New India Assurance posts premium growth of 20%

​INDIA​, January 05, 2018: New India Assurance, largest non life insurer in India has posted a growth of 20% in Indian premium for the nine months ending 31st December 2017 to reach Rs.16,800 crores as against Rs. 14,000 crores for the same period last year. The growth in Indian business in the month of December was 26%. The company expects momentum of high growth to continue for quite some time aided by growing non life industry growth due to increasing insurance penetration.

The company recently concluded Rs. 3 lakh crore insurance business of Reliance industries Ltd., the largest risk in the country. The company also bagged the Health insurance scheme of the State of Rajasthan covering 4 crore people with a premium income of Rs. 1,200 crores. The company continues to be the leader in most of the segments of Non life insurance driven by huge customer support. The recent entry into Deccan Aviation insurance who have made a foray into regional air connectivity has strengthened the hold of the company in the growing Aviation sector where most of the Aviation companies are insured by New India.

Speaking on the development, Mr. G. Srinivasan, Chairman and Managing Director said, ?\'New India is going through a great growth momentum due to the inherent strengths of the company and customer confidence. We look forward to taking advantage of huge insurance expansion happening in the county.\'

The company is focusing retail business in a big way and has added 10,000 agents in the current year. About 17,000 agents use digital portals to service customers efficiently. The company is enlarging its low cost micro office model to get into smaller towns of the country with over 1,400 such offices already operational across the country. The company is focusing on Digital in a big way, 15% of the business of the company is secured through digital means they expects this to grow at a high pace in the coming period. The company has recently upgraded its technology to be the leader in this area in the market with a focus on product innovation in a big way. New India Assurance has already issued cover for three Insolvency professionals providing professional indemnity cover. The company is also a big player in the cyber insurance segment providing cover to many major Financial institutions. The company is poised to make entry into Title insurance segment very shortly with a tailor made cover.

New India Assurance made a profit after Tax of Rs. 1248 crores in the first half of the current financial year, an increase of 161% over the same period previous year. The company is financially very strong with a solvency of 2.24 and a Networth including fair value of Rs. 37,000 crores.


About The New India Assurance:

The New India Assurance Company Limited (?NIA?) is the largest general insurance company in India in terms of net worth, domestic gross direct premium, profit after tax and number of branches as of and for the fiscal year ended March 31, 2017 (Source: The report titled ?Analysis of General Insurance Industry ? The New India Assurance Company Limited? dated July 27, 2017, prepared and issued by CRISIL Limited (?CRISIL Report?)). The Company has been in operation for almost a century. In Fiscal 2017, NIA had the largest market share of gross direct premium among general insurers in India (Source: CRISIL Report). As of March 31, 2017, NIA had issued 27.10 million policies across all product segments, which is the highest among all general insurance companies in India (Source: CRISIL Report). As of June 30, 2017, NIA?s operations were spread across 29 States and seven Union Territories in India and across 28 other countries globally through a number of international branches, agency offices and Subsidiaries including a desk at Lloyd?s, London. NIA?s insurance products can be broadly categorized into the following product verticals viz. fire insurance; marine insurance, motor insurance, crop insurance, health insurance and other insurance products. In Fiscal 2013, 2014, 2015, 2016 and 2017, despite increasing competition from private players, NIA have maintained market leadership in the general insurance industry in India and they were the leaders in all segments except crop insurance (Source: CRISIL Report). NIA has facilitated health insurance cover for journalist members of the Press Cub

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