New India Assurance
| Company type | Central Public sector undertaking |
|---|---|
| BSE: 540769 NSE: NIACL | |
| Industry | Insurance |
| Founded | 23 July 1919 |
| Founders | Dorabji Tata |
| Headquarters | , |
Area served | India |
Key people | Girija Subramanian (Chairman and Managing Director)[1] |
| Products | |
| Revenue | ₹41,073 crore (US$4.9 billion) (2023)[2] |
| ₹1,310 crore (US$150 million) (2023)[2] | |
| ₹1,048 crore (US$120 million) (2023)[2] | |
| Total assets | ₹98,223 crore (US$12 billion) (2023)[2] |
| Total equity | ₹25,864 crore (US$3.1 billion) (2023)[2] |
| Owner | Government of India (85.44%)[3] |
Number of employees | 12,816 (2023) |
| Website | newindia.co.in |
The New India Assurance Co. Ltd. (NIACL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai, it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.
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
| Category Of Employees | Male | Female | Total |
|---|---|---|---|
| Class I | 4,644 | 2,477 | 7,121 |
| Class II | 116 | 5 | 121 |
| Class III | 2,285 | 732 | 3,017 |
| Class IV (Excluding PTS) | 504 | 186 | 690 |
| Part Time Sweepers | 2 | 0 | 2 |
| Total | 7,551 | 3,400 | 10,951 |
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.
References
- ^ "Atul Sahai appointed CMD of New India Assurance for 5 years". www.moneycontrol.com. 4 December 2018. Retrieved 25 October 2020.
- ^ a b c d e "New India Assurance Financial Statements". moneycontrol.com.
- ^ Nair, Remya (17 March 2021). "Why Modi govt is expected to struggle to sell stakes in 2 listed insurance companies". ThePrint. Retrieved 9 February 2023.
- ^ "Workforce". New India Assurance. Retrieved 20 June 2025.