Chennai, January 2018: A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The New India Assurance Company Limited.
The ratings reflect the Company’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
A.M. Best further stated that the Company’s capital and surplus is by far the largest among all non-life insurers in India, standing at INR 359 billion (USD 5.5 billion) as of March 31, 2017. The favorable business profile reflects the company’s solid market position. The Company is the largest non-life insurer in India, with a clear lead in almost every line of business. In addition, the company’s business is diversified by geography and line of business, both within India and overseas.
About The New India Assurance Company Limited:
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).