Which Stocks Did LIC and Insurers Buy in Q4 FY26?
LIC remained the largest institutional investor as insurers increased exposure to IT, defence, healthcare and railway stocks during the March 2026 quarter.
Quick Summary
Insurance companies increased exposure to several large-cap stocks in Q4 FY26 despite sharp market corrections. LIC remained the dominant institutional investor with holdings worth ₹15.11 lakh crore. Insurers bought stocks like Infosys, IRFC, HAL and Bajaj Finance, while reducing stakes in SBI, Coal India, Titan Company and ICICI Bank.
Insurance companies increased their investments in several large-cap stocks during the March 2026 quarter.
Among all insurers, Life Insurance Corporation of India (LIC) continued to dominate equity holdings. According to Money Control & PrimeInfobase data (provides financial data of listed Indian companies)
LIC’s holdings in companies where insurer ownership exceeded 1% stood at nearly ₹15.11 lakh crore as of 31 March 2026. The insurer held stakes across 288 companies.
In comparison, insurers such as SBI Life Insurance, HDFC Life Insurance and ICICI Prudential Life Insurance managed smaller equity portfolios.
Overall, 38 insurance companies together held nearly ₹17.18 lakh crore worth of stakes in listed firms, accounting for around 78% of total insurance sector holdings in the stock market.
Insurance companies’ ownership across all NSE-listed firms increased slightly to 1.19% in March 2026 from 1.17% in December 2025.
Insurers Increased Holdings in These Stocks
Despite steep corrections in technology stocks, insurers continued buying into the IT sector during the quarter.
Stocks Bought by Insurers in Q4 FY26
All Insurance companies increased exposure to several sectors during the March 2026 quarter despite sharp market corrections. Buying was largely visible in IT, healthcare, defence, railway and financial stocks.
Aggregate insurer holding data across all insurance companies is shown in the table below. The figures represent combined holdings of insurers in these stocks during Q4 FY26.
|
Stock |
Increase in Holdings |
Share Price Movement (Jan- Mar 2026) |
|
Infosys |
+2.03 crore shares |
Fell 22.6% |
|
Tata Consultancy Services (TCS) |
+90.77 lakh shares |
Fell 26.4% |
|
Max Healthcare Institute |
+2.08 crore shares |
Fell 7.9% |
|
IRFC |
+18.78 crore shares |
Fell 30% |
|
Hindustan Aeronautics (HAL) |
Increased exposure |
Fell 20% |
|
Bajaj Finance |
+2 crore shares |
Fell 18.8% |
|
Bharti Airtel |
+92.62 lakh shares |
Fell 15.3% |
|
Cipla |
+1.36 crore shares |
Fell 19% |
|
Maruti Suzuki India |
Increased exposure |
Fell 20% |
|
Trent |
Increased exposure |
Fell 20% |
Source: PrimeInfobase, Moneycontrol
Key Highlights
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Insurance companies continued buying IT stocks even after a sharp correction in the sector.
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Combined holdings in Infosys rose from 58.09 crore shares in December 2025 to 60.12 crore shares in March 2026.
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Holdings in Tata Consultancy Services increased by nearly 90.77 lakh shares to 24.21 crore shares.
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Indian Railway Finance Corporation (IRFC) witnessed one of the largest increases in insurer holdings after the stock corrected 30% during the quarter.
-
Exposure to defence stocks such as Hindustan Aeronautics Limited (HAL) also increased as insurers used the correction to accumulate shares.
-
Healthcare and financial stocks including Max Healthcare Institute and Bajaj Finance also saw fresh buying from insurance companies.
Stocks Where Insurers Reduced Holdings
While insurers increased exposure to several beaten-down stocks, they also trimmed stakes in a few large-cap companies.
Stocks Sold by Insurers
|
Stock |
Reduction in Holdings |
Share Price Movement (Jan- Mar 2026) |
|
State Bank of India (SBI) |
-4.55 crore shares |
Fell 0.3% |
|
Coal India |
-3.48 crore shares |
Gained 12.9% |
|
Titan Company |
Reduced holdings |
Declined |
|
Grasim Industries |
Reduced holdings |
Declined |
|
ICICI Bank |
Reduced holdings |
Declined |
|
ITC |
Reduced holdings |
Declined |
|
UPL |
Reduced holdings |
Declined |
|
Union Bank of India |
Profit booking seen |
Gained |
|
MCX |
Profit booking seen |
Gained |
Source: PrimeInfobase, Moneycontrol
Conclusion
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Combined holdings in State Bank of India declined from 99.87 crore shares to 95.32 crore shares during the quarter.
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Insurers also reduced stakes in Coal India despite the stock gaining nearly 13% in Q4 FY26.
-
Profit booking was visible in stocks such as Union Bank of India and MCX, both of which delivered gains during the period.