New India Assurance

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The New India Assurance Company Limited
TypeNationalised Insurance Company
BSE: 540769
NSE: NIACL
IndustryFinancial services
Founded23 July 1919; 102 years ago (23 July 1919)[1]
FoundersDorabji Tata
HeadquartersMumbai, Maharashtra, India
Area served
India
Key people
Atul Sahai (CEO)[2]
Products
RevenueIncrease ₹28,046 crore (US$3.7 billion) (2020)[3]
Increase ₹4,129 crore (US$550 million) (2020)[3]
Increase ₹1,417 crore (US$190 million) (2020)[3]
Total assetsIncrease ₹74,609 crore (US$9.9 billion) (2020)[3]
OwnerGovernment of India (85.44%)
Number of employees
16,506 (2020)
ParentMinistry of Finance, Government of India
Websitenewindia.co.in
New India Assurance Building, Mumbai, Maharashtra

The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a nationalised general insurance company. It is under the ownership of Ministry of Finance , Government of India.[4] "It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations".[5] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.[6]

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[]

New India Centre Building, Cooperage Road, Mumbai, Maharashtra

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[]

[7]

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[]

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.[8]

References[]

  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 "New India Assurance Annual Report 2020" (PDF). newindia.co.in. Retrieved 14 July 2020.
  4. ^ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
  5. ^ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
  6. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  7. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  8. ^ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.

External links[]

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