What we do The New India Assurance Company Ltd is India's largest general insurer offering diverse insurance products including fire, marine, motor, health, and crop insurance with domestic and international presence. |
Founded in 1,919 |
Market share Leading market share of approximately 13.4% in Indian general insurance sector, and strong presence in multiple foreign countries. |
Problem solved Provides risk protection to individuals and businesses across sectors, addressing property loss, health, and liability risks with customized insurance solutions. |
Top clients or who we serve Serves retail customers, corporates, government schemes (B2C, B2B, B2G), and MSMEs with extensive distribution via agency, brokers, and bancassurance. |
Key management Ms. Girija Subramanian (Chairman cum Managing Director) - Graduate in Statistics, FIII, Chartered Insurance Institute, London. |
Our journey and innovations Founded in 1919, international operations began in 1920; widened global footprint; launched parametric insurance; integrated AI for claims; significant digital transformation. |
Where we operate Operations in 29 Indian states and union territories; international branches in 24 countries including UK, Japan, UAE, Singapore, Nigeria, Trinidad & Tobago. |
Top products or what we offer Insurance products include fire, marine cargo and hull, motor own damage and third party, health, personal accident, aviation, engineering, liability, crop, and others. |
Top brands Key insurance verticals: New India Mediclaim (health), Bima Udyam (MSME), New India Mahila Udyam Bima (women entrepreneurs), Motor insurance (including Auto Tie-Up). |
Raw materials needed Not applicable; service-oriented insurance business. |
Raw materials supplier Not applicable. |
Recurring vs cyclical contribution Majority of revenue is recurring through premium collections with cyclical elements influenced by claim seasons and regulatory changes. |
Our industry position Market leader nationally with strong solvency ratio (1.91x) and diversified global footprint; industry reputation as AAA/ B++ rated insurer. |
Financial highlights FY 2024-25 Gross Written Premium Rs 43,618 Cr, Profit After Tax Rs 988 Cr; steady growth in premiums and improvement in underwriting performance. |
Geographical revenue split Domestic premium approx. Rs 39,655 Cr and foreign operations approx. Rs 3,963 Cr in FY 24-25. |
Order book Not applicable. |
Whats driving growth Growth driven by health, property, and miscellaneous segments; strong digital initiatives; expanded bancassurance and broker channels; innovating new products. |
Our future plans Focus on product innovation including parametric insurance; enhance digital platforms; expand MSME and rural insurance; improve loss ratios and market share. |
Our green promise Committed to ESG initiatives including health, sanitation, and sustainability programs detailed in CSR activities. |
Our people and values Employee base over 10,900 with diverse skills; strong focus on training, gender inclusion, and employee welfare. |
Key challenges ahead Managing increased claim costs, regulatory compliance, competitive pricing pressures, and improving claim settlement efficiency. |
Interesting facts First Indian general insurer to open a London office (1920); pioneers in Nuclear Pool insurance and space/satellite insurance in India. |
Risks and strategy Risks include underwriting losses, regulatory changes, fraud; strategy focuses on risk management, prudent underwriting, and digital transformation. |
