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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]
 | |
| Company type | Central Public sector undertaking |
|---|---|
| BSE: 540769 NSE: NIACL | |
| Industry | Insurance |
| Founded | 23 July 1919[1] |
| Founders | Dorabji Tata |
| Headquarters | , |
Area served | India |
Key people | Girija Subramanian (Chairman and Managing Director)[2] |
| Products | |
| Revenue |  ₹41,073 crore (US$4.9 billion) (2023)[3] |
| ₹1,310 crore (US$160 million) (2023)[3] | |
| ₹1,048 crore (US$130 million) (2023)[3] | |
| Total assets | ₹98,223 crore (US$12 billion) (2023)[3] |
| Total equity | ₹25,864 crore (US$3.1 billion) (2023)[3] |
| Owner | Government of India (85.44%)[4] |
Number of employees | 12,816 (2023) |
| 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.
Workforce
edit| 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
editNIA 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
edit- ^ "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.
