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New India Assurance

From Wikipedia, the free encyclopedia

The New India Assurance Company Limited
Company typeCentral Public sector undertaking
BSE: 540769
NSE: NIACL
IndustryInsurance
Founded23 July 1919; 105 years ago (23 July 1919)[1]
FoundersDorabji Tata
Headquarters
Mumbai, Maharashtra
,
India
Area served
India
Key people
Girija Subramanian (Chairman and Managing Director)[2]
Products
RevenueIncrease ₹41,073 crore (US$4.9 billion) (2023)[3]
Increase ₹1,310 crore (US$160 million) (2023)[3]
Increase ₹1,048 crore (US$130 million) (2023)[3]
Total assetsIncrease ₹98,223 crore (US$12 billion) (2023)[3]
Total equityIncrease ₹25,864 crore (US$3.1 billion) (2023)[3]
OwnerGovernment of India (85.44%)[4]
Number of employees
12,816 (2023)
Websitenewindia.co.in
New India Assurance Building, Mumbai, Maharashtra

The New India Assurance Co. Ltd. (NIACL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai,[5] it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations.[6] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.[7]

Previously, it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company following the passage of the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance became autonomous.

New India Centre Building, Cooperage Road, Mumbai, Maharashtra

Workforce

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[8]

Employee Strength as on 31 March 2019
Category Of Employees Male Female Total
Class I 5,426 2,220 7,646
Class II 802 34 836
Class III 5,576 1,869 7,445
Class IV (Excluding PTS) 1,012 384 1,396
Part Time Sweepers 7 0 7
Total 12,823 4,507 17,330

The company's achievements include:

  • Market leadership position for four consecutive decades.
  • The ratio of available solvency margin to required solvency margin standing at 2.3 times(Global).
  • Total net worth of ₹28,895 crores.
  • Total assets - crossed ₹61720 crores.
  • Only Indian General Insurance Company to have presence in 28 countries.

Rating

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NIA is the only direct insurer in India rated A-(Excellent – Positive outlook) by AM Best. CRISIL reaffirmed its AAA/STABLE rating, indicating that the company has the highest degree of financial strength.[9]

References

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  1. ^ "New India Assurance - The New India Assurance India, Profile Of The New India Assurance Company Ltd". Iloveindia.com. 31 March 2007. Retrieved 16 July 2010.
  2. ^ "Atul Sahai appointed CMD of New India Assurance for 5 years". www.moneycontrol.com. 4 December 2018. Retrieved 25 October 2020.
  3. ^ a b c d e "New India Assurance Financial Statements". moneycontrol.com.
  4. ^ Nair, Remya (17 March 2021). "Why Modi govt is expected to struggle to sell stakes in 2 listed insurance companies". ThePrint. Retrieved 9 February 2023.
  5. ^ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
  6. ^ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
  7. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  8. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  9. ^ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.
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