The New India Assurance Company Limited (NIACL)
₹179.57 -2.03% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, New India's revenue was ₹11,300 Cr (-3.6% year on year, -9.9% on the previous quarter), and net profit ₹-244 Cr (against a profit a year earlier); the operating margin was -7.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹11,300 | -3.6% | -9.9% |
| Operating profit | ₹-790 | to loss | to loss |
| Net profit | ₹-244 | to loss | to loss |
| EPS (₹) | -1.47 | to loss | to loss |
| Operating margin | -7.0% | — | — |
NIACL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 18.19% of the NIACL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 20.54%. That is close to its usual level. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 3.7% · 5.8% · 13.0% · 18.9% · 18.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The New India Assurance Company Limited has announced the appointment of three Key Management Personnel (KMPs) effective October 1, 2026. Ms. Anjali Mirchandani has been appointed as Chief Risk Officer, having begun her insurance career in 1990. Ms. Rema Devi V., who brings over 34 years of experience, takes charge as Chief Underwriting Officer, while Ms. Uma Iyer has been appointed as Chief Marketing Officer. These internal leadership changes come at a time when the insurer is managing a TTM revenue base of Rs 49,363 Cr and seeking to improve underwriting profitability following a Q1 FY27 loss of Rs 243.94 Cr.
- Appointment of Ms. Anjali Mirchandani as Chief Risk Officer effective October 1, 2026 (industry career commenced in 1990)
- Appointment of Ms. Rema Devi V. as Chief Underwriting Officer effective October 1, 2026, bringing over 34 years of insurance experience
- Appointment of Ms. Uma Iyer as Chief Marketing Officer effective October 1, 2026
- Leadership transition across risk, underwriting, and marketing across NIACL's Rs 49,363 Cr TTM revenue operations
The Ministry of Finance has appointed Ms. Lavanya R Mundayur as Chairman cum Managing Director of The New India Assurance Company Limited effective September 30, 2026. Her tenure extends until her superannuation date of May 31, 2029, or until further orders. She replaces Mr. S Sivasankar, who held additional charge of the CMD post until September 30, 2026. Ms. Mundayur previously served as CMD of Agriculture Insurance Company of India Ltd. and brings over 30 years of insurance underwriting experience.
- Appointment of Ms. Lavanya R Mundayur as CMD effective September 30, 2026
- Tenure extends until superannuation date of May 31, 2029, or until further orders
- Scale of pay approved by Central Government is Rs. 2,05,400 - 2,24,400/-
- Mr. S Sivasankar ceases to hold additional charge of CMD w.e.f. September 30, 2026
The Ministry of Finance has assigned additional charge of Chairman-cum-Managing Director (CMD) to Executive Director S Sivasankar with retrospective effect from August 1, 2026. The appointment is for an initial period of 3 months, until a regular CMD is appointed, or until further orders. Sivasankar holds over 33 years of experience in the general insurance industry and previously joined NIACL's Board as Executive Director on February 20, 2026. NIACL, India's largest non-life insurer with a market cap of ₹32,831 Cr, recently posted a Q1 FY27 net loss of ₹243.94 Cr.
- Additional charge of CMD assigned to Executive Director S Sivasankar effective August 1, 2026
- Tenure set for an initial period of 3 months or until a regular CMD is appointed
- Sivasankar brings 33 years of insurance experience, having joined the NIACL Board on February 20, 2026
- Ministry of Finance issued the directive vide Order No. eF.No.A-11011/09/2026-Ins.I
The Comptroller & Auditor General of India (CAG) has appointed M/s S Ramanand Aiyar & Co and M/s Chokshi & Chokshi LLP as statutory auditors of The New India Assurance Company Ltd for FY 2026-27. This is a standard statutory auditor appointment typical for a public sector undertaking. Both firms are long-established chartered accountancy practices with extensive pan-India exposure. There is no financial or operational impact on the company's business performance.
- M/s S Ramanand Aiyar & Co appointed as Statutory Auditor for FY 2026-27
- M/s Chokshi & Chokshi LLP appointed as Statutory Auditor for FY 2026-27
- Appointments made by the Comptroller & Auditor General of India (CAG)
- Firms established in 1950 and 1976 respectively bring decades of audit practice
The New India Assurance Company Ltd. announced plans to divest 1,05,00,000 equity shares of the National Stock Exchange of India Ltd. (NSEIL) through an Offer for Sale (OFS) in the proposed NSE IPO. This proposed divestment accounts for 29.83% of the insurer's total holding in NSEIL. Shares were transferred to an escrow account on September 8, 2026, with completion slated for the end of September 2026, subject to regulatory approvals. In FY 2025-26, NIACL earned Rs 123.20 Cr in dividends from NSEIL, indicating substantial embedded value realization.
- Divesting 1,05,00,000 equity shares of National Stock Exchange of India Ltd. (NSEIL).
- Divestment represents 29.83% of total shares held by NIACL in NSEIL.
- Total dividend received from NSEIL in FY 2025-26 was Rs 123.20 Cr.
- Shares transferred to escrow account on September 8, 2026, with completion expected by end of September 2026.
The New India Assurance Company Limited has submitted a clarification to the National Stock Exchange regarding a recent spurt in trading volume. In response to NSE's query dated August 31, 2026, the company stated on September 1, 2026, that all material events under SEBI LODR Regulation 30 have been promptly disclosed. The company confirmed it is not aware of any impending announcements or undisclosed price-sensitive information that would impact trading price or volume.
- Clarification filed in response to NSE query dated August 31, 2026
- Company confirmed compliance with SEBI LODR Regulation 30 disclosure requirements
- No undisclosed price-sensitive information or pending announcements identified by management
The New India Assurance Company has received an Income Tax refund of ₹781.39 crore for Assessment Year 2022-23. This total includes an interest component of ₹59.63 crore. The cash inflow is substantial when compared to the company's TTM net profit of ₹771 crore, representing over 100% of TTM PAT. This provides an immediate one-off liquidity boost, with the interest portion directly contributing to other income.
- Total Income Tax refund received stands at ₹781,39,07,565 for AY 2022-23.
- Includes interest component of ₹59,63,26,611.
- Total refund amount equals ~101.3% of TTM net profit (₹771 Cr).
- Grievance resolution order communication dated 27th July 2026.
Ms. Girija Subramanian has ceased to be the Chairman & Managing Director (CMD) of The New India Assurance Company Limited (NIACL) effective July 31, 2026. The cessation is due to her superannuation (retirement) as per the Ministry Order dated June 19, 2024. As India's largest non-life insurer with a TTM revenue of Rs 49,782 Cr and a 13.25% market share, the transition at the top level is a standard administrative procedure for this public sector undertaking.
- Ms. Girija Subramanian ceased to be CMD effective from the closing hours of July 31, 2026
- The cessation is due to superannuation as per Ministry Order Ref. F.No.A-1101
- /07 12O23-Ins.I
- NIACL reported a TTM revenue of Rs 49,782 Cr and a net profit of Rs 1,417 Cr for FY26
- The company maintains a dominant 13.25% domestic market share as of H1 FY26
The New India Assurance Company Limited (NIACL) concluded its 107th Annual General Meeting on July 27, 2026, with all six resolutions passed by requisite majority. Shareholders approved a final dividend of ₹1.50 per share for FY 2025-26, representing a yield of approximately 0.9% at the current price of ₹166.3. Key leadership appointments were ratified, including the re-appointment of Ms. Girija Subramanian as CMD and the appointment of Mr. S. Sivasankar as Executive Director. The company continues to focus on its market leadership with a 13.25% market share despite a thin TTM operating margin of 0.7%.
- Final dividend of ₹1.50 per equity share approved for the financial year 2025-26
- Re-appointment of Ms. Girija Subramanian as CMD passed with 99.99% shareholder assent
- Appointment of Mr. S. Sivasankar as Executive Director approved with 99.78% majority
- Appointment of Mr. Hari Har Mishra as Government Nominee Director approved with 98.95% majority
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements confirmed
NIACL reported a weak Q1 FY27, swinging to a net loss of Rs 257 Cr from a profit of Rs 391 Cr in the year-ago period. The performance was severely impacted by a spike in the Net Incurred Claim Ratio (ICR) to 103.38% and a combined ratio of 121.44%, indicating deep underwriting losses. Gross Written Premium (GWP) grew marginally by 2.9% to Rs 13,720 Cr, while investment income fell to Rs 2,146 Cr. The company cited a 27.8% industry-wide crash in property premiums and high Motor Third Party (TP) claim inflation as primary headwinds.
- Net Loss of Rs 257 Cr in Q1 FY27 vs a profit of Rs 391 Cr in Q1 FY26
- Combined Ratio deteriorated to 121.44% from 116.16% YoY, signaling worsening underwriting efficiency
- Underwriting loss widened significantly to Rs 2,356 Cr compared to Rs 1,756 Cr in the previous year
- Motor Third Party (TP) segment saw a sharp spike in Incurred Claim Ratio to 122.20%
- Solvency ratio remains stable at 1.80x, well above the regulatory requirement of 1.50x
NIACL reported a challenging Q1 FY27 with Gross Written Premium (GWP) growth muted at 2.9%, primarily due to a 27.8% industry-wide crash in property premiums. The Motor Third Party (TP) segment remains under significant pressure with rising claim inflation and no premium hikes, adversely impacting the loss ratio. Despite these headwinds, the company maintains a healthy solvency ratio of 1.80x and investment assets of Rs 99,980 Cr. However, the auditors issued a qualified conclusion regarding unreconciled balances, and contingent liabilities for tax demands remain high at Rs 7,682.17 Cr.
- Gross Written Premium (GWP) growth was restricted to 2.9% for the quarter ended June 30, 2026.
- Industry property premiums crashed by 27.8% during the quarter, impacting NIACL's property-heavy portfolio.
- Investment assets on a market value basis stood at Rs 99,980 Cr.
- Solvency ratio remains stable at 1.80x, well above the regulatory minimum.
- Contingent liabilities for disputed tax demands (Income Tax, GST, Service Tax) total Rs 7,682.17 Cr.
The New India Assurance Company Limited (NIACL) has scheduled a Board Meeting for July 24, 2026, to consider and approve the un-audited financial results for the quarter ended June 30, 2026. In compliance with SEBI Insider Trading regulations, the trading window for designated persons has been closed since July 1, 2026. The window is now confirmed to remain closed until July 26, 2026, which is 48 hours post-announcement. This is a routine regulatory procedure ahead of quarterly earnings disclosure.
- Board meeting scheduled for July 24, 2026, to approve un-audited financial results
- Trading window closure period defined from July 1, 2026, to July 26, 2026
- Results pertain to the first quarter (Q1) ending June 30, 2026
- Closure applies to all Designated Persons and their immediate relatives
The New India Assurance Company Limited (NIACL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Alankit Assignments Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. The Registrar and Share Transfer Agent (RTA) verified that the certificates were mutilated and cancelled, and the depository's name was updated in the records. This is a standard administrative filing required by all listed companies.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, Alankit Assignments Limited
- Securities received for dematerialization were processed and listed on stock exchanges within prescribed timelines
- Physical certificates were mutilated and cancelled as per regulatory requirements
The New India Assurance Company (NIACL) has scheduled its 107th Annual General Meeting for July 27, 2026. The company reported a strong FY26 performance with Global Gross Written Premium (GWP) reaching ₹47,174 Crore and Profit After Tax (PAT) increasing 40% YoY to ₹1,384 Crore. Notably, the company reversed its market share decline, growing from 12.56% to 12.74% in the domestic market. Management is currently preparing for a mandatory transition to Ind-AS accounting and navigating the impact of the new 100% FDI limit in the insurance sector.
- Global Gross Written Premium (GWP) reached an all-time high of ₹47,174 Crore in FY26.
- Full-year Profit After Tax (PAT) grew by 40% to ₹1,384 Crore compared to ₹988 Crore in FY25.
- Domestic market share improved to 12.74%, reversing previous downward trends.
- Global Solvency Ratio remains robust at 1.84x as of March 31, 2026.
- Health and Personal Accident segment constitutes the largest business vertical at 47.57%.
The New India Assurance Company Limited (NIACL) has announced a significant advancement of its record date for the FY 2025-26 dividend. The date has been moved from the previously communicated September 4, 2026, to a much earlier date of July 10, 2026. This administrative change is due to a revision in the company's Annual General Meeting (AGM) schedule. Investors must ensure they are on the register by this new date to qualify for the dividend payout.
- New record date for FY 2025-26 dividend is July 10, 2026.
- Previous record date was originally set for September 4, 2026.
- The revision is necessitated by a change in the Annual General Meeting (AGM) schedule.
- The Board of Directors approved this revision during their meeting on June 25, 2026.
Financial Performance
Revenue Growth by Segment
Gross Written Premium (GWP) grew 11.52% YoY to INR 23,875 Cr in H1 FY26. Segment growth: Fire grew 21.32% (INR 2,856.39 Cr), Health & PA grew 15.12% (INR 11,646 Cr), and Miscellaneous/Others grew 16.05% (INR 2,371 Cr). Motor OD grew 1.30% (INR 2,877 Cr), while Motor TP declined 1.37% (INR 2,877 Cr) and Crop declined 5.26% (INR 126 Cr).
Geographic Revenue Split
Domestic business is the primary driver, with Indian gross direct premium income growing 12.86% in H1 FY26. The company is an Indian multinational with operations in 24 countries, though specific international revenue percentages were not disclosed.
Profitability Margins
Profit After Tax (PAT) increased 57.7% YoY to INR 454 Cr in H1 FY26 from INR 288 Cr. However, underwriting remains in deficit with a Combined Ratio of 127.21% compared to 120% in H1 FY25, driven by high claim ratios.
EBITDA Margin
Core underwriting profitability is reflected in the Combined Ratio of 127.21% for H1 FY26. The Net Incurred Claim Ratio (ICR) stood at 104.22%, while the Expense Ratio was 13.64% (up from 11.67% YoY) due to wage arrears provisions.
Capital Expenditure
Not disclosed in absolute INR Cr for future expansion; however, the company is pursuing 'office optimization' through mergers and closures of existing offices to improve operational efficiency.
Credit Rating & Borrowing
Rated AAA by CRISIL and B++ (Good) by AM Best. The company maintains superior liquidity with cash and bank balances of over INR 13,989 Cr as of December 31, 2024, reducing the need for external borrowing.
Operational Drivers
Raw Materials
In the insurance context, primary cost inputs are Net Incurred Claims (INR 19,559 Cr) and Commissions (INR 1,840 Cr).
Key Suppliers
The company relies on various reinsurers for its Excess of Loss (XOL) arrangements, including Layer 1 and Layer 2 capped XOL purchases.
Capacity Expansion
Current domestic presence includes 1,668 offices. Strategy focuses on 'office optimization' through mergers rather than physical footprint expansion.
Raw Material Costs
Net Incurred Claims represent 104.22% of Net Earned Premium in H1 FY26. Commissions represent 9.36% of Net Written Premium.
Manufacturing Efficiency
Operational efficiency is measured by the Expense Ratio, which was 13.64% in H1 FY26. Excluding wage arrears, operating expenses were lower than the previous year.
Logistics & Distribution
Distribution is managed through Brokers (37.83%), Direct channels (31.01%), Agency (24.4%), Dealers (6.19%), and Bancassurance (0.57%).
Strategic Growth
Expected Growth Rate
11.50%
Growth Strategy
Achieving growth by outpacing the industry (12.86% domestic growth vs 7.32% industry) through market share expansion (from 12.60% to 13.25%), focusing on retail segments, and implementing health insurance price hikes.
Products & Services
Insurance policies covering Fire, Marine, Motor (Own Damage and Third Party), Health, Personal Accident (PA), and Crop.
Brand Portfolio
New India Assurance (NIACL).
New Products/Services
New product launches are planned to diversify into retail segments, though specific revenue contribution percentages for new launches were not disclosed.
Market Expansion
Focusing on domestic market leadership and expanding market share, which reached 13.25% in H1 FY26. Presence in 24 countries provides a platform for international growth.
Market Share & Ranking
Largest non-life insurer in India with a 13.25% overall market share (14.4% excluding crop).
Strategic Alliances
Maintains a multi-channel distribution network including Bancassurance (0.57% of premium) and a strong broker network (37.83% of premium).
External Factors
Industry Trends
The general insurance industry grew 7.32% in H1 FY26. Trends include the adoption of IFRS 17 and risk-based capital frameworks, and a shift toward retail and health segments.
Competitive Landscape
Competes with private and public insurers in a market that grew 7.32% YoY; NIACL is currently outpacing industry growth at 12.86%.
Competitive Moat
Sustainable moat derived from 106 years of operation, market leadership (13.25% share), AAA credit rating, and sovereign support as a Government of India-controlled entity.
Macro Economic Sensitivity
Highly sensitive to equity market performance; buoyant markets in H1 FY26 helped realize higher capital gains, which mitigated the INR 1,680 Cr wage arrears burden.
Consumer Behavior
Increasing demand for health insurance (15.12% growth) and retail products as consumer awareness rises.
Geopolitical Risks
Global presence in 24 countries exposes the company to international regulatory shifts and geopolitical disruptions.
Regulatory & Governance
Industry Regulations
Regulated by IRDAI with a mandatory solvency ratio of 1.5x (NIACL is at 1.79x). Subject to MORTH for Motor TP pricing and upcoming IFRS 17/Risk-based capital adoption.
Taxation Policy Impact
Not specifically detailed; however, the company reported a PAT of INR 454 Cr after all provisions.
Legal Contingencies
The company made a significant provision of INR 1,680 Cr towards wage arrears and retirement benefits (INR 1,118 Cr for active and INR 562 Cr for retired employees) in H1 FY26.
Risk Analysis
Key Uncertainties
Frequency of natural catastrophes (CAT events) impacting claim ratios (ICR 104.22%) and the financial impact of periodic wage revisions (INR 1,680 Cr provision).
Geographic Concentration Risk
Heavy concentration in the Indian market (1,668 offices), making it sensitive to domestic monsoon patterns and localized flood events.
Third Party Dependencies
High dependency on reinsurers for Excess of Loss (XOL) protection to manage large-scale claims.
Technology Obsolescence Risk
The company is mitigating technology risks through digital initiatives and operational efficiency improvements to modernize its 106-year-old legacy systems.
Credit & Counterparty Risk
Low credit risk with 98.9% of debt investments in 'AA' or higher rated securities and a Gross NPA of only 0.72% as of December 31, 2024.
