New India Assurance

Summary

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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 nationalised in 1973.[6]

The New India Assurance Company Limited
TypeNationalised Insurance Company
BSE: 540769
NSE: NIACL
IndustryFinancial services
Founded23 July 1919; 102 years ago (23 July 1919)[1]
FoundersDorabji Tata
HeadquartersMumbai, Maharashtra, India
Area served
India
Key people
Atul Sahai (CEO)[2]
Products
RevenueIncrease 28,046 crore (US$3.7 billion) (2020)[3]
Increase 4,129 crore (US$540 million) (2020)[3]
Increase 1,417 crore (US$190 million) (2020)[3]
Total assetsIncrease 74,609 crore (US$9.8 billion) (2020)[3]
OwnerGovernment of India (85.44%)
Number of employees
16,506 (2021)
ParentMinistry of Finance, Government of India
Websitenewindia.co.in

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.

OfficesEdit

 
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 1,239 Micro Offices, Elmo Auto hub, 2 centralised 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 New Zealand 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

WorkforceEdit

[7]

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.

RatingEdit

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]

ReferencesEdit

  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. ^ a b c d "New India Assurance Annual Report 2020" (PDF). newindia.co.in. Retrieved 14 July 2020.
  4. ^ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
  5. ^ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
  6. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  7. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  8. ^ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.

External linksEdit

  • Official website