New India Assurance Company Limited
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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 ₹18,371 crore in the year 2015-16. Assets ₹62,880 crore as on 31 March 2016. New India Assurance is the first Indian non-life company to reach ₹18,000 crore global gross premium.
The domestic gross premium procured for the period 2015-16 was ₹15,149 crore and direct claim paid amounted to record ₹13,098 crore. The insurer posted PAT (Profit After Tax) in excess of ₹828 crore. The company paid a dividend of ₹250 crore to the Government of India for the fiscal 2015-16.
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