Company lists
The India edition · 2026

Insurance carrierscompanies in India

Life insurance, general insurance, health insurance, online insurers, brokers and more: the companies building insurance carriers in India, with their founders, funding, team size and business models.

353 company profiles74 with reported revenue18 with recorded fundingOctober 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent insurance carriers business events in India

Funding, M&A, contract wins and launches involving 422 insurance carriers companies in India, last 24 months: 63 M&A deals · 32 launches · 20 funding rounds · 15 Contracts. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

M&AAcquisition · Completed

Life insurance corporation of india acquires NHPC

Life Insurance Corporation of India (LIC) has increased its holding in state-owned hydropower major NHPC Ltd by acquiring a 0.76 per cent stake through open market transactions on June…

Hydropower
M&AAcquisition · Announced

Axis bank acquires Axis Max Life Insurance

Private lender Axis Bank on Monday said it has raised its stake in Axis Max Life Insurance Company to 19.9%.

Insurance
FundingEquity Investment

Axis Max Life Insurance

Axis Bank has additionally invested in equity shares of Axis Max Life Insurance Company for an amount of up to Rs 380 crore.

Investors Axis bank
Insurance
FundingPrivate Placement NCD

Aditya birla capital

Aditya Birla Capital has raised Rs 200 crore through allotment of Non-Convertible Debentures (NCDs) on private placement basis.

Investors Na
Financial services
LaunchPNB MetLife RISE Plan

Pnb metlife india insurance

PNB MetLife India Insurance Company Limited has introduced a new financial product, the PNB MetLife RISE Plan.

Insurance
LaunchMyLIC

Life insurance corporation of india

Life Insurance Corporation of India (LIC) has launched the two new mobile applications. This two applications are MyLIC for customers and Super Sales Saathi for the intermediaries.

LaunchLeadHerShip

Aditya birla capital

Aditya Birla Capital Limited, has introduced ‘LeadHerShip’, a women-to-women mentorship and incubation initiative under its flagship fintech engagement platform, InFiniTe.

Women entrepreneurship mentorship and incubation initiative
LaunchVoice Bot

Star union dai-ichi life insurance

Star Union Dai-ichi Life Insurance (SUD Life) has strengthened its customer experience with the deployment of a proprietary AI-enabled voice bot.

AI-enabled Voice Bot
LaunchTata AIA Large Mid Cap Innovation Fund

Tata AIA Life Insurance

The newly launched funds include the Tata AIA Large Mid Cap Innovation Fund, Tata AIA Large Mid Cap Innovation Pension Fund, and Tata AIA Global AI & Technology Leaders Fund.

Fund
ContractService

Axa xl · client: Amiga Specialty

Amiga Specialty, a specialist managing general agent (MGA), has secured a significant capacity agreement with AXA XL, which will bolster its Financial Institutions (FI) proposition and…

Insurance
FundingPrivate placement

Tata capital

Tata Capital Limited has allotted 34,300 secured redeemable non-convertible debentures through a private placement on March 4, 2026, raising Rs 343 crore.

M&AAcquisition · Announced

Bnp paribas cardif acquires Indiafirst life insurance

BNP Paribas Cardif SA is in advanced talks to acquire Warburg Pincus' 26% stake in a transaction that could value IndiaFirst at about $350 million

Insurance
ContractService

Canara HSBC Life Insurance · client: Bihar gramin bank

Canara HSBC Life Insurance Company: The private insurance company has entered into a corporate agency agreement with Bihar Gramin Bank for the distribution of the company’s insurance…

M&AMerger · Announced

Axis Max Life Insurance acquires Max financial services

Max Financial Services: Axis entities — Axis Bank, Axis Securities, and Axis Capital — have provided their in-principle no-objection to the proposed amalgamation of Max Financial…

Financial Services
FundingPublic issue of secured redeemable non‑convertible debentures

Edelweiss financial services

Edelweiss Financial Services Limited, on March 2, 2026, announced a Rupees 3,500 million public issue of secured redeemable non‑convertible debentures.

Financial Services
M&AAcquisition · Announced

Icici bank acquires Icici prudential life insurance

The Board of ICICI Bank at its meeting which concluded today i.e. 28 February 2026, approved purchase of up to 2.0% additional shareholding in its subsidiary, ICICI Prudential Life…

LaunchSawaal Karo, Phir Loan Lo

Tata capital

Tata Capital has announced the launch of ‘Sawaal Karo, Phir Loan Lo’, a national public initiative focused on empowering individuals to make well-informed borrowing decisions.

M&AAcquisition · Completed

Societe generale acquires Tata capital

In another major deal today, French multinational bank Societe Generale bought an additional 1,433,651 equity shares in Tata Capital on Friday via a block deal. The shares were purchased…

M&AAcquisition · Completed

Bajaj finserv acquires Allianz

Bajaj Finserv Limited on Thursday, January 8, said it has completed the acquisition of a 23% equity stake in its insurance businesses from Allianz SE, marking the end of a 24-year joint…

Insurance
M&AAcquisition · Rumored

Na acquires Indiafirst life insurance

Warburg Pincus explores an exit from its 26% stake in IndiaFirst Life Insurance and has appointed Barclays as adviser to run the sale process.

M&AAcquisition · Announced

Sanlam Emerging Markets (Mauritius) Limited acquires Shriram life insurance

Piramal Finance has entered into a share purchase agreement to sell its entire 14.72% equity stake in Shriram Life Insurance Company to Sanlam Emerging Markets (Mauritius) Limited for…

Insurance
M&AMerger · Terminated

Max life insurance acquires HDFC Standard Life

the unlisted HDFC Standard Life's reverse merger with Max Life Insurance, a listed entity, was, on paper, to give HDFC Standard Life automatic listing, as well as scale and market. But…

Insurance
LaunchShriram Life Flexi Shield

Shriram life insurance

Flexi Shield gives customers the flexibility to increase or decrease their life cover, opt for premium holidays during financially demanding years, and receive 50% of the sum assured…

Term Life Insurance Plan
ContractService

Universal Sompo General Insurance · client: Zoomcar

Zoomcar has introduced Trip Protection, a new cover supported by Universal Sompo General Insurance through a Contractual Liability Policy.

LaunchCyberEdge

Tata aig general insurance company

Tata AIG General Insurance Company has announced the launch of CyberEdge, a cyber insurance solution aimed at businesses and individuals in Telangana and Andhra Pradesh.

Cyber Insurance
LaunchSurety Insurance

Liberty general insurance

Liberty General Insurance Ltd. today announced the official launch of Surety Insurance in India.

Insurance
M&AAcquisition · Completed

Multiple institutional investors acquires Aditya birla capital

Aditya Birla Capital witnessed a major block deal worth Rs 819 crore on Tuesday as Advent International’s arm Jomei Investments sold 2.66 crore shares of the financial services arm of…

Financial Services
LaunchShubh Family Protect

Tata AIA Life Insurance

Tata AIA Life Insurance launched Shubh Family Protect on Thursday, a term insurance plan that combines an immediate lump-sum payout with monthly income for beneficiaries lasting 10 to 30…

Term insurance plan
FundingIPO

Canara HSBC Life Insurance

Sbicaps is delighted to announce the successful completion of canara hsbc life assurance company limited IPO as the left-lead bookrunner. We are proud to lead the ₹2,516 crore...

Investors SBICAPS

Insurance carriers companies in India, by revenue

Browse insurance carriers companies in India by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 74 insurance carriers companies in India that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Financial services conglomerate offers a range of financial solutions

Insurance carriers
₹69,724.78 crFY 2024-25
+27%2024–2025
76,351+25% 12 mo to Dec 2023LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Life insurance carrier

Insurance carriers
₹46,497.24 crFY 2024-25
+0%2024–2025
38,402+6% 12 mo to Sep 2024recorded Sep 2024
42 yr1984
0none in 3 months · last posted Jun 2026

Provider of loans, investments, insurance, UPI, and bill payment services

Consumer and sme loans
₹40,723.75 crFY 2024-25
+18%2024–2025
32,090-96% 12 mo to Aug 2024LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Diversified non-banking financial company

Consumer and sme loans
₹28,369.87 crFY 2024-25
+56%2024–2025
25,287+54436% 12 mo to Jul 2024LinkedIn · Jul 2026
19 yr2007
618postings · last posted Sep 2026

Provider of life, health, and general insurance services

Insurance carriers
₹18,870.57 crFY 2022-23
+12%2022–2023
15,950+11% 12 mo to Sep 2024LinkedIn · Jul 2026
25 yr2001
1postings · last posted Sep 2026

Provider of life insurance services

Insurance carriers
₹2,877.06 crFY 2023-24
-1%2023–2024
21,924+15% 12 mo to Jul 2024recorded Jul 2024
25 yr2001
40postings · last posted Sep 2026

Diversified financial institution

Insurance carriers
₹2,628.98 crFY 2023-24
+91%2023–2024
77+8% 12 mo to Sep 2024recorded Sep 2024
18 yr2008
0none in 3 months

Provider of life insurance services

Insurance carriers
₹2,288.86 crFY 2022-23
+18%2022–2023
32,486+0% 12 mo to Mar 2024recorded Mar 2024
26 yr2000
0none in 3 months · last posted Jun 2026

Company that creates and scales tailored solutions for insurance and financial services clients to drive revenue and loyalty, enhancing their business operations

Insurance carriers
₹1,497.07 crFY 2024-25
-19%2024–2025
—Not available
7 yr2019
0none in 3 months

General insurance company with focus on motor insurance

Insurance carriers
₹1,156.14 crFY 2021-22
Not reported
4,483-96% 12 mo to Nov 2022LinkedIn · Jul 2026
52 yr1974
20postings · last posted Sep 2026

Provider of life insurance services

Insurance carriers
₹890.66 crFY 2024-25
+29%2024–2025
31,397LinkedIn · Jul 2026
26 yr2000
0none in 3 months

General Insurance

Insurance carriers
₹696.82 crFY 2021-22
Not reported
5,351+18% 12 mo to Jun 2024LinkedIn · Jul 2026
126 yr1900
0none in 3 months

Internet first provider of life, health & vehicle insurance services

Insurance carriers
₹570.25 crFY 2024-25
+8%2024–2025
858+3% 12 mo to Sep 2024LinkedIn · Jul 2026
36 yr1990
1postings · last posted Sep 2026

Provider of general insurance services

Insurance carriers
₹510.95 crFY 2024-25
Not reported
6,285+4% 12 mo to Sep 2024recorded Sep 2024
25 yr2001
0none in 3 months

Provider of financing services for nissan and renault brand cars

Insurance carriers
₹409.01 crFY 2023-24
+6%2023–2024
—Not available
13 yr2013
0none in 3 months

Provider of life insurance services

Insurance carriers
₹384.99 crFY 2023-24
+59%2023–2024
25,402-2% 12 mo to Sep 2024recorded Sep 2024
25 yr2001
13postings · last posted Sep 2026

Provider of general insurance services

Insurance carriers
₹333.51 crFY 2023-24
-6%2023–2024
8,298+16% 12 mo to Aug 2024LinkedIn · Jul 2026
17 yr2009
0none in 3 months

Provider of life insurance services

Insurance carriers
₹318.65 crFY 2022-23
Not reported
11,320+852% vs previous recordrecorded
25 yr2001
—No postings tracked

General Insurance

Insurance carriers
₹316.70 crFY 2024-25
+0%2024–2025
2,162+8% 12 mo to Sep 2024LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Provider of home, personal, farm and business loans

Consumer and sme loans
₹308.73 crFY 2024-25
+71%2024–2025
925+31% 12 mo to Jul 2024LinkedIn · Jul 2026
8 yr2018
5postings · last posted Sep 2026

Internet first provider of life insurance services

Insurance carriers
₹285.91 crFY 2024-25
+174%2024–2025
750recorded
20 yr2006
0none in 3 months

Life Insurance

Insurance carriers
₹240.88 crFY 2023-24
-8%2023–2024
1,001recorded
18 yr2008
0none in 3 months

Provider of life insurance services

Insurance carriers
₹154.09 crFY 2023-24
+41%2023–2024
1,755+4% 12 mo to Sep 2024LinkedIn · Jul 2026
19 yr2007
12postings · last posted Sep 2026

Full-service investment banking firm

Brokers and dealers
₹89.71 crFY 2024-25
+3%2024–2025
3,033+18% 12 mo to Mar 2024recorded Mar 2024
34 yr1992
0none in 3 months

Provider of business & consumer loans and insurance services

Insurance carriers
₹80.67 crFY 2024-25
+13%2024–2025
284+33% 12 mo to Apr 2024LinkedIn · Jul 2026
20 yr2006
0none in 3 months
50 of 353 companies shown here · the full list is on Radar
Fliar Radar

Explore all 353 insurance carriers companies in India on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

Open insurance carriers in India on Radar
  • Every company, not just 50All 353 insurance carriers companies in India, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
  • Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
  • Save and exportBuild lists, compare companies side by side and export them from your Radar account.

Explore insurance carriers companies in India by what you are looking for

Browse the top insurance carriers companies in India, from life and health insurers to general insurance and online insurance platforms. Find insurance startups in India and the list of insurance companies in India that are hiring.

9 ways to explore insurance carriers in India

Life insurance companiesGeneral, motor & property insurance companiesHealth insurance companiesOnline insurance platforms & comparison sitesInsurance brokers & distributionWealth management, investments & loans

Life insurance companies

Insurers offering term, savings and retirement life insurance.

  1. Max Financial Services

    Life insurance carrier

    Insurance carriers
    See in list
  2. Reliance Life

    Life insurance provider.

    Insurance carriers
    Website
  3. ICICI Prudential Life Insurance

    Provider of life insurance services

    Insurance carriers
    See in list
  4. HDFC Life

    Provider of life insurance services

    Insurance carriers
    See in list
  5. PNB MetLife

    Provider of life insurance services

    Insurance carriers
    See in list

General, motor & property insurance companies

Insurers covering cars, property, liability and travel.

  1. ICICI Lombard

    Provider of life, health, and general insurance services

    Insurance carriers
    See in list
  2. Shriram General Insurance

    General insurance company with focus on motor insurance

    Insurance carriers
    See in list
  3. HDFC ERGO

    Provider of general insurance services

    Insurance carriers
    Website
  4. Chola MS GIC

    General Insurance

    Insurance carriers
    See in list
  5. Reliance General

    Provider of general insurance services

    Insurance carriers
    See in list

Health insurance companies

Insurers and platforms offering medical and health cover.

  1. ICICI Lombard

    Provider of life, health, and general insurance services

    Insurance carriers
    See in list
  2. AICL India

    Provider of health insurance services

    Insurance carriers
    See in list
  3. paisaplan

    Internet first provider of health, travel, fire, motor, liability, and other insurance services

    Insurance carriers
    See in list
  4. Magnum Insurance

    Insurance agency providing insurance for auto, home, health, and more

    Insurance distribution
    See in list
  5. Insur Monthly

    Platform offering subscription for healthcare needs

    Insurance carriers
    Website

Online insurance platforms & comparison sites

Internet-first insurers, brokers and policy comparison platforms.

  1. BimaKavach

    Online platform for liability insurance for businesses

    Internet first insurance platforms
    See in list
  2. Insur Monthly

    Platform offering subscription for healthcare needs

    Insurance carriers
    Website
  3. Money Empire

    Provider of insurance plans, mutual funds, bonds, fixed deposits, and loans

    Insurance carriers
    Website
  4. axiTrust

    Platform offering MSMEs with solutions for obtaining surety bonds

    Internet first insurance platforms
    Website
  5. Laxmi Investments

    Provider of life and health insurance advisory services

    Internet first insurance platforms
    Website

Insurance brokers & distribution

Brokers and agencies that sell and advise on insurance policies.

  1. Neo Risk Management & Insurance Brokers

    Insurance broker providing risk management, employee benefits, and insurance solutions

    Insurance distribution
    See in list
  2. Magnum Insurance

    Insurance agency providing insurance for auto, home, health, and more

    Insurance distribution
    See in list
  3. Apna Policy

    An online insurance broker company

    Insurance distribution
    See in list
  4. Mangalmurti Investments

    Provider of mutual funds, exchange traded funds, tax saving mutual funds, equity funds, and insurance products, including health, life, and motor insurance

    Asset management
    Website
  5. Aditya Birla Capital

    Provider of loans, investments, insurance, UPI, and bill payment services

    Consumer and sme loans
    See in list

Wealth management, investments & loans

Financial groups offering investments, mutual funds and loans alongside insurance.

  1. Aditya Birla Capital

    Provider of loans, investments, insurance, UPI, and bill payment services

    Consumer and sme loans
    See in list
  2. Choice

    Full-service investment banking firm

    Brokers and dealers
    See in list
  3. Setia Auto Finance

    Provider of asset-based financial services

    Insurance carriers
    See in list
  4. Mangalmurti Investments

    Provider of mutual funds, exchange traded funds, tax saving mutual funds, equity funds, and insurance products, including health, life, and motor insurance

    Asset management
    Website
  5. Blackpearl Securities

    Provider of financial planning, wealth management, insurance, and tax services

    Insurance carriers
    Website

Listed insurance companies in India

Publicly listed insurance and financial companies.

  1. Bajaj Finserv

    Financial services conglomerate offers a range of financial solutions

    Insurance carriers
    See in list
  2. Max Financial Services

    Life insurance carrier

    Insurance carriers
    See in list
  3. Aditya Birla Capital

    Provider of loans, investments, insurance, UPI, and bill payment services

    Consumer and sme loans
    See in list
  4. Tata Capital

    Diversified non-banking financial company

    Consumer and sme loans
    See in list
  5. ICICI Lombard

    Provider of life, health, and general insurance services

    Insurance carriers
    See in list
17 companies in India

Insurance startups in India

Newer insurance companies founded in the last few years.

  1. Adfi Digital

    Provider of term, general & health insurance services

    Insurance carriers
    See in list
  2. Global Ark Consultancy Service

    Provider of agricultural insurance services

    Insurance carriers
    See in list
  3. Neo Risk Management & Insurance Brokers

    Insurance broker providing risk management, employee benefits, and insurance solutions

    Insurance distribution
    See in list
  4. BimaKavach

    Online platform for liability insurance for businesses

    Internet first insurance platforms
    See in list
  5. VBuild Consulting

    Provider of insurance and leasing solutions

    Insurance carriers
    Website
62 companies in India

Insurance companies hiring in India

Insurance companies that currently have open roles.

  1. Max Financial Services

    Life insurance carrier

    Insurance carriers
    See in list
  2. Tata Capital

    Diversified non-banking financial company

    Consumer and sme loans
    See in list
  3. ICICI Lombard

    Provider of life, health, and general insurance services

    Insurance carriers
    See in list
  4. HDFC Life

    Provider of life insurance services

    Insurance carriers
    See in list
  5. Shriram General Insurance

    General insurance company with focus on motor insurance

    Insurance carriers
    See in list
25 companies in India
Mobile reach

Top 10 insurance carriers apps from India

The most-installed Android apps published by insurance carriers companies headquartered in India — 289.1M installs between them. 74 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Bajaj Finserv: Loans, UPI & FD

by Bajaj Finserv

Installs190.9M
Rating4.767.3M ratings
Last updatedMar 2026
View on Google Play ↗
Bajaj Finserv: Loans, UPI & FD screenshot 1Bajaj Finserv: Loans, UPI & FD screenshot 2Bajaj Finserv: Loans, UPI & FD screenshot 3Bajaj Finserv: Loans, UPI & FD screenshot 4Bajaj Finserv: Loans, UPI & FD screenshot 5Bajaj Finserv: Loans, UPI & FD screenshot 6
3

IL TakeCare Insurance App

by ICICI Lombard

Installs18.2M
Rating3.5854K ratings
Installs, year on year+44%
Last updatedJun 2026
View on Google Play ↗
IL TakeCare Insurance App screenshot 1IL TakeCare Insurance App screenshot 2IL TakeCare Insurance App screenshot 3IL TakeCare Insurance App screenshot 4IL TakeCare Insurance App screenshot 5IL TakeCare Insurance App screenshot 6
4

Niva Bupa Health

by Niva Bupa

Installs13.5M
Rating4.59122K ratings
Installs, year on year+20%
Last updatedApr 2026
View on Google Play ↗
Niva Bupa Health screenshot 1Niva Bupa Health screenshot 2Niva Bupa Health screenshot 3Niva Bupa Health screenshot 4Niva Bupa Health screenshot 5Niva Bupa Health screenshot 6
5

Tata Capital Loan App & Wealth

by Tata Capital

Installs9.2M
Rating4.28102K ratings
Installs, year on year+30%
Last updatedJun 2026
View on Google Play ↗
Tata Capital Loan App & Wealth screenshot 1Tata Capital Loan App & Wealth screenshot 2Tata Capital Loan App & Wealth screenshot 3Tata Capital Loan App & Wealth screenshot 4Tata Capital Loan App & Wealth screenshot 5Tata Capital Loan App & Wealth screenshot 6
7

HDFC Life Insurance App

by HDFC Life

Installs7.1M
Rating3.5934K ratings
Last updatedMay 2026
View on Google Play ↗
HDFC Life Insurance App screenshot 1HDFC Life Insurance App screenshot 2HDFC Life Insurance App screenshot 3HDFC Life Insurance App screenshot 4HDFC Life Insurance App screenshot 5HDFC Life Insurance App screenshot 6
10

Choice FinX: Demat Account App

by Choice

Installs2.7M
Rating3.7422K ratings
Installs, year on year+32%
Last updatedJun 2026
View on Google Play ↗
Choice FinX: Demat Account App screenshot 1Choice FinX: Demat Account App screenshot 2Choice FinX: Demat Account App screenshot 3Choice FinX: Demat Account App screenshot 4Choice FinX: Demat Account App screenshot 5Choice FinX: Demat Account App screenshot 6
The business behind the activity

Insurance carriers financials in India

Revenue, profit and growth from the filed annual accounts of 59 insurance carriers companies in India for FY24-25 — 78 of the 353 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 79% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹4,802.44 cr

59 companies filing accounts

combined net profit₹989.14 cr

20.6% aggregate margin

are profitable76%

45 of 59 companies

median revenue~₹3.5 cr

the typical company

median revenue growth+17%

into FY24-25

earned by the top five79%

revenue concentration

Six-year view

Combined revenue of filing companies

₹31,177.67 crFY19-2044 filers
₹35,351.49 crFY20-2151 filers
₹31,118.30 crFY21-2258 filers
₹35,032.63 crFY22-2364 filers
₹19,861.70 crFY23-2466 filers
₹4,802.44 crFY24-2559 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 50 companies over three years

+8%
FY22-23₹3,594.61 cr₹494.41 cr net
FY23-24₹3,833.11 cr₹561.62 cr net
FY24-25₹3,874.74 cr₹582.63 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr1861% profitable
₹1–10 cr1979% profitable
₹10–100 cr1681% profitable
₹100–1,000 cr5100% profitable
Over ₹1,000 cr1100% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking16
0–20%13
20–50%9
50–100%4
Doubled+12

54 companies with accounts for both years; median growth +17%.

Profitability

Profit is concentrated at the top

45profitable
14loss-making
20.6%aggregate margin
4.6%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
Shriram Fortune SolutionsSHRIRAMFORTUNE SOLUTIONS LIMITED+174%₹285.91 cr
Adfi DigitalADFI DIGITAL PRIVATE LIMITED
Setia Auto FinanceSETIA AUTO FINANCE PRIVATE LIMITED
Vulcan InsuranceVULCAN INSURANCE SERVICES PRIVATE LIMITED
ManomayMANOMAY INNSURTECH PRIVATE LIMITED
Health Insurance TPAHEALTH INSURANCE TPA OF INDIA LIMITED+25%₹96.25 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Reliance GeneralINDUSIND GENERAL INSURANCE COMPANY LIMITED61.7%₹510.95 cr
Universal SompoUNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED59.9%₹316.70 cr
Max Life InsuranceAXIS MAX LIFE INSURANCE LIMITED45.6%₹890.66 cr
TVS InsuranceTVS INSURANCE BROKING PRIVATE LIMITED
Adfi DigitalADFI DIGITAL PRIVATE LIMITED
ManomayMANOMAY INNSURTECH PRIVATE LIMITED
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Insurance carriers52₹4,659.29 cr~₹3.3 cr77%21.8%
Leaders

Largest insurance carriers companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
CPP IndiaCPP ASSISTANCE SERVICES PRIVATE LIMITED₹1,497.07 cr₹42.64 cr2.8%-11%
Max Life InsuranceAXIS MAX LIFE INSURANCE LIMITED₹890.66 cr₹406.39 cr45.6%—
SMC InsuranceSMC INSURANCE BROKERS PRIVATE LIMITED₹570.25 cr₹11.17 cr2.0%+8%
Reliance GeneralINDUSIND GENERAL INSURANCE COMPANY LIMITED₹510.95 cr₹315.44 cr61.7%-4%
Universal SompoUNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED₹316.70 cr₹189.66 cr59.9%+0%
Shriram Fortune SolutionsSHRIRAMFORTUNE SOLUTIONS LIMITED₹285.91 cr₹2.26 cr0.8%+174%
Health Insurance TPAHEALTH INSURANCE TPA OF INDIA LIMITED₹96.25 cr₹11.24 cr11.7%+25%
ChoiceCHOICE INSURANCE BROKING INDIA PRIVATE LIMITED₹89.71 cr₹11.23 cr12.5%+3%
My MudraMY MUDRA FINCORP LIMITED₹80.67 cr₹9.01 cr11.2%+13%
Ambika Fincap ConsultantsAMBIKA FINCAP CONSULTANTS PRIVATE LIMITED
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Accounting and Tax Software Industry Landscape of India

The financials above are one chapter. The full insurance carriers landscape of India maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the insurance carriers landscape of India
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Insurance carriers funding and M&A across India

43 recorded equity rounds have gone to 422 insurance carriers companies in India — how much, at which stage, into which sub-sectors, from whom, and how India compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months0

US$0k

equity rounds, last 24 months5

US$71.55m

raised over five yearsUS$479.06m

18 rounds in India

M&A deals, India63

last 24 months

Capital by year

Equity funding into insurance carriers in India

amount rounds
$84m20182
$288m20197
$436m20203
$176m20214
$37m20225
$192m20233
$70m20243
$3.6m20253

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2020, with US$436.50m across 3 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$1.09m3 rounds · median US$135k
SeedUS$91.17m7 rounds · median US$1.50m
Series AUS$96.08m1 rounds · median US$96.08m
Series BUS$22.71m3 rounds · median US$10.56m
Series CUS$36.80m2 rounds · median US$18.40m
Series D+US$231.21m2 rounds · median US$115.61m
Where the money went · five years

Most-funded sub-sectors

Insurance carriersUS$359.00m10 rounds · 8 companies
Consumer and sme loansUS$114.44m5 rounds · 1 companies
Internet first insurance platformsUS$5.62m3 rounds · 2 companies
Corporate activity · last 24 months

M&A in India

56Acquisition
6Merger
1Announced

Most active acquirers

  1. Life insurance corporation of india11
  2. Bajaj finserv7
  3. Na3
  4. 360 ONE Private Equity Fund3
  5. Icici lombard general insurance3

Most acquired or merged

  1. Max financial services5
  2. Bharti axa life insurance3
  3. Indiafirst life insurance2
  4. Allianz2
  5. Reliance Nippon Life Insurance2

Each deal appears in the events strip at the top of the page.

Insurance carriers funding in India

18 insurance carriers companies in India have recorded equity funding, US$2.42bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in India

Meet the people behind insurance carriers companies in India. 95 of 353 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore India insurance carriers companies by sub-sector

The most common specialisations among insurance carriers companies in India. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring insurance carriers in India and nearby markets.

Coming soon