Misplaced Pages

New India Assurance

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
(Redirected from New India Assurance Company Limited) Indian public sector insurance company
This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "New India Assurance" – news · newspapers · books · scholar · JSTOR (October 2012) (Learn how and when to remove this message)
This article may rely excessively on sources too closely associated with the subject, potentially preventing the article from being verifiable and neutral. Please help improve it by replacing them with more appropriate citations to reliable, independent, third-party sources. (August 2019) (Learn how and when to remove this message)
(Learn how and when to remove this message)

The New India Assurance Company Limited
Company typeCentral Public sector undertaking
Traded asBSE: 540769
NSE: NIACL
IndustryInsurance
Founded23 July 1919; 105 years ago (23 July 1919)
FoundersDorabji Tata
HeadquartersMumbai, Maharashtra, India
Area servedIndia
Key peopleGirija Subramanian (Chairman and Managing Director)
Products
RevenueIncrease ₹41,073 crore (US$4.8 billion) (2023)
Operating incomeIncrease ₹1,310 crore (US$150 million) (2023)
Net incomeIncrease ₹1,048 crore (US$120 million) (2023)
Total assetsIncrease ₹98,223 crore (US$11 billion) (2023)
Total equityIncrease ₹25,864 crore (US$3.0 billion) (2023)
OwnerGovernment of India (85.44%)
Number of employees12,816 (2023)
Websitenewindia.co.in
New India Assurance Building, Mumbai, Maharashtra

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, it is the largest nationalised general insurance company of India based on 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.

New India Centre Building, Cooperage Road, Mumbai, Maharashtra

Workforce

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.

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

External links

India Insurance in India
Companies
Agriculture
Public sector
General
Public sector
Health
Public sector
Life
Public sector
Reinsurance
Repository
Policy
Government
schemes
Legislations
Other
Tata Group
Divisions and
subsidiaries
Information technology
& engineering
Airlines
Steel
Automotive
Consumer
& retail
Tata Consumer
Products
Tata Chemicals
Trent
Titan Companybrands
Tata Digital
  • Cromā
  • BigBasket
  • Tata 1mg
  • Tata CLiQ
  • Tata Neu
    • Voltas
    Infrastructure
    Tata Power
    Generation
    Distribution
    Other
    Other
    Financial servcies
    Aerospace & defence
    Tourism & travel
    Telecom & media
    Trading & investments
    Joint ventures
    Former
    holdings
    Sports
    Institutions
    TIFR
    Other
    Hospitals
    Trusts
    People
    Group
    chairmen
    Current
    Board of
    Tata Sons
    Group
    companies
    Tata
    trusts
    Former
    Tata family
    Other
    Other
    Categories: