New India Assurance
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The New India Assurance Co. Ltd., is an Indian public sector general insurance company based in Mumbai.[5] It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations.[6] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.[7]
| Type | Public |
|---|---|
| BSE: 540769 NSE: NIACL | |
| Industry | Financial services |
| Founded | 23 July 1919[1] |
| Founders | Dorabji Tata |
| Headquarters | Mumbai, Maharashtra, India |
Area served | India |
Key people | Neerja Kapur (Chairman and Managing Director)[2] |
| Products | |
| Revenue | ₹35,865 crore (US$4.5 billion) (2022)[3] |
| ₹177 crore (US$22 million) (2022)[3] | |
| ₹177 crore (US$22 million) (2022)[3] | |
| Total assets | ₹96,496 crore (US$12 billion) (2022)[3] |
| Total equity | ₹18,950 crore (US$2.4 billion) (2022)[3] |
| Owner | Government of India (85.44%)[4] |
Number of employees | 16,506 (2022) |
| Website | newindia.co.in |
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.
Offices
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 1,239 Micro Offices, Elmo Auto hub, 2 centralised legal hubs totaling 2329 offices.
The company operates in 28 countries as of 2015-16. The foreign operations details are as follows:
| Sr No | Country | Branches |
| A. Foreign Branches | ||
| 1 | Japan | Tokyo |
| Nagoya | ||
| Hiroshima | ||
| Okayama | ||
| Sapporo | ||
| Osaka | ||
| 2 | Hong Kong | Hong Kong |
| 3 | Philippines | Manila |
| 4 | Thailand | Bangkok |
| 5 | Australia | Sydney |
| 6 | Fiji | Suva |
| Lautoka | ||
| Labasa | ||
| Nadi | ||
| 7 | Mauritius | Port Louis |
| 8 | UK | London |
| Ipswich | ||
| 9 | New Zealand | Auckland |
| B. Foreign Agencies | ||
| 1 | Abu Dhabi (UAE) | Abu Dubai |
| 2 | Dubai (UAE) | Dubai |
| 3 | Bahrain | Bahrain |
| 4 | Kuwait | Kuwait |
| 5 | Oman | Muscat |
| 6 | Dutch Caribbean | Aruba |
| 7 | Netherlands Antilles | Curaçao |
| C. Subsidiary Companies | ||
| 1 | Nigeria | Lagos |
| Kano | ||
| Port Harcout | ||
| 2 | Trinidad & Tobago | Port of Spain |
| 3 | St. Lucia | Castries |
| 4 | Dominica | Roseau |
| 5 | St. Maarten | Philipsburg |
| 6 | Guyana | Guyana |
| 7 | Anguilla | Anguilla |
| 8 | Sierra Leone | Freetown |
| D. Associates | ||
| 1 | India International Insurance Pvt Ltd, Singapore | |
| E. Representative Office | ||
| 1 | Myanmar, Yangoon | |
| Presence in other Countries | ||
| 1 | Wafa Insurance, Saudi Arabia (Previously SICCI) | |
| 2 | Kenindia Assurance Company Ltd, Nairobi, Kenya | |
Workforce
| 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
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
- ^ "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.
- ^ "Atul Sahai appointed CMD of New India Assurance for 5 years". www.moneycontrol.com. 4 December 2018. Retrieved 25 October 2020.
- ^ a b c d e "New India Assurance Financial Statements". moneycontrol.com.
- ^ 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.
- ^ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
- ^ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
- ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
- ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
- ^ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.
External links
- Official website