New India Assurance

The New India Assurance Company Limited
Company type	Central Public sector undertaking
Traded as	BSE: 540769; NSE: NIACL
Industry	Insurance
Founded	23 July 1919; 105 years ago
Founders	Dorabji Tata
Headquarters	Mumbai, Maharashtra, India
Area served	India
Key people	Girija Subramanian (Chairman and Managing Director)
Products	General insurance; Vehicle insurance; Health insurance; Marine insurance; Property insurance; Crop insurance; Aviation insurance; Fidelity bond;
Revenue	₹41,073 crore (US$4.7 billion) (2023)
Operating income	₹1,310 crore (US$150 million) (2023)
Net income	₹1,048 crore (US$120 million) (2023)
Total assets	₹98,223 crore (US$11 billion) (2023)
Total equity	₹25,864 crore (US$3.0 billion) (2023)
Owner	Government of India (85.44%)
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

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.