New India Assurance
New India Assurance, founded in 1919 and headquartered in Mumbai, is a leading general insurance company with a team of 6,877 employees, operating in over 28 countries and offering a wide range of insurance products.
Company Overview
New India Assurance is a prominent player in the insurance industry, founded in 1919. It operates as a very large enterprise with a team size of 6,877 employees. The company is headquartered in Mumbai, Maharashtra, India, and has established a significant presence across over 28 countries, making it one of the largest general insurance companies globally. New India Assurance is recognized for its strong financial stability, holding a Long-Term Issuer Credit Rating of 'bbb+' and an India National Scale Rating (NSR) of aaa.IN.
Insurance Products Offered
New India Assurance provides a comprehensive range of insurance products, including health, motor, travel, rural, marine, and miscellaneous insurance. The company has issued over 2 crore policies and has settled claims amounting to ₹27,400 crore. Notable products include the 'Yuva Bharat Health Policy', 'New India Cancer Guard Policy', and 'New India Premier Mediclaim Policy'. The company also offers specialized marine insurance products such as Increased Value Policy and Open Policy.
Global Operations and Subsidiaries
New India Assurance operates in 25 countries and has subsidiaries in Nigeria, Trinidad and Tobago, and Sierra Leone. The company has a desk at Lloyds in London and maintains a presence in Singapore and Kenya through its subsidiary companies. This global footprint enhances its ability to serve a diverse customer base and manage international insurance needs effectively.
Financial Performance
New India Assurance has demonstrated strong financial performance, with a profit after tax that more than doubled to INR 260 crore for the quarter ending June 2023. The company reported a Gross Underwritten Premium of INR 41,860 crore for the year ending March 2024, and its global gross written premium exceeded ₹41,800 crore for the financial year 2023-24. The company has been rated AAA/Stable by CRISIL since 2014, reflecting its financial strength.
Awards and Recognition
New India Assurance has received multiple awards for its performance and workplace culture. It was recognized as the 'General Insurance Company of the Year' for FY 2022-23 by BFSI and received the 'Most Preferred Workplace Award' for the same fiscal year. Additionally, the company was honored with the ETascent Stars of the Industry award for Excellence & Leadership in BFSI for FY 2022-23, highlighting its commitment to excellence in the insurance sector.