The insurance sector has undergone several changes post liberalization leading to the development of the economy. Many private players took up the opportunity and entered the market giving severe competition to the existing insurance companies. As this industry is risky, it is important to appraise the performance of general insurance companies to determine their financial standing of public and private sector general insurance companies. It considers the major source of income and expenses to see its impact on its operating efficiency. The data is taken from secondary sources for ten years from 2006-07 to 2015-16. Tools used for the study include ratio analysis, correlation, multiple regression analysis and descriptive statistics. The results show that public insurance companies have better management soundness and profitability as compared to private insurance companies. Also, variables such as commission expenses, operating expenses, investment income and net premium do not have an impact on the net profit.