Solvency Ratio — Historical Data for All Indian Insurers

As of Q1 FY26-27, 28 of 31 IRDAI-licensed insurers with available data maintain a solvency ratio at or above the mandatory 1.5× minimum.

The solvency ratio measures an insurer's ability to meet its policyholder obligations. IRDAI requires all insurers to maintain a minimum solvency ratio of 1.5× at all times. Values below 1.5× indicate a breach of the regulatory minimum; negative values indicate reported liabilities exceeded the available solvency margin.See current rankings →

Quarterly Solvency — All Insurers

Cells in red are below the 1.5× IRDAI regulatory minimum.Grouped by insurer type: general, then health.

Insurer	Type	Q4'20	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26	Q4'26	Q1'27
General Insurance
Acko General Insurance	general	4.24	3.64	3.55	1.93	1.91	2.31	1.61	1.77	1.68	6.01	4.55	3.73	2.75	2.24	2.77	2.18	1.89	2.80	2.43	2.36	2.30	2.37	2.29	2.01	1.88	1.59
Agriculture Insurance Company of India	general	2.83	2.92	2.90	2.29	2.09	1.88	1.88	2.40	2.45	2.51	2.34	2.48	2.49	2.64	2.67	3.01	3.34	3.43	3.41	3.55	4.07	4.38	4.64	4.87	4.42	4.65
Bajaj Allianz General Insurance	general	2.54	2.80	3.07	3.30	3.45	3.40	3.50	3.33	3.44	3.49	3.62	3.73	3.91	3.88	3.52	3.55	3.49	3.11	3.12	3.00	3.25	3.34	3.39	3.44	3.02	2.54
Chola MS General Insurance	general	1.58	1.78	1.95	2.01	2.08	1.79	1.77	1.86	1.95	2.08	2.13	2.06	2.01	1.96	1.89	1.79	1.79	1.92	2.06	2.14	2.18	2.17	2.11	2.04	1.96	1.93
Digit General Insurance	general	3.24	3.27	2.82	2.37	2.01	1.81	1.64	1.64	2.01	2.18	2.00	1.90	1.78	1.69	1.62	1.60	1.61	2.17	2.18	2.22	2.24	—	2.26	2.30	2.42	2.43
ECGC	general	15.02	13.81	12.23	15.97	19.25	21.66	20.79	23.92	30.05	34.40	40.20	43.89	47.93	48.88	47.50	47.64	47.87	47.39	50.24	52.84	57.13	57.62	55.47	55.59	56.64	56.14
Generali Central Insurance (formerly Future Generali)	general	1.51	1.61	1.65	1.63	1.61	1.56	1.58	1.64	1.66	1.67	1.75	1.93	2.10	2.27	2.25	2.28	2.26	2.12	1.98	2.03	1.96	—	—	—	—	—
HDFC ERGO General Insurance	general	—	2.04	2.17	1.98	1.90	1.69	1.71	1.70	1.64	1.68	1.78	1.74	1.81	1.85	1.91	1.87	1.68	1.56	1.78	1.75	2.00	2.06	2.10	2.19	2.07	2.18
ICICI Lombard General Insurance	general	2.17	2.50	2.74	2.76	2.90	2.76	2.51	2.45	2.46	2.61	2.47	2.45	2.51	2.53	2.59	2.57	2.62	2.56	2.65	2.36	2.69	2.00	2.73	2.00	2.00	2.00
IFFCO Tokio General Insurance	general	1.58	1.69	1.74	1.75	1.73	1.63	1.51	1.74	1.68	1.64	1.77	1.79	1.72	1.68	1.77	1.68	1.72	1.81	1.80	1.84	1.85	1.86	1.92	1.85	1.91	1.97
Kshema General Insurance	general	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.71	1.73	1.80	1.68	1.83	1.77	1.53	1.52	1.51	1.57	1.82	1.53
Liberty General Insurance	general	2.18	2.65	3.09	2.81	2.92	2.81	2.85	2.87	2.87	2.69	2.44	2.20	2.05	1.97	1.79	1.73	1.76	1.63	1.65	1.65	1.75	—	—	—	—	—
Magma General Insurance	general	1.71	1.75	1.78	1.81	1.79	1.82	1.82	1.61	1.76	2.77	2.19	1.70	2.10	2.32	2.02	2.10	2.05	1.81	1.77	1.79	2.02	—	1.90	1.81	1.74	1.84
National Insurance Company	general	0.02	0.01	0.20	0.61	0.62	0.05	0.01	0.09	0.63	0.63	0.24	0.05	-0.29	-0.43	-0.35	-0.37	-0.45	-0.46	-0.45	-0.53	-0.67	-0.72	-0.75	-0.77	-1.11	-1.22
Navi General Insurance	general	—	3.09	2.00	2.22	2.12	2.28	1.67	2.15	1.91	2.55	2.60	2.72	2.88	3.24	3.61	3.81	3.91	4.06	4.19	4.39	4.56	4.71	4.65	4.60	3.83	2.87
New India Assurance	general	2.11	2.11	2.14	2.15	2.13	2.00	1.90	1.83	1.66	1.72	1.77	1.91	1.87	1.85	1.70	1.72	1.81	1.83	1.81	1.90	1.91	1.87	1.79	1.81	1.84	1.80
Oriental Insurance Company	general	0.92	1.28	1.24	1.53	1.40	0.50	0.12	0.15	0.15	0.10	-0.76	-0.90	-0.96	-1.03	-0.92	-0.88	-1.06	-1.03	-1.02	-1.05	-1.03	-1.01	-1.01	-1.52	-1.63	-1.70
Raheja QBE General Insurance	general	2.46	2.22	3.94	3.50	3.66	2.59	2.76	2.19	2.22	1.79	1.82	2.21	2.03	2.01	2.33	2.22	2.01	1.96	2.08	2.02	1.72	1.78	2.19	2.27	1.71	1.98
Reliance General Insurance	general	—	1.58	1.63	1.65	1.65	1.65	1.69	1.69	1.66	1.60	1.58	1.59	1.57	1.57	1.68	1.59	1.62	1.60	1.56	1.54	1.59	1.57	1.73	1.68	1.73	1.75
Royal Sundaram General Insurance	general	1.69	2.01	2.31	2.16	1.87	1.97	2.07	2.14	2.10	2.16	2.09	2.14	2.27	2.62	2.62	2.54	2.42	2.38	2.35	2.26	2.20	2.21	—	2.17	—	2.05
SBI General Insurance	general	2.27	2.27	2.34	2.21	2.00	2.10	2.04	1.93	1.85	1.94	1.91	1.85	1.72	2.03	1.98	1.97	2.25	2.21	2.26	2.12	2.03	—	2.13	2.12	1.90	2.00
Shriram General Insurance	general	3.67	3.51	3.66	3.61	3.63	3.63	4.05	4.70	4.62	4.48	4.60	4.63	4.91	4.83	4.66	4.30	4.02	3.87	3.93	3.58	3.51	3.35	3.33	3.32	2.95	3.02
Tata AIG General Insurance	general	1.84	2.13	2.17	2.17	2.22	2.32	2.17	2.11	1.97	2.02	1.98	1.95	1.94	1.96	2.16	2.13	2.09	2.20	2.09	2.00	1.81	1.82	1.79	1.89	1.91	1.84
United India Insurance	general	0.30	0.67	0.89	1.38	1.41	0.83	0.74	0.72	0.51	0.43	0.35	0.12	-0.29	-0.42	-0.38	-0.48	-0.59	-0.73	-0.71	-0.91	-0.65	—	—	—	—	-1.49
Universal Sompo General Insurance	general	2.28	2.21	2.14	1.55	1.90	2.07	2.06	2.09	1.92	1.78	1.70	1.71	1.74	1.72	1.73	1.73	1.80	1.73	1.96	1.98	1.97	—	—	—	—	—
Zuno General Insurance	general	2.36	1.96	2.02	2.04	2.09	1.83	1.79	1.77	1.67	1.71	1.65	1.73	1.80	1.67	1.92	1.76	1.72	1.69	1.64	1.62	1.58	1.82	1.89	1.65	1.57	1.64
Zurich Kotak General Insurance	general	—	2.20	2.12	2.24	1.95	1.75	2.66	2.35	1.79	2.55	2.14	2.30	1.83	1.98	1.85	1.62	1.85	7.39	6.84	6.43	5.73	4.84	4.33	3.61	3.15	2.84
Health Insurance
Aditya Birla Health Insurance	health	1.81	1.73	2.17	2.09	1.82	1.61	1.73	1.84	1.77	2.16	1.67	3.03	2.63	2.39	2.13	1.73	1.67	1.72	1.80	1.64	1.84	1.85	1.77	1.53	1.66	1.58
Care Health Insurance	health	1.55	2.59	2.52	2.52	2.45	1.81	1.90	1.68	1.85	1.64	1.97	1.90	1.82	1.80	1.73	1.73	1.74	1.64	1.59	1.56	1.68	1.66	1.89	1.70	1.68	1.58
Galaxy Health Insurance	health	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.00	0.00	5.21	4.70	—	3.73	3.18	4.64	3.95
ManipalCigna Health Insurance	health	1.90	1.97	3.06	2.59	2.12	1.65	1.77	1.59	1.68	1.59	1.56	1.55	1.56	1.62	1.57	1.56	1.66	1.74	1.75	1.57	1.76	1.91	1.64	1.56	1.84	1.93
Narayana Health Insurance	health	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.89	1.84	1.77	1.61	—	1.55	1.70	1.67	1.67
Niva Bupa Health Insurance	health	—	1.74	1.80	1.65	2.09	1.65	1.66	1.78	1.72	1.89	1.77	1.81	1.67	1.74	1.62	2.56	2.55	2.39	2.25	3.03	3.03	2.86	2.85	2.49	2.49	2.25
Star Health Insurance	health	—	2.00	1.69	2.49	2.22	1.65	1.71	1.80	1.67	1.87	1.95	2.17	2.14	2.18	2.13	2.23	2.21	2.29	2.24	2.22	2.21	2.22	2.15	2.14	2.05	2.09

Values in red are below the IRDAI mandatory minimum of 1.5×. Negative values indicate reported liabilities exceeded available solvency margin. All values from IRDAI quarterly NL-26 public disclosures.

Public Sector Insurer Solvency Distress

National Insurance Company, United India Insurance Company, and Oriental Insurance Company — all government-owned — have reported solvency ratios substantially below and, in several quarters, negative — indicating their reported liabilities exceeded the available solvency margin. IRDAI granted regulatory forbearance allowing continued operation. The Government of India has provided capital recapitalisation. Seepublic sector insurer data for detail.

Source: IRDAI mandatory quarterly public disclosures.Form NL-26 (general and health insurers).Current solvency rankings →Solvency sector report →What is solvency ratio?