New India Assurance

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.

Company type

Central Public sector undertaking

Traded as

BSE: 540769
NSE: NIACL

IndustryInsurance

Founded23 July 1919; 106 years ago (23 July 1919)

Quick facts Company type, Traded as ...

The New India Assurance Company Limited

Company type	Central Public sector undertaking
Traded as	BSE: 540769 NSE: NIACL
Industry	Insurance
Founded	23 July 1919; 106 years ago (23 July 1919)
Founders	Dorabji Tata
Headquarters	Mumbai, Maharashtra , India
Area served	India
Key people	Girija Subramanian (Chairman and Managing Director)[1]
Products	General insurance Vehicle insurance Health insurance Marine insurance Property insurance Crop insurance Aviation insurance Fidelity bond
Revenue	₹41,073 crore (US$4.3 billion) (2023)[2]
Operating income	₹1,310 crore (US$140 million) (2023)[2]
Net income	₹1,048 crore (US$110 million) (2023)[2]
Total assets	₹98,223 crore (US$10 billion) (2023)[2]
Total equity	₹25,864 crore (US$2.7 billion) (2023)[2]
Owner	Government of India (85.44%)[3]
Number of employees	12,816 (2023)
Website	newindia.co.in

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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.