New India Assurance
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| Wholly owned by Government of India. | |
| Industry | General insurance |
| Founded | 1919 in Mumbai, Maharashtra, India |
| Headquarters | Mumbai, India |
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Key people
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G.Srinivasan - Chairman Cum Managing Director |
| Products | General Insurance which includes Health |
| Website | www |
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:
Global premium of Rs.18371 Cr. in the year 2015-16. Assets Rs.62880 Cr. as on 31 March 2016.New India Assurance is the first Indian non-life company to reach Rs. 18000 Cr. global gross premium.
The domestic gross premium procured for the period 2015-16 was Rs.15149 crore .The company posted PAT (Profit After Tax) in excess of Rs.828 crores. The company paid a dividend of Rs.250 crores to the Government of India for the fiscal 15-16.
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).
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