Combined Ratio — General Insurers India, IRDAI Data

The combined ratio equals claims paid plus operating expenses, divided by net earned premium. Below 100% indicates the insurer is profitable from underwriting alone — most general insurers globally run above 100% and rely on investment income to break even. Source: IRDAI NL-20.

#	Insurer	Combined Ratio (%)	ICR (%)	Period
1	Agriculture Insurance Company of India	-162.69profitable	73.20	Q1 FY26-27
2	Universal Sompo General Insurance	104.32	80.35	Q1 FY26-27
3	Bajaj Allianz General Insurance	104.66	74.28	Q1 FY26-27
4	Shriram General Insurance	104.67	68.71	Q1 FY26-27
5	ICICI Lombard General Insurance	107.20	76.40	Q1 FY26-27
6	HDFC ERGO General Insurance	110.59	87.51	Q1 FY26-27
7	Tata AIG General Insurance	111.00	74.00	Q1 FY26-27
8	SBI General Insurance	111.52	79.24	Q1 FY26-27
9	Acko General Insurance	111.65	72.88	Q1 FY26-27
10	Digit General Insurance	112.36	73.34	Q1 FY26-27
11	Zuno General Insurance	115.00	81.00	Q1 FY26-27
12	Royal Sundaram General Insurance	116.30	86.00	Q1 FY26-27
13	Magma General Insurance	118.50	84.30	Q1 FY26-27
14	Chola MS General Insurance	120.40	85.58	Q1 FY26-27
15	Liberty General Insurance	121.00	81.00	Q1 FY26-27
16	IFFCO Tokio General Insurance	121.20	86.84	Q1 FY26-27
17	Reliance General Insurance	121.21	88.15	Q1 FY26-27
18	New India Assurance	121.44	103.38	Q1 FY26-27
19	Raheja QBE General Insurance	121.70	68.00	Q1 FY26-27
20	Generali Central Insurance (formerly Future Generali)	127.90	90.10	Q1 FY26-27
21	Navi General Insurance	128.00	92.00	Q1 FY26-27
22	Zurich Kotak General Insurance	132.00	86.00	Q1 FY26-27
23	National Insurance Company	134.36	98.91	Q1 FY26-27
24	United India Insurance	139.12	103.63	Q1 FY26-27
25	ECGC	188.03	159.50	Q1 FY26-27
26	Kshema General Insurance	500.51	298.84	Q1 FY26-27
27	Oriental Insurance Company	11916.00	10011.00	Q1 FY26-27

Source: IRDAI NL-20 quarterly public disclosures.General insurance overview → ·General insurer rankings →