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| Traded as | BSE: 540769 NSE: NIACL |
|---|---|
| Industry | Financial services |
| Founded | 23 July 1919[1] |
| Founder(s)s | Dorabji Tata |
| Headquarters | Mumbai, Maharashtra, India |
Area served | India |
Key people | Atul Sahai (CEO)[2] |
| Products | |
| Revenue |  ₹28,046 crore (US$3.9 billion) (2020)[3] |
| ₹4,129 crore (US$580 million) (2020)[3] | |
| ₹1,417 crore (US$200 million) (2020)[3] | |
| Total assets | ₹74,609 crore (US$10 billion) (2020)[3] |
| Owner | Government of India (85.44%) |
Number of employees | 16,506 (2020) |
| Parent | Ministry of Finance , Government of India |
| Website | www |
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a nationalised general insurance company. It is under the ownership of Ministry of Finance , Government of India.[4] "It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations".[5] It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.[6]
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[edit | edit source]
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:
| 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 | NewZealand | 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[edit | edit source]
| 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[edit | edit source]
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.[8]
References[edit | edit source]
- ↑ "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.
- ↑ "Atul Sahai appointed CMD of New India Assurance for 5 years". www.moneycontrol.com. 4 December 2018. Retrieved 25 October 2020.
- ↑ 3.0 3.1 3.2 3.3 "New India Assurance Annual Report 2020" (PDF). newindia.co.in. Retrieved 14 July 2020.
- ↑ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
- ↑ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
- ↑ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
- ↑ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
- ↑ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.
External links[edit | edit source]
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Categories:
- Articles needing additional references from October 2012
- General insurance companies of India
- Financial services companies based in Mumbai
- Financial services companies established in 1919
- Government-owned insurance companies of India
- Companies nationalised by the Government of India
- Indian companies established in 1919
- Companies listed on the Bombay Stock Exchange