The New India Assurance Company
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Founded by Sir Dorab Tata from the house of TATAs and incorporated on 23rd July 1919, New India Assurance was nationalised in 1973, with the merger of Indian companies. Global Gross Premium for FY 2016-17 was Rs.22279 crores and for the first quarter of FY 2017-2018, ended 30th June 2017 is Rs.6132 crores. Profit before Tax and after tax as on 30th June 2017 is Rs.601 crores and Rs.499 crores respectively. As on 30th June 2017, Net worth of the company including fair value stands at Rs.37593 crores, Investments at Market value is Rs.56305 crores and Asset base at Rs.72576 crores.
Overseas operations commenced in the year 1920. New India Assurance is operating in 28 Countries as on 2016-17 comprising of 19 Branch Offices in 9 Countries, 7 Agency Offices in 7 countries, 3 Subsidiary Companies in 8 Countries, 1 Representative Office in 1 country and Associate in 3 countries. . The Overseas Gross premium (foreign) for year 2016-17 is Rs. 3164 Cr. Largest number of Offices - In India and Abroad Trained and technically qualified staff 2221 fully computerised offices across India. "A-" (Excellent) rating by A.M.Best& Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.
It was the first company to set up an Aviation Insurance Department in 1946, first company to handle the Hull Insurance requirements of the Indian Shipping Fleet, first company to establish its own Training School, first company to introduce the concept of 'Model Office Training', first company to create department in Engineering insurance and is pioneer in Satellite insurance.