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. "It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
|Type||Nationalised Insurance Company|
|Founded||23 July 1919|
|Headquarters||Mumbai, Maharashtra, India|
|Atul Sahai (CEO)|
|Revenue||₹28,046 crore (US$3.7 billion) (2020)|
|₹4,129 crore (US$540 million) (2020)|
|₹1,417 crore (US$190 million) (2020)|
|Total assets||₹74,609 crore (US$9.8 billion) (2020)|
|Owner||Government of India (85.44%)|
Number of employees
|Parent||Ministry of Finance, Government of India|
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.
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:
|A. Foreign Branches|
|2||Hong Kong||Hong Kong|
|B. Foreign Agencies|
|1||Abu Dhabi (UAE)||Abu Dubai|
|C. Subsidiary Companies|
|2||Trinidad & Tobago||Port of Spain|
|1||India International Insurance Pvt Ltd, Singapore|
|E. Representative Office|
|Presence in other Countries|
|1||Wafa Insurance, Saudi Arabia (Previously SICCI)|
|2||Kenindia Assurance Company Ltd, Nairobi, Kenya|
|Category Of Employees||Male||Female||Total|
|Class IV (Excluding PTS)||1,012||384||1,396|
|Part Time Sweepers||7||0||7|
The company's achievements include:
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.