Life insurers valued on embedded value, a general insurer on its underwriting, and a fund manager on the fees its assets throw off — three engines, one lens.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| LIFE INSURANCE CORPORATION OF INDIA | ₹392 | 8.2 | 2.79 | — | Embedded value — the correct lens for a life insurer |
| HDFC Life insurance Company | ₹516 | 56.9 | 6.33 | — | Embedded value — the correct lens for a life insurer |
| SBI LIFE INSURANCE COMPANY | ₹1,654 | 63.8 | 8.70 | — | Embedded value — the correct lens for a life insurer |
| ICICI Prudential Life Insurance Company | ₹458 | 39.4 | 4.89 | — | Estimate withheld — model and market disagree too far |
| ICICI LOMBARD GENERAL INSURANCE COMPANY | ₹1,428 | 29.3 | — | — | Estimate withheld — model and market disagree too far |
| HDFC Asset Management Company | ₹2,409 | 35.0 | 11.19 | — | Discounted cash flow |
| GENERAL INSURANCE CORPORATION OF INDIA | ₹338 | 6.7 | 5.30 | — | Estimate withheld — model and market disagree too far |
| Max Financial Services | ₹1,426 | 666.3 | 9.27 | — | Estimate withheld — model and market disagree too far |
| 360 ONE WAM | ₹1,052 | 33.9 | 4.35 | — | Excess return — the correct lens for a bank |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 9 here: