New India Assurance

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The New India Assurance Company Limited
Company type Central Public sector undertaking
BSE:  540769
NSE:  NIACL
Industry Insurance
Founded23 July 1919;104 years ago (23 July 1919) [1]
Founders Dorabji Tata
Headquarters,
Area served
India
Key people
Neerja Kapur (Chairman and Managing Director) [2]
Products
RevenueIncrease2.svg41,073 crore (US$5.1 billion) (2023) [3]
Increase2.svg1,310 crore (US$160 million) (2023) [3]
Increase2.svg1,048 crore (US$130 million) (2023) [3]
Total assets Increase2.svg98,223 crore (US$12 billion) (2023) [3]
Total equity Increase2.svg25,864 crore (US$3.2 billion) (2023) [3]
Owner Government of India (85.44%) [4]
Number of employees
12,816 (2023)
Website newindia.co.in
New India Assurance Building, Mumbai, Maharashtra New India Assurance Building, Mumbai.JPG
New India Assurance Building, Mumbai, Maharashtra

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, [5] it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations. [6] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973. [7]

Contents

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 New India Centre hrushi3030.jpg
New India Centre Building, Cooperage Road, Mumbai, Maharashtra

Workforce

[8]

Employee Strength as on 31 March 2019
Category Of EmployeesMaleFemaleTotal
Class I5,4262,2207,646
Class II80234836
Class III5,5761,8697,445
Class IV (Excluding PTS)1,0123841,396
Part Time Sweepers707
Total12,8234,50717,330

The company's achievements include:

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. [9]

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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. 1 2 3 4 5 "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.