LIC continues to dominate insurer equity holdings; insurers add Infosys, TCS, IRFC in March quarter

Insurance companies increased exposure to several large-cap stocks during the March 2026 quarter. Amongst insurers, Life Insurance Corporation of India continued to dominate insurer investments in equities.

LIC’s holdings in companies where insurer stakes exceed 1 percent stood at about Rs 15.11 lakh crore as of March 31, spread across 288 companies. In comparison, other insurers such as SBI Life Insurance, HDFC Life Insurance and ICICI Prudential Life Insurance held significantly smaller portfolios.

Overall, 38 insurance companies with more than 1 percent stakes together accounted for about Rs 17.18 lakh crore, or close to 78 percent of total insurance holdings in listed companies, data from PrimeInfobase shows.

In terms of ownership by number of shares across all NSE-listed companies, Insurance Companies' share went up to 1.19 per cent as on March 2026, up from 1.17 per cent on December 31, 2025.

Insurers up holdings in IRCTC, Infosys

At the aggregate level, insurers added to information technology stocks despite sharp price corrections. Combined holdings of insurance companies in Infosys rose from 58.09 crore shares at the end of December to 60.12 crore shares by March, an increase of about 2.03 crore shares, even as the stock declined 22.6 percent during the quarter.

In Tata Consultancy Services, aggregate holdings went up by around 90.77 lakh shares to 24.21 crore shares, with the stock falling 26.4 percent.

There was also buying across insurers in healthcare, industrial and financing-related companies. Total insurer holdings in Max Healthcare Institute increased by about 2.08 crore shares to 6.13 crore shares, with the stock down 7.9 percent.

Indian Railway Finance Corporation saw one of the largest increases in holdings, up nearly 18.78 crore shares on the back of a 30 percent decline in its share price. Exposure to capital goods and defence also increased, with additions in Hindustan Aeronautics, where the stock fell over 20 percent.

Financial and consumption-linked stocks also saw additions. Combined holdings in Bajaj Finance increased by over 2 crore shares. During the quarter, the stock declined about 18.8 percent.

Bharti Airtel also saw holdings rise by about 92.62 lakh shares, with the stock down 15.3%. Holdings in Cipla increased by around 1.36 crore shares (stock down 19 percent), while Maruti Suzuki India and Trent also saw additions alongside declines of over 20 percent.

Mixed selling across large-caps

On the selling side, insurers also reduced exposure to several large-cap names. Combined holdings in State Bank of India declined from about 99.87 crore shares to 95.32 crore shares, around 4.55 crore shares, even as the stock remained largely flat with a marginal decline of 0.3 percent.

Coal India saw a decline of around 3.48 crore shares, even as its stock rose nearly 12.9 percent during the quarter.

Other stocks where insurers trimmed holdings included Titan Company, Grasim Industries and ICICI Bank, all of which saw price declines during the period.

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