New India Assurance Company Ltd(NIACL)

NSE: NIACLBSE: 540769

₹ 161.95+1.28%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 26,689 crNext results: 30 Oct 2026Website: www.newindia.co.inUpdated: 27 Oct 2026

About

New India Assurance Company Ltd (NIACL) is a government-owned general insurer that writes health, motor, fire, marine and miscellaneous insurance in India and overseas. It calls itself India's largest non-life multinational insurer and is a designated Domestic Systemically Important Insurer (D-SII). It serves more than 2 crore policyholders and has overseas operations in 24 countries. Global gross written premium was Rs 47,173.80 cr in FY26, and reported revenue was Rs 38,672.13 cr.^[1][2][3]

Business segments

Health and Personal Accident was the largest business line at 47.57% of the portfolio in FY26, followed by Motor at 25.81% and Fire at 14.62%.^[1]
FY26 global gross written premium by line: Fire Rs 6,895.19 cr, Marine Rs 1,125.07 cr, Miscellaneous Rs 39,153.54 cr, total Rs 47,173.80 cr.^[1]
FY26 net premium earned: Fire Rs 3,230.56 cr (vs Rs 2,908.62 cr in FY25), Marine Rs 617.28 cr (vs Rs 580.60 cr), Miscellaneous Rs 34,614.40 cr (vs Rs 31,878.62 cr).^[1][4]
The Health line, covering Retail, Group and Government business, wrote premium of Rs 21,531 Cr in FY 2025-26.^[1]
Q1 FY27 GWP by line: Marine rose 49.33% to Rs 448.70 cr, Motor OD rose 12.87%, Others rose 18.39%, Health & PA grew 1.90%, Fire fell 13.24% and Crop was nearly nil.^[5]

Products and new launches

New products in FY26 included the New India Bharat Flexi Griha Raksha Long Term Policy and the New India Standalone War Insurance, which the company calls an industry first.^[1]
NIACL says it is the only insurer in India that provides P&I cover for coastal vessels.^[1]
The company operationalised the Bharat Maritime Pool, a P&I and hull cover pool backed by a Government of India sovereign guarantee.^[3]
It introduced Nishchit Suraksha, a parametric weather product that pays by direct bank transfer when a trigger is met, and a bundled MSME product covering property, business interruption, PA, workmen's compensation and cyber.^[6]
It had written 10 - 12 parametric insurance contracts as of Q3 FY26.^[7]
In FY26 it launched a business interruption cover for pandemic events, described as the first such product in India.^[6]

Key operating numbers

GWP grew 2.9% YoY to Rs 13,720 cr in Q1 FY27, against 13.11% growth in Q1 FY26. Industry property premium fell 27.8% in the quarter.^[5]
Combined ratio was 121.44% in Q1 FY27 vs 116.16% in Q1 FY26. It was 122.57% in FY26 vs 116.78% in FY25.^[5][3]
Loss ratio (ICR) was 103.38% in Q1 FY27 vs 99.76% in Q1 FY26, and 98.65% in FY26 vs 96.61% in FY25.^[5][3]
Expense ratio was 9.66% in Q1 FY27 vs 7.86% in Q1 FY26. Commission ratio was 8.41% vs 8.54%.^[5]
Solvency ratio was 1.80x in Q1 FY27. It was 1.84 times in FY26, down from 1.91 times in FY25.^[5][1]
Investment assets at market value were Rs 99,980 cr in Q1 FY27.^[5]
Underwriting loss widened to Rs 2,356 cr in Q1 FY27 from Rs 1,756 cr in Q1 FY26.^[5]

Underwriting detail by line

Health & PA ICR improved to 99.05% in FY26 from 100.98% in FY25.^[3]
Motor OD ICR worsened to 108.85% in FY26 from 104.22% in FY25. Motor TP ICR worsened to 113.86% from 108.17%.^[3]
Motor TP is under pressure because loss ratios have risen and the expected price revisions have not been notified (FY26).^[1]
Large losses in FY26 included the Air India crash in Ahmedabad, which hit the aviation portfolio, as well as fire losses and natural catastrophes.^[1]
Maximum net retained exposure on a single risk is limited to Rs 775 Cr PML, backed by reinsurance (FY26).^[1]

Market position and distribution

The GI industry grew 10.9% in Q1 FY27, while NIACL's domestic gross direct premium grew 3%. The company's slide shows quarter-on-quarter market share rising to 14.45% from 12.74%.^[5]
Domestic market share was 12.74% in FY26, up from 12.56% in FY25.^[3]
The company had 64,701 agent portals as of March 31, 2026; these portals collected Rs 5238.98 Crore of premium in FY26.^[1]
It covers 16.78 crore lives under PMJDY and 7.88 crore lives under PMSBY (FY26).^[1]
Retail health is about 20% of the health book. Management's near-term target is 30%, rising to 50% over the longer term.^[6]
76 non-viable offices were closed in 2025-26, after 59 were closed the year before.^[1][4]

International operations

Overseas operations span 24 countries (FY26).^[1]
Foreign operations had a net premium of Rs 2,997 Crores in 2025-26.^[1]
Subsidiaries are Prestige Assurance Plc (Nigeria), The New India Assurance T&T (Trinidad & Tobago) and a Sierra Leone unit in run-off. The company also holds a stake in the associate India International Insurance Pte. Ltd. (Singapore).^[1]
The Hong Kong office has been in run-off since 1 April 2022 and the Philippines office since 1 January 2023.^[1]

Strategy and plans

The FY27 business directive is 'GO Retail', a focus on the retail and MSME segments.^[1]
For FY27, management plans new products for Retail and MSME, more growth outside Motor and Health, and a shift toward newer product lines with lower competitive intensity.^[5]
FY26 was declared the 'Year of SME'; MSME premium grew 25% for the full year.^[3]
Further risk-management initiatives and steps to improve the global credit rating are planned for FY27.^[5]
The IFRS 17 parallel run is planned for FY26 - 27, with mandatory go-live from 1 April 2027.^[6]

Recent developments

The company posted a net loss of Rs 257 cr in Q1 FY27, against a profit of Rs 391 cr in Q1 FY26.^[5]
Board composition breaches SEBI LODR. BSE and NSE imposed penalties for the quarters ended June 2025, September 2025, December 2025 and March 2026.^[1]
In December 2025, AM Best revised NIACL's outlook to Positive from Stable and reaffirmed its B++ financial strength rating and BBB+ issuer credit rating.^[7]
The company spent Rs 648.79 lakh on CSR in FY26 against an obligation of Rs 1,040.49 lakh.^[1]
The FY26 combined ratio included a Rs 3,525 cr wage revision charge; excluding it, the ratio was 116.67%.^[3]

Market Cap

₹26,689 Cr

High / Low

₹243 / 117

Stock P/E

36.9

Price / Book

1.1

EPS

₹8.2

ROE

5.7%

Sales

₹38,672 Cr

Net Profit

₹1,354 Cr

Promoter holding

85.4%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

New India Assurance Company Ltd(NIACL)

About

Business segments

Products and new launches

Key operating numbers

Underwriting detail by line

Market position and distribution

International operations

Strategy and plans

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions