New India Assurance
 | |
| Type | Public |
|---|---|
|
BSE: 540769 NSE: NIACL |
|
| Industry | Financial services |
| Founded | 23 July 1919 |
| Founders | Dorabji Tata |
| Headquarters | Mumbai, Maharashtra, India |
Area served |
India |
Key people |
Neerja Kapur (Chairman and Managing Director) |
| Products | |
| Revenue |
 ₹41,073 crore (US$5.1 billion) (2023)
|
|
₹1,310 crore (US$160 million) (2023)
|
|
|
₹1,048 crore (US$130 million) (2023)
|
|
| Total assets |
₹98,223 crore (US$12 billion) (2023)
|
| Total equity |
₹25,864 crore (US$3.2 billion) (2023)
|
| Owner | Government of India (85.44%) |
Number of employees |
16,506 (2022) |
| Website | newindia.co.in |
The New India Assurance Co. Ltd., is an Indian public sector general insurance company based in Mumbai. It is the largest nationalised 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 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.