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{{short description|Public sector general insurance company based in Mumbai, India}}
{{Multiple issues|
{{more citations needed|date=October 2012}}
{{Third-party|date=August 2019}}
}}
{{Use Indian English|date = September 2015}}
{{Use dmy dates|date = September 2019}}
{{Infobox company
| name = The New India Assurance Company Limited
| logo = New India Assurance.svg
| logo_size =
| type = [[Government of India|Nationalised Insurance Company]]
| traded_as = {{BSE|540769}}<br/>{{NSE|NIACL}}
| founders = [[Dorabji Tata]]
| industry = [[Financial services]]
| foundation = {{Start date and age|23 July 1919|df=y}}<ref>{{cite web|url=http://www.iloveindia.com/finance/insurance/companies/new-india-assurance.html |title=New India Assurance - The New India Assurance India, Profile Of The New India Assurance Company Ltd |publisher=Iloveindia.com |date=31 March 2007 |access-date=16 July 2010}}</ref>
| location = [[Mumbai, Maharashtra]], [[India]]
| area_served = India
| key_people = Atul Sahai (CEO)<ref>{{cite news |title=Atul Sahai appointed CMD of New India Assurance for 5 years |url=https://www.moneycontrol.com/news/business/companies/atul-sahai-appointed-cmd-of-new-india-assurance-for-5-years-3252191.html/amp |access-date=25 October 2020 |work=www.moneycontrol.com |date=4 December 2018}}</ref>
| products = {{ubl|[[General insurance]]|[[Vehicle insurance]]|[[Health insurance]]|[[Marine insurance]]|[[Property insurance]]|[[Crop insurance]]|[[Aviation insurance]] |[[Fidelity bond]] }}
| owner = [[Government of India]] (85.44%)
| parent = [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]]
| revenue = {{increase}} {{INRConvert|28046|c}} (2020)<ref name="BalSheet">{{Cite web|title=New India Assurance Annual Report 2020|url=https://www.newindia.co.in/cms/5fb939ac-20ed-479a-8fa2-8975a577c198/NIA%20FINAL%202019-20%2029.10.2020.pdf?guest=true|access-date=14 July 2020|website=newindia.co.in|language=en}}</ref>
| operating_income = {{increase}} {{INRConvert|4129|c}} (2020)<ref name="BalSheet"/>
| net_income = {{increase}} {{INRConvert|1417|c}} (2020)<ref name="BalSheet"/>
| assets = {{increase}} {{INRConvert|74609|c}} (2020)<ref name="BalSheet"/>
| equity =
| num_employees = 16,506 (2020)
| homepage = {{URL|http://www.newindia.co.in/}}
| market cap =
}}
[[File:New_India_Assurance_Building,_Mumbai.JPG|thumb|[[New India Assurance Building]], [[Mumbai]], [[Maharashtra]]]]
'''The New India Assurance Co. Ltd.''', based in [[Mumbai]], [[Maharashtra]] is a [[Government of India|nationalised general insurance company]]. It is under the [[ownership]] of [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]].<ref>{{cite web|url=http://www.domain-b.com/finance/insurance/new_india_assurance_company/20060915_nigerian.html|title=New India Assurance plans to raise stake in Nigerian JV|date=15 September 2006|publisher=domain-b.com|access-date=16 July 2010}}</ref> "It is the largest [[Government of India|nationalised general insurance company]] of [[India]] on the basis of gross premium collection inclusive of foreign operations".<ref>{{cite web|url=http://www.newindia.co.in/off-corp.asp|title=The New India Assurance Co. Ltd|publisher=Newindia.co.in|access-date=16 July 2010}}</ref> It was founded by Sir [[Dorabji Tata]] in 1919, and was nationalized in 1973.<ref>{{Cite web|url=https://www.newindia.co.in/portal/aboutUs/Profile|title=The New India Assurance (India's Premier Multinational General Insurance Company)|website=www.newindia.co.in}}</ref>

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 [[Insurance Regulatory and Development Authority|IRDA]] Act 1999, its four primary insurance subsidiaries '''New India Assurance''', [[United India Insurance Company|United India Insurance]], [[Oriental Insurance]] and [[National Insurance Company Limited|National Insurance]] became autonomous.

==Offices==
[[File:New_India_Centre,_Cooperage_Road,_Mumbai.jpg|thumb|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 1239 Micro Offices, Elmo Auto hub, 2 centralized legal hubs totaling 2329 offices.

The company operates in 28 countries as of 2015-16. The foreign operations details are as follows:
{| class="wikitable"
|Sr No
|Country
|Branches
|-
| colspan="3" |A. Foreign Branches
|-
| rowspan="6" |1
| rowspan="6" |[[Japan]]
|Tokyo
|-
|Nagoya
|-
|Hiroshima
|-
|Okayama
|-
|Sapporo
|-
|Osaka
|-
|2
|Hong Kong
|Hong Kong
|-
|3
|Philippines
|Manila
|-
|4
|Thailand
|Bangkok
|-
|5
|Australia
|Sydney
|-
| rowspan="4" |6
| rowspan="4" |Fiji
|Suva
|-
|Lautoka
|-
|Labasa
|-
|Nadi
|-
|7
|Mauritius
|Port Louis
|-
| rowspan="2" |8
| rowspan="2" |UK
|London
|-
|Ipswich
|-
|9
|NewZealand
|Auckland
|-
| colspan="3" |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
|-
| colspan="3" |C. Subsidiary Companies
|-
| rowspan="3" |1
| rowspan="3" |[[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
|-
| colspan="3" |D. Associates
|-
|1
| colspan="2" |India International Insurance Pvt Ltd, Singapore
|-
| colspan="3" |E. Representative Office
|-
|1
| colspan="2" |Myanmar, Yangoon
|-
| colspan="3" |Presence in other Countries
|-
|1
| colspan="2" |Wafa Insurance, Saudi Arabia (Previously SICCI)
|-
|2
| colspan="2" |Kenindia Assurance Company Ltd, Nairobi, Kenya
|}

==Workforce==
<ref>{{Cite web|url=https://www.newindia.co.in/portal/aboutUs/Workforce/WorkforceEmployee|title=The New India Assurance (India's Premier Multinational General Insurance Company)|website=www.newindia.co.in}}</ref>
{| class="wikitable"
|+Employee Strength as on 31 March 2019
!'''Category Of Employees'''
!Male
!Female
!Total
|-
|'''Class I'''
|5426
|2220
|7646
|-
|'''Class II'''
|802
|34
|836
|-
|'''Class III'''
|5576
|1869
|7445
|-
|'''Class IV (Excluding PTS)'''
|1012
|384
|1396
|-
|'''Part Time Sweepers'''
|7
|0
|7
|-
|'''Total'''
|12823
|4507
|17330
|}
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 Rs.28,895 crores.
* Total assets - crossed Rs.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.<ref>{{cite web|url=https://www.newindia.co.in/portal/aboutUs/Overview|title=The New India Assurance - Overview|website=www.newindia.co.in|access-date=24 August 2019}}</ref>

==References==
{{Reflist}}

==External links==
* {{official}}

{{Insurance in India}}
{{Tata Group}}

[[Category:General insurance companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Financial services companies established in 1919]]
[[Category:Government-owned insurance companies of India]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Indian companies established in 1919]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

New India Assurance - Revision history

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