Debt To Equity Ratio in Indian Insurance
Definition
Total borrowings (debt) as a multiple of Net Worth (equity). Measures financial leverage. A higher ratio means the insurer has taken on more debt relative to its capital base, increasing financial risk. Most well-capitalised insurers carry low D/E ratios.
Note: NL-20 analytical ratios. A ratio of 0 means no borrowings. Insurance regulation limits leverage, so high D/E is uncommon for licensed Indian insurers.
Source form: NL-20 ·Source documents
Lowest to Highest
Latest available value per insurer (periods range from Q1 FY22-23 – Q1 FY26-27 — see the Period column for each insurer's actual reporting date)
| # | Insurer | Debt To Equity Ratio (×) | Period |
|---|---|---|---|
| 1 | National Insurance Company | -0.20 | Q1 FY26-27 |
| 2 | ICICI Lombard General Insurance | 0.00 | Q1 FY26-27 |
| 3 | Kshema General Insurance | 0.00 | Q4 FY24-25 |
| 4 | IFFCO Tokio General Insurance | 0.00 | Q3 FY23-24 |
| 5 | Chola MS General Insurance | 0.03 | Q1 FY26-27 |
| 6 | Care Health Insurance | 0.04 | Q1 FY26-27 |
| 7 | Star Health Insurance | 0.06 | Q1 FY26-27 |
| 8 | Royal Sundaram General Insurance | 0.07 | Q4 FY25-26 |
| 9 | Tata AIG General Insurance | 0.08 | Q1 FY26-27 |
| 10 | Digit General Insurance | 0.08 | Q4 FY25-26 |
| 11 | Niva Bupa Health Insurance | 0.12 | Q4 FY23-24 |
| 12 | Universal Sompo General Insurance | 0.14 | Q4 FY25-26 |
| 13 | SBI General Insurance | 0.14 | Q4 FY25-26 |
| 14 | ManipalCigna Health Insurance | 0.25 | Q1 FY26-27 |
| 15 | HDFC ERGO General Insurance | 0.26 | Q4 FY25-26 |
| 16 | Reliance General Insurance | 0.33 | Q1 FY26-27 |
| 17 | Generali Central Insurance (formerly Future Generali) | 0.39 | Q4 FY25-26 |
| 18 | Oriental Insurance Company | 1.48 | Q1 FY22-23 |
Source: IRDAI public disclosures (NL-20). Click an insurer name for full provenance and historical data.
Machine-readable: this metric as JSON · all facts as CSV