New India Assurance

Revenue ₹41,073 crore (US$5.1 billion) (2023)^[3] ₹1,310 crore (US$160 million) (2023)^[3] ₹1,048 crore (US$130 million) (2023)^[3]Total assets ₹98,223 crore (US$12 billion) (2023)^[3]Total equity ₹25,864 crore (US$3.2 billion) (2023)^[3]OwnerGovernment of India (85.44%)^[4]12,816 (2023)Websitenewindia.co.in

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]

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.

Workforce

^[8]

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.

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]

References

External links

• Official website