L&T Finance, Axis Bank, Ujjivan face insurance fee income pressure from IRDAI reforms

L&T Finance has the highest NBFC exposure, with insurance commission accounting for 26% of FY26 PBT and 80 basis points of average assets, all now pressured by IRDAI reforms. Insurance revenue erosion at financial services conglomerates will ripple through lending margins; builders should expect consolidation and vertical integration.

Source: ET BFSI ↗