IndusInd General Insurance Company Limited
1 MAbout IndusInd General Insurance Company Limited
A Comprehensive Overview of Price & Journey
Understanding IndusInd General Insurance Company Limited Inception and Growth
IndusInd General Insurance Company Limited is an unlisted company trading in the private market. Unlike listed companies, valuation and Induslnd General Insuarance Unlisted Share Price of unlisted or pre-IPO companies is determined via negotiation and demand & supply IndusInd General Insurance Company Limited unlisted share.
Investors looking for diversification of their portfolio should carefully analyze the Induslnd General Insuarance Unlisted Share Price, valuation, and research report for the latest year. This is the comprehensive coverage of the unlisted share of IndusInd General Insurance Company Limited that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of IndusInd General Insurance Company Limited, what IndusInd General Insurance Company Limited does, and how has IndusInd General Insurance Company Limited performed in the recent years.
What does IndusInd General insurance do?
IndusInd General Insurance Company Limited (formerly known as Reliance General Insurance Company Limited) is one of the top private general insurance providers in India. The company is IRDAI (Insurance Regulatory and Development Authority of India) registered and incorporated in August 2000. IndusInd underwrites various non-life insurance policies and serves a huge customer base in India that includes individuals, large corporate and small and medium enterprises. It offers customized, affordable and innovative financial protection products across automobile, healthcare, travel, household, marine and commercial sector to shield policyholder during critical moments.
What are business segments of IndusInd General Insurance?
IndusInd General Insurance operates its entire business under the following verticals:
- Fire Insurance
This insurance vertical underwrites property and asset protection risks against damage caused by fire, lightning and other allied perils.
- Marine Insurance
This vertical is split into two primary areas of transit risk:
- Marine Cargo: Insurance for goods and cargo in transit
- Marine Hull: Coverages protecting the physical vessel or transport hull
- Miscellaneous Insurance
This is the most comprehensive and diversified segment, encompassing several critical sub-classes of general insurance such as:
- Motor Insurance
- Health Insurance
- Crops and Weather Insurance
- Personal Accident & Travel Insurance
- Commercial & Liability Lines
- Other miscellaneous
How has IndusInd Insurance performed during the past three years?
Metric
FY 2023-24
FY 2024-25
FY 2025-26
Three-Year Trend / CAGR
Net Earned Premium (NEP)
₹6,68,724 Lakhs
₹7,12,468 Lakhs
₹7,02,132 Lakhs
NEP peaked in FY25 (+6.54% YoY) before consolidating slightly in FY26 (-1.45% YoY).
Profit After Tax (PAT)
₹28,028 Lakhs
₹31,544 Lakhs
₹9,081 Lakhs
PAT grew strongly in FY25 (+12.54% YoY), but faced a sharp decline in FY26 (-71.21% YoY).
Net Worth
₹3,11,190 Lakhs
₹3,42,860 Lakhs
₹3,91,913 Lakhs
Consistent Growth (+25.94% overall), supported by earnings retention and capital injections.
Total Assets
₹22,83,414 Lakhs
₹24,64,330 Lakhs
₹27,27,934 Lakh
Steady Expansion (+19.47% overall), driven by expanding investment portfolios.
Net Cash Flow from Operating Activities
₹2,15,435 Lakhs
-₹71,444 Lakhs
-₹43,810 Lakhs
Turned negative in FY25 due to heavier claims payouts, but underwent a 38.68% recovery in FY26
Performance Analysis
- Net Earned Premium
Premium earned by IndusInd Insurance has shown healthy growth in FY2024-2025, rising 6.54%, from Rs 668,724 lakhs to Rs 712,468 lakhs. However, the topline growth compressed marginally in FY2025-26 by 1.45% to Rs 702,132 lakhs indicating a stabilizing underwriting portfolio.
- Profit After Tax
Bottom-line profitability grew strongly by 12.54% from Rs. 28,028 lakhs in FY24 to Rs. 31,544 lakhs in FY25, then profitability dropped in the following FY26. The sudden compression was caused by underwriting losses, primarily within the fire insurance business and marine insurance vertical.
- Net Worth
Despite the volatility in top and bottom-line profitability, the company’s equity capital base has strengthened year-over-year. Net Worth of IndusInd rose 10.18% in FY25 and then further accelerated by 14.31% in FY26 to finally reach Rs. 391,913 lakhs.
- Total Assets
The asset base of IndusInd has grown consistently over the previous three years with 9.30% CAGR. The expansion is driven by a robust and liquid investment portfolio.
- Operating Cash Flow
FY2023-24 was highly cash generative for IndusInd Insurance, but then in FY2024-25, higher claims payouts led to a cash deficit of Rs 71,444 lakhs. However, in FY2025-26, the negative cash deficit narrowed successfully by 38.68% to -43,810 lakhs, indicating improved liquidity management and claims payout efficiency.
Who are peers/competitors of IndusInd General Insurance?
IndusInd is one of the prominent players in the Indian non-life insurance sector. Competitors/peers of IndusInd are categorized by their market positioning and structural strengths.
Banked-Backed Private Competitors
- ICICI Lombard General Insurance
- HDFC ERGO General Insurance
- SBI General Insurance
- Kotak Mahindra General Insurance
Standalone Private & Corporate Insurers
- Go Digit General Insurance
- Acko General Insurance
Public Sector Undertakings (PSU)
- The New India Assurance Co. Ltd
- National Insurance Company
- United India Insurance Company
- The Oriental Insurance Company
SHOW MORE...
IndusInd General Insurance Company Limited is an unlisted company trading in the private market. Unlike listed companies, valuation and Induslnd General Insuarance Unlisted Share Price of unlisted or pre-IPO companies is determined via negotiation and demand & supply IndusInd General Insurance Company Limited unlisted share.
Investors looking for diversification of their portfolio should carefully analyze the Induslnd General Insuarance Unlisted Share Price, valuation, and research report for the latest year. This is the comprehensive coverage of the unlisted share of IndusInd General Insurance Company Limited that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of IndusInd General Insurance Company Limited, what IndusInd General Insurance Company Limited does, and how has IndusInd General Insurance Company Limited performed in the recent years.
What does IndusInd General insurance do?
IndusInd General Insurance Company Limited (formerly known as Reliance General Insurance Company Limited) is one of the top private general insurance providers in India. The company is IRDAI (Insurance Regulatory and Development Authority of India) registered and incorporated in August 2000. IndusInd underwrites various non-life insurance policies and serves a huge customer base in India that includes individuals, large corporate and small and medium enterprises. It offers customized, affordable and innovative financial protection products across automobile, healthcare, travel, household, marine and commercial sector to shield policyholder during critical moments.
What are business segments of IndusInd General Insurance?
IndusInd General Insurance operates its entire business under the following verticals:
- Fire Insurance
This insurance vertical underwrites property and asset protection risks against damage caused by fire, lightning and other allied perils.
- Marine Insurance
This vertical is split into two primary areas of transit risk:
- Marine Cargo: Insurance for goods and cargo in transit
- Marine Hull: Coverages protecting the physical vessel or transport hull
- Miscellaneous Insurance
This is the most comprehensive and diversified segment, encompassing several critical sub-classes of general insurance such as:
- Motor Insurance
- Health Insurance
- Crops and Weather Insurance
- Personal Accident & Travel Insurance
- Commercial & Liability Lines
- Other miscellaneous
How has IndusInd Insurance performed during the past three years?
|
Metric |
FY 2023-24 |
FY 2024-25 |
FY 2025-26 |
Three-Year Trend / CAGR |
|
Net Earned Premium (NEP) |
₹6,68,724 Lakhs |
₹7,12,468 Lakhs |
₹7,02,132 Lakhs |
NEP peaked in FY25 (+6.54% YoY) before consolidating slightly in FY26 (-1.45% YoY). |
|
Profit After Tax (PAT) |
₹28,028 Lakhs |
₹31,544 Lakhs |
₹9,081 Lakhs |
PAT grew strongly in FY25 (+12.54% YoY), but faced a sharp decline in FY26 (-71.21% YoY). |
|
Net Worth |
₹3,11,190 Lakhs |
₹3,42,860 Lakhs |
₹3,91,913 Lakhs |
Consistent Growth (+25.94% overall), supported by earnings retention and capital injections. |
|
Total Assets |
₹22,83,414 Lakhs |
₹24,64,330 Lakhs |
₹27,27,934 Lakh |
Steady Expansion (+19.47% overall), driven by expanding investment portfolios. |
|
Net Cash Flow from Operating Activities |
₹2,15,435 Lakhs |
-₹71,444 Lakhs |
-₹43,810 Lakhs |
Turned negative in FY25 due to heavier claims payouts, but underwent a 38.68% recovery in FY26 |
Performance Analysis
- Net Earned Premium
Premium earned by IndusInd Insurance has shown healthy growth in FY2024-2025, rising 6.54%, from Rs 668,724 lakhs to Rs 712,468 lakhs. However, the topline growth compressed marginally in FY2025-26 by 1.45% to Rs 702,132 lakhs indicating a stabilizing underwriting portfolio.
- Profit After Tax
Bottom-line profitability grew strongly by 12.54% from Rs. 28,028 lakhs in FY24 to Rs. 31,544 lakhs in FY25, then profitability dropped in the following FY26. The sudden compression was caused by underwriting losses, primarily within the fire insurance business and marine insurance vertical.
- Net Worth
Despite the volatility in top and bottom-line profitability, the company’s equity capital base has strengthened year-over-year. Net Worth of IndusInd rose 10.18% in FY25 and then further accelerated by 14.31% in FY26 to finally reach Rs. 391,913 lakhs.
- Total Assets
The asset base of IndusInd has grown consistently over the previous three years with 9.30% CAGR. The expansion is driven by a robust and liquid investment portfolio.
- Operating Cash Flow
FY2023-24 was highly cash generative for IndusInd Insurance, but then in FY2024-25, higher claims payouts led to a cash deficit of Rs 71,444 lakhs. However, in FY2025-26, the negative cash deficit narrowed successfully by 38.68% to -43,810 lakhs, indicating improved liquidity management and claims payout efficiency.
Who are peers/competitors of IndusInd General Insurance?
IndusInd is one of the prominent players in the Indian non-life insurance sector. Competitors/peers of IndusInd are categorized by their market positioning and structural strengths.
Banked-Backed Private Competitors
- ICICI Lombard General Insurance
- HDFC ERGO General Insurance
- SBI General Insurance
- Kotak Mahindra General Insurance
Standalone Private & Corporate Insurers
- Go Digit General Insurance
- Acko General Insurance
Public Sector Undertakings (PSU)
- The New India Assurance Co. Ltd
- National Insurance Company
- United India Insurance Company
- The Oriental Insurance Company
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| IndusInd Capital Limited | Principal | 73.69% |
| Aasia Enterprises LLP | Enterprises | 24.95% |
| Others / Employees | Others | 1.36% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Induslnd General Insurance Company Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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n dowYou canload the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.