National Insurance Company

Last updated

National Insurance Company Limited
Company type Central Public Sector Undertaking
Industry Insurance
Founded1906;118 years ago (1906)
FounderGordhan Das Dutia
Headquarters
Kolkata, West Bengal
,
India
Area served
 India and Nepal
Key people
Rajeshwari Singh Muni (Chairman & MD) [1]
Products
RevenueIncrease2.svg₹17,385 crore (US$2.2 billion) (2022-23) [2]
Decrease2.svg₹−1,887 crore (US$−240 million) (2022-23) [2]
Decrease2.svg₹−3,865 crore (US$−480 million) (2022-23) [2]
Total assets Decrease2.svg₹38,896 crore (US$4.9 billion) (2022-23) [2]
Owner Ministry of Finance, Government of India.
Number of employees
8,630 (2022-23) [2]
Website nationalinsurance.nic.co.in

National Insurance Company Limited (NICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia. National Insurance company and Asian Insurance company was nationalised in 1972. [3] [4] Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy. [5] Apart from being a leading insurance provider in India, NICL also serves in Nepal. [6]

Contents

History

After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC). National Insurance Company Limited was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002. [7] In April 2004, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi. [8]

Company profile

National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National has been de-linked from its holding company GIC and presently operates as an independent insurance company wholly owned by Govt of India. National Insurance Company Ltd (NIC) is one of the public sector insurance companies of India. It transacts a non-life insurance business. Headquartered in Kolkata, NIC's network of about 2000 offices is spread over the country. NIC's foreign operations are carried out from its branch offices in Nepal. The paid-up share capital of National is ₹1 billion. Starting off with a premium base of ₹50 crores in 1974, NIC's gross direct premium income has steadily grown to about ₹160 billion rupees in the financial year 2017–18. National transacts general insurance business of Fire, Marine and Miscellaneous insurance. As of 2010, NICL has a AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company. [9] [10] The gross premiums from underwriting by the company grew by 32.22% to over ₹61 billion during the Financial Year 2010–2011. And Gross Premium grew up to 100 billion during the financial year 2013–2014. [11] With this, the company was ranked second among general insurance companies operating in India, behind New India Assurance, at the end of the 2014 Financial Year. [11] With about 2000 offices and approximately 11,000 employees and many more agents, the company operates in all of India, and neighbouring Nepal. [3] In 2008, the company signed a deal with HCL Technologies worth almost ₹4 billion to outsource the company's information technology requirements over 7 years. [12] On the 2nd of February 2018, the Government of India announced the merger of National Insurance Company Limited with United India Insurance Company and Oriental Insurance. [13]

Products and services

NICL has a range of coverage policies targeting different sectors: [14] [6]

Related Research Articles

<span class="mw-page-title-main">Reliance Industries</span> Indian multinational conglomerate

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports. The company has relatively little free cash flow and high corporate debt.

<span class="mw-page-title-main">Bank of Baroda</span> Indian public sector bank

Bank of Baroda is an Indian Multinational public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 153 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2023 data, it is ranked 586 on the Forbes Global 2000 list.

<span class="mw-page-title-main">Punjab National Bank</span> Indian public sector bank

Punjab National Bank is an Indian public sector bank based in New Delhi.It was founded in May 1894 and is the third-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

<span class="mw-page-title-main">CRISIL</span> Indian company providing analytical services

CRISIL, formerly Credit Rating Information Services of India Limited, is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of American company S&P Global.

<span class="mw-page-title-main">Life Insurance Corporation</span> Indian public sector life insurer

Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹49.24 trillion (US$620 billion) as of March 2023. It is under the ownership of Government of India and administrative control of the Ministry of Finance.

<span class="mw-page-title-main">New India Assurance</span> Indian public sector insurance company

The New India Assurance Co. Ltd. (NIA) 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.

<span class="mw-page-title-main">Economy of Kolkata</span>

Kolkata is the prime business, commercial and financial hub of eastern India and the main hub of communication for the North East Indian states. Kolkata is the third largest city by GDP in India after Mumbai and Delhi, with a GDP of $160 billion (PPP). Kolkata is home to India's oldest, stock exchange company (bourse) – The Calcutta Stock Exchange. Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include Steel, Heavy engineering, Mining, Minerals, cement, pharmaceuticals, Food processing, Agriculture, electronics, textiles, and jute.

Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

<span class="mw-page-title-main">Jiban Bima Corporation</span>

Jiban Bima Corporation (JBC) is the state-run life insurance corporation in Bangladesh under the provisions of the Insurance Act 1938, Insurance Rules 1958, and related other laws enforceable in Bangladesh in Bangladesh Corporation Act 1973. The JBC started on 14 May 1973 with assets and liabilities worth TK. 157 million of defunct 37 life Insurance companies.

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.

<span class="mw-page-title-main">Agriculture Insurance Company of India</span> Indian public sector insurer

Agriculture Insurance Company of India Limited (AIC) is an Indian public sector undertaking headquartered in New Delhi. It is a government-owned agricultural insurer under ownership of the Ministry of Finance, Government of India. The company offers yield-based and weather-based crop insurance programs in almost 500 districts of India, and covers almost 20 million farmers, making it the biggest crop insurer in the world by number of farmers served.

<span class="mw-page-title-main">General Insurance Corporation of India</span> Indian public sector insurance company

General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.

SBI Life Insurance Company Limited is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors.It has Assets under management(AuM) worth ₹352,422 crore (US$44 billion) and a Gross Written Premium(GWP) of ₹67,320 crore (US$8.4 billion) as of March 2023. SBI Life has an authorized capital of ₹20 billion (US$250 million) and a paid up capital of ₹10 billion (US$130 million).

Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian rural non-banking financial company headquartered in Mumbai. It is amongst the top tractor financers in India, with 1000+ offices across the country.

<span class="mw-page-title-main">Nainital Bank</span> Public Bank in India

The Nainital Bank Limited (NTB) is a scheduled commercial bank founded in 1922. The bank is a subsidiary of Bank of Baroda which is under the ownership of Ministry of Finance of the Government of India. The bank has expanded to Uttar Pradesh and Uttarakhand, and has only 170 branches in Rajasthan, Delhi and Haryana.

The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

<span class="mw-page-title-main">The Oriental Insurance Company</span> Indian public-sector insurer

The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of ₹377.70 crore (US$47 million) during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$2.0 billion) in the financial year 2022–23.

<span class="mw-page-title-main">United India Insurance Company</span> Indian public sector insurance company

United India Insurance Company (UIIC) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Chennai, Tamil Nadu, the company has 30 regional offices and more than 1,400 operating offices nationwide, including 511 micro offices, as of 31 March 2023. It also had underwriting operations in Hong Kong that ceased effective 1 April 2002, following which the New India Assurance Company Limited, Hong Kong, has taken over the run-off portfolio. This foreign operation had three outstanding claims as of 31 March 2023. The company was incorporated on 18 February 1938 and nationalized in 1972. The Company recorded a gross direct premium income of ₹17,644 in the financial year 2022-23, registering a growth of 12.23% over the previous year.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

References

  1. ↑ "Corporate Management Profile of National Insurance".
  2. 1 2 3 4 5 "National Insurance Company Financial Statements" (PDF). nationalinsurance.nic.co.in. Retrieved 14 July 2023.
  3. 1 2 "Company Profile". NICL. Archived from the original on 11 November 2011. Retrieved 10 August 2011.
  4. ↑ "Company Profile". Archived from the original on 11 November 2011. Retrieved 7 August 2019.
  5. 1 2 "National Insurance Company Ltd - National Insurance India, Profile Of National Insurance Company Ltd". www.iloveindia.com. Retrieved 7 August 2019.
  6. ↑ http://164.100.24.208/ls/committeeR/finance/25.pdf [ bare URL PDF ]
  7. ↑ "NIC ties up with Nainital Bank". The Hindu . 13 April 2004. Archived from the original on 8 May 2004.
  8. ↑ "National Insurance Company Ltd". www.crisil.com. Retrieved 7 August 2019.
  9. ↑ "Ratings". CRISIL. Retrieved 7 August 2019.
  10. 1 2 "IRDA Journal" (PDF). Insurance Regulatory and Development Authority. May 2011. Retrieved 17 August 2011.
  11. ↑ "HCL Technologies Ltd". Economic Times. Retrieved 17 August 2011.
  12. ↑ "Budget 2018: Merging 3 PSU general insurers is prudent, says National Insurance CMD". Moneycontrol. Retrieved 7 August 2019.
  13. ↑ "Policies". NICL. Archived from the original on 8 October 2011. Retrieved 17 August 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.