The New India Assurance Company Limited

Company type	Central Public sector undertaking
Traded as	BSE: 540769 NSE: NIACL
Industry	Insurance
Founded	23 July 1919; 104 years ago (23 July 1919)[1]
Founders	Dorabji Tata
Headquarters	Mumbai, Maharashtra , India
Area served	India
Key people	Neerja Kapur (Chairman and Managing Director)[2]
Products	General insurance Vehicle insurance Health insurance Marine insurance Property insurance Crop insurance Aviation insurance Fidelity bond
Revenue	₹41,073 crore (US$5.1 billion) (2023)[3]
Operating income	₹1,310 crore (US$160 million) (2023)[3]
Net income	₹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]
Owner	Government of India (85.44%)[4]
Number of employees	16,506 (2022)
Website	newindia.co.in

The New India Assurance Co. Ltd. (NIA) is an Indian public sector general insurance company 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.

Offices

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:

Workforce

^[8]

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]