Insurance companies increased exposure to several large-cap stocks during the March 2026 quarter, using the broader market correction to accumulate positions across information technology, healthcare, financials and capital goods sectors.
Life Insurance Corporation of India (LIC) continued to dominate insurer holdings in Indian equities. LIC’s holdings in companies where insurer ownership exceeds 1 per cent stood at nearly Rs 15.11 lakh crore as of March 31, spread across 288 companies, according to PrimeInfobase data.
In comparison, other major insurers such as SBI Life Insurance, HDFC Life Insurance and ICICI Prudential Life Insurance held significantly smaller equity portfolios.
Overall, 38 insurance companies with holdings above 1 per cent together accounted for around Rs 17.18 lakh crore, representing nearly 78 per cent of total insurance ownership in listed companies.
Insurance companies’ ownership across all NSE-listed firms rose marginally to 1.19 per cent in March 2026 from 1.17 per cent in December 2025.
Among key additions, insurers increased exposure to information technology stocks despite steep corrections in share prices. Combined holdings in Infosys rose by around 2.03 crore shares to 60.12 crore shares during the quarter, even as the stock declined 22.6 per cent.
Similarly, aggregate holdings in Tata Consultancy Services increased by nearly 90.77 lakh shares to 24.21 crore shares, while the stock fell 26.4 per cent during the period.
Insurers also raised stakes in healthcare and financing-related companies. Holdings in Max Healthcare Institute increased by about 2.08 crore shares to 6.13 crore shares, while Indian Railway Finance Corporation saw one of the sharpest increases, with insurer holdings rising nearly 18.78 crore shares after the stock corrected around 30 per cent.
Exposure to defence and capital goods companies also increased, including additions in Hindustan Aeronautics.
Financial and consumption-linked names also witnessed fresh buying. Combined insurer holdings in Bajaj Finance increased by more than 2 crore shares during the quarter, while additions were also seen in Bharti Airtel, Cipla, Maruti Suzuki India and Trent.
On the other hand, insurers reduced exposure to several large-cap stocks. Combined holdings in State Bank of India declined by around 4.55 crore shares during the quarter, while insurers also cut stakes in Coal India despite the stock gaining nearly 13 per cent.
Other stocks that witnessed insurer selling included Titan Company, Grasim Industries and ICICI Bank. Profit booking was also visible in stocks such as Union Bank of India and Multi Commodity Exchange of India, where share prices had remained relatively resilient during the quarter. |
