New India Assurance
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|Wholly owned by Government of India.|
|Founded||1919 in Mumbai, Maharashtra, India|
|G.Srinivasan - Chairman Cum Managing Director |
|Products||General Insurance which includes Health|
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is one of the five Wholly Government of India owned assurance companies of India. It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.
New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector bank of India and Financial Institutions to increase its distribution network.
The company with its registered Head office in Mumbai has about 31 regional offices, 6 Large Corporate Offices, 447 Divisional Offices, 578 Branches, 27 Direct Agent Branches and 1239 Micro Offices,1 Auto hub, 2 centralized legal hub totaling 2329 offices.
The company operates in 28 Countries as of 2015-16. The foreign operations details are as follows:
|1||Abu Dhabi(UAE)||Abu Dubai|
|2||Trinidad & Tobago||Port of Spain|
|1||India International Insurance Pte Ltd,Singapore|
|Presence in other Countries|
|1||Wafa Insurance,Saudi Arabia (Previously SICCI)|
|2||Kenindia Assurance Company Ltd,Nairobi,Kenya|
Global premium of ₹18,371 crore in the year 2015-16. Assets ₹62,880 crore as on 31 March 2016. New India Assurance is the first Indian non-life company to reach ₹18,000 crore global gross premium.
The domestic gross premium procured for the period 2015-16 was ₹15,149 crore and direct claim paid amounted to record ₹13,098 crore. The insurer posted PAT (Profit After Tax) in excess of ₹828 crore. The company paid a dividend of ₹250 crore to the Government of India for the fiscal 2015-16.
The state owned company's achievements include :
1) Market leadership position for four consecutive decades.
2) The ratio of available solvency margin to required solvency margin standing at 2.3 times(Global).
3) Total net worth of Rs.28,895 crores.
4) Total assets - crossed Rs.61720 crores.
5) Only Indian General Insurance Company to have presence in 28 countries,
The only direct insurer in India rated A-(Excellent – Positive outlook) by AM Best. CRISIL has reaffirmed its ' AAA/STABLE ' rating on The New India Assurance Company Limited indicating that the company has the Highest degree of Financial strength to honor its Policyholders obligations.
- "New India Assurance - The New India Assurance India, Profile Of The New India Assurance Company Ltd". Iloveindia.com. 2007-03-31. Retrieved 2010-07-16.
- "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 2006-09-15. Retrieved 2010-07-16.
- "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 2010-07-16.
- New India Assurance Official Website