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Bajaj Finserv and LIC are valued in different ways.
Bajaj Finserv is valued on estimate withheld and LIC on embedded value, because the two businesses do not work the same way. Below, each is set out on its own record and its own value drivers; the two fair values sit in the full valuations.
- Valuation method: Bajaj Finserv on estimate withheld; LIC on embedded value.
- Size: LIC is worth about 252.5 times Bajaj Finserv on the stock market.
- Record: LIC's filed history in the data used here is too short to compare year by year, so only Bajaj Finserv's record is summarised: revenue went from FY2020 to FY2026 at about 19% a year.
- What to watch: the value of bajaj finance at Bajaj Finserv; embedded value at LIC.
| Bajaj Finserv | LIC | |
|---|---|---|
| Price | ₹1,865 | ₹399 |
| Market cap | ₹0.02L Cr | ₹5.05L Cr |
| P/E | 0.2 | 8.1 |
| P/B | 0.02 | 2.86 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Embedded value |
01Two businesses
A holding company for lending and insurance
Bajaj Finserv is the financial-services holding company of the Bajaj group. Its biggest asset is its majority stake in Bajaj Finance, India's largest non-bank consumer lender. It also owns life and general insurance businesses run for years as joint ventures with Allianz, and in 2025 it agreed to buy out Allianz's stake in them.
India's life insurer, still by a distance
Life Insurance Corporation of India is the country's largest life insurer by a wide margin. It was the only life insurer until private companies were allowed in from 2000, and the Government of India still owns the overwhelming majority of its shares after the 2022 IPO.
02The records side by side
LIC's filed history in the data used here is too short to compare year by year, so only Bajaj Finserv's record is summarised: revenue went from FY2020 to FY2026 at about 19% a year.
Full ten-year tables and charts are on each company's page: Bajaj Finserv · LIC.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
LIC is not valued on a single growth or return rate that can be solved back from its price.
04What decides each one's value
- The value of Bajaj FinanceMost of Bajaj Finserv's value follows the listed price of its Bajaj Finance stake.
- Insurance valueThe life and general insurers add value that does not show up fully in reported profit.
- Embedded valueThe present value of profits from policies already written, plus net assets — the starting point for valuing any life insurer.
- Value of new businessHow much value each year's new policies add. LIC's margins on new business have been below private peers', and lifting them is the main lever.
05What could go wrong
- ConcentrationBajaj Finance's fortunes dominate Bajaj Finserv's.
- Insurance regulationRules on commissions and product design can squeeze insurer profits.
- Losing share to private insurersPrivate life insurers have taken market share steadily since they were allowed in.
- Government ownershipFurther share sales by the government, or pressure to invest in state priorities, can weigh on the price.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Bajaj Finserv or LIC better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Bajaj Finserv trades at 0.2 times earnings and 0.02 times book value, and LIC at 8.1 times earnings and 2.86 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Bajaj Finserv and LIC?
Bajaj Finserv is the financial-services holding company of the Bajaj group. Life Insurance Corporation of India is the country's largest life insurer by a wide margin.
Are Bajaj Finserv and LIC valued the same way?
No. Bajaj Finserv is valued on estimate withheld and LIC on embedded value, because forcing one model onto both would misstate at least one of them.