At The New India, we take great pride in our reputation as a trusted and reliable insurance provider. We are committed to making insurance easy to understand and accessible, which is why we offer a range of user-friendly digital platforms to facilitate insurance purchases and claims processing. With our nationwide network of offices, we enhance this accessibility.
NEW INDIA ASSURANCE CO. LTD was founded by Sir Dorabji Tata in 1919 with the motto of assuring the wellbeing of the people of India. Being a Multinational General Insurance Company, the Company today operates in 25 countries and is headquartered at Mumbai, India.
With 1,900+ offices across India and presence in 25 countries, the company has an authorized capital of INR 1,000 crore (USD 122 million) and a paid up capital of INR 824 crores (USD 100 million). The Company has been conferred the most preferred workplace award for FY 2022-23 from BFSI. The Company has been awarded the General Insurance company of the year for FY 2022-23 from BFSI. Additionally, the company received the ETascent Stars of the Industry award for Excellence & Leadership in BFSI for FY 2022-23.
We have been market leaders in India in Non-Life business for more than 50 years. Our Indian business crossed INR 25860 crores as on 31st December 2022, highlighting a growth of 2.56% against INR 25218/- crores as on 31st December 2021. We have been rated AAA/Stable by CRISIL since 2014, indicating that the Company has the highest degree of Financial Strength to honour its Policyholder's obligations.
Global Gross Premium for 9M FY 2022-23 was INR 28440 crores. Profit before Tax and after tax as on 31st December 2022 is INR 1086 crores and INR 900
crores respectively. As on 31st December 2022, Net worth of the company including fair value stands at INR 38475 crores.
The combined ratio for 31st December, 2022 is 116.37%. The company grew faster than the industry despite challenging circumstances and increased its market share to 13.94 %, highest in Insurance Industry. The incurred claims ratio has significantly improved from 99.46% to 94.70% from FY 22 to 9M FY 23. The excellent performance has been despite CAT losses, huge increase in provisions on account of employee pension liability due to increase in cost of annuity, bad debt provisions and investment related provisions. The company continues to be financially strong with a solvency ratio of 1.91X.
As of the quarter ending 30th June 2023, the profit after tax more than doubled to INR 260 crore versus INR 119 crore for the same quarter last year, registering an impressive growth of 118.5%. The company reported a Gross Underwritten Premium of INR 33,773 crore for the year ending 31st March 2023. The New India Assurance continues to be the market leader in India.