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Founded in 1919 by Sir Dorabji Tata, The New India Assurance Company Limited (NIACL) is headquartered in Mumbai. After it was nationalized in 1973, NIACL is now owned by the Government of India and comes under the Ministry of Finance. Earlier, NIACL used to be a part of the General Insurance Corporation of India (GIC). It became an autonomous entity after the IRDA Act was introduced in 1999. Along with domestic operations, New India Assurance also has offices in 25 overseas locations.
New India Assurance Co. Ltd. – Products and services
Users can access a wide range of insurance products with the New India Assurance Co. Ltd. It includes motor insurance, health insurance, travel insurance, agriculture insurance, credit insurance, marine cargo insurance, fire insurance, liability insurance, personal accident policy, engineering insurance and aviation insurance. Overall, more than 170 insurance products are on offer.
With its global presence, NIACL is able to provide seamless services to its clients. It has offices in countries like Japan, Australia, New Zealand, United Kingdom, Thailand, Philippines, Hong Kong, Fiji and Mauritius. NIACL also operates agency offices, subsidiary companies and associates in multiple global locations.
New India Assurance Co. Ltd. – Robust revenue and profit
Being India’s largest public sector general insurance company, the New India Assurance Co. Ltd. generates massive revenues every year. Data for FY24 shows overall premium at Rs 41,996 crore. This marks a growth of over 8% YoY, as compared to FY23 figures. Profit after tax in FY24 was at Rs 1,129 crore, an increase of 7% YoY. The New India Assurance Co. Ltd. is estimated to have a net worth of Rs 44,704 crore. The company has a strong solvency ratio even after facing headwinds.
The New India Assurance Co. Ltd. has been a market leader in the non-life insurance domain for the last 50 years. The company has continuously received good ratings from credit rating agencies. It includes AAA/Stable rating by CRISIL since 2014. Also, bbb+’ (Good) long-term issuer credit rating, B++ (Good) financial strength rating and aaa.IN (Exceptional) India National Scale Rating (NSR). The company has authorized capital of Rs 1,000 crore and paid-up capital of Rs 824 crore. Total assets under management are estimated at around Rs 98,223 crore.
The New India Assurance Co. Ltd. – Leadership
Leading the New India Assurance Co. Ltd., as of May 2025, is Ms. Girija Subramanian, the Chairman cum Managing Director. Ms. Subramanian is an Associate member of the Chartered Insurance Institute, London and a Fellow member of the Insurance Institute of India. She holds a bachelor’s degree in statistics. Over her 34 years of working in the insurance sector, Ms. Subramanian has taken various roles across domains such as life, health, aviation and property classes.
