HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
The New India Assurance Co. Ltd.
NSE: NIACLFinancial ServicesInsurance - Diversified
- Last close
- ₹159.80
- Day change
- −₹6.03 (−3.64%)vs
- Market cap
- ₹30,206 crIndian rupees
- Research updated
- 1 report
Follow The New India Assurance Co.
Create an account, then follow this company for weekday briefs. You will return to The New India Assurance Co. after signing in.
About The New India Assurance Co.
The New India Assurance Co. Ltd. is a state-owned general insurance company, providing a comprehensive range of insurance services globally. Established in 1919 and headquartered in Mumbai, India, it is the largest non-life insurance provider in the country. The company specializes in a diverse assortment of products, including health insurance, motor insurance, fire insurance, marine insurance, and personal accident covers. It serves a wide clientele spanning individuals, businesses, and the public sector, offering bespoke insurance solutions tailored to various risks. The New India Assurance Co. Ltd. plays a pivotal role in the insurance market, contributing significantly to financial protection and risk mitigation among its customers. Its extensive international operations, across approximately 28 countries, underscore its influence and reliability in the global insurance landscape. With a strong capital base and decades-long reputation, the company supports societal and economic stability by managing and distributing risks effectively. Its strategic partnerships and collaborations amplify its market presence, ensuring comprehensive coverage and excellent customer service.
- Sector
- Financial Services
- Industry
- Insurance - Diversified
- Listing
- NSE: NIACL
- Next results
- Chief executive
- Mr. David Griffiths
- Employees
- 10,403
- Headquarters
- Mumbai, India
- ISIN
- INE470Y01017
- Website
- newindia.co.in
Public research · Report of
Business model & financial foundation
New India Assurance (NSE: NIACL), General insurance: revenue of ₹38,672 crore in FY26 (+8.8% on FY25) and net profit of ₹1,412 crore.
- Revenue, FY26 (₹ crore)
- 38,672
- consolidated
- Revenue growth, FY26
- +8.8%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,412
- to owners
- Return on equity, FY26
- 6.0%
- on average equity
- Market capitalisation (₹ crore)
- 30,355
- at the close of 15 Oct 2026
Company profile
Government-controlled general insurer with domestic and overseas operations. Underwriting earns net premiums and bears claims, commissions and insurance operating expenses; policyholder investments and shareholder investments are recorded separately. Consolidated statements include three foreign subsidiaries and equity-accounted associates. Fiscal year ends31 March; FY26 reporting is IGAAP, with disclosed transition and consolidation limitations.
| Item | Value |
|---|---|
| Legal name | The New India Assurance Company Limited |
| Exchange and ticker | NSE: NIACL; BSE: 540769 |
| ISIN | INE470Y01017 |
| CIN | L66000MH1919GOI000526 |
| Sector | Financial services |
| Industry | General insurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. Ramanand Aiyar & Co.; Chokshi & Chokshi LLP |
| Market capitalisation | ₹30,355 crore (15 Oct 2026) |
| Shares outstanding | 164.80 crore shares (FY26) |
| Price | ₹185.4 (close, 15 Oct 2026) |
| 52-week range | ₹117.0 - ₹242.6 (to 15 Oct 2026) |
| Website | https://www.newindia.co.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| New India Assurance Company (Trinidad and Tobago) Limited | 83.89% | General insurance; consolidated using calendar-year accounts. |
| Prestige Assurance Plc, Nigeria | 78.32% | General insurance; consolidated using calendar-year accounts. |
| New India Assurance Company (Sierra Leone) Limited | 100% | Operations ceased in2003; remains consolidated. |
Associates: India International Insurance Pte Ltd Singapore20%; Health Insurance TPA of India23.75%. No JV identified. Calendar-year2025 foreign accounts, incomplete intragroup elimination and unaudited Health TPA; FY25 opening audited/unaudited differences3.39cr subsidiary/0.08cr associate routed through FY26 P&L. Branch runoffs are not subsidiaries.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 85.44% | 85.44% | 85.44% | 85.44% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 1.00% | 1.00% | 1.02% | 0.92% |
| Domestic institutions | 11.15% | 11.17% | 11.18% | 11.19% |
| of which mutual funds | 0.08% | 0.10% | 0.10% | 0.12% |
| Retail | 2.06% | 2.04% | 2.02% | 2.10% |
| Other | 0.36% | 0.35% | 0.35% | 0.36% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
New India Assurance (NSE: NIACL, BSE 540769) is India's largest general insurer and is 85.44% owned by the Government of India. It writes fire, marine, motor, health & PA, crop and other lines in India and in branches in 24 countries. FY26 consolidated net earned premium (NEP) was 38,672cr and consolidated gross written premium about 47,580cr. It underwrites at a loss: FY26 claims were 38,060cr, commission 3,865cr and operating expenses 5,629cr, an underwriting loss of 8,882cr. That loss is covered by investment income of 11,085cr (policyholder plus shareholder), including about 5,450cr of realised and other gains beyond regular interest, dividend and rent of 5,635cr. Profit to owners was 1,412cr (EPS 8.57). Health & PA is about half of gross written premium (49.7% in Q1FY27). Brokers bring 37% of the domestic book.
| Segment | net earned premium, FY26 (₹ crore) | Share | operating result, FY26 (₹ crore) | Share | net written premium, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Fire | 3,241 | 8.4% | 503.7 | 3,234 | 83.3% | |
| Marine total | 632.0 | 1.6% | 9.38 | 649.1 | 16.7% | |
| Total miscellaneous; parent roll-up only | 34,799 | 90.0% | -1,378 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net earned premium (not GWP or investment income) | 36,532 | 41,835 | 34,187 | 35,537 | 38,672 |
| Other operating costs (vendor classification) * | 1,161 | 1,334 | 1,736 | 834.8 | -80.5 |
| EBIT * | 212.0 | 1,294 | 1,472 | 1,123 | 1,303 |
| Finance cost * | 34.4 | 37.3 | 60.1 | 100.2 | 69.9 |
| Profit before tax (before associates) | 177.6 | 1,256 | 1,412 | 1,023 | 1,233 |
| Total tax expense/(credit) | -0.31 | 195.2 | 321.0 | 50.3 | -120.7 |
| Group PAT including associates, before minority adjustment | 177.9 | 1,061 | 1,120 | 1,038 | 1,417 |
| Reported basic and diluted EPS (₹) | 1.18 | 6.36 | 6.77 | 6.29 | 8.57 |
| Claims incurred (net) | 33,214 | 34,282 | 38,060 | ||
| Commission (net incurred) | 3,033 | 3,641 | 3,865 | ||
| Operating expenses related to insurance business | 5,130 | 3,750 | 5,629 | ||
| Underwriting profit/(loss), excluding investment income | -7,190 | -6,136 | -8,882 | ||
| Policyholder investment income | 6,583 | 5,701 | 8,017 | ||
| Operating result including policyholder investments | -607.3 | -435.1 | -865.1 | ||
| Shareholder investment income, net amortization | 2,749 | 2,303 | 3,069 | ||
| Shareholder other income: receipts/credit balances written back | 15.1 | 92.6 | 892.1 | ||
| P&L total A (includes revenue-account transfer) | 2,157 | 1,961 | 3,096 | ||
| Shareholder P&L total B: provisions and expenses | 744.4 | 938.2 | 1,863 | ||
| PAT before associates and minority adjustment | 1,091 | 972.2 | 1,354 | ||
| Minority interest: signed additive P&L adjustment | -3.95 | -1.57 | -4.55 | ||
| Share of profit/(loss) in associates | 29.3 | 66.0 | 63.2 | ||
| PAT attributable to owners, including associates | 1,116 | 1,037 | 1,412 | ||
| Current tax expense/(credit) | 520.1 | 370.2 | -142.3 | ||
| Separately presented prior-year tax expense/(credit) | 0.00 | -254.7 | 0.00 | ||
| Separately presented MAT tax credit | -184.1 | -92.8 | 0.00 | ||
| Deferred tax expense/(credit) | -15.0 | 27.6 | 21.6 | ||
| Policyholder investment sale/redemption profit | 3,107 | 2,000 | 3,962 | ||
| Policyholder interest dividend and rent, gross | 3,633 | 3,700 | 4,055 | ||
| Shareholder interest dividend and rent, gross | 1,482 | 1,513 | 1,577 | ||
| Shareholder investment sale/redemption profit | 1,267 | 819.9 | 1,516 | ||
| Expenses other than insurance business expenses | 606.6 | 0.90 | 1,288 | ||
| Shareholder bad debts written off, gross | 54.7 | 1,404 | |||
| Doubtful debts other than investments provision/(reversal) | 0.00 | 750.6 | -949.5 | ||
| Shareholder investment amortization signed income adjustment | n.r. | -29.6 | -24.1 | ||
| Policyholder investment provisions disclosed in segment income | 157.4 | n.r. | n.r. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Owners equity excluding all fair-value-change accounts | 25,861 | 25,921 | 21,844 | 22,756 | 24,626 |
| Cash and bank balances (Schedule11, includes deposits) | 12,629 | 12,410 | 14,320 | 17,711 | 19,290 |
| Net premium and insurance/reinsurance receivables | 6,968 | 6,087 | n.r. | 5,561 | 5,689 |
| Trade payables * | 1,389 | 1,068 | 1,152 | 1,220 | 1,587 |
| Fixed assets net block, insurer schedule | 227.8 | 228.1 | 490.8 | 532.3 | 525.9 |
| Capital work in progress * | 18.1 | 14.1 | 19.6 | 5.76 | 12.6 |
| Gross asset-side total, not net funds total | 1,08,125 | 1,09,778 | 1,10,356 | ||
| Owners equity including shareholders FV reserve | 28,296 | 28,995 | 28,531 | ||
| Equity including shareholders FV and NCI, not policyholders FV | 28,346 | 29,042 | 28,583 | ||
| Total sources of funds including both FV accounts and NCI | 45,489 | 44,230 | 38,593 | ||
| Equity share capital | 824.0 | 824.0 | 824.0 | ||
| Reserves and surplus, excluding FV accounts | 21,020 | 21,932 | 23,802 | ||
| Fair-value-change account: shareholders funds | 6,452 | 6,239 | 3,905 | ||
| Fair-value-change account: policyholders funds | 17,143 | 15,188 | 10,010 | ||
| Minority interest balance-sheet funds | 49.7 | 47.2 | 51.8 | ||
| Investments: shareholders plus policyholders | 82,069 | 80,949 | 78,166 | ||
| Investments: shareholders funds | 25,039 | 24,793 | 23,379 | ||
| Investments: policyholders funds | 57,030 | 56,155 | 54,788 | ||
| Borrowings (Schedule7) | 0.00 | 0.00 | 0.00 | ||
| Outstanding premiums before separately shown provisions | 375.6 | 245.6 | 210.3 | ||
| Due from insurers and reinsurers before separate provisions | 6,119 | 6,655 | 5,894 | ||
| Provision against outstanding premiums | n.r. | 179.5 | 179.5 | ||
| Provision against insurer/reinsurer balances | n.r. | 1,159 | 235.4 | ||
| Claims outstanding including IBNR and IBNER | 35,523 | 37,616 | 41,030 | ||
| IBNR and IBNER aggregate net, included in claims | n.r. | 16,542 | 17,684 | ||
| Reserve for unexpired risks | 14,751 | 15,781 | 16,842 | ||
| Outstanding claims plus unexpired-risk reserves | 50,274 | 53,397 | 57,873 | ||
| Net debt on issuer-defined liquidity basis | n.r. | n.r. | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | -4,168 | -5,953 | -4,741 | -3,506 | -4,612 |
| Gross purchase of fixed assets, positive spend | -96.1 | -72.5 | 69.6 | 115.9 | 80.0 |
| Net cash flow from operating activities | -4,672 | -3,390 | -4,532 | ||
| Proceeds from sale of fixed assets | 18.1 | 9.65 | 15.4 | ||
| Cash interest/dividends paid, including warrant returns | 325.8 | 343.2 | 296.7 | ||
| Repayments of borrowings | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid equity shares at year end | 164.80 | 164.80 | 164.80 | 164.80 | 164.80 |
| Reported weighted average equity shares | n.r. | 164.80 | 164.80 | ||
| Consolidated gross direct premium | n.r. | 42,350 | 46,429 | ||
| Consolidated premium on reinsurance accepted | n.r. | 1,627 | 1,151 | ||
| Consolidated GWP: direct plus accepted reinsurance | n.r. | 43,977 | 47,580 | ||
| Operating lease commitments due within one year | 95.4 | 99.6 | |||
| Operating lease commitments due one to five years | 285.0 | 330.7 | |||
| Operating lease commitments due after five years | 167.8 | 183.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net earned premium | 8,567 | 9,070 | 9,352 | 9,424 | 9,455 | 9,771 | 10,022 | 9,747 |
| Net premium written | 8,114 | 8,965 | 9,800 | 10,902 | 8,869 | 9,717 | 10,063 | 11,298 |
| Net incurred claims including IBNR/IBNER | 8,706 | 8,559 | 8,831 | 9,381 | 10,247 | 8,858 | 9,574 | 10,036 |
| Net commission and brokerage | 854.2 | 871.2 | 1,094 | 933.5 | 922.0 | 1,048 | 961.7 | 954.0 |
| Policyholder operating total income; not premium revenue | 10,135 | 10,230 | 11,009 | 11,081 | 12,340 | 11,429 | 11,840 | 11,300 |
| Policyholder operating profit / loss including investment income | -387.1 | -292.2 | 496.0 | -97.8 | -671.9 | -82.9 | -12.5 | -789.7 |
| Expenses other than those related to insurance business | 19.3 | 84.7 | -1.40 | 346.6 | 300.4 | 344.7 | 664.2 | 8.75 |
| Profit / loss before tax | 140.8 | 107.3 | 502.4 | 391.1 | 23.4 | 372.2 | 446.1 | -178.7 |
| Tax expense / benefit | 67.2 | -237.0 | 180.8 | -1.27 | 3.25 | -4.69 | -118.0 | 65.3 |
| Share of profit / loss in associates | 17.1 | 4.25 | 34.6 | 9.27 | 35.2 | 3.09 | 15.7 | 4.79 |
| Signed minority adjustment to profit carried to balance sheet | -0.92 | 0.54 | 2.38 | -1.34 | -1.24 | -0.05 | -1.92 | -3.50 |
| Profit / loss attributable to owners (carried to balance sheet) | 89.7 | 349.1 | 358.5 | 400.3 | 54.1 | 380.0 | 577.9 | -242.7 |
| Basic and diluted EPS; quarter not annualised (₹) | 0.54 | 2.12 | 2.18 | 2.43 | 0.33 | 2.31 | 3.51 | -1.47 |
| Operating expenses related to insurance business | 961.6 | 1,092 | 587.1 | 863.8 | 1,843 | 1,605 | 1,317 | 1,100 |
| Underwriting profit / loss | -1,954 | -1,452 | -1,160 | -1,754 | -3,556 | -1,741 | -1,831 | -2,343 |
| Investment income: policyholders account (net) | 1,567 | 1,159 | 1,656 | 1,657 | 2,884 | 1,658 | 1,818 | 1,553 |
| Investment income: shareholders account | 651.4 | 473.2 | 655.5 | 638.5 | 1,110 | 640.6 | 703.8 | 599.6 |
| Other income: shareholders account | 0.78 | 8.88 | 76.7 | 201.8 | -107.8 | 165.7 | 427.0 | 26.5 |
| PAT before associates and signed minority adjustment | 73.6 | 344.3 | 321.6 | 392.4 | 20.1 | 376.9 | 564.2 | -243.9 |
| Shareholders total expense including provisions | 124.3 | 82.7 | 725.8 | 351.4 | 307.0 | 351.2 | 672.2 | 15.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.7% | 14.5% | -18.3% | 4.0% | 8.8% |
| Net margin | 3.3% | 2.9% | 3.7% | ||
| Return on equity | 4.7% | 4.6% | 6.0% | ||
| Return on assets | 1.0% | 1.0% | 1.3% | ||
| Dividend payout | 29.2% | 33.1% | 21.0% | ||
| EPS, diluted (₹) | 1.18 | 6.36 | 6.77 | 6.29 | 8.57 |
| Book value per share (₹) | 156.9 | 157.3 | 132.6 | 138.1 | 149.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on The New India Assurance Co. includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on The New India Assurance Co.
- Research reportLatest
Same sector
More research in Financial Services
ICICI Bank Limited
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,394.20 last close on 23 Oct 2026 −0.31%Research updated
State Bank of India
NSE: SBIN
Financial Services · Banks - Regional
₹958.60 last close on 23 Oct 2026 −1.18%Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCE
Financial Services · Credit Services
₹928.95 last close on 23 Oct 2026 −1.40%Research updated
Life Insurance Corporation of India
NSE: LICI
Financial Services · Insurance - Life
₹381.50 last close on 23 Oct 2026 −1.55%Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANK
Financial Services · Banks - Regional
₹430.50 last close on 23 Oct 2026 −1.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.