFC Life is a private life insurer that sells protection, savings and pension plans through banks, agents and online channels. GIC Re is the country’s national reinsurer, which takes on risk from other general insurers, and Max Financial is a financial services holding company whose main business is life insurance through its Max Life arm. To compare insurance stocks properly, line up price to book, return on equity and dividend yield before forming a view.
Rounding out the group, New India Assurance is a state-owned general insurer that sells motor, health, fire and marine cover. A fair insurance stock comparison looks at what each company actually earns from, not only at the share price. Life insurers, general insurers and reinsurers belong in separate mental boxes whenever you compare insurance stocks fairly.
Insurance Stocks Valuation: Price to Book, Returns and Payouts
GIC Re trades at the lowest price to earnings ratio in this group at 6.55. LIC reports the highest return on equity at 32.73%. GIC Re has the lowest price to book value at 0.79. These insurance stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this insurance stocks compared table: price to book and return on equity sit side by side so a high or low reading stands out at once.
| Stock | Price to earnings | Price to book | ROE (%) | Dividend yield (%) |
|---|---|---|---|---|
| LIC | 8.14 | 2.66 | 32.73 | 1.25 |
| HDFC Life | 59.70 | 6.28 | 10.52 | 0.37 |
| GIC Re | 6.55 | 0.79 | 12.10 | 3.96 |
| Max Financial | 187.87 | 7.62 | 3.25 | |
| New India Assurance | 0.93 | 0.95 |
Insurance stocks are often read on price to book and return on equity as much as price to earnings, because profit can swing with claims, investment gains and the timing of new business. Dividend yield also matters, since several insurers pay out a steady share of earnings. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple insurance stock comparison like this one is only as useful as the context behind it, which is why dividend yield is worth checking as well.
In this group, price to earnings runs from 6.55 for GIC Re to 187.87 for Max Financial. GIC Re offers the highest dividend yield at 3.96%. Industry price to earnings readings differ by sub-sector: LIC, HDFC Life, GIC Re and New India Assurance at 10.01; Max Financial at 17.80. The industry price to earnings is a handy anchor: an insurer above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built insurance stock comparison also notes that investment income can move quarterly profit. Run the same insurance stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare insurance stocks, note whether a premium is backed by returns or only by size.
Insurance Stocks Q2 FY27 Results: Total Income and Profit Check
All of the five insurance stocks compared have filed Q2 FY27 numbers. HDFC Life posted the fastest total income growth at 18.6% year on year. Max Financial showed the sharpest rise in net profit at 1608.7%. Read total income first and quarterly profit second, since the two together show how much of the growth reaches shareholders. Treat the Q2 FY27 numbers in this insurance stocks compared review as a snapshot of one quarter, not a verdict on any insurer.
| Stock | Q2 FY27 total income (Rs crore) | Q2 FY26 total income (Rs crore) | Q2 FY27 net profit (Rs crore) | Q2 FY26 net profit (Rs crore) |
|---|---|---|---|---|
| LIC | 2,66,117 | 2,42,569 | 12,115 | 10,098 |
| HDFC Life | 24,683 | 20,808 | 521.6 | 448.3 |
| GIC Re | 15,125 | 13,303 | 2,945 | 2,698 |
| Max Financial | 11,605 | 9,799 | 100.3 | 5.9 |
| New India Assurance | 13,785 | 13,342 |
LIC Results Snapshot
LIC reported Q2 FY27 total income of Rs 2,66,117 crore, compared with Rs 2,42,569 crore a year earlier, a rise of 9.7%. Net profit rose 20.0% to Rs 12,115 crore from Rs 10,098 crore. Net profit margin improved to 8.2% from 8.0%. Earnings per share for the quarter rose to Rs 9.58 from Rs 7.98.
HDFC Life Results Snapshot
In the September 2026 quarter, HDFC Life booked total income of Rs 24,683 crore against Rs 20,808 crore in the same quarter last year, a rise of 18.6%. Net profit rose 16.4% to Rs 521.6 crore from Rs 448.3 crore. Net profit margin improved to 2.4% from 2.4%. Earnings per share for the quarter rose to Rs 2.41 from Rs 2.08.
GIC Re Results Snapshot
GIC Re’s Q2 FY27 top line stood at Rs 15,125 crore, versus Rs 13,303 crore in Q2 FY26, a rise of 13.7%. Net profit rose 9.2% to Rs 2,945 crore from Rs 2,698 crore. Earnings per share for the quarter rose to Rs 16.90 from Rs 16.38.
Max Financial Results Snapshot
Max Financial reported Q2 FY27 total income of Rs 11,605 crore, compared with Rs 9,799 crore a year earlier, a rise of 18.4%. Net profit rose 1608.7% to Rs 100.3 crore from Rs 5.9 crore. Net profit margin improved to 0.7% from 0.0%. Earnings per share for the quarter rose to Rs 2.33 from Rs 0.12.
New India Assurance Results Snapshot
In the September 2026 quarter, New India Assurance booked total income of Rs 13,785 crore against Rs 13,342 crore in the same quarter last year, a rise of 3.3%.
Insurance results move with premium income, claims and investment gains, so profit can look different from total income in a single quarter. That is why an insurance stock comparison works best when total income and profit are read together across two or three quarters. Used this way, an insurance stocks compared review becomes a map of the sector rather than a price list. When you compare insurance stocks after each result season, track how dividend yield changes from one quarter to the next. An insurance stock comparison built on one quarter of data is a starting point, and the next set of results will update it.
Insurance Stocks Compared Two at a Time: Three Pairings
Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare insurance stocks two at a time.
LIC vs HDFC Life
LIC and HDFC Life are the two life insurers in this group, one state-owned with the widest reach in the country and the other private and strong in bank-led sales. LIC is about 4.1 times the size of HDFC Life by market capitalisation, at Rs 5,05,051 crore against Rs 1,22,317 crore. On price to earnings, LIC carries the lower multiple at 8.14 against 59.70 for HDFC Life. LIC reports the higher return on equity, at 32.73% against 10.52% for HDFC Life. A large public insurer and a private one are priced differently, so read return on equity next to price to book before you judge either multiple.
GIC Re vs New India Assurance
GIC Re is the national reinsurer and New India Assurance is a large state-owned general insurer, so both sit in general insurance but at different points of the chain. On price to book, GIC Re sits lower at 0.79 against 0.93 for New India Assurance. For dividend income, GIC Re offers 3.96% against 0.95% at New India Assurance. In Q2 FY27, GIC Re grew total income faster, at 13.7% year on year against 3.3% for New India Assurance. Reinsurance and direct insurance respond to claims in different ways, so read the business model before you read the ratio.
Max Financial vs HDFC Life
Max Financial and HDFC Life both give exposure to private life insurance, with the first a holding company and the second the insurer itself. HDFC Life is about 2.8 times the size of Max Financial by market capitalisation, at Rs 1,22,317 crore against Rs 43,571 crore. HDFC Life reports the higher return on equity, at 10.52% against 3.25% for Max Financial. In Q2 FY27, HDFC Life grew total income faster, at 18.6% year on year against 18.4% for Max Financial. A holding company and an operating insurer are priced on different yardsticks, so read price to book alongside price to earnings.
Best Insurance Stocks for Each Type of Investor
If you are asking which of the best insurance stocks here suits you, the answer depends on what you value. The table below shows who leads on each measure today, which is the fairest way to answer without naming a single winner. Any insurance stocks compared table can mislead if you stop at one row, because each insurer leads on a different measure.
| If you care most about | Start your research with | The number |
|---|---|---|
| Lowest price to earnings | GIC Re | 6.55 |
| Highest return on equity | LIC | 32.73% |
| Highest dividend yield | GIC Re | 3.96% |
| Lowest price to book value | GIC Re | 0.79 |
| Largest by market capitalisation | LIC | Rs 5,05,051 crore |
| Fastest Q2 FY27 total income growth | HDFC Life | 18.6% |
| Sharpest Q2 FY27 net profit rise | Max Financial | 1608.7% |
No single name tops every row, which is exactly why an insurance stock comparison helps. Size, returns, payouts and valuation each point to a different insurer, so decide what matters most to you before you rank the numbers.
What Is Driving Demand for Insurance Right Now?
Insurance cover in India is still low compared with many other countries, and rising incomes, health awareness and easier digital buying keep premiums growing. Life insurers also gain when savings move from bank deposits towards long-term protection and retirement plans. Knowing what moves claims and investment markets helps you compare insurance stocks with the right questions in mind.
Premium growth, new business margin and claims experience decide profit, while investment income adds a second leg for insurers with large portfolios. Reinsurers and general insurers also gain when cover for property, motor and health expands. A good insurance stocks compared routine therefore tracks premium growth, claims, investment income and solvency. The sector backdrop helps every name here, but an insurance stock comparison shows it does not help them equally.
Risks to Weigh When You Compare Insurance Stocks
Insurance stocks depend on premium growth, claims and investment returns, and rule changes from the insurance regulator can affect how products are sold or priced. Life insurers also follow bond and equity markets. Read each filing for premium, margin and solvency commentary before you compare them. Every insurance stock comparison has blind spots, and for this group the biggest is claims and investment markets. A thoughtful insurance stocks compared review keeps these risks next to the numbers instead of in a footnote.
Because premium growth, claims, investment income and solvency drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this insurance stocks compared guide a balanced starting point.
How to Compare Insurance Stocks and Build a Shortlist
Start by deciding whether you want life insurance, general insurance, reinsurance or a holding company, because each responds to different triggers. Life insurers reward readers who track new business growth, while general insurers and reinsurers reward those who track claims and premiums. Done step by step, this insurance stocks compared routine becomes repeatable rather than a one-off exercise.
Then check valuation and payouts, because insurance multiples can look very different on price to earnings and price to book. Spreading your attention across one life insurer and one general insurer is a simple way to see both sides of the sector. Keep the shortlist of best insurance stocks short enough that you can actually follow each company’s quarterly results. When you compare insurance stocks again after new results, update only the rows that changed instead of starting over.
The Univest stock screener lets you filter insurance stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this insurance stocks compared page after the next set of results to see which numbers have moved.
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Conclusion: Insurance Stocks Compared at a Glance
This insurance stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. LIC leads on both size and return on equity, though the others bring strengths of their own. Treat the insurance stocks Q2 FY27 results and insurance stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare insurance stocks again next quarter, the same checklist of price to book, return on equity and dividend yield will work.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Insurance Stocks Compared
Which are the top insurance stocks compared in this article?
Ans. The insurance stocks compared in this article are LIC, HDFC Life, GIC Re, Max Financial and New India Assurance. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so you get a clear side-by-side starting point before you open any single company’s filings in more depth.
Which insurance stock has the highest market capitalisation?
Ans. Among the five names, LIC has the highest market capitalisation at Rs 5,05,051 crore. HDFC Life follows at Rs 1,22,317 crore. Market capitalisation is the total value the market places on a company and moves with the share price every day, so check the live figure before you rely on it.
Which of these insurance stocks has the lowest price to earnings ratio?
Ans. On insurance stocks valuation, GIC Re has the lowest price to earnings ratio among these insurance stocks at 6.55, based on the latest reported earnings. Max Financial sits at the other end at 187.87. A lower multiple is not automatically better, since growth, margins and business quality all influence what investors are willing to pay.
Which insurance stock has the highest return on equity?
Ans. LIC reports the highest return on equity in this group at 32.73%. Return on equity shows how much profit a company earns on shareholder funds, so a higher figure usually points to efficient use of capital. Compare it over several years, and keep debt levels in mind, because heavy borrowing can lift the ratio.
How did insurance stocks perform in Q2 FY27 results?
Ans. All of the five names have filed Q2 FY27 numbers in our data. HDFC Life recorded the fastest total income growth at 18.6% year on year. Max Financial showed the sharpest net profit rise at 1608.7%. For insurance stocks Q2 FY27 results, each filing on the exchange website carries the full detail behind these figures.
What are the main risks when you compare insurance stocks?
Ans. Insurance stocks depend on premium growth, claims and investment returns, and rule changes from the insurance regulator can affect how products are sold or priced. Life insurers also follow bond and equity markets. Read each filing for premium, margin and solvency commentary before you compare them. Keep an eye on premium growth, claims, investment income and solvency.
Which metrics matter most when you compare insurance stocks?
Ans. Premium growth, new business margin, claims experience and solvency matter most for operating performance. On the market side, price to book, price to earnings, return on equity and dividend yield show what you pay and how capital is used. Read each company’s filing for these along with the numbers in this article.
Which is the best insurance stock to buy among these five?
Ans. The best insurance stock depends on whether you want life, general or reinsurance exposure, because the five companies differ on all three. On the numbers in this article, LIC has the largest market capitalisation as well as the highest return on equity; GIC Re has the lowest price to earnings as well as the highest dividend yield. No single stock tops every measure, and none of this is a recommendation. Use the tables to build a shortlist, check the latest filings, and speak to a SEBI-registered advisor before you decide, since your goals, time horizon and risk appetite matter more than any ranking.
