Directors Report of The New India Assurance Company Ltd.

Mar 31, 2025

"To the Members: Your Directors have immense pleasure in presenting the Hundred and Sixth Annual Report of the Company
together with the audited statement of accounts and balance sheet for the financial year ended 31st March, 2025."

1.    The snapshot of your Company's financial performance is as below:

CLASS-WISE PERFORMANCE SUMMARY:

Â	Â	Â	Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	3944.49	946.77	33733.50	38624.76
Â	Â	PY	4393.58	983.98	31619.02	36996.58
Â	(% growth)	CY	-10.22	-3.78	6.69	4.40
Â	Â	PY	3.67	0.63	8.03	7.29
Â	Outside India	CY	1328.10	42.50	1996.85	3367.45
Â	Â	PY	1330.44	27.27	2009.54	3367.25
Â	(% growth)	CY	-0.18	55.85	-0.63	0.01
Â	Â	PY	15.85	-42.30	11.50	12.32
Â	Global	CY	5272.59	989.27	35730.35	41992.21
Â	Â	PY	5724.02	1011.25	33628.56	40363.83
Â	(% growth)	CY	-7.89	-2.17	6.25	4.03
Â	Â	PY	6.27	-1.35	8.23	7.69
Reinsurance premium accepted	Â	CY	952.53	20.38	653.28	1626.19
	Â	PY	1019.67	20.81	592.15	1632.63
Global Gross written premium	Â	CY	6225.12	1009.65	36383.63	43618.40
	Â	PY	6743.69	1032.06	34220.71	41996.46
Growth in Global Gross Written Premium	Â	CY	-7.69	-2.17	6.32	3.86
	Â	PY	4.74	-2.20	9.34	8.26
Reinsurance premium ceded	Â	CY	3330.53	429.20	3543.52	7303.25
	Â	PY	3685.38	477.78	3425.90	7589.06
Global Net Premium	Â	CY	2894.59	580.45	32840.11	36315.15
	Â	PY	3058.31	554.28	30794.81	34407.40
	(% growth)	CY	-5.35	4.72	6.64	5.54
	Â	PY	-1.48	-3.45	12.19	10.54

Â	Â	Â	Fire	Marine	Misc	Total
Addition/Reduction in Unexpired Risk Reserves	Â	CY	14.03	0.15	-961.49	-947.31
	Â	PY	220.65	-2.15	-597.63	-379.13
	(% to Net Pre¬ mium)	CY	0.48	0.03	-2.93	-2.61
	Â	PY	7.21	-0.39	-1.94	-1.10
Earned Premium	Â	CY	2908.62	580.60	31878.62	35367.84
	Â	PY	3278.96	552.13	30197.18	34028.27
Incurred Claims Net	Â	CY	2071.04	312.00	31784.85	34167.89
	Â	PY	2625.78	265.77	30236.72	33128.27
	(% to Earned Premium)	CY	71.20	53.74	99.71	96.61
	Â	PY	80.08	48.14	100.13	97.36
Commission Net	Â	CY	689.59	90.81	2834.51	3614.91
	Â	PY	561.53	84.30	2361.99	3007.82
	(% to Net Pre¬ mium)	CY	23.82	15.64	8.63	9.95
	Â	PY	18.36	15.21	7.67	8.74
Operating Expenses	Â	CY	293.04	58.76	3357.47	3709.27
	Â	PY	420.18	76.15	4245.53	4741.86
	(% to Net Pre¬ mium)	CY	10.12	10.12	10.22	10.21
	Â	PY	13.74	13.74	13.79	13.78
U/W Results	Â	CY	-145.05	119.03	-6098.21	-6124.23
	Â	PY	-328.53	125.91	-6647.06	-6849.68
	(% to Earned Premium)	CY	-4.99	20.50	-19.13	-17.32
	Â	PY	-10.02	22.80	-22.01	-20.13
Investment Income Policyholders	Â	CY	776.33	86.07	4835.86	5698.26
	Â	PY	907.65	111.87	5544.63	6564.15
Contribution from Shareholders	Â	CY	0.00	0.00	0.00	0.00
	Â	PY	0.00	0.00	0.00	0.00
Revenue (Policyholder) Account Surplus	Â	CY	631.28	205.10	-1262.35	-425.97
	Â	PY	579.12	237.78	-1102.43	-285.53
Investment Income Shareholders	Â	CY	Â	Â	Â	2335.81
	Â	PY	Â	Â	Â	2676.81
Other Income less Outgo	Â	CY	Â	Â	Â	-875.36
	Â	PY	Â	Â	Â	-945.80
Profit before Tax	Â	CY	Â	Â	Â	1034.48
	Â	PY	Â	Â	Â	1445.48
Provision for Tax	Â	CY	Â	Â	Â	46.41
	Â	PY	Â	Â	Â	316.15
Profit after Tax	Â	CY	Â	Â	Â	988.07
	Â	PY	Â	Â	Â	1129.33

Â	Â	2024-25	2023-24
A	Gross Written Premium (Indian)	39655.21	37989.41
Â	%change over previous year	4.38%	7.87%
Â	Gross Written Premium (Foreign)	3963.18	4007.05
Â	%change over previous year	(1.09)%	12.15%
Â	Global Premium	43618.40	41996.46
Â	%change over previous year	3.86%	9.79%
Gross Written Premium has increased from Rs. 37989 crores in 2023-24 to Rs. 39655 in 2024-25, recording a growth of 4% in 2024-25.
The Company continues to be the market leader in India.		Â	Â
B.	Net Premium	36315.15	34407.40
Â	%change over previous year	5.54%	10.54
The net premium income of the Company grew by Rs. 1908 in 2024-25. That is, from Rs 34407 crores in 2023-24 to Rs. 36315 in
2024-25		Â	Â
C.	Change in Unexpired Risk Reserve	(947.31)	(379.13)
D.	Earned Premium	35367.84	34028.27
Â	%change over previous year	3.94%	12.51%
E	Incurred Claims (Net)	34167.89	33128.27
Â	% to Earned Premium	96.61%	97.36%
F	Commission	3614.91	3007.82
Â	% to Net Premium	9.95%	8.74%
G	Operating Expenses	3709.27	4741.86
Â	% to Net Premium	10.21%	13.78%
H	Underwriting Results	(6124.23)	(6849.68)
I	Investment Income (Less Provision)	Â	Â
Â	Apportioned to Policyholders	5698.26	6564.15
Â	Apportioned to Shareholders	2335.81	2676.81
Â	Total	8034.07	9240.96
J	Contribution from Shareholders	0.00	0.00
K	Revenue (Policyholders) Account	(425.97)	(285.53)
L	Other Income/Outgo	(875.36)	(945.80)
M	Profit Before Tax (PBT)	1034.48	1445.48
N	Profit After Tax (PAT)	988.07	1129.33
O	Paid Up Capital	824	824
P	Reserves and Surplus	21060	20311
Q	Total Assets	108883.95	106505.85
R	Investments (at cost)	58648	57742
S	Solvency Margin	1.91	1.81
Â	i. Required Solvency Margin under IRDAI Regulations	10475	10194
Â	ii. Available Solvency Margin	19956	18457
The Company's Global Solvency Ratio is 1.91 times (PY 1.81 times)
T	Compliance with Section 40C	Â	Â
Â	i. Expenses prescribed under the Act	12293	11839.08
Â	ii. Actual Expenses	6285.57	7548.74
Â	iii. Difference	6007.31	4290.34

General Insurance Industry Overview

Executive Summary

The general insurance industry continues to be a critical pillar
of India's economic framework, demonstrating resilience and
growth despite global uncertainties. As India maintains its
position among the world's fastest-growing major economies,
the insurance sector has emerged as both a beneficiary and
contributor to this sustained economic expansion.

India’s Global Position

India's general insurance market remains underpenetrated at
1% of GDP compared to global average of 4% of GDP., Indian
general insurance industry is the fastest-growing among G20
nations, offering a high-growth trajectory unmatched by mature
markets.

Economic Context and Performance
National Economic Outlook

India's economy demonstrates robust fundamentals
with estimated average annual real GDP growth of 6.9% for
the current and next year, representing an improvement from
6.5% in 2024. This growth trajectory positions India favorably
compared to the historical average of 5.8% over the previous
decade, and is supported by strong domestic consumption,
private investment, rising per capita income, and ongoing
economic reforms.

The services sector maintains its dominance as the
largest GDP contributor, accounting for over 50% of economic
output and serving as a significant driver of both exports and
employment generation. Simultaneously, the manufacturing
sector is experiencing renewed momentum through strategic
government initiatives including the “Make in India” campaign
and Production-Linked Incentive (PLI) schemes.

Industry Performance and Market Dynamics

Market Size and Growth

The general insurance industry achieved total premiums of Rs.
3.07 lakh crore during FY2024-25, representing less than 1%
of India's GDP and highlighting significant untapped market
potential. Recent data indicates continued growth momentum
with non-life premiums rising 8.85% in Q1 FY26 demonstrating
sustained market expansion.

Health Insurance Health insurance has established itself
as the dominant segment within non-life insurance, with its
segmental share expanding significantly. The segment's growth
reflects increasing health awareness, rising medical costs,
and expanded coverage requirements across demographic
segments.

Motor Insurance Motor insurance maintains its position as a
substantial contributor to the non-life insurance portfolio. Health
and motor portfolios together comprise 70% of total premiums.

Regulatory Framework and Policy Initiatives

IRDAI's Vision 2047

The Insurance Regulatory and Development Authority of India
(IRDAI) has established an ambitious framework through its
"Insurance for All by 2047" vision, which aims to ensure every
citizen has appropriate life, health and property insurance
coverage while supporting enterprises with suitable insurance
solutions. Expanding microinsurance and rural penetration
remains critical to achieving 'Insurance for All by 2047.'
Customized bite-sized products and last-mile distribution
channels, are pivotal in reaching these segments.

Bima Trinity Initiative

The IRDAI announced the Bima Trinity initiative during the 9th
Bima Manthan meeting in February 2025, with implementation
currently underway. This comprehensive framework consists of
three integrated components:

1.    Bima Sugam An electronic platform designed to facilitate
the purchase, sale, claiming, and renewal of insurance
plans, streamlining the entire insurance lifecycle for
enhanced customer experience.

2.    Bima Vistaar A bundled product solution offering
comprehensive coverage including health, life, personal
accident, and property risks, specifically designed for
simplified access in rural and underserved markets.

3.    Bima Vahaak Current Implementation Status: The

building blocks of Bima Trinity are now falling into place,
with soft launches planned for April 2025. The Bima Sugam
India Federation (BSIF) has been established to oversee
platform development and operations.

Regulatory Modernization

The regulatory environment has undergone significant
modernization through:

•    Streamlined Product Approval: Implementation
of relaxed "Use and File" procedures enabling faster
product launches and fostering innovation

•    Product Simplification: The Master Circular on IRDAI
(Insurance Products) Regulations, 2024, provides
guidance for developing simplified, customer-friendly
insurance products

•    Enhanced Market Access: Expanded regulatory
framework accommodating new intermediaries and
distribution channels

Technology and Digital Transformation

Digital Infrastructure Integration

The industry is leveraging India's Digital Public Infrastructure to
reduce operational costs and extend market reach, particularly
targeting underserved populations in remote areas.

Artificial Intelligence Implementation

Al-driven solutions are revolutionizing claims processing,
particularly in motor own damage and health insurance
segments, ensuring faster and more accurate claim resolution
while improving customer satisfaction.

Platform Innovation

Enhanced digital platforms and mobile applications are
improving accessibility and convenience for policyholders,
supporting the broader digital transformation of financial
services.

InsurTech Landscape

The rise of InsurTech firms is reshaping distribution, customer
engagement, and underwriting models. Collaborations between
traditional insurers and digital-first players are accelerating
product innovation, microinsurance delivery, and AI-based
underwriting.

Product Innovation and Market Evolution

Emerging Risk Coverage

The industry is actively developing innovative products to
address contemporary challenges:

•    Cyber Insurance: Growing demand for digital risk
protection

•    Electric Vehicle Insurance: Specialized coverage for
the expanding EV market

•    Climate Risk Insurance: Parametric insurance solutions
for weather-related risks

•    Micro-Insurance: Bite-size, affordable products for
diverse customer segments

Future Outlook and Market Projections

Growth Projections

India's insurance sector is projected to record the fastest
growth among G20 countries, with total premiums expected to
rise at an average rate of 7.1% in real terms during 2024-28,
significantly outpacing the global insurance market growth rate
of approximately 2.4%.

The general insurance sector is projected to reach $57.3 billion
by 2028, driven by expanding coverage requirements and
increased market penetration.

Market Opportunities

The substantial growth potential stems from:

•    Low Penetration Rates: Current insurance penetration
remains below 1% of GDP, indicating vast untapped
market potential

•    Rural Market Expansion: Significant opportunities in
underserved rural populations

•    Infrastructure Development: Governmentinfrastructure
spending of $134 billion for fiscal year 2024-2025
supporting property insurance growth

Challenges

Profitability Concerns

The industry continues to navigate profitability challenges due
to intense market competition, pricing pressures, and ongoing
issues with claims management and fraud prevention.

Health Insurance Pressures

While health insurance represents a growth segment,
managing rising medical inflation and increasing claim costs
remains crucial for maintaining segment profitability.

Market Penetration Challenges

Despite growth momentum, extending insurance coverage
to rural and underserved populations requires continued
innovation in product design, distribution channels, and
customer education.

Conclusion

The general insurance industry in India stands at a pivotal
juncture, characterized by strong fundamentals, supportive
regulatory environment, and significant growth potential. The
convergence of economic expansion, demographic advantages,
technological innovation, and progressive regulatory policies
creates a favorable environment for sustained industry growth.
The successful implementation of the "Insurance for All by
2047" vision will require continued collaboration between
industry stakeholders, regulatory authorities, and technology
partners to overcome existing challenges while capitalizing on
emerging opportunities.

The industry's ability to leverage digital transformation, develop
innovative products, and expand market reach will be critical
determinants of success in achieving the ambitious goal of
comprehensive insurance coverage and establishing India as
a global insurance market leader.

OVERVIEW OF COMPANY’S OPERATIONS:

Gross Written Premium has increased from Rs. 41996 crores in 2023-24 to Rs. 43618 crores in 2024-25, recording a growth of
4% in 2024-25. The Company continues to be the market leader in India.

? INDIAN OPERATIONAL RESULTS

Sr No	Particulars	2024-25		2023-24
Â	Â	In INR Crores	%	In INR Crores	%
1	Gross Direct premium	38624.76	4.40%	36996.58	7.29%
2	Net premium	33189.44	6.38%	31200.24	10.41%
3	Change in unexpired risk reserve	(1038.90)	(343.33)%	(234.34)	72.08%
4	Net earned premium	32150.54	3.83%	30965.89	12.92%
5	Commission	2895.56	8.72%	2234.70	7.16%
6	Incurred claims	31896.67	99.21%	30525.75	98.58%
7	Management expenses	3430.43	10.34%	4537.69	14.54%
8	Other income (net of outgo)	(839.47)	11.58%	(949.43)	(75.81)
9	Investment income	7650.06	(15.11)%	9011.61	(12.24)%

? FOREIGN OPERATIONAL RESULTS

Sr No	PARTICULARS	2024-25		2023-24
Â	Â	( ? in Crore)	%	( ? in Crore)	%
1	Gross Direct Premium	3367.45	0.01	3367.25	12.32
2	Net premium	3125.71	(2.54)	3207.17	11.96
3	Change in unexpired risk reserve	91.59	163.26	(144.79)	4.51
4	Net Earned Premium	3217.30	5.06	3062.38	(238.53)
5	Commission	719.35	23.01	773.12	24.11
6	Incurred Claims	2271.22	70.59	2602.52	84.98
7	Other income (net of outgo)	(35.89)	(1088.91)	3.63	(45.83)
8	Underwriting Profit/Loss	(52.11)	89.93	(517.43)	(96.22)

Note: Percentage shown in Sr No 1, 2 & 4 indicates the growth over previous year, percentage shown in Sr. No. 6 is percentage
to 'Net Earned Premium' and percentage shown in Sr. No. 5, 7 and 8 is percentage to 'Net premium'

The Company initiated its international journey soon after its inception in 1919, with the opening of the London Branch in 1920.
Since then, it has steadily expanded its global footprint, with early forays into the Philippines, Mauritius, and Japan. Today, The
New India Assurance Company Ltd. operates across 24 countries, including its presence through associates in 2 countries,
underscoring its long-standing commitment to global operations.

Geographical Spread

The Company has a direct presence through Branches and Agency Offices in the following countries:

•    United Kingdom

•    Japan

•    Thailand

•    Australia

•    New Zealand

•    Mauritius

•    Fiji

•    United Arab Emirates (including Abu Dhabi)

•    Bahrain

•    Kuwait

•    Oman

•    Aruba

•    Curacao

•    Hong Kong (under run-off effective 01.04.2022)

•    Philippines (under run-off effective 01.01.2023)
Subsidiaries and Associate Companies

The Company also operates through subsidiaries in:

•    Nigeria - Prestige Assurance Pic.

•    Trinidad & Tobago - New India Assurance T&T

•    Sierra Leone

In addition, New India Assurance T&T maintains business
operations in:

•    St. Lucia

•    Dominica

•    St. Maarten

•    Guyana

The Company also holds equity stakes in the following
associates:

•    Singapore - India International Insurance Pte. Ltd.

•    Kenya - KenIndia Assurance Co. Ltd., Nairobi
Operational Review

The Hong Kong and Philippines offices were placed under
run-off with effect from 1st April 2022 and 1st January 2023
respectively. These decisions were made following strategic
portfolio reviews and in consideration of evolving regulatory
requirements and operational dynamics.

The Company's foreign operations saw a gross written premium
turnover in rupee equivalent of Rs. 3789 and a Net Premium of
Rs. 2976 Crores in 2024-25. The foreign operations recorded
an underwriting loss of 0.34 Crores and Profit after Tax was
330.71 Crores.

•    ORGANISATION STRUCTURE

•    Domestic

Our Company has been consistently restructuring its
various Offices after reviewing their performance and
financial viability for continuation of business at their
location.

During the year, we have opened 2 Corporate Business
offices for better servicing and closed 59 non-viable
offices during the year.

As on 31st March 2025, the Company has a network of 29

Regional Offices, 15 Corporate Business Offices, 3 Auto
Hub, 1 RGBO,1 IFSC, 20 KBO, 199 LBO, 721 MBO, 606
SBO, 70 ATOO, totaling 1668 offices inclusive of Head
Office.

•    Foreign

The Company operates in 24 countries.

OVERVIEW OF COMPANY’S OPERATIONS

?    FIRE AND ENGINEERING

The Company has continued to maintain a strong
presence in the Property Insurance domain during FY
2024-25, navigating a competitive market environment
with strategic focus on underwriting quality, claims control,
and operational efficiency. The performance of the Fire
and Engineering segments is detailed below:

Segment	Premium (Rs in crores)	Growth %	ICR on Earned Premium %	Market Share %
Fire	3955.72	-9.97	67.85	16.29
Engineering	1078.46	-1.09	27.12	17.92

De- growth in the Property Segment is primarily attributed
to aggressive discounting in the first nine months of the
financial year to sustain a competitive market environment,
which impacted average premium growth. Despite the
de-growth, the company maintained a significant market
share of 16.29% in the Fire Segment.

The company implemented strategic initiatives during the
reporting period, such as decentralization of underwriting
and empowering regional offices for quicker decision¬
making and improved client servicing.

Dynamic pricing based on risk profile and loss history to
ensure profitability.

Tighter control on high-value claims, quicker claim
settlement to reduce claim ratio.

Pruning unprofitable accounts and focusing on long-term
retention of low-risk clients.

The Company remains committed to consolidating its
leadership in the Property segment with sustained efforts
towards underwriting excellence, technical soundness,
and customer responsiveness.

?    HEALTH INSURANCE

The Health LOB remains a dominant portfolio with the
completion of a premium of Rs. 19,195 Crores in FY
2024-25 which includes Retail, Group and Government
Business.

Some of the Initiatives taken are:

•    Retail Health

Here's a concise summary of the “Retail Health” initiatives:

1.    Product Repricing: Flagship health policies (New
India Mediclaim & Floater) have been repriced
based on age and zone.

2.    New Top-Up Policy: Launched Arogya Pragati Plus
(Top-Up reinvented), a enhanced top-up policy in
addition to the existing product and the same was
well-received in the market.

3.    Specialized Policy: Introduced Vatsalya Health
Policy for surrogate mothers and oocyte donors.

4.    Regulatory Alignment: System updation and
modification of all the products were carried out to
comply with new IRDAI health insurance guidelines

-    Master Circular on Health Insurance Business.
Many customer centric benefits were introduced
like reduced waiting periods for Pre-existing disease
and specific waiting period from 48 months to 36
months, extended free-look period upto 30 days,
reduction in Moratorium period from 8 years to 5
years , cancellations on pro-rata basis etc.

5.    Yuva Bharat Policy Revision: Enhanced coverage
up to ?1 crore with attractive pricing and added,
attractive features.

6.    Stakeholder Training: Continuous training for agents,
brokers, and call center staff for skill enhancement
for knowledge transfer and product updates.

7.    Underwriting Improvements: Shared detailed SOPs
and guidelines with operating offices for better and
inclusive underwriting.

8.    New Service Partner: On boarded Mayfair We Care

-    an overseas service provider with good hospital
networking abroad and also excellent customer
support in order to improve services and sales for
Overseas Mediclaim policyholders.

• Group Health

The noteworthy initiatives undertaken by us in the FY
2024-2025, which helped to curtail the overall ICR of the
portfolios are as under:

1.    Renewal retention at the right premium

2.    Weed out the continuously loss-making stand-alone
Group health policies and discourage New stand¬
alone Group Health policies.

3.    Retain portfolio-based Corporates.

4.    SOP for underwriting GMCs at RO/CBO level

Our thrust to improve the portfolio financials led to
bringing about an overall correction in the Health Market
which has stabilized over this FY and portfolio financials
improved due to increase in the non-eb premium due to
our efforts to centralize all the portfolio of Insured with
us, as we were already servicing their GMC portfolio. In
the current year also, we shall strive to work in the same
direction but with a goal to further curtail our ICR.

Government Business: As insurers, we have in our
books the Rajasthan State Health Assurance Agency and
State Health Agency of UT of Lakshadweep (PMJAY)
under Government Health Schemes.

•    Health Claims

1.    With the launch of “Cashless Everywhere”, an
initiative by GI Council and IRDAI, our Cashless
Facility to our Policyholders has improved to 62%
which is an Industry average.

2.    Hospital    Network Expansion:    Accelerated

empanelment and strengthening of the PPN network
for 100% cashless service.

3.    During the FY 2024-25, we had increased the
percentage of audit of claims to 30%.

•    Other Online Initiatives

1.    Open Network for Digital Commerce (ONDC), an

initiative of the Department of Promotion of Industry
and Internal Trade (DPIIT), Ministry of Commerce,
Government of India, to create a facilitative model to
revolutionize digital commerce, giving greater thrust
to penetration of retail e-commerce in India. We
are in the process of integration, post which it will
provide us wider market access to sell our products
across a wide gamut of platforms.

2.    Ayushman Bharat Health Account (ABHA), an

initiative of the National Health Authority (NHA)
under Ayushman Bharat Digital Mission (ABDM). It
provides numerous benefits, including streamlined
access to digital health records, efficient tracking
of medical history, and enabling healthcare
professionals to make informed decisions. Going
forward, it will also act as Health KYC. We are
closely working with NHA on the same.

3.    National Health Claim Exchange (NHCX): a digital
health claims platform under Ayushman Bharat
Digital Mission (ABDM). It will help us in faster claim
processing and standardization of claims processing
across healthcare and insurance industry.

•    MOTOR OWN DAMAGE

The Company's Motor Insurance segment demonstrated
a solid growth trajectory during the year 2024-25. Motor
premiums experienced a remarkable increase of 10.25%,
reaching a total premium of Rs. 10,494 crore, up from Rs.
9,518 crore in the previous year. This growth reflects the
Company's strong position in the market, with its market
share for Motor Insurance now standing at an impressive
10.6%. In terms of claims management, the Incurred
Claims Ratio (ICR) for the year was 99.23% on Earned
Premium.

A major highlight for the year was the introduction of
several new and innovative Add-On Covers aimed at
enhancing our product offerings. These included:

1.    Consumable Items Add-On Cover under the
Commercial Vehicle (Except 'E', 'F', & 'G') Package
Policy.

2.    Battery Protect Add-On Cover for Commercial
Vehicles (Except 'E', 'F', & 'G') Package Policy.

3.    Return to Invoice - Gold Add-On Cover for Private
Car Policy.

In addition, the Department launched a new Long-Term
Motor Private Car Package Policy, tailored specifically
for private car owners. To continue meeting evolving
market demands, the Company is in the process of filing
additional new products for the coming year, ensuring that
our offerings remain relevant and competitive.

The Company made significant strides in improving
claims settlement efficiency. The Claim Settlement
Ratio for Motor Own Damage (OD) claims stood at
94.13%, a notable improvement over the previous year's
92.53%. This increase reflects the Company's ongoing
commitment to providing timely and efficient services to
its customers.

As of the end of the fiscal year 2024-25, the Company has
built an extensive network of 1,764 reputed multibrand
motor workshops and garages across the country. These
facilities provide cashless service to our customers,
ensuring convenience and satisfaction.

The Company has consistently focused on leveraging
Information Technology to enhance service delivery.
Several key initiatives introduced in the previous year
have now been fully stabilized and further strengthened
throughout 2024-25. One such initiative is the Fastrack
Claim Settlement Module, which was introduced to
expedite claims processing across India. This module
enables faster settlement by reducing the time required to
navigate the Claims Module in the CWISS platform from
the Surveyor portal. As a result, the Turnaround Time
(TAT) for claims handling has been significantly reduced,
improving operational efficiency.

Further advancing the digital transformation, the Company
has also empanelled Digital Service Providers (DSPs)
for assessing Motor Own Damage claims using Artificial
Intelligence (AI). Initially deployed for tie-up claims, these
DSPs are now also involved in handling Non-Tie-Up
claims. This approach leverages app-based technology
to assess claims for losses up to Rs. 50,000, ensuring a
faster and more accurate claims process.

Several strategic initiatives were undertaken to accelerate
claims processing for Motor Insurance:

•    Motor OD Claims Settlement for assessed and
payable loss amounts up to Rs. 1 lakh based on soft
copies of claim documents.

•    Mandatory Use of Surveyor Portal for generating
Digital Survey Reports (DSR), streamlining the
claims verification process.

•    Introduction of the IIB Claims Status Report for Motor
Vehicles within CWISS, enhancing transparency
and tracking.

•    The launch of a new feature, “Vahan Status”,
designed to further improve the Motor Own Damage
claims processing system.

•    Recruitment of AO (Automobile Engineers) and
engaging them as In-house Surveyors. These
automobile engineers were recruited with a vision to
create inter alia a robust team of in-house surveyors
by utilising their knowledge and expertise.

Additionally, the Motor Department implemented a
pricing model for Motor SIP (Standard Insured Policies)
specifically tailored for Commercial Goods Carrying
Vehicles. This model considers several factors such as
State Registration Code, Insured Declared Value (IDV),
Cubic Capacity (CC), Vehicle Age, Make, and No-Claim
Bonus (NCB%), ensuring competitive and customized
pricing for our customers.

Recognizing the importance of continuous learning, the
Motor Department conducted comprehensive training
programs for various stakeholders across the Company.
Training was provided to Auto Tie-Up Hub Operating
Offices throughout India, enabling staff to handle
Motor Own Damage claims with greater confidence
and efficiency. Furthermore, a dedicated underwriters'
conference was held for all Regional Offices, and newly
recruited automobile engineers received specialized
training to enhance their technical expertise.

? AUTO TIE UP

New India continued to be a stable tie up partner for
the major automobile brands in the Indian Market. The
premium achieved by Auto tie up department in F Y 2024¬
25 is Rs.3260 Crores against Rs.3045 Crores in the FY
2023-24 with growth rate of 7.08%. Growth in auto tie up
department played a major role in the growth of motor
LOB. Auto tie up business constitutes 31% of total motor
LOB premium.

We are sourcing business at dealer points through
centralized tie ups as well as direct tie-ups. This year
we were more focused on digital initiatives in the claims
servicing. Barring 2, all 12 tie-ups have claim integration
in place, where the claims intimated at dealers end are
pushed to our system on real time basis. 'Digital survey
report submission' has been implemented, where
the surveyor can submit the report digitally and claim
can be processes on the basis of soft copies of claim
documents. For assessing the small value claims through
AI , DSPs (Digital service providers) were engaged and
their services are being used in various tie-ups. All these
initiatives helped in reducing the TAT and claims costs.

We are also working on digital claims form submission and
integration of dealers invoice with our system which will
further help in reducing the TAT. These digital initiatives
have further enhanced our Company's commitment to its
customer centric approach.

? MOTOR THIRD PARTY CLAIMS AND MOTOR
THIRD PARTY CLAIMS HUB

The Motor T.P. Department has remained committed in its
dedication to the prompt resolution of claims. Recognizing
the evolving demands of the present, the Department
has refocused its approach toward facilitating quicker
settlements through conciliatory methods, moving away
from the traditional dependency on court-driven judicial
processes.

The prioritization of swift settlements through Conciliatory
Mechanisms is recognized in the Acts of Parliament,
including the amended Motor Vehicles Act and the Central
Motor Vehicle Rules, 1989. The real impact of these legal
provisions will be felt gradually and is expected to further
accelerate the pace of settlements in the coming years.
Our internal mechanisms and guidelines have also been
streamlined by laying more emphasis on settlements and
compromise of TP claims. The Company has refrained
from going for Appeal in cases where there are Supreme
Court and High Court Judgments (state-specific cases)
in our favour. In quantum appeals especially, endeavour
is made to balance out the financial outgo vis-a-vis the
chances of success in Appeal. Our Board Approved
Compromise Manual and other external mechanisms
like Lok Adalats, DAR, e-DAR, iRAD etc. are also useful
mediums for expeditious settling of cases. The Supreme
Court had also initiated and organized a special Lok
Adalat in this Fiscal where our Company compromised
the largest number of cases.

Digital transformation, technological progress and novel
innovations are important at the present juncture and the
department has harnessed these factors by bringing in
the paperless work-flow based structure that has enabled
tracking the movement and the stage in which a legal
claim file is at. Judgment Store is another important
feature which is guiding our claim handlers in effective
handling of Motor TP claims.

In the way of significant challenges beyond our control by
way of non-revision of TP Premium, higher compensation
delivered by Courts, inflation, higher medical costs etc.,
the performance in this Financial Year has shown a
remarkable improvement. With regard to our performance
in the current Fiscal, our Throughput Ratio has increased
to 104.89% as against the previous Fiscal. The Settlement
Ratio has also shown an increase of 32.56 as against
29.33 in the previous Fiscal. Our total outstanding cases
have reduced to 1,57,675 as compared to 1,61,862 in the
previous Fiscal. Furthermore, the claims outstanding > 10
years has also shown a decline. The ICR on net earned
premium has been 108.17.

Suit Hubs function as dedicated offices in handling legal
claims including Motor TP cases. As of now, we have
25 Parent Suit Hubs and 138 Child Suit Hubs that are
catering to TP claims and EC claims, arising out of Motor
Vehicle accident amongst other legal cases. We also
have 2 specialized Legal Hubs in Mumbai and Delhi.

Delhi Legal Hub works as the face of the Company in
Supreme Court and NCDRC Matters.

?    TECHNO MARKETING

Company has established Techno Marketing as a
specialized department to cater to the needs of large
corporate clients. This includes high-value operational
business units and specialized erection and construction
projects. The department issues various policies,
including Stand Alone Terrorism coverage, ensuring
comprehensive protection.

In the fiercely competitive Indian insurance market,
corporate clients constantly seek customized insurance
solutions tailored to their evolving business models.
Techno Marketing meets this demand by leveraging its
expertise to devise need-based insurance solutions.

With strong support from national and international
reinsurers, the company offers unique insurance covers
designed specifically for corporate clients. To enhance
customer delight, seminars are organized directly
at corporate client place. These sessions educate
employees and executives about large risk and project
policies, as well as claims processes. This approach is
integral to the company's strategy of underwriting risks
for profitability, emphasizing robust risk management
practices and methods to minimize losses. Complex risks
undergo thorough inspections by globally renowned risk
engineers.

Moreover, the company conducts online training sessions
on underwriting and claims management to facilitate
effective coordination with technical teams across its
offices. Through its proactive approach and technical
expertise, the company is well-prepared to maintain its
leadership in the market and effectively address future
challenges.

?    MARINE CARGO & HULL

We continue to maintain our leadership in the Marine
Line of Business within the Indian market, achieving
a consistent positive trend in the ICR for the Marine
segment. With an ICR of 58.01% in Cargo and 0.37% in
the Marine Hull segment, the success of our Company's
strategy is evident, even amidst the challenges posed by
the Russia-Ukraine conflict and the subsequent sanctions.
Our overall marine cargo and hull premium has reached
Rs.958.49 Crores, capturing approximately 17.31% of the
market share.

The New India Assurance Co. Ltd. insures the major
shipping lines in India, as well as the majority of inland
and coastal vessels, sailing vessels, and fishing vessels
operating in and around Indian waters. In the oil and
energy segment, we have been the market leaders
since inception. Notably, NIACL is the only insurer in
India offering P&I cover for Indian coastal vessels.
Additionally, we provide Delay in Start-up (DSU) cover for
major construction projects initiated across the country,
protecting against the loss of profits resulting from
maritime perils.

The evolving geopolitical landscape, particularly following
the Russia-Ukraine conflict and the subsequent array of
sanctions on individuals and entities, has posed significant
challenges for marine insurers. The market capacity
was limited, particularly due to the exclusion of certain
territories. The market has also seen the rise of Dark
Fleet activity and increased risks from the war situation in
the Red Sea, fuelled by the Israel-Hamas conflict.

To mitigate risks within our portfolio, we took proactive
measures by forming the Marine Cargo Pool, making
substantial contributions to its formation. Despite these
challenges, we remain steadfast in our support of Indian
enterprises.

We have adopted the OFAC checklist to screen sanctioned
individuals, ensuring prudent underwriting practices and
safeguarding our financial stability. In particular, we are
keen to limit our exposure to the Red Sea War risks and
have secured extensive Facultative Reinsurance support
to minimize our potential liabilities in this region.

As a leader in Marine Insurance, our Company is
committed to delivering best-in-class service to our clients.
Our E-Marine portal has been upgraded to streamline the
claims process, allowing customers to initiate claims,
upload documents, and automatically notify WKW in
the case of overseas claims. The portal has also been
integrated with both Prudent and WTW brokers to improve
operational efficiency. We have also introduced paperless
cargo claim settlements for claims up to ?100,000*,
simplifying the process for large accounts with smaller-
value claims. Additionally, our upgraded vessel master
database, in collaboration with an international service
provider, allows surveyors to access marine claims
through the surveyor portal.

We remain closely engaged with the IT Department to
enhance the customer portal, ensuring it is user-friendly
and adaptable to the evolving needs of our clients.

In line with the KPI restructuring, we have introduced
simple insurance products to facilitate micro-level
management and reduce the turnaround time (TAT) for
claims. As the shipping industry continues to evolve, we
are committed to providing innovative solutions for our
clients.

? AVIATION

The Aviation Insurance Department of New India
Assurance (NIA) continued to demonstrate strong
performance during FY 2024-25, maintaining its
leadership position in the domestic market with an
impressive market share of 33%. NIA remains the
preferred insurer for most major airline operators as well
as a significant portion of the General Aviation sector in
India. The Company is the highest capacity provider in
the Indian Domestic Market and has consistently led the
insurance placement for nearly all major domestic airlines.

In alignment with the Government's Regional Connectivity
Scheme (UDAN), NIA has extended comprehensive
insurance support to emerging and smaller airline
operators, thereby contributing to the development
of regional aviation infrastructure and connectivity.
In addition to its leadership in airline coverage, NIA has
underwritten key aerospace and Maintenance, Repair,
and Overhaul (MRO) risks, further strengthening its
position as a comprehensive risk solution provider
for the aviation industry. Notably, during the year,
NIA also provided insurance cover for the GSAT-N2
satellite launch, marking another milestone in the
Company's space and satellite insurance portfolio.
On the international front, New India continues to reinforce
its presence as a preferred reinsurer, supporting 30
aviation reinsurance programmes globally. This reflects
the Company's robust underwriting capabilities and its
reputation for delivering consistent value in complex and
high-value aviation risks.

Looking ahead to FY 2025-26, the Department aims to
enhance its market position by adopting more refined risk
selection and pricing strategies, expanding its footprint in
the rapidly evolving unmanned aerial systems (“unmanned
aerial systems”) and urban air mobility segments, and
deepening engagements with aerospace and MRO
clients. A sharper focus on innovation, reinsurance
optimization, and operational efficiency will enable NIA
to respond proactively to emerging aviation risks while
continuing to support both domestic and international
partners with insurance and reinsurance solutions.

? MISCELLANEOUS AND LIABILITY
INSURANCE

The Company maintains its prominent position in
the industry as pioneers in crafting Event Insurance,
encompassing Sporting Events alongside other critical
lines of business such as Liability Insurance and Film
insurance. This enduring success is underpinned by
amplified premium rates and robust reinsurance support
from the international market also.

Our commitment extends to serving the insurance needs
of telecommunication service providers, the film industry,
and small to medium-sized entrepreneurs. Continuing
our leadership streak, we proudly retained our position in
the Nuclear Pool throughout 2024-2025, with intentions
set on perpetuating this achievement in the forthcoming
years.

We are steadfast in our mission to bolster the banking
sector by furnishing tailored insurance solutions, including
bankers and Cyber Liability Insurance. Given the
paramount importance of cyber liability in today's tech-
driven landscape, we remain dedicated to fortifying this
sector that underpins our economy's resilience. Strategic
initiatives are underway to explore international markets,
enabling us to introduce innovative products to the Indian
market, aligning with evolving demands and ensuring
sustainable, profitable growth.

Recognized as the preferred insurer by our esteemed
clients, we consistently strive to enhance both underwriting
standards    and claims    management    processes.

Empowering our Regional Offices with decentralized
policy underwriting authority has significantly enhanced
turnaround times, client servicing, and operational
efficiency.

Noteworthy additions to our product portfolio in the
past year include New India Mahila Udyam Bima, New
India Home safety Insurance, New India Griha Suvidha
2.0 and Pollution Legal Liability to cater to the market
requirements for both retail and Corporate segment.

Additionally, we have exciting prospects on the horizon,
including the launch of Nari sanman, New India Bima
Sathi and several other offerings tailored for SMEs and
the Corporate segment.

Conducting regular workshops on underwriting and claims
management underscores our commitment to ensuring
that our technical teams across various offices remain
abreast of industry developments. With an unwavering
focus on continual improvement, we are resolute in
elevating our performance year on year.

?    REINSURANCE

“The Company's reinsurance protection remains well-
aligned with its overall risk appetite and financial strength.
All proportional and non-proportional reinsurance
treaties—covering both domestic and international
operations—were successfully renewed on schedule and
on favourable terms.

During the financial year, there were no major risk losses
or catastrophic (CAT) events affecting the domestic
portfolio, resulting in a claims-free experience under the
domestic excess of loss (XOL) treaties.

The IFSC branch at GIFT City, which focuses on inward
reinsurance business, continues to demonstrate steady
and profitable growth.

Internationally, severe rainfall across the Gulf region in
April 2024 impacted operations in Dubai, Abu Dhabi,
Oman, and Kuwait. This triggered recovery under the GCC
Risk-cum-CAT XL treaty for Property and Engineering
lines, as well as under the Overseas Motor and Liability
programs.”

?    BROKER

The Insurance Industry is one of the fastest-growing
sectors in India and across the globe. With Insurance
products like Life, Health, Motor and more, the Industry
figures speak volumes of the immense opportunities in
the market. Brokers are the preferred channel of business
in India in commercial line of business which includes
marine, aviation, engineering risk and liability insurance.

Broker Channel is a Business model which offers
immense opportunities for sourcing various lines of

Business in the field of non-life sector. It is a significant
distribution channel, contributing a sizeable percentage
of total premium income of the Company.

In this FY 2024-25, Broker Department has completed the
target with Rs.12,986.39 Crs Premium with an accretion
of 4.50%. ICR on earned premium is 86.48 % for the FY
2024-25.

We have also mobilized a premium of Rs. 57.13 Crores
through IMF with 42.68 % growth.

Presently 718 Brokers are working with us. We have been
successful in aligning with more than 96% of the Brokers
operating in Indian Market.

We have announced attractive Reward Schemes w.e.f.
April,2024.

In order to give stimulus to our online business, we
have been issuing Portals to Brokers/IMFs, to facilitate
quick issuance of policy and also to encourage them for
more usage of portals. Also, we have integrated Brokers'
website with our system for issuance of policies through
their website.

Insurance Broker Association of India has awarded our
Company, The New India Assurance Co. Ltd. as “MOST
BROKER FRIENDLY INSURER”.

In order to have regular interaction and communication
with Brokers' fraternity and updating them about national
and international developments, we have launched a
digital Magazine “ SANYOJAN” and we are in the process
of launching 5th edition soon.

? BANCASSURANCE

Banks, due to their geographical spread and in terms of
customer reach in all segments, is an important channel
of distribution of Insurance products.

Currently New India Assurance has tie-up with Major
Banks i.e. with Bank of India, Canara Bank, Punjab and
Sind Bank, Central Bank of India, India Post Payment
Bank, Jammu & Kashmir Bank, IDBI, South Indian Bank
and Axis Bank, besides 32 Scheduled Cooperative Banks
and 3 RRBs during FY 2024-2025. In FY 2024-2025
Bancassurance contributed Rs. 250.75 CR Premium
income with an ICR of 80.15%.

Various campaigns like health check-up drives, training
of bank officials, insurance awareness campaign, were
launched during the course of the year, to increase the
awareness & reach. Our Company has come up with
attractive incentive schemes from April 2024 which resulted
in a positive Accretion of 7%. New India Assurance has
increased its focus on developing Technology platform
as per the requirements of the partner Banks in order
to improve efficiency, TAT, ease of doing business &
providing service to customers.

We have taken pro-active steps to increase tie-ups with
banks which enabled us to procure good business by this

channel. In FY 2024-2025 we have entered into tie up
with 8 new partners i.e. with Bank of India, Jammu And
Kashmir Bank, The Himachal Pradesh State Cooperative
Bank, Aryavart Gramm Bank, The Tamil Nadu State Apex
Cooperative Bank, The Malad Sahakari Bank, Rajarshi
Shahu Sahakari Bank and The Nav Jeevan Cooperative
Bank.

Bancassurance Channel looks forward to achieving many
milestones by strengthening existing partnerships with
the corporate agents and constantly taking effort to tie-
up with many other Public sector Banks, Private Banks,
Scheduled Cooperative Banks & RRBs.

? AGENCY

Agency Department is a key intermediary channel
for procuring business for our Company contributing
substantial share of premium. In the FY 2024-25, the
total Premium was procured Rs.11,107.59 Crs with
8.14% Accretion with an ICR of 80.87% contributing to
28.73 % of Company's domestic premium ( Individual
Agents Rs.10938.37 Crore and Corporate Agents (Other
than Banks) Rs.169.20 Crore ) We have enrolled 5125
Individual Agents and 10 Corporate Agents ( Other than
Banks ) as on 31st March,2025 ,the total number of
Agents are 120714.

Agency Department has implemented various reward
schemes during the year to motivate agents &
extendedGPA Cover to All Club Members agents. Agency
Department has arranged Training for CMD &GM Club
Member Agents for enhancing their skills.

Agency Department had released Agent Manual with
information on all retail marketable products. Also released
the Agent Magazine ”Pragati” consisting of Agents
articles, Poem, Agents & their Children's Achievements,
technical articles, Names of CMD Club Members and GM
Club Members, National Level & RO level convention
Photos , Agent Day Celebration Photos.

Necessary communications sent to Agents as and when
required. Various other measures like texting messages
to agents on Birthdays, festivals were initiated. Every
Operating Office has been arranging Agents Meeting on
1st and 3rd Friday of each month and imparting product
knowledge, soft Skill training and exchanging views on
marketing strategies.

In the FY 2024-25 total 1609 Agents have became eligible
for Agent Club Membership based on the performance
year 2023-24. All India convention and Regional level
conventions were held to felicitate the said esteemed
Agents at various centers PAN India

Agency Department has been promoting Agents Portal
to enable agents to issue policies quickly on 24x7 basis.
Agent App with new features in smart phones enables
agents to quickly renew policies and better manage their
renewals and claims. The Company has made constant
efforts by training for encouraging and motivating agents
for usage of agent portal and App. Initiated short AVs in

regional languages for popular products to help Agents.

During the year, Portal Access was enhanced by allotting
the 4299 Portals to agents increasing the total number
of portals to 60571 as on 31st March,2025. Rs.4943.91
crore premium was collected through the Agent Portal in
the Year 2024-25.

Also EDM / FLASH / AT A GLANCE of newly launched
products uploaded on Agent portal ,so that Agents can
know about the product features readily . The Photo of
the Top 10 Performing Agents for the month displayed on
Agent portal . Regular Agent portal revision is done with
technical department approval. More number of policies
were added to the Portal with a target to increase portal
usages.

Monthly “NEWS LETTER” introduced on Agent portal
giving news on latest updates about newly launched
products and important information pertaining to Our
Company.

Agency Dept.'s Vision is to increase the premium portfolio
ensuring growth with profitability with focus on seamless
journey through technology aided solutions.

? GOVERNMENT HEALTH BUSINESS

After providing efficient services since 2015 to the
Rajasthan State Health Scheme, we have once again
secured L1 bidder and are participating in providing the
health insurance schemes as below:

1.    Mukhyamantri Ayushman Arogya Yojana (MAA)
in association with the Rajasthan State Health
Assurance Agency (RSHAA).

Using specialized AI/ML based apps our Regional
Government Business Office (RGBO) is enabled
to deliver seamless and expeditious service.
Approximately 1.34 crore families are covered under
the current scheme, with furthermore addition of
new families. The total sum insured per family is INR
25 lakh (5 lakh insurance mode and 20 lakh under
trust mode), 50 thousand for secondary ailments
and 4.50 Lakh for tertiary ailments. Claims above
INR 5 Lakh are processed by the TPAs under trust
mode. A wide range of beneficiaries are those below
poverty line (BPL) families, socially and economically
weaker section of society and also paid members.
The policy enables cashless access for secondary
and tertiary healthcare services, providing financial
protection to the vulnerable families.

2.    State Health Agency for the UT of Lakshadweep
is managed by our Lakshadweep DO, under
Ernakulam RO. The number of families covered are
13,128 for a sum insured of INR 5 lakh per family
on floater basis, 50 thousand for secondary ailments
and 4.50 Lakh for tertiary ailments.

I n addition to the above two health schemes, the
company also extends its coverage to the vast

number of individuals under the various other
government schemes. The company covers 14.65
crore lives under Pradhan Mantri Jan Dhan Yojana
(PMJDY) and 8.24 crore lives under Pradhan Mantri
Suraksha Bima Yojana (PMSBY) scheme, a flagship
initiative of Government of India.

Furthermore, the company also provides on-
duty personal accident cover to volunteers of the
National Disaster Management Authority (NDMA),
demonstrating its commitment of safeguarding lives
and promoting social welfare.

Our active participation in the government schemes
represents our social responsiveness in providing
accessible and specialized insurance solutions to the
various sections of our society, thereby contributing in
public welfare and sustainable development goals of our
nation.

? RURAL AND SOCIAL SECTOR AND MICRO
INSURANCE

As the premier Non-Life Insurance Company keeping with
its rich traditions & strong social commitment of serving
the rural masses has always been in the forefront of
devising host of Rural Insurance Products. The Company
is continuously striving to offer best possible products
customized according to the needs & requirements of
Rural population.

The company provides protection for various assets of
rural community. A wide variety of covers are now available
for the rural areas to meet the specific needs of the Rural
masses e.g. Cattle Insurance, Sheep & Goat Insurance,
Agriculture Solar pump sets, Poultry Insurance, Saral
Sampurna Kisan Bima Yojana, Horticulture/Plantation
Insurance, Personal Accident Insurance Cover to Kisan
Credit Card Holders (KCC) etc. for the safety & security of
the rural populations.

We have developed a new product named as “ New India
Shrimp/Prawns Insurance Policy’ as per Pradhan
Mantri Matsya Kisan Samridhi -Sah Yojana of
Fisheries Dept.under the Ministry of Fisheries Animal
Husbandry and Dairying, Government of India which
can be sold to individual farmers as well as fishermen's
associations. Further, Integration with Government Portal
is also under process.

The Objectives of the Scheme is to develop suitable
aquaculture insurance products, to build trust and
better uptake by the beneficiaries. The scheme will
provide awareness programs, extension and knowledge
support to aquaculture farmers. Department of Fisheries
also provides ‘One-Time Incentive’ to beneficiaries to
encourage purchasing aquaculture insurance products.

Insurance Requirement of the Scheme mentioned
above is to provide a safety net for producers, ensuring
resilience of the sector and supporting its continued
growth and diversification beyond shrimp culture.

The Company has always shown keen interest in various
Government sponsored Schemes for Cattle/ Livestock
Insurance schemes under National Livestock Mission in
various States as well as in Kashmir Region for the benefit
of the rural population. The Company has opened up
Operating Offices at remote & interior parts of the country
to ensure smooth distribution of exclusive rural centric
products. Our extensive network of rural Agency force
has been provided with Portal for immediate issuance of
policy even in remote corner of the country. It has always
been the objective of the Company for growth & promotion
of micro insurance products for the Rural & marginalized
population. At present, the Company is providing 13 Micro
Insurance Products such as Cattle Sukshma Bima, Sheep
& Goat Sukshma Bima etc. to protect low-income people
from financial losses with affordable products.

Cattle/Livestock Insurance : Our Delhi RO-I,
Chandigarh, Kanpur, Hyderabad, Vizag, Coimbatore,
Chennai, Ernakulam, Pune, Nagpur, MRO-V ROs have
participated in centrally sponsored Cattle Insurance
schemes, Corporate Dairy Schemes and State/local based
schemes. We have issued approximately 112207 policies
and procured substantial premium of Rs.104.41crores.

The Company during 2024-25 underwritten a total Rural
Insurance Premium of Rs. 119.02Crores with Incurred
Claim Ratio of 93.06%.

The company has made the claim processing procedure
simple & easy to popularize the micro products. The
company has believed in the philosophy that right product
design and right pricing are essential to make the rural
insurance products more attractive and meaningful to rural
community. With more than 50 Rural Insurance Products
the Company has been doing its bit for sustained rural
development which is a backbone of Indian Economy.

? PARAMETRIC INSURANCE

In an unprecedented bid to revolutionize risk protection
in India and across the world, The New India Assurance
Company Limited on 27th May 2025 launched its
Parametric Insurance Cover, a pioneering insurance
product that protects economic losses resulting from
pre-specified natural or environmental incidents—
typical exclusions under traditional insurance products.
Parametric insurance employs objective, real-time data
triggers (such as rain, temperature, or earthquakes) to
immediately pay claims—no forms, no loss adjusters, no
lag time.

What Sets Parametric Cover Apart?

•    Automatic Triggers: Claims are triggered by
objective parameters (e.g., rainfall > 50mm).

•    Zero Paperwork: No paperwork or loss proof
required.

•    No Deductibles: Payment in full according to pre¬
agreed conditions.

•    Custom made Fit: Insurance cover designed to the
risk profile of corporates, governments, farmers,
MSMEs, etc.

•    Transparent Pay-out Model: Trigger and pay out
terms are well specified at the outset.

Policyholder Benefits:

•    Faster Recovery: Pay-outs made on the spot at
trigger time, supporting immediate disaster recovery.

•    Broader Access: Covers industries and communities
that had no or little insurance.

•    Operational Simplicity: No manual verification and
disputes.

•    Risk Inclusivity: Equips co-ops, Self Help Groups,
farmers, NGOs, and small businesses with effective
protection.

Who Can Benefit?

•    Corporates, MSMEs, and Hospitality Sector

•    Government Departments & State Agencies

•    Farmers, Co-operatives, and SHGs

•    NGOs, Microfinance Institutions, and Banks

•    Travel Agencies and Community-Based
Organizations

With its potential to reduce basis risk and improve risk
management, parametric insurance is an attractive
option for individuals and organizations seeking tailored
coverage. Hence, carrying this forward we are in
continuous follow-up with various state governments and
organizations to provide them with an insurance proposal
with a coverage customizable as per their needs. We aim
to provide an innovative solution for customers to manage
their climate related risks and uncertainities.

? STATE INSURANCE PLAN

Insurance Regulatory and Development Authority of India
(IRDAI) has come up with the proposal of a Comprehensive
State Insurance Plan involving State/UT administration
and insurers alike, that aims to accelerate the process
of implementation of last mile delivery of insurance
services to the uninsured population of all the states.
This is in line with the vision “Insurance for all by 2047”
by the Government of India aimed at promoting financial
inclusion and in increasing Insurance penetration.

In order to successfully implement the above plan, The
New India Assurance Co. Ltd. has been appointed as
lead insurer in the state of Gujarat and Lakshadweep.
Accordingly, we have opened a purely dedicated office
for State Insurance Plan situated in Ahmedabad which is
aimed at identifying and addressing protection gaps for the
insurance segments such as MSME, Motor, Agriculture,
Retail Health, Home Insurance, Women Centric Initiatives
and many more.

We have successfully identified 5407 Gram Panchayats in
91 Talukas under 13 districts of Gujarat state where we are
constantly organizing Insurance Awareness Campaigns.
Medical Camps were organized by us and policyholders
were given provision of rice, jaggery and lentils. On 2nd
April 2025, we have also organized Bima Jagruti Utsav at
Dahod district where the first Naari Samman Bima policy
was issued marking a positive start to our endeavour of
Insurance for All by 2047.

In Lakshadweep, we have devised a specialized product
aligned with specific needs of the territories. Also, with
the help of Parivahan site, vehicles with long pending
insurance renewals have been identified and a letter in
association with and duly authorized by Motor Vehicle
Dept. has been sent for ensuring 100% coverage for all
motor vehicles.

We are continuously moving forward by creating Insurance
Awareness activities at district level in co-ordination with
district level authorities and by spreading awareness of
State Insurance Plan through Agents, Brokers, Corporate
Agents, IMFs etc. We are also coordinating with state
governments, NGOs, Aaganwadi workers, SHGs to create
awareness at grass root level and thereby increasing the
insurance penetration through publicity of Insurance plan
in media and Brochure distribution at District level.

We at The New India Assurance Co. Ltd. are fully
committed to the Government of India's Vision of
“Insurance for all by 2047” and will play an instrumental
role in promoting financial security and protecting citizens
from unforeseen events by providing affordable and
comprehensive coverage to improve the overall well¬
being of beneficiaries and contribute to the country's
economic growth.

? MSME

Micro, Small, and medium enterprises(MSMEs) are
one of the driving forces propelling the Indian economy
towards global greatness. As per the Udyam portal,
MSMEs employ over two crore people, firmly establishing
themselves as the bedrock of the Indian economy.
Aided partly by supportive and reformatory government
initiatives and technological innovations, the MSME sector
has grown exponentially, accounting for ~46% of Indian's
total exports. MSMEs' role in fostering sustainability and
inclusivity in the Indian economy is irrefutable. 20.5%
of the MSMEs registered on Udyam portal are led by
women, accounting for 18.73% of the total employment
generated by Udyam registered MSMEs.

In order to be a part in the growth of this exponentially
growing sector The New India Assurance Co. Ltd. has
taken several initiatives to support the MSME sector:

• Dedicated MSME cell: The company has
established a dedicated MSME cell to focus on
the specific needs of this sector and develop a
customized insurance solutions to meet these
needs.

•    Specialized policies: New India Assurance has
launched policies like Bima Udyam and Bima
Sathi which provide affordable and comprehensive
coverage for MSMEs. Also, to exclusively cater to
the needs of women entrepreneurs we have also
launched New India Mahila Udyam Bima policy.

•    Awareness initiatives: We are collaborating
with state governments, district industrial units,
cooperative societies, rural banks, and CSE centers
to increase awareness about insurance among
MSMEs. We are also running digital campaigns and
workshops.

•    Partnerships: We are also partnering with industry
associations, government agencies, and other
organizations to leverage our reach and promote
risk management solutions for MSMEs.

MSMEs and a focus on their growth are critical for the
long-term prosperity of India's economy. MSMEs play
a crucial role in the GDP growth, industrial production,
and job creation in the nation's economy, and hence The
New India Assurance Co. Ltd. through its initiatives for the
MSME sector demonstrate its commitment to supporting
small business and thus providing them with financial
stability, increased creditworthiness, Business continuity
even during disruptions and supporting business
expansion by encouraging investments.

?    ALTERNATE BUSINESS CHANNEL

New India has completed the premium of Rs 236.61 crore
for the year 2024-2025 through Alternate channels such
as Web Integration with Brokers, Corporate agents, CSC
portals and G2C channels.

As of now 20+ integrations are active and
procuring premium.

Along with this ABCD also manages payment gateways
for online premium payment.

It is a constant endeavor of the Department to improve
customer experience while making online payments

?    CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES

As a global leader in General Insurance Sector, we are
proud to present our commitment to Corporate Social
Responsibility (CSR) in this annual report FY 2024-25,
showcasing our dedication to creating a positive impact on
the communities at large. Corporate social responsibility
(CSR) is a self-regulating business model that helps a
company be socially accountable to itself, its stakeholders,
and the public. By practicing corporate social responsibility,
also called corporate citizenship, companies are aware of
how they impact aspects of society, including economic,
social, and environmental.

CSR Committee of the Board was constituted in
September 2014 with a mission to achieve our vision

to strive to transform India into a “Risk Aware” society
from being a “Risk-Averse” society and with a mission to
“achieve our vision by integrating social, environmental
and health concerns of the Indian society into Company's
overall CSR Policy and programmes”. CSR has been a
long-standing commitment in the Company and forms an
integral part of our activities.

In this year, The Company has utilized 100% of the
Budget (Rs. 8.03 Crore). From the stated Budget of the
Company, 100% have been sanctioned towards various
CSR Projects. The Company has utilized its CSR budget
with presence in diversified areas including health,
Sanitation, Skill Development, Hygiene, protection of arts
and culture, etc.

IRDAI (Insurance Regulatory and Development Authority
of India) focuses on the health segment under CSR
activities by encouraging the insurers to contribute to
community health and wellbeing, including initiatives like
infrastructure development in hospitals and supporting
health campaigns. Keeping the same in focus, the highest
allocation to Health segment was made by our company,
valuing to approx 67% of the total CSR Budget.

? CUSTOMER CARE

The Customer Care Department operates from the
Company's Corporate Office, as well as from all Regional
Offices, Corporate Business Offices and Auto Hubs.
Dedicated Customer Care Officers are stationed across
all business offices nationwide to provide quality service
to policyholders and prospective customers. Additionally,
comprehensive information about our products is
available on our official website: www.newindia.co.in. for
the benefit of the public.

Our toll-free number 1800-209-1415 is available 24/7 to
assist customers with queries related to products, claims,
and grievance procedures. Furthermore, a grievance
redressal option has been added to the menu of our
WhatsApp service (9833319191), which is linked directly
to our grievance portal.

The Company has a Grievance Redressal Policy,
approved by the Board of Directors, which outlines
the framework for the timely and effective resolution of
customer grievances while maintaining a high standard
of service. We also follow a Policy for the Protection of
Policyholders' Interests, approved by the Board, which
sets forth the quality of service. The Company aims to
provide to both policyholders and prospective clients.
These policies are available on our website for easy
access by customers.

Additionally, the Company has adopted a Citizens' Charter,
approved by the Board of Directors, which establishes
clear service benchmarks across all business operations.
To further empower customers, a Customer Education
Policy has been implemented to enhance awareness and
understanding of insurance products and procedures.

Grievances received orally, over the telephone, or
in writing are registered in the Grievance Module of our
Customer Relationship Management. Customers can
register their grievances through our website https://
www.newindia.co.in/portal/login/customer.    For direct

communication, customers may use our dedicated email
address: [email protected]. monitored by
the Head Office.

In our continued commitment to inclusive service. a
dedicated Telephone line : 022 22708348 and email ID—
[email protected]—has been set up
specifically to address grievances of senior citizens, and
is also monitored by the Head Office.

Grievances submitted to IRDAI are recorded in the Bima
Bharosa platform. and our CRM is integrated with Bima
Bharosa in real time. We also handle customer grievances
received through the Centralized Public Grievance
Redress and Monitoring System (CPGRAMS) and the
Integrated Grievance Redressal Mechanism (INGRAM)
via the National Consumer Helpline portal.

Once a grievance is resolved. customers are informed of
the outcome. and the resolution details are posted on the
portal. Also. we have provided a feedback option to the
complainant on our portal so they may share their views
on the grievance resolution process.

The Grievance Redressal position for the period 01.04.2024 to 31.03.2025:-

Source of Griev¬ ance	O/S as on 31/03/2024	Received from 01/04/2024 to 31.03.2025	Resolved from 01/04/2024 to 31.03.2025	O/S as on 31.03.2025	Disposal Ratio (in %)
ALL	3	8018	7994	27	99.66

 

? ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our company's governance and strategic decision¬
making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable
growth. As our Company has also been identified as Domestic Systemically Important Insurer in India (D-SII), it becomes
even more essential that the ERM structure of the Company is robust.

Our risk governance structure ensures clear roles. responsibilities. and accountabilities throughout the organization. The
Board of Directors oversee the ERM program. ensuring alignment with our strategic objectives and regulatory compliance.
All the policies and procedure under ERM are reviewed periodically.

Our ERM framework enables us to proactively identify. assess. and mitigate risks across our operations. By adopting a
comprehensive approach. we analyse internal and external factors. conduct risk assessments. and engage with stakeholders
to gain insights into emerging risks and to monitor the evolving risk landscape. This helps us prioritize risks based on their
potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop and implement risk mitigation strategies tailored to each risk category.

We have identified key risks that we actively manage including market risk, operational risk, financial risk, and cybersecurity
risk. Market risk is mitigated through market research. innovation. and strategic partnerships. Operational risk is addressed
through robust controls. business continuity planning. and adherence to regulations. Financial risk is managed through
prudent financial practices and appropriate insurance coverage. Cybersecurity risk is mitigated by investing in advanced
security measures and providing ongoing training to our employees.

Regular risk reporting and communication provide valuable information to our Board of Directors and executive management.
enabling them to make informed decisions and take necessary actions.

Our commitment to ERM helps us protect our stakeholders' interests, enhance operational efficiency, and create sustainable
value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the
organization. By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term
success and resilience of our company.

While ERM framework has been implemented. we are in process of deploying ERM tool which will automate ERM processes.
such as Risk Control Self-Assessment (RCSA). enable monitoring and reporting for ERM.

Board approved ESG Policy of the Company has been adopted and circulated across all the Offices and is uploaded on
Company's website. We are formulating a comprehensive ESG Framework and will finalise it shortly. However we are
already implementing and are in compliance with many of the aspects of ESG.

 

?    CORPORATE COMMUNICATIONS

Our corporate communication Department plays a pivotal
role in maintaining strong relationship with stakeholders
and effectively conveying our company's messages,
values and achievements. By facilitating transparent and
consistent communication, we enhance our reputation,
build trust and promote understanding among our diverse
audience.

Corporate Communication Department continued its
branding activities vigorously to enhance visibility of the
largest Non-Life Insurance Company of India through
various promotional tools with impetus to improve visibility
in all platforms of advertisement on Pan India basis and
exploring new places of public confluence.

To imprint the Brand Image of our company into the mental
spectrum of General Public and effective use of various
Medias available and ever-changing environment, we
have increased our campaigns on TV, Radio, FM, Print
Media and Social Media in addition to the traditional
outdoor media like hoardings, Glow signs, Digital Screens
in and around PAN India locations. Displays have been
placed at prominent Airports, Metro Stations, Railway
stations & Trains, Road junctions Highways, Bus stands,
New Electric Buses, Containers, Malls as well as various
print and digital media channels.

?    CLAIMS MANAGEMENT

The Company carried out the following activities in this

vertical during the FY 2024-25.

•    Review and monitoring of Non-Suit Claims with
an objective of increase in Settlement Ratio and
decrease in number of outstanding claims.

•    Submission of Catastrophic Claims data to IRDAI,
DFS and GI Council. RO wise/ Claims Hub wise
monitoring of CAT Claims for early settlement of
claims.

•    Age wise monitoring of long pending Non Suit and
Non-Health claims, and Health claims monitoring in
coordination with Health department.

•    Conducted all India Claims Workshop for Non-Suit
Claims Hub In-charges on 30th and 31st May, 2024.

•    Undertaken virtual & physical meetings with
designated officials of all Regions on Non-Suit
claims management & Motor OD claims automation
including digital survey report.

•    Organized training for Claims handling officials
on PAN India basis at Insurance Institute of India,
Mumbai.

•    Announcement of Campaigns on various parameters
like Settlement Ratio, clearing of long pending
claims, etc., in each quarter to target the optimum
non-suit claim settlement.

• Follow up with Regional Offices for monitoring of surveyors, based on the surveyor performance appraisal.

Parameter	Non-Suit Claims	Suit Claims	Total
Number of Claims OS as on 01.04.2024	6,79,396	1,75,646	8,55,042
Number of Claims Intimated during 2024-25	12,266,280	76,984	1,23,43,264
Number of Claims Settled during 2024-25	12,452,852	81,716	1,25,34,568
Number of Claims OS as on 31.03.2025	492,824	1,70,288	6,63,112
Claims OS for less than 3 months	4,52,416	8,510	4,60,926
Claims OS for more than 3 months but less than 1 year	30,270	27,879	58,149
Claims OS for more than 1 year	10,138	1,33,899	1,44,037

NON-SUIT CLAIMS:

Non-Suit Claims - Parameter	31.03.2023	31.03.2024	31.03.2025
No. of claims O/s	534,830	679,396	492,824
Amount of claims O/s (Amount in Rs. Crore)	9046	10845	11391
No. of claim O/s for more than one year (Excl.GA and Coinsurance)	20459	24,697	9617
Non Suit Claim Settlement Ratio	94.70%	94.45%	96.19%

SUIT CLAIMS

Suit Claims - Parameter	31.03.2023	31.03.2024	31.03.2025
No. of claims O/s	1,78,869	1,75,670	1,70,288
Amount of claims O/s (Amount in Rs. Crore)	11,190	11,543.88	12,261
No. of claim O/s for more than one year (Excl.GA and Coinsurance)	1,40,230	1,41,604	1,33,899
Suit Claim Settlement Ratio	29.76%	28.91%	32.35%

?    MARKETING

New India has once again continued its supremacy in
the insurance industry with a total of 12.57% market
share. Our marketing team contributed to this triumph of
New India with a remarkable share of premium by our
Development Officers of Rs. 6693 Crores. Our Business
Associates have successfully contributed more than Rs.
5495 Crores premium for the FY 2024-25. In all total
share of premium by AO (D), AM (D) from all over India is
Rs. 4247 Crores

?    RIGHT TO INFORMATION ACT

As an insurance company committed to transparency
and accountability, we recognize the importance of the
Right to Information Act (RTI Act). The RTI Act empowers
individual to access information held by public authorities,
including our Company, ensuring greater openness and
fostering a culture of trust.

At our Company, we are fully aligned with the principles
of the RTI Act and actively encourage access to
information. We believe it is the right of all stakeholders—
policyholders, shareholders, and the general public—to
obtain relevant information regarding our operations,
financial performance, and governance practices.

The Central Public Information Officers (CPIOs) at our
Regional Offices, Central Business Offices, Auto Hubs,
and Legal Hubs play a vital role in upholding the spirit of
the RTI Act, under the guidance of the RTI Department at
our Head Office.

During the year 2024-25, we received a total of 2,171 RTI
applications (including those submitted online) and 242
First Appeals.

In accordance with the Department of Financial Services
guidelines, a Third-Party Transparency Audit of our
RTI proactive disclosures for the year 2023-24 was
conducted by the National Institute of Technical Teachers
Training & Research, Chandigarh (Ministry of Education,
Government of India).

To comply with the RTI Act and the guidelines issued
by the Central Information Commission (CIC), our
official website is regularly updated to ensure the timely
disclosure of maximum information as mandated under
Section 4(1)(b) of the RTI Act, 2005.

?    INDUSTRIAL DISPUTES AND DISCIPLINE

To maintain peace and harmony in the Company, it is
essential, to address the disputes efficiently & quickly.
Therefore, the Company ensures implementation of a
system of monitoring and evaluation for effective and
efficient dispute redressal mechanism.

To achieve this objective, the Company provides training
and education to employees on industrial dispute
resolution mechanisms, Conduct Rules and promote a
culture of industrial harmony and co-operation. In order
to fulfill the same, the Company has imparted 4 zone
wise interactive training sessions for the employees
posted across the Country on 'The New India Assurance
Company Ltd. (Conduct, Discipline & Appeal) Rules,
2014, (hereinafter referred as 'Company's CDA Rules').
Also, the Company ensures that inquiries under the CDA
should be cost-effective therefore, encourages virtual
hearings.

The Company has also conducted 3 Review exercises,
i.e. review of all the cases related to employer-employee
disputes and also Non-vigilance cases pending at the
Regional Office.

Further, in compliance with the CVC guidelines as well as
Company's CDA Rules, the Company has ensured filing
of Annual Property Return for the last financial year from
every employee.

?    INFORMATION TECHNOLOGY

At New India Assurance, we view Information Technology
not just as an operational necessity but as a strategic
enabler. Our commitment to digital innovation and
data security continues to strengthen our market
leadership and long-term sustainability. With our data
centres certified under ISO 27001:2022, we reaffirm our
dedication to safeguarding sensitive customer information
and upholding the highest standards of information
governance. Business Continuity and Risk Management
remain central to our IT framework. We have successfully
conducted Disaster Recovery (DR) and Near Disaster
Recovery (NDR) drills to ensure resilience and operational
continuity across all critical systems. These initiatives
fortify our ability to operate securely and uninterrupted in
an increasingly complex risk environment.

In line with global trends in the BFSI sector, we have
adopted a cloud-based, AI-powered email platform,
allowing improved analytics, collaboration, and smarter
data handling. This is part of our broader initiative to
embed Artificial Intelligence and Machine Learning into
our business operations to drive efficiency, agility, and
accuracy. To further enhance customer experience and
support digital scalability, we have upgraded bandwidth
across all branch offices and expanded capacity at
both our primary and backup data centres. These
improvements ensure that every customer interaction—
whether physical or digital—is seamless and efficient.

Our tech-driven service enhancements span AI/
ML-powered claim processing and fraud analytics,
multilingual customer support through NLP-enabled
Chatbots and WhatsApp, next-generation call center
infrastructure, and robust digital portals and mobile
applications for both customers and intermediaries. We
are also actively aligning with key government-led digital
initiatives to strengthen integration and reach. These
include the Account Aggregator framework, National
Health Claim Exchange (NHCX), the Jan Suraksha
Portal for PMSBY, among others—positioning us at
the forefront of digital adoption in the insurance sector.
These technology-led interventions have significantly
enhanced service efficiency, accessibility, and regulatory
alignment—translating directly into business growth. In a
landmark achievement, our premium income has crossed
?43,600 crores, setting a new record in the Indian general
insurance industry.

:♦    HUMAN RESOURCE DEVELOPMENT AND

PERSONNEL STAFF WELFARE SCHEMES

STAFF WELFARE SCHEMES

In line with the tradition of keeping the interest of its
employees foremost, the Company has continued to
implement welfare schemes for its employees. Active as
well as retired employees along with their dependent and
non-dependent family members are covered under Group
Staff Mediclaim Policy covering all kinds of diseases with
minimal exclusions, Group Personal Accident Policy
providing 24 hours cover to employees against accidental
death or permanent disablement, Group Savings Linked
Life Insurance, Group Term Life Insurance, Employees
Deposit Linked Life Insurance, Lump sum payment for
Domiciliary Medical Treatment ,Group Baggage Policy
,Education Advance Scheme for children of employees
to pursue quality education, Housing Loan at subsidized
rate of interest, Medical Check-up facility to Manager
and above cadres, Director's Mediclaim Scheme for
reimbursement of medical expenses of active as well
as retired Directors along with their dependent family
members etc.

The Company provides Ex-gratia relief scheme to its
employees which provides for reimbursement of medical
expenses beyond the Mediclaim cover. Special leave
is sanctioned and medical expenses are reimbursed
if employee meets with accident whilst on duty which
is in addition to the 24 hours Personal Accident cover
provided to employees. Special leave is also granted
for participating in National & International sports events

including Mountaineering, Expedition and Trekking events. Employees are encouraged for pursuing higher post graduate
academic courses for which financial assistance is provided.

Other welfare schemes like Vehicle Loans at subsidized rate of interest, Leased accommodation to all cadres of employees,
Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave Travel Subsidy,
Labour Welfare scheme are provided.

In order to facilitate more transparency and expeditious settlement, the Company has implemented online access for all its
employees for availing the benefits and necessary training has also been imparted to them.

• HUMAN RESOURCES

Employee strength as on 31^st March 2025

Category of Employees	Male	Female	Total
Class I	4644	2477	7121
Class II	116	5	121
Class III	2285	732	3017
Class IV (Excluding Part Time Sweepers)	504	186	690
Part Time Sweepers	2	0	2
TOTAL	7551	3400	10951

• RECRUITMENT AND RESERVATION
Number of employees recruited during 2024-25

Category of Employees	SC	ST	OBC	EWS	Total	Ex-Ser¬ vicemen	PWD
Class-I	0	0	0	0	0	0	0
Class-II	-	-	-	-	-	-	-
Class III	66	39	11	23	271	20	13
Class IV (Excluding Part Time Sweepers)	10	0	0	0	12	0	0
Part Time Sweepers	-	-	-	-	-	-	-
TOTAL	76	39	11	23	283	20	13

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as
on 31.03.2025

Category/Level	Total Number	Number and Percentage
		SC	%	ST	%	OBC#	%#	EWS	%
Class-I	7121	1376	19.32%	656	9.21%	1621	22.76%	95	1.33%
Class-II	121	19	15.70%	13	10.74%	14	11.57%	0	0.00%
Class III	3017	575	19.06%	300	9.94%	660	21.88%	23	0.76%
Class IV (Excluding Part Time Sweepers)	690	345	50.00%	76	11.01%	71	10.29%	0	0.00%
Part Time Sweepers	2	1	50.00%	1	50.00%	0	0.00%	0	0.00%
TOTAL	10951	2316	21.15%	1046	9.55%	2366	21.61%	118	1.08%

# OBC reservation was introduced in 1993. The prescribed OBC reservation % is being maintained in all direct recruitments since
then.

The Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and
concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/OBC/
EWS/PwBD and Ex-servicemen.

Pre-promotional training programs are duly organised for all eligible SC/ST/OBC employees for promotion to various cadres.
Regular training programs are conducted on personality development, stress management, motivation etc. for SC/ST/OBC
employees of various cadres. Various benefits under Dr. B. R. Ambedkar Welfare Trust have been given to SC/ST/OBC
employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis. Pre¬
recruitment training programmes are also arranged for SC/ST/OBC candidates at various centres on all-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/EWS/PwBD/
Ex-servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office,
whereas, Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on yearly basis, the Liaison Officer from the Head Office inspects
the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of
Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back
to the respective Regional Offices with necessary advices. Based on the inspection report, action is taken by the concerned
Regional Offices in co-ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison
Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest
possible time-frame.

The Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/OBC welfare
activities. On the eve of Mahaparinirvan Day i.e. December, 6th every year these welfare activities are supported to observe
the death anniversary of Dr. B.R. Ambedkar at Chaitya Bhumi, Dadar.

? GENDER ISSUES AND EMPOWERMENT OF
WOMEN

The Company has a strong women force and provides
adequate opportunities for self and career development. A
significant number of women Officers, as on 31.03.2025,
are holding senior positions in our Offices:

Chairman-cum-Managing Director	1
Executive Director	2
General Manager	4
Deputy General Manager	17
Chief Manager / Regional Manager	65
Divisional Manager / Sr. Divisional Manager	87
Branch Manager / Sr. Branch Manager	71

•    Women executives are nominated for various
programmes organized by Forum of Women in
Public Sector (WIPS)

•    Women Officers are also nominated in large
numbers to the Programme for Women Managers
conducted by National Insurance Academy, Pune

•    Women's Committees are constituted at Head
Office and various Regional Offices and are actively
involved in resolving all gender-related issues/cases
referred to them

•    The International Women's Day is celebrated on
March 8th in all Offices across the country. Seminars
are organised at various centers on topics such as
Women Entrepreneurship, Stress Management,
Work-Life Balance, Mental & Physical Health,
Nutritious diets, Rights of women under various
laws of the country, and new law for protection of
the women at workplace etc.

? TRAINING AND DEVELOPMENT

With a steadfast focus on excellence, innovation, and
customer needs, our Company continues to move forward
with confidence.

In today's dynamic environment, marked by relentless
competition and rapid technological advancements, we
recognize the critical importance of equipping our workforce
with the knowledge and skills necessary to navigate
emerging challenges and capitalize on opportunities.
Staying true to our forward-thinking approach, we have
proactively prepared our employees to meet future market
demands and industry transformations.

We have placed significant focus on building capabilities
in areas such as Computer Literacy, Cyber Risk
Management, Digital Marketing, Data Analytics, Fraud
Analytics, and most importantly, Artificial Intelligence — a
fundamental pillar of future technology. These initiatives
are vital to maintaining competitiveness and adapting
seamlessly to the evolving business landscape.

Employee development remains a top priority. Our
multifaceted training programs ensure that our workforce
remains agile, motivated, and equipped to drive
sustainable growth and create enduring value for all
stakeholders.

In addition to core programs in Prudent Underwriting,
Claims Management, Fraud Management, Human
Resource Management, Vigilance, and Policy Awareness,
we have actively promoted alternate and specialized
training initiatives, including:

•    Empowerment of Women Employees: Specialized
trainings such as Women Managers' Programs
and Prevention of Sexual Harassment (POSH)
workshops.

•    Growth Initiatives: Pre-recruitment and pre¬
promotional training programs tailored for SC/ST/
OBC applicants and employees across all cadres.

•    Leadership and Communication Excellence:

Programs aimed at enhancing leadership
capabilities and effective communication skills for
operating office in-charges, equipping them to face
organizational and market challenges with resilience
and vision.

•    Marketing Force Development: Focused training
for Marketing Officers and Agents to build a strong
and competent frontline.

•    Holistic Employee Wellness: Soft skills training
such as Personality Development, Physical Fitness,
Yoga Sessions, and Pre-retirement programs to
foster mental, physical, and financial well-being.

•    External Collaborations as Special Initiatives:

Encouragement of executive participation in
prestigious programs conducted by premier
institutes such as Indian Institute of Management
(IIM)- Ahmedabad, IIM-Mumbai, IIM-Indore,
Management Development Institute (MDI)-
Gurgaon, ISTM (Institute of Secretariat Training and
Management), IIRM - Institute of Insurance and
Risk Management, IICA, FIMMDA, AJNIFM, CLC
and V. V. Giri National Labour Institute, providing a
rich learning experience through exposure to global
best practices and cutting-edge research.

Our strategic approach of linking training nominations
to employees' specific job profiles ensures relevance
and maximizes the impact on job performance and
career progression. Furthermore, the policy of restricting
nominations to one training program per employee
per year promotes equitable access to development
opportunities, enhancing organizational capability at all
levels.

Through these robust training initiatives, we reaffirm our
belief that a well-trained and inspired workforce is the
cornerstone of enduring success and sustainable growth.

? OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is
implemented on the basis of the guidelines issued by the
Department of Official Languages and The Department of
Financial Services, Ministry of Finance, Government of
India. According to these guidelines, every effort is made
to enhance the implementation and propagation of official
language in all the offices and Departments of the company.

In order to make the employees capable and efficient in
Hindi in their respective departments with ease and ease,
the Department of Hindi is organizing workshops from
time to time. In this financial year, Head Office Official
Language Department organized 4 workshops and
special workshops--training programs were organized
for the personnel of 'A' and 'C' areas at “Rishikesh” and
“Madurai” respectively.

In this financial year, the Head Office Official Language
Department carried out hundred percent official language
inspection i.e. of all 29 Regional offices. The third sub¬
committee of the Parliamentary Official Language
Committee inspected Tirupati Operating Office and Bhuj
Business Office. Parliamentary Alekh evam sakshya
committee inspected Bhiwani Operating Office and
Gaziabad Operating Office. In these inspections, the
official language implementation in the company was
found to be satisfactory.

Four Hindi quarterly meetings were held in each quarter
during the year 2024-2025 at Head Office. Similarly,
meetings of the Official Language Implementation
Committee were held regularly in all the offices. In order
to promote the Hindi official language, motivate and
encourage the employees towards the official language
Hindi, Hindi fortnight was organized in the Head Office
from September 17, 2024 to September 30, 2024.

A total of 09 competitions were held during this period.
Similarly, Hindi day/Hindi fortnight was also organized at
each Regional Office/Operating Office. Employees were
awarded under the ongoing cash incentive scheme for
working in Hindi during the entire financial year.

In the year 2024-2025, the All India Hindi Conference
was held on 24-25 February, 2025 at Tirupati under the
Hyderabad Regional Office. Prizes were also given to
the Regional Offices for their best performance in the
conference. This year, two issues of the corporate house
magazine 'Arjan' were published, in which the employees
working in various offices of the company participated
through their articles. Along with this, its QR code was
also made available. Similarly, Hindi inhouse magazines
are also being published regularly from Regional Offices.
This year, on the occasion of International Women's
Day, a collection of poems “Srijana” dedicated to women
power was also published in e-magazine and audio
format. In this financial year, the Department of Official
Language received a total of 113 awards all over India.
On January 10, 2025 on the occasion of World Hindi Day,

a Webinar on subject Role of Information Technology
in Development of Hindi and Regional Languages was
organized for the employees of New India located in the
country and abroad.

More than 500 employees participated. A webinar on
the Role of Information Technology in the development
of Hindi and Regional Languages was organized on
March 17, 2025 for the member offices of the Town
Official Language Implementation Committee, Mumbai.
A large number of personnel are being trained in the
Hindi Training Scheme, Department of Official Language,
Ministry of Home Affairs, Government of India in Prabodh,
Praveen, Prajna and Parangat Training Programmes

The Department of Official Languages is constantly
striving to play an important role in the promotion of
Regional Languages along with Hindi.

? INTERNAL AUDIT

The Internal Audit department plays a crucial role in an
organization by providing independent and objective
based assurance designed to add value and improve
operations. It helps in evaluating and improving the
effectiveness of governance, risk management, and
internal control processes.

The Internal Audit vertical at Head Office has assisted in
enhancing the performance of Audit Compliance Cells at
various Regional Offices for expediting the resolution of
pending audit queries - both CAG and internal. At the end
of the financial year, the audit activities and observation
of Internal Audit department are consolidated in form of
Annual Report and informed to the Audit Committee and
the Board.

The Company through the Internal Audit Department has
been complying with the Prevention of Money Laundering
Act (PMLA) 2002 since it has been made applicable to
insurance companies w.e.f. 01.08.2006.

Internal Audit Department, H.O controls the expenses of
the company by preparing budget for revenue and capital
expenses.

Timely Audit clearances of the employees are given for
Retirees /VRS /Death/90% PF Withdrawal.

Audit department is also committed to digitalization
process. The department have implemented audit module
to conduct audit work and audit reports digitally & also to
focus on quicker resolution and compliance monitoring.
The department is also in process of Automating Audit
functions like Employee Clearance module, Budget
Review and Control process. The AML reports and
triggers are also being digitized for seamless integration
with Government entities.

The department is committed to continuous improvement
in our internal audit function. Internal Audit Vertical keeps
abreast of evolving regulatory requirements and industry
best practices. This allows the department to enhance

audit methodologies, adopt innovative technologies, and
leverage data analytics to provide valuable insights to the
organization.

? LEGAL & CONSUMER FORUM

The department's day to day working includes handling
of legal matters pertaining to Arbitration cases and
Consumer Fora cases/Supreme Court matters and Civil/
Commercial Suits arising out of suit claims other than T.P
Claims. The department's primary goal is effective and
efficient handling of such suit claims.

In adherence to the directives issued in the notification of
the recent IRDAI Regulations on Corporate Governance,
2024 (notified on 01/04/2024) and subsequent Master
Circular dated 22nd May, 2024, the department has
put in place a framework for review of awards wherein
the department diligently monitors the Awards given by
consumer forums for decisions on awards to be taken
within 30 days.

The department's settlement ratio has significantly
increased, demonstrating a substantial rise in the
number of cases settled in this financial year. An overall
settlement ratio of 28% and throughput ratio of 121% has
been achieved this year.

Settlement of the maximum number of cases through Lok
Adalat has always been a priority for the department. In
this regard, this year a total of 273 cases have been settled
through Lok Adalat. As each consumer case stands on
different merits on a case to case basis, achieving this
number of settlements represents a substantial success
this year. A new framework that has been introduced
in CWISS this year is for reviewing pending litigation,
wherein directives have been issued to Regional Offices
to thoroughly review consumer cases and categorize
them as fit or unfit for compromise settlement. This
framework enables the Suit Hubs to identify cases for
potential settlement, which can then be put before the
Legal Services Authorities or Regional Office Committees
for Compromise settlement.

To minimize the number of execution petitions filed
against the Company, the department has been working
closely in coordination with our Regional Offices offering
professional guidance to the Suit Hubs for effective
resolution of such cases.

In order to promote digitization and streamline operations,
daily notices received by the department are sent to the
respective Regional Offices (ROs) on an urgent basis.
Due care is taken to ensure these notices are promptly
attended to, with ROs specifically instructed to file Written
Statements (WS) within the specified time period. To
further expedite the process and save time, we have
been actively promoting electronic transfer of documents,
including the electronic filing of WS/defences before the
Court/Fora.

This year, the department implemented a new framework
to facilitate root cause analysis of consumer cases in
CWISS. This framework aims to identify deficiencies in
the claim handling process and service-related issues
impacting customer satisfaction. It is implemented with
an objective to promote internal departmental growth by
highlighting key areas requiring process improvements to
enhance customer satisfaction.

? VIGILANCE

The Vigilance Department is overseen by the Chief
Vigilance Officer and comprises two Chief Managers
along with Desk Officers who handle matters related to
various Regional Offices. Each Regional Office Vigilance
Officer reports directly to the Head Office Vigilance
Department.

The department is primarily focused on fostering a strong
vigilance culture, placing special emphasis on Preventive
Vigilance Mechanisms. This approach not only promotes
systemic improvements but also enhances standards
of Corporate Governance. A robust preventive vigilance
framework helps in cultivating an organizational culture
that supports excellence and integrity.

Preventive Vigilance Committees (PVC) at both the
Head Office and Regional Offices actively contribute to
raising awareness and promoting preventive vigilance.
Additionally, the Internal Advisory Committee plays a
crucial role in ensuring fairness in identifying vigilance
issues and in the timely resolution of Disciplinary
Proceedings.

The department carries out unannounced inspections
of offices. Findings from these surprise inspections are
shared with the respective Region-in-Charges, and any
observations requiring further vigilance investigation are
pursued accordingly.

During the year 2024-25, the department conducted
surprise inspections at 780 locations, including Large,
Medium and Small Business Offices, Corporate & Broker
Offices, Claim Hubs (Suit and Non-Suit), as well as RO/
TP/OD HUBs. Preventive Vigilance Workshops were
regularly organized at various offices and Head Office to
educate and sensitize employees about the significance
of vigilance in both public and personal spheres. These
sessions also led to actionable recommendations for
system enhancements.

Vigilance Awareness Week was observed from October
28 to November 3, 2024, with the theme “Culture of
Integrity for Nation's Prosperity.” A range of activities,
events, and competitions were held within and outside
the organization to spread awareness and encourage a
corruption-free and robust national ethos.

As part of the department's capacity-building initiatives,
training programs were organized on topics like ethics

and governance, organizational systems and procedures, cyber hygiene, and IT security. Sessions also covered CDA Rules,
underwriting safeguards, and internal checks and balances in accounts, conducted by various subject experts. Special
awareness drives were also held to educate employees about the provisions of the Public Interest Disclosure and Protection
of Informers (PIDPI) Resolution.

? PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXCESS OF
RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT
LAKH FIFTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR

TABLE OF REMUNERATION

S. No	Name of the employee	Service (In Yrs)	Designation	Remunera¬ tion	Qualification	Date of Joining	Age	Last employment held	Place
1	Mr James Day	42 Years	Chief Underwriter (Treaty business)	14397428	ACII	19.09.2011	62 Years	Brit Insurance	London
2	Mrs. Panna Shah	36 Years	Senior Accountant (Treaty business)	13550390	Book-Keeping	01.07.1993	70 years	P S J Alexander	London
3	Mr. James Baker	40 Years	Underwriter- Facultative	18774175	NA	01.09.2011	57 Years	Ecclestiastcical underwriting management	London
4	Mr. David Griffiths	37 Years	CEO, London	13256061	Bsc( Hons)	19.06.2023	49 Years	Funding options ltd.	London
5	Mr. Hemendra Swaroop	33Years and 8 Months	CHIEF EXECU¬ TIVE	13276153	B.TECH, FIII	12.09.1991	59 Years	Indo Gulf Fertiliz¬ ers & Chemicals Corp. Ltd.	London

?    SECRETARIAL STANDARDS

During FY 2024-25, the Company was compliant with the applicable Secretarial Standards issued by the Institute of Company
Secretaries of India with respect to Board and General Meetings.

?    SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There were significant penalties imposed on the Company under the applicable Acts during the period under review by
BSE and National Stock Exchange of India Limited under Regulation 17(1) of SEBI (LODR) for non-compliance with the
requirements pertaining to the composition of the Board including failure to appoint Independent director and maintain six
directors on the Board. The same are listed below:

BSE and NSE issued penalties for quarter ended 30th September, 2024 and quarter ended 31st December, 2024 for non¬
compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosures Requirements), 2015 pertaining to the
composition of the Board of Directors defaults on account of the following observations:

The New India Assurance Company Ltd does not have proper composition of the Board including non- appointment of
Independent Director.

The Company's point-wise to the replies were as follows:

The Directors on the Board are appointed by Government of India. After the cessation of 2 Independent Director from the
Board from 20th December, 2024 the composition of the Board is not as per SEBI (LODR), 2015 regulations.

The Company has approached the Exchanges to waive the penalties imposed.

?    EVALUATION OF BOARD COMMITTEES & DIRECTORS

The Evaluation criteria for evaluation of the Board, Directors and the Committees was approved by the Nomination and
Remuneration Committee. Subsequently, evaluation of the Board, Directors and the Committees were carried-out for FY
2024-25.

?    DIRECTORS AND OFFICERS INSURANCE

As per the requirements of Regulation 25(10) of the
Listing Regulations, the Company has taken “Directors
and Officers Insurance” for all its Directors.

?    AUDITORS RESPONSE TO REMARKS

The replies to the qualification made by the Auditors in
their report is attached as Annexure “A” to the Directors
Report.

?    SECRETARIAL AUDITORS

Pursuant to provisions of Section 204 of the Companies
Act 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014,
the Company had appointed M/s Ragini Chokshi & Co.
Practicing Company Secretary to conduct Secretarial
Audit. Report is annexed herewith as Annexure. There
are no qualifications, reservation, adverse remark or
disclaimer made by the auditor in the report save and
except for observations and disclaimer made by them in
discharge of their professional obligation.

?    INTERNAL FINANCIAL CONTROL AND ITS
ADEQUACY

The Board has adopted policies & procedures for ensuring
the orderly & efficient conduct of its business, including
adherence to the Company's policies, the safeguarding
of its assets, the prevention & detection of fraud, ever
reporting mechanisms, the accuracy and completeness
of the accounting records and the timely preparation of
reliable financial disclosures

?    IMPLEMENTATION OF INDIAN ACCOUNTING
STANDARD (IND AS)

Insurance Regulatory and Development Authority of India
vide their letter Ref No. 100/2/Ind AS-Mission Mode/2022-
23/1 dated 14th July, 2022, advised the insurers to set
up a Steering Committee to initiate the Implementation
process. The Company has accordingly constituted a
Steering Committee in FY 2022-23 comprising members
from cross functional areas such as Finance & Accounts,
Actuarial, Investment, Taxation, Information Technology
and Reinsurance to oversee the implementation of Ind AS.
Periodic meetings of the Steering Committee are being
held to review the progress made towards implementation,
Issues/ Challenges and course of action to mitigate the
same. The Steering Committee is also updating the Audit
Committee of the Board on the progress in preparedness
towards the Ind AS implementation process.

The Company has appointed a knowledge partner in FY
2023-24 who is assisting the Company in implementation
of Ind AS. The Steering Committee has detailed out phase
wise approach for implementation. Gap Assessment
(Phase I) has been completed in May 2024 and as a part
of Phase II, we have an on boarded technology partner

and are in the process of onboarding Implementation
Partner to assist in Ind AS convergence. We are working
on the gaps identified to address them within timelines.

?    RELATED PARTY TRANSACTIONS

The Company undertakes transactions with related
parties in the ordinary course of business. The details of
related party transactions are disclosed under Notes to
Financial Statements for FY 2024-25.

Board approved policy on Related Party Transactions is
uploaded on the website of the company in this link https://
www.newindia.co.in/cms/c443766f-0ecc48b9-94dc-
c62da7d3be37/Related%20Party%0Transaction%2.

?    REPORTING OF FRAUDS

Board approved policy on Related Party Transactions is
uploaded on the website of the Company.

? INSURANCE REGULATORY    AND
DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

The Company being an Insurance Company, its working
and functions are governed by the regulations of
Insurance Regulatory and Development Authority of India.
The Accounts of the Company are drawn up according
to the stipulations prescribed in the IRDA (preparation of
Financial Statements and Auditor's Report) Regulations
2002 and as amended from time to time.

?    CREDIT RATING

AM Best Company has affirmed the Financial Strength
Rating of B++(Good) (Stable Outlook) and Issuer Credit
Rating: bbb+ (Good)(Stable Outlook). CRISIL has
assigned its Corporate Credit Rating (CCR) of 'CCR AAA/
Stable' (Re-affirmed).

?    FOREIGN EXCHANGE EARNING & OUTGO &
INFORMATION

The particulars of Foreign Exchange earnings/outgo as
required by the Companies Act under Section 134(3)(m)
is given below:

Earnings: Rs. 718.08 Crores (Previous Year Rs. 829.57
Crores)

Outgo: Rs. 839.44 Crores (Previous Year Rs. 990.70
Crores)

Expenses on (a) Entertainment (b) Foreign tours
and (c) Publicity and Advertisement amounted to Rs.
72,62,407 (P.Y. Rs. 66,23,000), Rs. 2,48,08,645 (PY
Rs. 1,78,47,472) and Rs. 41,87,32,210.88 (PY Rs.
19,29,40,443) respectively.

?    DIVIDEND & DIVIDEND DISTIRBUTION
POLICY

In terms of Regulation 43A of Securities and Exchange
Board of India (Listing Obligations and Disclosure

Requirements) Regulations 2015 (“Listing Regulations”)
the Dividend Distribution Policy of the Company is
uploaded on Company's website and can be viewed at the
below mentioned link : https://www.newindia.co.in/cms/
c52d520f-6589-4772-bcc8-e214657297ec/Dividend%20
DistributionPolicy.pdf?guest=true

?    CONSOLIDATED FINANCIAL STATEMENTS

Provisions regarding Financial Statements are laid down
under Section 129 of the new Companies Act 2013. As
per the provision of Section 129 (2) of the said Act, at
every Annual General Meeting of a company, the Board
of Directors of the Company shall lay before such meeting
financial statements for the financial year. Section 129
(3) of the Companies Act 2013 provides that where a
company has one or more subsidiaries, it shall, in addition
to financial statements provided under sub-section (2) of
Section 129, prepare a Consolidated Financial Statement
of the company and of the subsidiaries in the same form
and manner as that of its own which shall also be laid
before the Annual General Meeting of the Company
along with the laying of its financial statements under Sub
Section (2) of Section 129.

The Company prepares Standalone Financial Statements
and Consolidated Statements which are available in the
Annual Report.

?    BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report
(BRSR) forms part of the Annual Report.

?    SHARE CAPITAL

The issued and paid-up equity share capital of the
Company as on March 31, 2025 is Rs. 824 crores. The
solvency margin position of the Company as at March
31, 2025 is 1.91 times as against the minimum solvency
margin requirement of 1.50 times as prescribed by IRDAI.

?    PARTICULARS OF LOANS, GUARANTEES
AND INVESTMENTS

The provisions of Section 186(4) of the Companies Act,
2013 (“the Act”) requiring disclosure in the financial
statements of full particulars of the loans given, investment
made or guarantee given or security provided and the
purpose for which the loan or guarantee or security is
proposed to be utilised by the recipient of the loan or
guarantee or security is not applicable to the Company.

?    INDEPENDENT DIRECTORS

All Independent Directors of the Company have given
declarations that they meet the criteria of Independence
as laid down under Section 149 (6) & (7) of the Act, the
Companies (Appointment and Qualification of Directors)
Rules, 2014 as amended from time to time and Regulation
16(1)(b) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations,2015(“Listing Regulations”).

All the Independent Directors of the Company have also
confirmed that they have complied with Schedule IV of
the Act and the Company's Code of Conduct for Directors
and Senior Management.

A certificate complying with Regulation 25(9) of SEBI
(Listing Obligations and Disclosure Requirements) issued
by the Practicing Company Secretary has been attached
as “Annexure”

Independent Directors Meeting of the Company was held
during the Financial Year.

?    DEPOSITS

During the year under review, the Company has not
accepted any deposits under Section 73 of the Act.

?    MAINTENANCE OF COST RECORDS

Being an Insurance Company, the Company is not
required to maintain cost records as specified by the
Central Government under Section 148(1) of the Act.

?    PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES

All the transactions with Related Parties were in the
ordinary course of business and on arm's length basis
and there were no material contracts or arrangement or
transactions entered with related parties during the FY
2024-25.

?    UNPAID/UNCLAIMED DIVIDEND

Pursuant to Section 124 & 125 of the Act read with the
Investor Education and Protection Fund (Accounting,
Audit, Transfer and Refund) Rules, 2016, the Company
transferred the unpaid and unclaimed amount of interim
dividend for the FY 2017-18 along with underlying shares
were transferred to the Investor Education and Protection
Fund in FY 2024-25.

?    CODE OF CONDUCT AS PRESCRIBED
UNDER THE SECURITIES AND EXCHANGE
BOARD OF INDIA (PROHIBITION OF INSIDER
TRADING) REGULATIONS,2015

In accordance with SEBI (Prohibition of Insider Trading)
Regulations, 2015 (“Insider Trading Regulations”), the
Company has in place a code of conduct to regulate,
monitor and report trading by its Designated Persons
(“the Insider Trading Code”) to the extent specified in
the Insider Trading Code of the Company. The Insider
Trading Code of the Company has been revised in line
with the amendments in the Insider Trading Regulations,
as amended from time to time.

The Company also has in place Code of Conduct to
Regulate, Monitor and Report Trading by Insiders which is
hosted on the website of the Company and can be viewed
at: https://www.newindia.co.in/cms/83cd316d-91ce-4783-
8322-2772fd6dc87/Code of Conduct.pdf?guest=true

?    CEO/CFO CERTIFICATION

Pursuant to Regulation 17(8) of the Listing Regulations,
Certification by the Managing Director & CEO and the
Chief Financial Officer of the Company on the financial
statements and the Internal Financial Controls relating to
financial reporting for FY 2024-25 has been obtained.

?    CORPORATE GOVERNANCE:

The Company is fully committed to following sound
corporate governance practices. The Company's Board
is constituted in compliance with Companies Act, 2013, in
accordance with SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 and IRDAI Corporate
Governance Regulations 2024. Our Board of Directors
comprises highly experienced and diverse professionals
who bring a wealth of expertise to the table. The Board
provides strategic guidance, oversees the implementation
of our business objectives and ensures compliance with
legal and regulatory requirements.

We place strong emphasis on ethical conduct and integrity
in all our business activities. Our Code of Conduct sets out
the standards of behavior expected from our employees,
directors, and business partners. We promote a culture
of transparency, honesty, and fairness, where ethical
decision-making is upheld and any potential conflicts of
interest are appropriately managed.

Board Committees and Oversight: To ensure effective
governance and oversight, we have established various
Board Committees, including Audit, Risk Management,
Nomination and Remuneration, and Corporate Social
Responsibility. These committees comprise independent
directors who provide specialized expertise and oversight
in key areas, ensuring rigorous scrutiny, accountability,
and compliance with regulatory requirements.

Transparency and Reporting: Transparency is a
cornerstone of our corporate governance practices. We
are committed to providing accurate and comprehensive
information to our stakeholders. Our annual reports,
financial statements, and other disclosures adhere to
applicable accounting standards, regulatory requirements,
and best practices. We continuously strive to enhance
the transparency and clarity of our reporting, enabling
stakeholders to make well-informed decisions.

The Board meets at regular intervals to review the
quarterly, financial, and operational and investment
performance of the Company. The company's philosophy
on corporate Governance lays strong emphasis on
transparency, accountability, and integrity. Corporate
governance is concerned with the establishment of
a system whereby the Directors are entrusted with
responsibilities and duties in relation to the direction of
corporate affairs. It is concerned with the accountability
of who are managing it. It is concerned with morals,
ethics, values, parameters, conduct and behavior of the
Company and its Management.

The Board functions either as an entity per se, or
through various committees constituted to oversee
specific operational areas. There is an appropriate mix
of Executive, Non-Executive and Independent Directors
to maintain the Independence of the Board. None of the
Directors are related to any other Directors or employees
of the Company.

? BOARD OF DIRECTORS:

The composition of the Board of Directors as on
31.03.2025

•    Ms. Girija Subramanian, Chairman-cum-Managing
Director

•    Ms. Smita Srivastava, Executive Director

•    Ms. Kasturi Sengupta, Executive Director

•    Dr. Parshant Kumar Goyal, Government Nominee
Director

•    Ms. Akani Devi, Independent Director

•    Mr. Nidhu Saxena, Independent Director

The Board underwent the following changes in its
composition since the date of the last Directors' Report,

i.e, 22nd May 2024

1.    Superannuation of Ms. Neerja Kapur as Chairman
cum Managing Director w.e.f 30th April, 2024.

2.    Appointment of Ms. Girija Subramanian as Chairman
cum Managing Director w.e.f 19th June, 2024

3.    Appointment of Dr. Parshant Kumar Goyal as
Government nominee Director w.e.f 16th August,
2024.

4.    Cessation of Ms. Mandakini Balodhi as Government
nominee Director w.e.f 16th August, 2024.

5.    Appointment of Mr. Nidhu Saxena as Non-Executive
Independent Director w.e.f 19th September, 2024

6.    Superannuation of Mr. Titus Francis Maliakkel as
Executive Director w.e.f 31st October, 2024.

7.    Cessation of Mr. Surender Kumar Agarwal as
Non-Executive Independent Director w.e.f 20th
December, 2024.

8.    Cessation of Mr. Ratan Kumar Das as Non-Executive
Independent Director w.e.f 20th December, 2024

9.    Appointment of Ms. Kasturi Sengupta as Executive
Director w.e.f 24th March, 2025.

The Board placed on record its thanks to Ms. Neerja
Kapur, Ms. Mandakini Balodhi, Mr. Titus Francis
Maliakkel, Mr. Surender Kumar Agarwal and Mr. Ratan
Kumar Das for their co-operation to the Board during their
tenure. The Board also extended its warm appreciation to
the Directors for their timely guidance and support to the
Board members.

? DETAILS OF BOARD OF DIRECTORS AS ON 31.03.2025

Name	Designation	Qualification	Field of Specializa- tion/Existing Skills/ Expertise/Compe- tence
Ms. Girija Subramanian1 DIN: 09196957	Chairman-cum-Managing Director	Graduate in Statistics, F.III, As¬ sociate member of the Chartered Insurance Institute, London	Insurance
Ms. Smita Srivastava DIN: 09250237	Executive Director	Graduate, AIII	Insurance
Ms. Kasturi Sengupta2 DIN:11017873	Executive Director	M.Sc., FIII	Insurance
Dr. Parshant Kumar Goyal3 DIN: 08652921	Government Nominee Director	MBBS	IAS
Ms. Akani Devi DIN:10110267	Woman Independent Di¬ rector	Triple MA in Political Science, M.Phil in Political Science	Teaching
Mr Nidhu Saxena4 DIN: 09691292	Independent Director	MBA, B.Com	Banking

¹Â Â Â Â Appointment of    Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

²Â Â Â Â Appointment of    Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

³.    Appointment of    Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

⁴.    Appointment of    Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

The Board meets at regular intervals to discuss and decide on business policy and strategy apart from other board businesses.
The Board of the Company met Twelve (12) times during the year under review 26th April 2024, 14th May 2024, 22nd May
2024, 25th June 2024, 26th July 2024, 08th August 2024, 07th October 2024, 30th October 2024, 11th December 2024, 27th
January 2025, 21st March 2025 and 25th March, 2025.

The maximum gap between any two Board meetings was less than one hundred and twenty days.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Listing Regulations and are
Independent of the management. There were no inter-se relationships between any of the Directors.

The names of the Directors, their attendance at Board Meetings during the year, attendance at the last AGM and the number
of other Directorships and Board Committee memberships/chairpersonships held by them on March 31, 2025 are set out in
the following tables:

Name of the Director	Board Meetings attended/held during the Financial Year	Attendance of last AGM, held on Tuesday, 24th September 2024
Ms. Neerja Kapur1	1/1	NA
Ms. Girija Subramanian2	9/9	Present
Mr. Titus Francis Maliakkel3	8/8	Present
Ms. Smita Srivastava	12/12	Present
Ms.. Kasturi Sengupta4	NA	NA
Ms. Mandakini Balodhi5	3/6	NA
Dr. Parshant Kumar Goyal6	5/6	Present
Ms. Akani Devi	12/12	Present
Mr. Nidhu Saxena7	3/6	Absent
Mr. Surender Kumar Agarwal8	9/9	Present
Mr. Ratan Kumar Das9	9/9	Present

Superannuation of Ms. Neerja Kapur as Chairman cum Managing Director w.e.f 30th April, 2024.

²Â Â Â Â Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024

³Â Â Â Â Superannuation of Mr. Titus Francis Maliakkel as Executive Director w.e.f 31st October, 2024.

⁴.    Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025.

⁵.    Cessation of Ms. Mandakini Balodhi as Government nominee Director w.e.f 16th August, 2024.

⁶.    Appointment of Dr. Parshant Kumar Goyal as Government nominee Director w.e.f 16th August, 2024.

⁷.    Appointment of Mr. Nidhu Saxena as Non-Executive Independent Director w.e.f 19th September, 2024

⁸.    Cessation of Mr. Surender Kumar Agarwal as Non-Executive Independent Director w.e.f 20th December, 2024.

⁹.    Cessation of Mr. Ratan Kumar Das as Non-Executive Independent Director w.e.f 20th December, 2024

Mr Sharad S Ramnarayanan, Appointed Actuary of the Company is a permanent invitee to the Board meetings.

BOARD MEETINGS

Designation In the Meeting Dated Meeting Dated Meeting Dated Meeting Dated Meeting Dated Meeting Dated
Name of the Director Nature of Directorship    _com³mittee/Board    26i04³2024    14i06³2024    22i06³2024    26i06³2024    26i07³2024    08i08³2024

Ms. Girija Subramanian    Cham^em ^Managing    Chairman    N.A.    N.A.    N.A.    Present    Present    Present

Ms. Neerja Kapur    PPPP    Na    PA    PA PA PA

Ms. Mandakini Balodhi    ^vemmentMommee    Member    Absent    Absent    Present    Present    Absent    Present

Director

Mr. Surender Kumar Agarwal    ^{Non -}    &    MmterOamanfor    Present    Present    Present    Present    Present    Present

Independent Director Meeting dtd. 14.05.2024

Mr. R.K. Das    ^{Non -}    &    Member    Present    Present    Present    Present    Present    Present

Independent Director

Mr. Titus Francis Maliakkel    Executive Director    M^em^ber/^Chairman for    P_reSe_n(    Present    Present    Present    Present    Present

Meeting dtd. 22.05.2024

Ms. Smita Srivastava    Executive Director    Member    Present    Present    Present    Present    Present    Present

Ms. Akani Devi    Independent Director    Member    Present    Present    Present    Present    Present    Present

Government Nominee

Dr. PK. Goyal    Member    N.A.    N.A.    N.A.    N.A.    N.A.

Director    N.A.

Mr. Nidhu Saxena    ^N.^{on -    Execu}_^tlve &    Member    N.A.    N.A.    N.A.    N.A.    N.A.    N.A.

Independent Director

BOARD MEETINGS							Â	Â
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2026	Meeting Dated 26.03.2026
Ms. Girija Subramanian	Chairman cum Managing Director	Chairman	Present	Present	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	N.A.	NA	N.A.	N.A.	N.A.	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member/Chairman for Meeting dtd. 14.05.2024	Present	Present	Present	N.A.	N.A.	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	N.A.	N.A.	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member /Chairman for Meeting dtd. 22.05.2024	Present	Present	N.A	N.A.	N.A.	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present	Present
Dr. PK. Goyal	Government Nominee Director	Member	Present	Present	Absent	Present	Present	Present
Mr. Nidhu Saxena	Non - Executive &	Member	Absent	Present	Present	Absent	Absent	Present

The details of “Directorships held in other companies” and “Chairpersonships/Memberships of Committees in other
companies” other than the Company as on March 31, 2025 are as follows:

Name of Director	No of other Directorships	Name of Indian listed Companies where he/she is Director		No of Committees of other Companies *
Â	**	Company	Category of Directorship	Member	Chairman
Ms. Girija Subramanian1 DIN: 09196957	1	GIC Housing Fi¬ nance	Non-Executive Director	0	0
Ms. Smita Srivastava DIN: 09250237	2	NA	NA	0	0
Ms. Kasturi Sengupta2 DIN: 11017873	1	NA	NA	0	0
Dr. Parshant Kumar Goyal3 DIN: 08652921	1	Canara Bank	Government Nominee Director	0	0
Ms. Akani Devi DIN: 10110267	0	NA	NA	0	0
Mr Nidhu Saxena4 DIN: 09691292	1	Bank of Maharashtra	MD- CEO	0	0

*    Memberships/Chairpersonships in Audit Committee and Stakeholders Relationship Committee of Indian public limited
companies; number of Memberships includes Chairpersonships.

** Directorship in private and foreign subsidiary company.

¹Â Â Â Â Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

²Â Â Â Â Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

³. Appointment of Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

⁴ Appointment of Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

In terms of Listing Regulations, the number of Committees (Audit Committee and Stakeholders Relationship Committee) of
public limited companies in which a Director is a member/ chairman/chairperson were within the limits prescribed under the
Listing Regulations, for all the Directors of the Company. The number of directorships of each Non-executive, Independent
Director is also within the limits prescribed under the Listing Regulations as amended from time to time.

The Board has identified the following skill sets with reference to its business and industry which are available with the Board
viz. Finance, Accountancy & Law, Administration, Corporate Governance, Corporate Planning and Strategy.

The Members of the Board of Directors of the Company has the necessary Skills/Expertise/Competence in the above-
mentioned areas.

Details of Equity Shares held by Non-Executive Directors as on March 31, 2025:

Nil

Recommendations of Mandatory Committees

During the year under review, all the recommendations made by the Committees of the Board mandatorily required to be
constituted by the Company under the Act, Listing Regulations and IRDAI Guidelines were accepted by the Board.

?    COMMITTEES OF THE BOARD:

The Board has constituted the following committees:

i.    Audit Committee

ii.    Investment Committee

iii.    Risk Management Committee

iv.    Protection & Grievance Redressal & Claims Monitoring Committee

v.    Nomination & Remuneration Committee

vi.    Corporate Social Responsibility Committee

vii.    Stakeholders Relationship Committee

viii.    Information Technology Committee

ix.    Board Sub-Committee (HR)

x.    Property Review Committee

The terms of reference, the composition along with the
number of meetings held during FY 2024-25 and the
attendance of the Committees of the Board are provided
below:

? AUDIT COMMITTEE:

Terms of Reference:

A. The role of the audit committee shall include the following:

1.    Oversight of the company's financial reporting process
and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and
credible;

2.    Recommendation for appointment, remuneration and
terms of appointment of auditors of the company;

3.    Approval of payment to statutory auditors for any other
services rendered by the statutory auditors;

4.    Reviewing, with the management, the annual financial
statements and auditor's report thereon before submission
to the board for approval, with particular reference to:

a.    Matters required to be included in the Director's
Responsibility Statement to be included in the
Board's report in terms of clause (c) of sub-section 3
of section 134 of the Companies Act, 2013

b.    Changes, if any, in accounting policies and practices
and reasons for the same.

c.    Major accounting entries involving estimates based
on the exercise of judgment by management

d.    Significant adjustments made in the financial
statements arising out of audit findings

e.    Compliance with listing and other legal requirements
relating to financial statements

f.    Disclosure of any related party transactions

g.    Qualifications/ modified opinion(s) in the draft audit
report

5.    Reviewing, with the management, the quarterly financial
statements before submission to the board for approval
including the financial statements, in particular, the
investments made by unlisted subsidiary(ies); ¹

making appropriate recommendations to the Board to
take up steps in this matter;

7.    Review and monitor the auditor's independence and
performance, and effectiveness of audit process;

8.    Approval or any subsequent modification of transactions
of the company with related parties;

9.    Scrutiny of inter-corporate loans and investments;

10.    Valuation of undertakings or assets of the company,
wherever it is necessary;

11.    Evaluation of internal financial controls and risk
management systems;

12.    Reviewing, with the management, performance of
statutory and internal auditors, adequacy of the internal
control systems;

13.    Reviewing the adequacy of internal audit function, if any,
including the structure of the internal audit department,
staffing and seniority of the official heading the department,
reporting structure coverage and frequency of internal
audit;

14.    Discussion with internal auditors of any significant findings
and follow up there on;

15.    Reviewing the findings of any internal investigations by
the internal auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems
of a material nature and reporting the matter to the board;

16.    Discussion with statutory auditors before the audit
commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;

17.    To look into the reasons for substantial defaults in
the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared
dividends) and creditors

18.    To review the functioning of the Whistle Blower
mechanism;

19.    Approval of appointment of CFO (i.e., the whole-time
Finance Director or any other person heading the finance
function or discharging that function) after assessing the
qualifications, experience and background, etc. of the
candidate;

20.    Carrying out any other function as is mentioned in the
terms of reference of the Audit Committee.

21.    To review the utilization of loans and/or advances from/
investment by the holding company in the subsidiary
exceeding rupees 100 crore or 10% of the asset size
of the subsidiary, whichever is lower including existing,
loans / advances / investments.

22.    To review Management discussion and analysis of
financial condition and results of operations;

23.    To review and approve Statement of significant related
party transactions (as defined by the Audit Committee),
submitted by management;

24.    To review Management letters / letters of internal control
weaknesses issued by the statutory auditors;

25.    To review Internal audit reports relating to internal control
weaknesses;

26.    To review the appointment, removal and terms of
remuneration of the Chief internal auditor.

27.    To review statement of deviations:

a.    quarterly statement of deviation(s) including report
of monitoring agency, if applicable, submitted to
stock exchange(s) in terms of Regulation 32(1) of
SEBI Listing Regulations, 2015.

b.    annual statement of funds utilized for purposes other
than those stated in the offer document/prospectus/
notice in terms of Regulation 32(7) of SEBI Listing
Regulations, 2015.

28.    To review compliance with the provisions of Regulation
9A of SEBI (Prohibition of Insider Trading) Regulations,
2015 at least once in a financial year and verify that
the systems for internal control are adequate and are
operating effectively.

B. The audit committee shall mandatorily review the following
information:

(1)    management discussion and analysis of financial
condition and results of operations;

(2)    management letters / letters of internal control weaknesses
issued by the statutory auditors;

(3)    internal audit reports relating to internal control
weaknesses;

(4)    t he appointment, removal and terms of remuneration of
the chief internal auditor shall be subject to review by the
audit committee.

(5)    statement of deviations:

(a)    quarterly statement of deviation(s) including report
of monitoring agency, if applicable, submitted to
stock exchange(s) in terms of Regulation 32(1).

(b)    annual statement of funds utilized for purposes other
than those stated in the offer document/prospectus/
notice in terms of Regulation 32(7).

The following additional terms shall be as    per

“Master Circular on Corporate Governance    for

Insurers, 2024” :

1.    The Audit Committee will oversee the efficient functioning
of the internal audit department and review its reports. The
Committee will additionally monitor the progress made in
rectification of irregularities and changes in processes
wherever deficiencies have come to notice.

independence of the external auditors shall be ensured
(although the approval of appointment, remuneration and
removal of the statutory auditors shall be done by the
shareholders at the general body meeting).

3.    The Audit Committee shall have the oversight on the
procedures and processes established to attend to
issues relating to maintenance of books of account,
administration procedures, transactions and other matters
having a bearing on the financial position of the insurer,
whether raised by the auditors or by any other person.

4.    The Audit Committee shall act as a “compliance”
Committee to discuss the level of compliance in the
insurer and any associated risks and to monitor and report
to the Board on any significant compliance breaches.

5.    Any additional work other than statutory/internal audit that
is entrusted to the auditor or any of its associated persons
or companies shall be specifically approved by the Audit
Committee keeping in mind the necessity to maintain the
independence and integrity of the audit relationship.

6.    All such other work entrusted to the auditor or its
associates shall be specifically disclosed in the Notes
to Accounts forming part of the annual accounts of the
insurer. However, it may be ensured that insurer comply
with Section 144 of the Companies Act before deciding to
provide any additional work to the Statutory Auditors.

Composition: In terms of provisions of the Act and Listing
Regulations, the Audit Committee comprises of Three

(3) Members, out of which three (2) are Independent
Directors and one (1) is Government Nominee Director.
The Audit Committee is chaired by Ms. Akani Devi (Non¬
Executive Independent Director) of the Company.

As per the Regulation, the Audit Committee is required to
meet at-least 4 times in a year and not more than 120 days
shall elapse between 2 meetings. The Audit Committee
met Nine (9) times on 26th April 2024, 22nd May 2024,
25th June 2024, 08th August 2024, 07th October 2024,
30th October 2024, 11th December 2024, 27th January
2025 and 21st March 2025.

Attendance of Members of the Audit Committee_:

Directors	Category	Number of Meetings Attended/Held
Ms. Akani Devi1	Independent Director	2/2
Dr. Parshant Kumar Goyal2	Government Nom¬ inee Director	4/5
Mr. Nidhu Saxena3	Independent Director	0/2
Mr Surender Kumar Agarwal4	Independent Director	7/7
Mr Ratan Kumar Das5 6	Independent Director	7/7
Ms Mandakini Balodhi1	Government Nom¬ inee Director	3/4

¹Â Â Â Â Ms. Akani Devi became chairman and member of the committee on 16th January, 2025

²Â Â Â Â Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024

³.    Mr. Nidhu Saxena became member of the committee on 16th January, 2025.

⁴ Mr. Surender Kumar Agarwal ceased to be member & chairman of the committee w.e.f 20th December, 2024.

⁵.    Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024.

⁶.    Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024.

AUDIT COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2026	Meeting dated 21.03.2025
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Chairman	Present	Present	Present	Present	Present	Present	Present	N.A.
Ms. Akani Devi	Non - Executive & Independent Director	Chairman wef 27.01.2025	N.A.							Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	Present	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	Absent	Present	Present	Present	N.A.	N.A.	N.A.	N.A.	N.A.
Dr. P.K. Goyal	Government Nominee Director	Member	N.A.				Present	Present	Absent	Present	Present
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	N.A.							Absent	Absent

? INVESTMENT COMMITTEE:

Terms of Reference:

1.    Overseeing the implementation of the investment policy
approved by our Board from time to time;

2.    Reviewing the investment policy;

3.    Periodical updating to our Board with regard to investment
activities of the Company;

4.    Reviewing the investment strategies adopted from time to
time and giving suitable directions as needed in the best
interest of the Company;

5.    Reviewing the broker policy and making suitable
amendments from time to time;

6.    Reviewing counter party/intermediary exposure norms;

7.    Supervising the asset allocation strategy to ensure
financial liquidity, security and diversification through
liquidity contingency plan and asset liability management
policy; ⁷

9. Reviewing the stewardship policy of the Company.

The following additional terms shall be as per “Master
Circular on Corporate Governance for Insurers,
2024”:

1.    The Committee shall formulate an effective
reporting system to ensure compliance with the
policy set out by it apart from Internal /Concurrent
Audit mechanisms for a sustained and on- going
monitoring of Investment Operations.

2.    For assessment of credit risk and market risk, the
members of the Committee should not be influenced
only by the credit rating. The committee should
independently review their investment decisions
and ensure that support by the internal due diligence
process is an input in making appropriate investment
decisions.

3.    The Committee shall approve the Standard
Operating Procedures (SOPs) of Investment
Operations of the insurer.

Composition: In terms of Corporate Governance
Guidelines issued by IRDAI, the Investment Committee
comprises of Seven (7) members, out of which one is the
Chairman-cum-Managing Director, one is the Independent
Directors, one is the Government Nominee Director, one

is the Chief Investment Officer, Chief Financial Officer,
Appointed Actuary & Chief Risk Officer each.

The composition of the Investment Committee is given
below along with the attendance of the members. The
Investment Committee met Seven (7) times during the
year under review on 26th April 2024, 22nd May 2024,
08th August 2024, 30th October 2024, 11th December
2024, 27th January 2025 and 21st March 2025.

Attendance of the Members of the Investment

Paiti mit+oo

Directors	Category	Number of Meetings Attended/Held
Ms. Girija Subramanian1	Chairman - cum- Managing Director	5/5
Dr. Parshant Kumar Goyal2	Government Nominee Director	2/2
Ms. Akani Devi	Independent Director	7/7
Mr Sharad S Ramna- rayanan	Member	7/7
Mr. Vimal Kumar Jain3	Member	6/6
Mr. Pooran Kumar Tulsiani4	Member	6/6
Ms Neerja Kapur5	Chair- man-cum-Man- aging Director	1/1
Mr Titus Francis Ma¬ liakkel6	Executive Director	4/4
Ms. Smita Srivastava7	Executive Director	1/1
Mr Surender Kumar Agarwal7	Independent Director	5/5
Mr Ratan Kumar Das9	Independent Director	5/5
Mr Amit Misra10	Member	2/2
Ms. Anjana Saxena11	Member	1/1
Mr. C. S. Ayyappan12	Member	5/5

^I    Ms. Girija Subramanian became member and chairman
of the committee on 25th June, 2024

².    Dr. Parshant Kumar Goyal became member of the
committee on 16th January, 2025

³.    Mr. Vimal Kumar Jain became member of the committee
from 17th May, 2024

^4.    Mr. Pooran Kumar Tulsiani became member of the
committee from 17th May, 2024

⁵.    Ms. Neerja Kapur ceased to be chairman of the committee
w.e.f 30th April, 2024

⁶.    Mr. Titus F Maliakkel ceased to be member w.e.f 31st
October, 2024

⁷.    Ms. Smita Srivastava became member & chairman of the
committee on 14th May, 2024 and ceased to be member
& chairman w.e.f 25th June, 2024

⁸ Mr. Surender Kumar Agarwal ceased to be member of the
committee w.e.f 20th December, 2024.

⁹.    Mr. Ratan Kumar Das ceased to be member of the
committee w.e.f 20th December, 2024.

¹⁰.    Mr. Amit Misra ceased to be member w.e.f 25th June,
2024.

^II    Ms. Anjana Saxena ceased to be member w.e.f 14th May,
2024

¹². Mr. C. S. Ayyapan became member of the committee
on 25th June, 2024 and ceased to be a member of the
committee w.e.f 21st March, 2025.

Investment Committee
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 08.08.2024	eeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025
Ms. Girija Subramanian	Chairman- cum-Managing Director	Chairman	N.A.		Present	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman- cum-Managing Director	Chairman	Present	N.A.
Ms. Smita Srivastava	Executive Director	Chairman	N.A.	Present	N.A.
Mr. Sharad S. Ramnarayanan	Appointed Actuary	Member	Present	Present	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Chief Financial Officer	Member	Present	Present	Present	Present	N.A.
Mr. C.S. Ayyappan	Chief Risk Officer	Member	N.A.		Present	Present	Present	Present	Present
Mr. Amit Misra	Chief Risk Officer	Member	Present	Present	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.
Ms. Anjana Saxena	Chief Investment Officer	Member	Present	N.A.
Mr. Pooran Kumar Tulsiani	Chief Investment Officer	Member	N.A.	Present	Present	Present	Present	Present	Present
Mr. Vimal Kumar Jain	Chief Financial Officer	Member	N.A.	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	Present
Dr.P.K. Goyal	Government Nominee Director	Member	N.A.					Present	Present

? RISK MANAGEMENT COMMITTEE:

Terms of Reference:

1. To formulate a detailed risk management policy which shall include:

(a)    A framework for identification of internal and external risks specifically faced by the listed entity, in particular including
financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any
other risk as may be determined by the Committee.

(b)    Measures for risk mitigation including systems and processes for internal control of identified risks.

(c)    Business continuity plan.

(2) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with
the business of the Company;

(3)    To monitor and oversee implementation of the risk
management policy, including evaluating the adequacy of
risk management systems;

(4)    To periodically review the risk management policy, at least
once in two years, including by considering the changing
industry dynamics and evolving complexity;

(5)    To keep the board of directors informed about the nature
and content of its discussions, recommendations and
actions to be taken;

(6)    The appointment and removal cessation of the Chief
Risk Officer (if any) shall be subject to review by the Risk
Management Committee.

(7)    The Risk Management Committee shall coordinate its
activities with other committees, in instances where there
is any overlap with activities of such committees, as per
the framework laid down by the board of directors.

(8) . To carry out any other function, if any, as prescribed in the

terms of reference of the Risk Management Committee
and any other terms of reference as may be decided by
the Board and/or specified/provided under the Securities
and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as
amended, or by any other regulatory authority.

The following additional terms shall be as per “Master Circular
on Corporate Governance for Insurers, 2024”:

1. Asset Liability Management (ALM)

(i)    ALM is an ongoing process of formulating,
implementing, monitoring and revising strategies
related to assets and liabilities to achieve an
organization's financial objectives, given the
organization's risk appetite, risk tolerances and
business profile.

(ii)    ALM lays down the framework to ensure that the
insurer invests in a manner which would enable it to
meet its cash flow needs and capital requirements
at a future date to mitigate liquidity risk and solvency
stipulations.

(iii)    The functions of the Risk Management Committee
in respect of ALM shall include:

(a)    Setting the insurer's risk/reward objectives
and assessing policyholder expectations.

(b)    Quantifying the level of risk exposure (eg.
market, credit and liquidity) and assessing
the expected rewards and costs associated
with the risk exposure.

(c)    Formulating and implementing optimal
ALM strategies and meeting risk-reward
objectives at both product and enterprise
level.

(d)    Ensuring that liabilities are backed by
appropriate assets and manage mismatches

between assets and liabilities to ensure
they remain within acceptable monitored
tolerances for liquidity, solvency and the risk
profile of the entity.

(e)    Monitoring risk exposures at periodic
intervals and revising ALM strategies
where required. Reviewing, approving
and monitoring14 systems, controls and
reporting used to manage balance sheet
risks including any mitigation strategies.

(f)    Regular review and monitoring of mismatch
between assets and liabilities and the
acceptable tolerance limits for mismatch, if
any.

(g)    Ensuring that management and valuation
of all assets and liabilities comply with
standards, prevailing legislation and internal
and external reporting requirements.

(h)    Submitting the ALM information before the
Board at periodic intervals. Annual review of
strategic asset allocation.

(i)    Reviewing key    methodologies    and

assumptions including actuarial assumptions,
used to value assets and liabilities

(j)    Managing capital requirements at the
insurer level using the regulatory solvency
requirements

(k)    Reviewing, approving and monitoring capital
plans and related decisions over capital
transactions (e.g. dividend payments,
acquisitions, disposals, etc).

2. Reviewing the reinvestment decisions of matured
investments considering the duration of liabilities.

Composition: In terms of the provisions of the Act, the
Risk Management Committee shall have minimum three
members with majority of them being members of the
board of Directors, including at least One Independent
Director. The quorum for a meeting of the Risk
Management Committee shall be either two members
or one third of the members of the committee, whichever
is higher, including at-least one member of the board of
Directors in attendance.

The meetings of the Risk Management Committee shall
be conducted in such a manner that on a continuous
basis not more than one hundred and eighty days shall
elapse between any two consecutive meetings.

The Risk Management Committee met six (6) times during
the year under review on 26th April 2024, 22nd May 2024,
26th July 2024, 07th October 2024, 30th October 2024
and 21st March 2025.

Attendance of Members of the Risk Management
Committee:

Directors	Category	Number of Meetings At- tended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	4/4
Mr. Nidhu Sax¬ ena2	Independent Director	0/1
Dr. Parshant Kumar Goyal3	Government Nominee Director	1/1
Ms. Smita Srivastava	Executive Director	6/6
Ms. Akani Devi	Independent Director	6/6
Mr. Sharad S. Ramnarayanan4	Member	5/5
Mr. Vimal Kumar Jain5	Member	5/5
Mr. C. S. Ayyappan6	Member	4/4
Ms Neerja Kapur7	Chairman-cum-Man- aging Director	1/1
Mr Surender Kumar Agarwal8	Independent Director	5/5
Mr Ratan Kumar Das9	Independent Director	5/5
Mr Titus Francis Maliakkel10	Executive Director	5/5
Mr. Amit Misra11	Member	1/1

1.    Ms. Girija Subramanian became member of the committee
on 25th June, 2024

2.    Mr. Nidhu Saxena became member & chairman of the
committee on 16th January,.2025

3.    Dr. Parshant Kumar Goyal became member of the
committee on 16th January, 2025

4.    Mr. Sharad S. Ramnarayanan became member of the
committee on 14th May, 2024

5.    Mr. Vimal Kumar Jain became member of the committee
on 17th May, 2024

6.    Mr. C. S. Ayyappan became member of the committee
on 25th June, 2024 and ceased to be member w.e.f 21st
March, 2025

7.    Ms. Neerja Kapur ceased to be member & chairman of the
committee w.e.f 30th April , 2024

8.    Mr. Surender Kumar Agarwal ceased to be member w.e.f
20th December, 2024

9.    Mr. Ratan Kumar Das became chairman of the committee
on 14th May, 2024 and ceased to be chairman & member
of the committee w.e.f 20th December, 2024

10.    Mr. Titus Francis Maliakkel ceased to be member of the
committee w.e.f 31st October, 2024

11.    Mr. Amit Misra became member of the committee on 14th
May, 2024 and ceased to be member on 25th June,2024

RISK MANAGEMENT COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 26.07.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Mr. R.K. Das	Non - Executive & Independent Director	Member & Chairman wef 22.05.2024	Present	Present	Present	Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.		Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.

 

Ms. Akani Devi	Independent Director	Member / Chairman for meeting dtd. 21.03.2025	Present	Present	Present	Present	Present	Present
Mr. Vimal Kumar Jain	Chief Financial Officer	Member	N.A.	Present	Present	Present	Present	Present
Mr. Amit Misra	Chief Risk Officer	Member	N.A.	Present	N.A.
Mr. C.S. Ayyappan	Chief Risk Officer	Member	N.A.		Present	Present	Present	Present
Mr. Sharad Ramnarayanan	Appointed Actuary	Member	N.A.	Present	Present	Present	Present	Present
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	N.A.					Absent
DR. PK. Goyal	Government Nominee Director	Member	N.A.					Present

 

? POLICYHOLDERS PROTECTION &
GRIEVANCE REDRESSAL & CLAIMS
MONITORING COMMITTEE:

Terms of Reference:

The following terms shall be as per “Master Circular on

Corporate Governance for Insurers, 2024” :

1. The functions and responsibilities of the PPGR&CM

Committee, at the minimum, is to:

a) Adopt standard operating procedures to treat the
customer fairly including time frames for policy
and claims servicing parameters and monitoring
implementation thereof.

(b)    Establish effective mechanism to address complaints
and grievances of policyholders including mis-selling
by intermediaries.

(c)    Put in place a framework for review of awards given
by Insurance Ombudsman/Consumer Forums.
Analyse the root cause of customer complaints,
identify market conduct issues and advise the
management appropriately about rectifying systemic
issues, if any.

(d)    Review all the awards given by Insurance
Ombudsman/Consumer Forums remaining
unimplemented for more than Thirty (30) days with
reasons therefor and report the same to the Board
for initiating remedial action, where necessary.

(e)    Review the measures and take steps to reduce
customer complaints at periodic intervals.

(f)    Ensure compliance with the statutory requirements
as laid down in the regulatory framework.

(g)    Provide details of grievances at periodic intervals in
such formats as may be prescribed by the Authority.

(h)    Ensure that details of insurance ombudsmen are

provided to the policyholders.

(i)    Ensure that there is a Grievance Redressal officer
in place who shall be responsible for grievance
redressal and whose details are shall be made
available at the website.

(j)    Review of Claims Report, including status of
Outstanding Claims with ageing of outstanding
claims.

(k)    Review Repudiated claims with analysis of reasons.

(l)    Review status of settlement of other customer
benefit pay-outs like Surrenders, Loan, Partial
withdrawal requests etc.

(m)    Review the settlement of unclaimed amounts on
quarterly basis, including the number and amounts
of claims. Also, review the steps taken to reduce
unclaimed amounts by identifying policyholders
or beneficiaries and creating awareness in
accordance with the Standard operating
procedure/policy approved by the committee.

(n)    The Board shall review the status report on
policyholders' protection issues, submitted by the
Committee, in each of its meeting.

Composition: In terms of Corporate Governance
Guidelines issued by IRDAI, the Policyholders Protection
& Grievance Redressal & Claims Monitoring Committee
comprises of five (5) Members, out of which two (2) are
Non-Executive Independent Directors, one (1) is Whole¬
Time Director, one (1) is Executive Directors and one (1) is
Policyholder Representative. The committee is chaired by
Mr. Nidhu Saxena, Non- Executive Independent Director.
The Policyholders Protection Committee met six (6) times
during the year under review on 22nd May 2024, 25th
June 2024, 08th August 2024, 30th October 2024, 27th
January 2025 and 21st March 2025.

Attendance of Members of the Policyholders Protection &
Grievance Redressal & Claims Monitoring Committee:

Directors	Category	Number of Meetings Attended/ Held
Mr. Nidhu Saxena1	Independent Director	0/2
Ms. Girija Subrama¬ nian2	Chairman-cum- Man¬ aging Director	4/4
Ms. Akani Devi3	Independent Director	2/2
Ms Smita Srivas- tava	Executive Director	6/6
Mr Surinder Kumar Kanwar	Policyholder Repre¬ sentative	6/6
Ms Neerja Kapur4	Chairman-cum-Man- aging Director	NA
Mr Surender Kumar Agarwal5	Independent Director	4/4
Mr Ratan Kumar Das6	Independent Director	4/4
Mr Titus Francis Maliakkel7	Executive Director	4/4

Mr. Nidhu Saxena became member and chairman of the
committee on 16th January, 2025

2

Ms. Girija Subramanian became member of the committee
on 25th June 2024

3

Ms. Akani Devi became member of the committee on 16th
January, 2025

4

Ms. Neerja Kapur ceased to be member of the committee
w.e.f 30th April, 2024

5

Mr. Surender Kumar Agarwal ceased to be chairman &
member of the committee w.e.f 20th December, 2024

⁶. Mr. Ratan Kumar Das ceased to be member of the
committee w.e.f 20th December, 2024

⁷ Mr. Titus Francis Maliakkel ceased to be member of the
committee w.e.f 31st October, 2024

POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 22.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025
Ms. Akani Devi	Non-Executive Independent Director	Chairman wef 27.01.2025	N.A.				Present	Present
Mr. Nidhu Saxena	Non-Executive Independent Director	Member	N.A.				Absent	Absent
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Chairman	Present	Present	Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.		Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. Surinder Kumar Kanwar	Policyholder Representative	Member	Resent	Present	Present	Present	Present	Present
Mr.Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present

? NOMINATION & REMUNERATION COMMITTEE:

Terms of Reference:

(1)    formulation of the criteria for determining qualifications,
positive attributes and independence of a director and
recommend to the board of directors a policy relating
to, the remuneration of the directors, key managerial
personnel and other employees;

(1A). For every appointment of an independent director,
the Nomination and Remuneration Committee
shall evaluate the balance of skills, knowledge
and experience on the Board and on the basis
of such evaluation, prepare a description of the
role and capabilities required of an independent
director. The person recommended to the Board for
appointment as an independent director shall have
the capabilities identified in such description. For
the purpose of identifying suitable candidates, the
Committee may:

a.    use the services of an external agency, if
required ;

b.    consider candidates from a wide range of
backgrounds, having due regard to diversity;
and

c.    consider the time commitments of the
candidates.

(2)    formulation of criteria for evaluation of performance of
independent directors and the board of directors;

(3)    devising a policy on diversity of board of directors;

(4)    identifying persons who are qualified to become directors
and who may be appointed in senior management in
accordance with the criteria laid down, and recommend
to the board of directors their appointment and removal.

(5)    whether to extend or continue the term of appointment
of the independent director, on the basis of the report of
performance evaluation of independent directors.

(6)    fecommend to the board, all remuneration, in whatever
form, payable to senior management.

The following additional terms shall be as per “Master Circular

on Corporate Governance for Insurers, 2024” :

1. The Nomination and Remuneration Committee shall
scrutinize the declarations of intending applicants before
the appointment/ reappointment/ election of directors by
the shareholders at the General Meetings.

I n case of insurers, where the appointment of Directors
and KMPs is governed by the specific acts/rules/
regulations/instructions of the Government of India, such
insurers shall comply with the same.

Composition: In terms of provisions of the Act and
Listing Regulations the NRC Committee shall constitute
of atleast 3 Directors. All shall be non-executive Directors
and at least 50% shall be independent Directors. In case

of entity having outstanding SR Equity shares, it shall
consist of 2/3rd Independent Directors. The Chairperson
of the Committee shall be Independent Director. The
Chairperson of Listed Entity whether Executive or non¬
executive can be member but can't be Chairperson of this
Committee.

In terms of provisions of the Act and Listing Regulations,
the Board Nomination and Remuneration Committee
comprises of three (3) Members, out of which two (2)
are Non-Executive Independent Director, one (1) is
Government Nominee Director. The Board Nomination
and Remuneration Committee is chaired by Ms. Akani Devi,
Non-Executive Independent Director. The composition of
the Board Nomination and Remuneration Committee is
given below along with the attendance of the Members.
The Board Nomination and Remuneration Committee met
seven (7) times during the year under review on 14th May
2024, 25th June 2024, 08th August 2024, 30th October
2024, 27th January 2025, 21st March 2025 and 25th
March 2025.

Attendance of Members of the Nomination &
Remuneration Committee_:

Directors	Category	Number of Meetings Attended/Held
Ms Akani Devi1	Independent Director	7/7
Dr. Parshant Kumar Goyal2	Government Nominee Director	4/4
Mr. Nidhu Saxena3	Independent Director	1/3
Mr. Ratan Kumar Das4	Independent Director	4/4
Mr. Surender Ku¬ mar Agarwal5	Independent Director	4/4
Ms Mandakini Balodhi6	Government Nomi¬ nee Director	1/3

1.    Ms. Akani Devi became chairman of the committee on
16th January,.2025

2.    Dr. Parshant Kumar Goyal became member of the
committee on 05th September, 2024

3.    Mr. Nidhu Saxena became member of the committee on
16th January,.2025

4.    Mr. Ratan Kumar Das ceased to be chairman & member
of the committee w.e.f 20th December, 2024

5.    Mr. Surender Kumar Agarwal ceased to be member of the
committee w.e.f 20th December, 2024

6.    Ms. Mandakini Balodhi ceased to be member of the
committee w.e.f 16th August, 2024.

NOMINATION & REMUNERATION COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 14.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025	Meeting Dated 25.03.2025
Ms. Akani Devi	Independent Director	Member / Chairman wef 27.01.2025	Present	Present	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Chairman	Present	Present	Present	Present	N.A.		N.A.
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.		N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	Absent	Absent	Present	N.A.	N.A.		N.A.
Mr. P.K. Goyal	Government Nominee Director	Member	N.A.			Present	Present	Present	Present
Mr. Nidhu Saxena	Non-Executive Independent Director	Member	N.A.				Absent	Absent	Present

 

? CORPORATE SOCIAL RESPONSIBILITY
COMMITTEE:

Terms of Reference:

1.    To formulate and recommend to the Board, a Corporate
Social Responsibility Policy (CSR Policy), which shall
indicate a list of CSR projects or programs which a
Company plans to undertake falling within the purview of
the Schedule VII of the Companies Act, 2013, as may be
amended.

2.    To recommend the amount of expenditure to be incurred
on each of the activities to be undertaken by the Company,
while ensuring that it does not include any expenditure on
an item not in conformity or not in line with activities which
fall within the purview of Schedule VII of the Companies
Act, 2013.

3.    To approve the Annual Report on CSR activities to be
included in the Director's Report forming part of the
Company's Annual Report and Attribute reasons for short
comings in incurring expenditures.

4.    To monitor the CSR policy of the Company from time to
time.

5.    To institute a transparent monitoring mechanism for
implementation of the CSR Projects or programs or
activities under taken by the Company.

6.    The CSR Committee shall formulate and recommend to
the Board, an annual action plan in cpursuance of its CSR
policy.

7.    To oversee and monitor Sustainability activities including
ESG and BRSR initiatives undertaken by the Company,
related disclosures, review its performance thereon and
advice on related matters.

8.    To review and monitor matters related to Sustainability
such as the ESG Report Business Responsibility and
Sustainability Report (BRSR), Policy on Environment

Mananpmpnt

Composition: As per Section 135 of the Companies Act,
2013, the Corporate Social Responsibility Committee
of the Board shall comprise of 3 or more Directors, out
of which 1 Director shall be Independent Director. The
Committee met eight (8) times during the year on 26th
April 2024, 22nd May 2024, 08th August 2024, 07th
October 2024, 30th October 2024, 11th December 2024,
27th January 2025 and 21st March 2025. The names of
the Directors and their attendance at Meetings during
the year are set out in the following table: In terms of
provisions of the Act, CSR Committee comprises of four

(4) Members, out of which, one (1) is CMD, one (1) is
Non-Executive Independent Director, one (1) is Executive
Director and one (1) is Government Nominee Director.
The composition of CSR Committee is given below along
with the attendance of the Members.

Directors	Category	Number of Meetings Attended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	6/6
Ms Smita Srivas- tava	Executive Director	8/8
Dr. Parshant Kumar Goyal2	Government Nominee Director	2/2
Ms Akani Devi	Independent Director	8/8
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1
Mr. Titus Francis Maliakkel4	Executive Director	1/1
Mr Surender Kumar Agarwal5	Independent Director	6/6
Mr Ratan Kumar Das6	Independent Director	6/6

1.    Ms. Girija Subramanian became member of the committee on 25th June, 2024.

2.    Dr. Parshant Kumar Goyal became member of the committee on 16th January, 2025

3.    Ms. Neerja Kapur ceased to be chairman & member of the committee w.e.f 30th April, 2024

4.    Mr. Titus Francis Maliakkel became chairman & member of the committee on 14th May, 2024 and ceased to be chairman &
member of the committee w.e.f 25th June, 2024.

5.    Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024

6.    Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 08.08.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2026	Meeting Dated 21.03.2025
Ms. Girija Subramanian	Chairman cum Managing Director	Chairman	N.A.		Present	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Chairman wef 22.05.2024	N.A.	Present	N.A.
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present	Present	Present	Present
Dr. P.K. Goyal	Government Nominee Director	Member	N.A.						Present	Present

? STAKEHOLDERS RELATIONSHIP COMMITTEE:

Terms of Reference:

1.    The Committee shall consider and resolve the grievances
of the security holders of the listed entity including
complaints related to transfer of shares, non-receipt of
annual report and non-receipt of declared dividends.

2.    I nvestigating complaints relating to allotment of shares,
approval of transfer or transmission of shares, debentures
or any other securities;

3.    Listing of securities on the stock exchanges and
redemption of securities;

4.    To review shareholding pattern of the Company;

5.    Allotment of shares and securities, approval of transfer
or transmission of shares, debentures or any other
securities;

6.    Approve consolidation, split/sub-division of share
certificates, transfer of shares, transmission of shares,
issue of duplicate share certificates, rematerialization of
shares, etc.

7.    Review of measures taken for effective exercise of voting
rights by shareholders.

8.    Review of adherence to the service standards adopted
by the listed entity in respect of various services being
rendered by the Registrar & Share Transfer Agent.

9.    Review of the various measures and initiatives taken by
the Company for reducing the quantum of unclaimed
dividends and ensuring timely receipt of dividend warrants/
annual reports/statutory notices by the shareholders of
the company.

10.    To appoint/remove Registrars and Transfer Agents;

11.    Review and take on record the internal audit reports of the
Registrar and Transfer Agents, if any, from time to time.

12.    Carrying out any other function as may be decided by
the Board or prescribed under the Companies Act, 2013,
SEBI (LODR) 2015, or by any other regulatory authority.

Composition: In terms of provisions of the Act and
Listing Regulations, the Stakeholders Relationship
Committee comprises of four (4) Members, out of which
one (1) is Non- Executive Independent Director, one
(1) is a Chairman cum Managing Director, one (1) is
Executive Director and one (1) is Government Nominee
Director. The Stakeholders Relationship Committee
is chaired by Dr. Parshant Kumar Goyal, Government

Nominee Director of the Company. The composition
of the Stakeholders Relationship Committee is given
below along with the attendance of the Members. The
Stakeholders Relationship Committee met five (5) times
during the year under review on 26th April 2024, 22nd
May 2024, 08th August 2024, 30th October 2024 and 21st
March 2025.

Attendance of Members of the Stakeholders
Relationship Committee:

Directors	Category	Number of Meetings Attended/Held
Dr. Parshant Kumar Goyal1	Government Nominee Director	1/1
Ms. Girija Subramanian2	Chairman-cum- Managing Director	3/3
Ms. Smita Srivastava	Executive Director	5/5
Ms. Akani Devi	Independent Director	5/5
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1

Mr. Ratan Kumar	Non-Executive	4/4
Das4	Independent Director	Â
Mr. Surender	Non-Executive	4/4
Kumar Agarwal5	Independent Director	Â
Mr. Titus Francis Maliakkel6	Executive Director	2/2

¹Â Dr. Parshant Kumar Goyal became member & chairman
of the committee on 16th January, 2025

².    Ms. Girija Subramanian became member of the committee
on 25th June, 2024.

³.    Ms. Neerja Kapur ceased to be member of the committee
w.e.f 30th April, 2024

^4.    Mr. Ratan Kumar Das ceased to be chairman & member
of the committee w.e.f 20th December, 2024

⁵.    Mr. Surender Kumar Agarwal ceased to be member of the
committee w.e.f 20th December, 2024

^6.    Mr. Titus Francis Maliakkel ceased to be member of the
committee w.e.f 25th June, 2024.

During the year, the Company/its Registrar received the following complaints from SEBI/Stock Exchanges/Depositories
which were resolved within the time frame laid down by SEBI:

 

Sr No	Particulars	No
1	No. of Investors complaints pending as on 01.04.2024	0
2	No. of Investors complaints received during 01.04.2024 to 31.3.2025	1
3	No. of Investors complaints disposed during 01.04.2024 to 31.03.2025	1
4	No. of Investors complaints those remained unsolved as on 31.3.2025	0

Mr. Abhishek Pagaria, Company Secretary acts as the Compliance Officer of the Company.

 

STAKEHOLDERS RELATIONSHIP COMMITTEE							Â
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Mr. R.K. Das	Non - Executive & Independent Director	Chairman	Present	Present	Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.		Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Member	Present	N.A.			Â
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present

 

Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present
Dr. P.K. Goyal	Government Nominee Director	Member	N.A.				Present

 

? INFORMATION TECHNOLOGY COMMITTEE:

Terms of Reference:

Evaluation of various IT proposals and after perusal
recommending the same to the board for approval.

Composition: The Committee members are - one (1) Non¬
Executive Independent Director, one (1) Chairman cum
Managing Director, one (1) Executive Director and one (1)
Government Nominee Director. The names of the Directors
and their attendance at Meetings during the year are set out
in the following table. The Committee met five (5) times in the
year on 26th April 2024, 26th July 2024, 07th October 2024,
30th October 2024 and 21st March 2025.

Attendance of Members of the Information Technology

Directors	Category	Number of Meetings Attended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	4/4
Ms. Smita Srivastava	Executive Director	5/5
Dr. Parshant Kumar Goyal2	Government Nominee Director	1/1
Ms. Akani Devi	Independent Di¬ rector	5/5
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1

Directors	Category	Number of Meetings Attended/Held
Mr. Ratan Kumar	Non-Executive	4/4
Das4	Independent Director	Â
Mr. Surender	Non-Executive	4/4
Kumar Agarwal5	Independent Director	Â
Mr. Titus Francis Maliakkel6	Executive Director	1/1

^1.    Ms. Girija Subramanian became member & chairman of
the committee on 25th June, 2024

^2.    Dr. Parshant Kumar Goyal became member of the
committee on 16th January, 2025

³.    Ms. Neerja Kapur ceased to be member of the committee
w.e.f 30th April, 2024

⁴ Mr. Ratan Kumar Das ceased to be member of the
committee w.e.f 20th December, 2024

⁵.    Mr. Surender Kumar Agarwal ceased to be member of the
committee w.e.f 20th December, 2024

^6.    Mr. Titus Francis Maliakkel became chairman of the
committee on 14th May, 2024 and ceased to be chairman
& member of the committee w.e.f 25th June, 2024

INFORMATION TECHNOLOGY COMMITTEE MEETING							Â
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 26.07.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Ms.Girija Subramanian	Chairman cum Managing Director	Chairman	N.A.	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Surender Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. R.K.Das	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	N.A.

 

Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present
Dr. PK. Goyal	Government Nominee Director	Member	N.A.				Present

 

? BOARD SUB-COMMITTEE (HR):

This Committee was formed as per the CDA Rules of the
Company, page no.27, Memorials of Officers in Scale IV &
Vis to be placed to this Committee. Appellate Authority for
Scale VI & VII is also this Committee.

Composition: The Committee comprises of one (1)
Chairman cum Managing Director, one (1) Executive
Director and one (1) Government Nominee Director. The
names of the Directors and their attendance at Meetings
during the year are set out in the following table. There
was no meeting scheduled in the Financial Year 2024-25

Attendance of Members of the Board-Sub Committee
HR

Directors	Category
Ms. Girija Subramanian1	Chairman cum Managing Director
Ms. Smita Srivastava2	Executive Director
Dr. Parshant Kumar Goyal3	Government Nominee Director
Ms Neerja Kapur4	Chairman cum Managing Director
Mr Ratan Kumar Das5	Independent Director
Ms Mandakini Balodhi8	Government Nominee Director
Mr. Titus Francis Mali- akkel7	Executive Director
Ms. Akani Devi8	Independent Director

1.	Ms. Girija Subramanian became member & chairman of the committee on 25th June, 2024
2.	Ms. Smita Srivastava became member of the committee on 25th June,2024
3.	Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024
4.	Ms. Neerja Kapur ceased to be member & chairman of the committee w.e.f 30th April, 2024
5.	Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024
6.	Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024
7.	Mr. Titus Francis Maliakkel became chairman of the committee on 14th May, 2024 and ceased to be chairman & member of the committee w.e.f 25th June, 2024
8.	Ms. Akani Devi ceased to be member of the committee w.e.f 16th January, 2025

?    PROPERTY REVIEW COMMITTEE:

Terms of Reference:

To review the various matters with regard to the held by
the Company.

In 2024-25 no meeting of the Property Review was held.

?    FAMILIARISATION PROGRAMME FOR
INDEPENDENT DIRECTORS:

The detail of the familiarization programme has been
hosted on the website of the Company and can be viewed
at the below mentioned link : https://www.newindia.co.in/
assets/docs/investors/Familiarisation.PDF

?    CODE OF CONDUCT FOR DIRECTORS /
SENIOR MANAGEMENT

A Code of Conduct as required to be formulated in terms
of Regulation 17(5)of SEBI (LODR), 2015 in parlance with
Schedule IV of the Companies Act, 2013 provides for an
evaluation mechanism of all the Directors, to be done at
a separate meeting. The Code of Conduct for Directors/
Senior management has been hosted on the website of
the Company and can be viewed at the below mentioned
https://www.newindia.co.in/assets/docs/investors/
New%20Code%20of%20Conduct.pdf

?    CRITERIA FOR APPOINTMENT OF
DIRECTORS AND SENIOR MANAGEMENT:

The appointment of Directors & Senior Management is
as per the relevant notifications issued by Government
of India.

?    REMUNERATION POLICY

The remuneration to Whole Time Directors, Key
Managerial Personnel, Senior Management and other
employees is as per relevant notifications issued by
Government of India.

?    SITTING FEES PAID TO INDEPENDENT
DIRECTORS DURING THE FINANCIAL YEAR
ENDED MARCH 31 2025:

Name of the Director	Sitting Fees
Mr. Surender Kumar Agarwal	Rs. 5,13,000/-
Mr. Ratan Kumar Das	Rs. 5,13,000/-
Ms. Akani Devi	Rs. 6,03,000/-

? KEY MANAGERIALPERSONNEL:

As per Section 2(51) and Section 203(1) of The Companies
Act 2013 the following were the Key Managerial Personnel
of the Company as on 31.03.2025:

Chairman-cum-Managing Director	Ms. Girija Subramanian
Executive Director & Financial Advisor	Ms Smita Srivastava
Executive Director	Ms. Kasturi Sengupta
General Manager & Chief Marketing Officer	Ms Sushama Anupam
General Manager & Chief Risk Officer	Mr K. V. Raman
Appointed Actuary	Mr Sharad S Ramnarayanan
General Manager & Chief Underwriting Officer	Ms. Mukta Sharma
Chief of Internal Audit, Head of AML Compliance	Mr Santosh Chavan
Company Secretary & Chief Compliance Officer:	Ms Jyoti Rawat
Chief Financial Officer	Mr. Vimal Kumar Jain
Chief Investment Officer	Mr. Pooran Kumar Tulsiani
General Managers	Ms. Chandra Iyer

The management underwent the following changes after the
end of financial year i.e 31st March, 2025 -

1.    Ms. Mukta Sharma ceased to be General Manager &
Chief Underwriting Officer from the end of office hour on
30th April, 2025 due to her attaining superannuation.

2.    The below mentioned were appointed as the General
Managers of the company w.e.f 14th May, 2025:

a)    Ms. V    Rema Devi

b)    Mr. S.    Dinakaran

c)    Mr. Prashant Kumar Biswas

d)    Ms. Jayashree Nair

e)    Ms. Mary Abraham

f)    Ms. S.    Jayasree

g)    Mr. K.    Ramesh

3.    Ms. V Rema Devi was appointed as the Chief Underwriting
Officer w.e.f 19th May, 2025 vice Ms. Mukta Sharma

4.    Mr. Prashant Kumar Biswas was appointed as the Chief
Marketing Officer w.e.f 19th May, 2025 vice Ms. Sushama
Anupam

5.    Ms. Jayashree Nair was appointed as the Chief
Compliance Officer w.e.f 19th May 2025 ⁸

The management extends its warm appreciation to the

members for their timely guidance and support.

Disclosures:

1.    During the year, there are no pecuniary relationships or
transactions with the Non-Executive Directors.

2.    Financial Statements accurately and fairly represent the
financial condition of the Company.

3.    There has not been any significant change in the
accounting policies of the Company during the year.

4.    The Company has Business Risk Management
process which is periodically reviewed by the Board of
Directors/Risk Management Committee to determine its
effectiveness.

5.    The Board of Directors and the Audit Committee
periodically review the status of compliances in respect of
applicable Laws and report thereon by the Internal Audit
team.

6.    Whistle Blower Policy - The Company has a Whistle
Blower Policy and the same has been hosted on the
website.

7.    The Global Solvency Margin of the company for the year
2024- 25 is 1.91 times.

8.    A certificate from M/s Ragini Chokshi & Co., Company
Secretaries in Practice has been obtained certifying that
none of the Directors on the Board of the Company has
been debarred or disqualified from being appointed or
continuing as Directors of the Company by SEBI/Ministry
of Corporate Affairs or any such statutory authority as on
March 31, 2025.

? DISCLOSURE UNDER THE SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION, AND
REDRESSAL ACT, 2013)

The Board approved Company's Policy on Prevention,
Prohibition & Redressal of Sexual Harassment of
Women at the Workplace, 2020, (hereinafter referred as
Company's Policy) formulated on the line of The Sexual
Harassment of Women at the workplace (Prevention,
Prohibition & Redressal) Act, 2013, is uploaded on the
Company's website.

The Company has imparted 4 zone wise interactive
training sessions for the employees posted across the
Country on the Company's Policy. Employees irrespective
of gender were called to participate in the training to
spread awareness among all.

Further, in compliance with the instructions of Ministry
of Women and Child Development, POSH week-2024
was celebrated in the Company from 23rd December,
2024 to 29th December, 2025. In the said week, different
activities were conducted to educate on provisions of the
Company's Policy as well as the Act, 2013 in an easier
manner.

The summary of complaints related to sexual harassment
received and disposed of during the F.Y 2024-25 is as under:

Number of Complaints pending as of 1st April 2024	Â	03
Number of Complaints filed during the F.Y 2024-25	Â	04
Number of Complaints disposed of during F.Y 2024-25	Â	04
Number of Complaints pending as of 31st March 2025	Â	03

? AUDITORS AND AUDIT REPORT

Under 139 and Section 143 of The Companies Act, 2013,
the Comptroller and Auditor General of India, appointed
M/s. R. Devendra Kumar & Associates and M/s Chokshi &
Chokshi as the Central Statutory Auditors of the Company
for the year 2024-25. Branch auditors for the various
Regional Offices, Divisional Offices and claims hubs in
India and for the foreign branch/agency offices were also
appointed for the year. The Board of Directors expresses
its gratitude for the directions and guidance given by the
statutory auditors in drawing up the Company's annual
results.

The remuneration payable to the Joint Statutory Auditors
for FY 2025, has been determined by the Board of
Directors of the Company in their meeting held on
October 07, 2024 based on recommendation of the Audit
Committee of the Company.

Statutory Audit and other fees paid to Joint Auditors:

Statutory audit fees paid 2024-25    : Rs. 1,20,50,000

Expenses reimbursed for 2024-25    :    Rs. 1,23,000

Total inclusive of Fees and expenses :    Rs. 1,21,73,000

?    EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act 2013
and Rule 12(1) of the Companies (Management and
Administration) Rules, 2014, the extract of the Annual
Return is can be viewed at the https://www.newindia.
co.in/investors

?    RENEWAL OF LICENCE BY THE INSURANCE
REGULATORY AND DEVELOPMENT
AUTHORITY OF INDIA (IRDAI)

Section 3 A has been amended by the Insurance Laws
(Amendment) Act 2015 to remove the process of annual
renewal of the certificate of Registration issued to insurers
under Section 3 of the Insurance Act 1938. The insurers
however, shall continue to pay such annual fee as may
be prescribed by the Regulations. Thus w.e.f. 26.12.2014
insurers shall not be issued the Renewal Certificate of
Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers
renewed in 2016 and which expired on 31st March 2025
shall continue to be in force from 1st April 2025, subject
to the provisions of Section 3A read with Section 3 of the
Insurance Act 1938.The Company has paid the renewal
fees as prescribed by the above Regulations and the
Certificate of License has been renewed by IRDAI w.e.f.
01.04.2025

? SUBSIDIARY COMPANIES

The Company has 3 Subsidiary Companies. The names and details of New India shareholding are as under:

Sr No	Name of the Subsidiary	Total paid-up capital (no. of shares)	New India's sharehold¬ ing (no. of shares)	% holding of The New India Assurance
1	The New India Assurance Company (Trinidad & Tobago) Limited	1,74,18,946	1,46,12,444	83.89
2	The New India Assurance Company (Sierra Leone) Limited	2,50,000	2,50,000	100
3	Prestige Assurance Plc. Nigeria	1,325,25,61,888	1,037,95,22,933	78.32

The performance of subsidiaries for the year ended 31st December 2024 is summarized below:

Name of the Subsidiary	Currency	U/W Profit/Loss		Investment Income		Other Income		Profit before Tax		Dividend
Â	Â	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
NIA (T&T) Ltd.	$	-86,53,000	14,89,000	94,18,000	87,46,000	-46,90,000	-46,68,000	-39,25,000	55,67,000	17,42,000	34,84,000
NIA (S.Leone) Ltd.	Le	-1,47,37,000	0	0	3178.75	0	-23,742.75	-1,47,37,000	-20,564	0	0
Prestige Assurance	N	62,14,40,000	61,85,99,000	2,70,86,52,000	1,14,18,28,000	23,86,35,000	-35,65,83,000	3,09,14,57,000	1,40,38,44,000	26,51,36,000	19,87,88,000

All the subsidiary companies follow the calendar year for finalization of accounts. Therefore, performance has been given for
the year ended 31^st December 2024.

The New India Assurance (Sierra Leone) Limited has closed down business operations with effect from 1^st January 2003 due
to the civil disturbances prevailing in that country and has not declared any dividend for the year 2024.

In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies
are uploaded on the Company's website at www.newindia.co.in

?    POSTAL BALLOT

During the year, pursuant to Section 110 of the Act, read with the Companies (Management and Administration) Rules, 2014
(including any statutory amendment(s) or re-enactment(s) made thereunder), the Company passed no resolutions through
postal ballot.

?    GENERAL MEETINGS HELD:

The details of the Annual General Meetings held in the previous three financial years are given below:

Annual General Meeting	Day and Date	Time	Venue
105th AGM	Tuesday 24th September, 2024	11:30 AM	Head Office, Mumbai, through Video Conferencing
104th AGM	Friday, 22nd September, 2023	11:30 AM	Head Office, Mumbai, through Video Conferencing
103rd AGM	Wednesday, 28th September, 2022	11:00 AM	Head Office, Mumbai, through Video Conferencing

The details of the Special Resolutions passed in the Annual General Meetings held in the previous three financial years are
given below:

Annual General Meeting	Day and Date	Special Resolution
105th AGM	Tuesday 24th September, 2024	No Special resolution was passed
104th AGM	Friday, 22nd September, 2023	Yes Appointment of Ms. Akani Devi as part time non-official Director (Woman Independent Director)
103rd AGM	Wednesday, 28th September 2022	No Special resolution was passed

?    SUBMISSION OF ACCOUNTS BEFORE
PARLIAMENT:

Annual Report of the Company for the Financial Year
2023-24 was placed before Lok Sabha on 02nd December,
2024 and Rajya Sabha on 10th December, 2024.

?    MEANS OF COMMUNICATION:

The Company's website (www.newindia.co.in) allows
access to all the stakeholders of the Company to
access information at their convenience. It provides
comprehensive information of the Company.

The financial and other information and the various
compliances as required/prescribed under the Listing
Regulations are filed electronically with BSE and NSE.
The financial results, official news releases, analyst call
transcripts and presentations are also available on the
Company's website.

The Company's quarterly financial results are published
in the Financial Express (Mumbai, Pune, Ahmedabad,
Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Kochi,
Bangalore, Hyderabad), Jansatta (Delhi, Chandigarh,
Kolkata, Lucknow) and Loksatta (Mumbai, Pune, Nagpur,
Ahmednagar, Aurangabad, Delhi).

? GENERAL SHAREHOLDER INFORMATION:

IRDAI Registration Number	190
Corporate Identification Number	L66000MH1919GOI000526
Financial Year	2024-25
Board Meeting for adoption of Audited Annual Accounts	19th May, 2025
Day, Date and Time of 106th Annual General Meeting	Wednesday, 24th September, 2025 at 11:30 a.m.
Venue	Through Audio-Video/OAVM
Financial Year	April 01, 2024- March 31, 2025
Record Date	04th September, 2025
Date of Dividend Payment	26th September, 2025
Company's Website	www.newindia.co.in

? DIVIDEND HISTORY

Dividend Type	Dividend per share	%age	Date of declara¬ tion	Date of transfer to IEPF
Interim Divi¬ dend 2017-18	3.75	75%	December 6, 2017	30/11/2024
Final Dividend 2017-18	5.00	100%	August 7, 2018	31/07/2025
Final Dividend 2018-19	1.50	30%	August 5, 2019	31/07/2026
Final Dividend 2021-22	0.30	6%	October 6, 2022	30/09/2029
Final Dividend 2022-23	1.93	38%	Septem¬ ber 23, 2023	31/08/2030
Final Dividend 2023-24	2.06	41.2%	October 1, 2024	30/09/2031

? LISTING OF EQUITY SHARES:

Currently, the Equity shares of the company are listed at

Stock Exchange	1st April 2023 - 31s1 March 2024
BSE Limited (BSE) Phiroze Jeejeeb- hoy Towers, Dalal Street, Mumbai 400001	540769
National Stock Exchange of India Lim¬ ited (NSE)Exchange Plaza, 5th Floor, Plot C/1, G block, Bandra-Kurla Com-	NIACL
plex, Bandra (East), Mumbai 400051	Â

The Company has paid the annual listing fees for the
relevant period to the Bombay Stock Exchange and the
National Stock Exchange

? MARKET PRICE INFORMATION:

Month	BSE		NSE
	High	Low	High	Low
2024
April	263.75	205.70	263.30	212.70
May	257.05	213.95	257.00	214.00
June	263.25	192.50	263.25	192.45
July	309.90	236.05	310.11	236.05
August	302.20	230.30	301.95	230.20
September	271.25	226.70	271.35	226.65
October	234.40	187.20	234.20	187.16
November	200.80	168.95	200.90	168.80
December	221.85	192.40	221.80	192.11
2025
January	210.95	167.35	211.00	167.50
February	193.30	140.40	193.85	141.00
March	170.25	135.85	170.57	135.60

Disclosures with respect to Demat suspense account/

unclaimed suspense account - NIL

? SHARE TRANSFER SYSTEM

Pursuant to SEBI Notification No. SEBI/LAD- NRO/
GN/2018/24 dated June 8, 2018 and further amendment
vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated
November 30, 2018, request for effecting transfer of
securities in physical form (except in case of transmission
or transposition of securities) is restricted w.e.f. April 1,
2020. In case of shares in electronic form, the transfers are
processed.by NSDL/CDSL through respective Depository
Participants. In compliance with the Listing Regulations,
a Practicing Company Secretary carries out audit of
the System of Transfer and a certificate to that effect is
issued. Therefore, Members holding shares in physical
form are requested to take action to dematerialise the
Equity Shares of the Company, promptly.

The Members can contact the Company or Company's
RTA M/s MUFG Intime India Private Limited (Previously
Link Intime India Private Limited) for assistance in this
regard.

Outstanding Global Depository Receipts or American
Depository Receipts or Warrants or any convertible
instruments, conversion date and likely impact on
equity

This is not applicable to the company since the Company
has not issued Global Depository Receipts or American
Depository Receipts or Warrants or any convertible
instruments.

Commodity price risk or foreign exchange risk and
hedging activities.

This is not applicable to the Company, since the Company
does not have any derivatives or liabilities denominated in
foreign currency.

Details of utilization of funds

During FY 2024-25, the Company has not raised any funds
through Preferential Allotment or Qualified Institutions
Placement as specified under Regulation 32(7)(A) of the
SEBI (Listing Obligations and Disclosure Requirement)
Regulations 2015 and the Companies Act 2013.

Plant Locations

This is not applicable to the Company, since it is not a
manufacturing entity.

Correspondence Address

Correspondence address relating to the Financial
Performance of the Company may be addressed to:

Mr. Vimal Kumar Jain

The New India Assurance Co. Ltd.,

New India Assurance Bldg.,

87, M.G. Road, Fort, Mumbai 400 001
Tel No.: 022 22708100
Email id: [email protected]

? DISCLOSURES

Related party transactions

There is no materially significant related party transaction
that may have potential conflict with the interest of the
Company.

Details of Non - Compliance by the Company, penalty,
strictures imposed on the Company by the stock
exchange or SEBI or any statutory authority on any
matter related to capital markets

BSE and NSE issued penalties for quarter ended 30th
September, 2024 and quarter ended 31st December,
2024 for non-compliance with Regulation 17(1) of SEBI
(Listing Obligations and Disclosures Requirements), 2015
pertaining to the composition of the Board of Directors
defaults on account of the following observations:

The New India Assurance Company Ltd does not
have proper composition of the Board including non¬
appointment of Independent Director.

The Company's point-wise to the replies were as follows:
The Directors on the Board are appointed by Government
of India. After the cessation of 2 Independent Director from
the Board from 20th December, 2024 the composition of
the Board is not as per SEBI (LODR), 2015 regulations.

The Company has approached the Exchanges to waive
the penalties imposed.

?    ADOPTION OF MANDATORY AND NON¬
MANDATORY REQUIREMENTS

The Company has complied with all mandatory
requirements specified in Regulations 17 to 27 and
clauses (b) to (i) of sub- regulation 2 of Regulation 46 of
Listing Regulations.

The Company has complied with the non-mandatory
requirement of reporting of Chief of Internal Audit who is
heading the Internal Audit department of the Company
directly to the Audit Committee of the Company. The
Internal Auditor presents the key audit findings of internal
audit department of the Company to the Audit Committee
on a quarterly basis along with compliance status of
previous Audit Committee

?    REGISTRAR AND TRANSFER AGENTS

The Registrar and Transfer Agent of the Company is M/s
MUFG Intime India Private Limited (Previously Link
Intime India Private Limited) for Equity Shares. Investor
services related queries/requests/complaints may be
directed at the address as under:

MUFG Intime India Private Limited

(Previously Link Intime India Private Limited).

247 Park, C 101 1st Floor, LBS Marg, Vikhroli (W),

Mumbai - 400 083

Phone No.: 022 49186000

Email id: [email protected]

? INFORMATION ON SHAREHOLDING:

SHAREHOLDERS OF THE COMPANY WITH MORE THAN 1% HOLDING AS ON MARCH 31 2025 (OTHER THAN
PROMOTER OF THE COMPANY:

Sr. No	Name	No. of Shares held	Percentage (%) of total number of shares
1.	Life Insurance Corporation of India	14,28,33,188	8.6671
2.	General Insurance Corporation of India	2,16,67,646	1.3148

DISTRIBUTION OF THE SHAREHOLDING OF THE COMPANY AS ON MARCH 31 2025:

THE NEW INDIA ASSURANCE COMPANY LIMITED
DISTRIBUTION OF SHAREHOLDING (SHARES)
SR. NO.	SHAREHOLDING OF SHARES			SHAREHOLDER	PERCENTAGE OF TOTAL	TOTALSHARES	PERCENTAGE OF TOTAL.
1	1	to	2500	163273	98.9533	22793853	1.3831
2	2501	to	5000	969	0.5873	3525919	0.2140
3	5001	to	10000	410	0.2485	3016536	0.1830
4	10001	to	20000	170	0.103	2459833	0.1493
5	20001	to	25000	34	0.0206	770144	0.0467
6	25001	to	50000	66	0.04	2360939	0.1433
7	50001	to	**********	78	0.0473	1613072776	97.8806
Â	Â	Â	Â	Â	Â	Â	Â
Total	Â	Â	Â	165000	100	1648000000	100

Shareholding Distribution as on 31st March 2025

Category	Total Shares	Total Value
Central Government	1408000000	7040000000
Clearing Members	1071	5355
Other Bodies Corporate	3796961	18984805
Financial Institutions	100	500
Government Companies	10	50
Hindu Undivided Family	1208810	6044050
Mutual Funds	1543315	7716575
Nationalised Banks	4983524	24917620
Non Nationalised Banks	67454	337270
Non Resident Indians	752639	3763195
Non Resident (Non Repatriable)	251518	1257590
Public	34199112	170995560
Trusts	9517	47585
G I C & Its Subsidiaries	33029668	165148340
Insurance Companies	144953052	724765260
Body Corporate - Ltd Liability Partnership	170517	852585
Unclaimed Shares	6	30
FPI (Corporate) - I	14507037	72535185
NBFCs registered with RBI	50000	250000
Investor Education And Protection Fund	4114	20570
Alternate Invst Funds - III	220	1100
FPI (Individual) - II	1245	6225
FPI (Corporate) - II	470110	2350550
TOTAL:	1648000000	8240000000

?    COMPLIANCE CERTIFICATE OF AUDITORS:

The Statutory Auditors of the Company, M/s. R. Devendra
Kumar & Associates and M/s. Chokshi & Chokshi have
issued the Certificate for compliance of conditions of
Corporate Governance as stipulated in SEBI (Listing
Obligations and Disclosure Requirements) Regulations
2015 and forms part of the Annual Report.

?    EVENTS AFTER BALANCE SHEET DATE:

There has been no material changes and commitments,
affecting the financial position of the Company, which
have occurred between the end of the financial year of
the Company to which the balance sheet relates and the
date of this report

?    POLICY FOR MATERIAL SUBSIDIARIES:

The Company has a policy for material subsidiaries. The
same has been up-loaded on the website of the Company.

Link to access the same - https://www.newindia.co.in/
assets/docs/investors/Material%20Subsidiary%20Policy.
pdf

?    CONSERVATION OF ENERGY:

Considering the nature of operations of the Company,
the provisions of Section 134 (3)(m) of The Companies
Act 2013 read with Companies (Accounts) Rules 2014
relating to information to be furnished on conservation of
energy and technology absorption are not applicable.

?    DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(5) of
the Companies Act, 2013, the Board of Directors of the
Company has laid down Internal Financial Controls to
be followed by the Company and such Internal Financial
Controls are adequate and were operating effectively.
The Board confirms that:

1. In the preparation of the annual accounts, the
applicable accounting standards have been followed
and that no material departures have been made
from the same.

2    t hat they have selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and
of the profit of the Company for that period;

3    that they have taken proper and sufficient care for
the maintenance of adequate accounting records, in
accordance with the IRDAI (Preparation of Financial
Statements and Auditor's Report of Insurance
Companies) Regulations, 2002 and provisions of
the Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

4    t hat they have prepared the annual accounts on a
going concern basis;

5    that they have laid down internal financial controls to
be followed by the Company and that such internal
financial controls were adequate and were operating
effectively and;

6    t hat they have devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

?    ACKNOWLEDGEMENT:

The Board of Directors thanks Government of India, Ministry
of Finance, Department of Financial Services (Insurance
Division), Insurance Regulatory & Development Authority
(IRDA), General Insurers' (Public Sector) Association of
India (GIPSA), General Insurance Council, intermediaries
and other government and regulatory agencies for their
valuable guidelines and continuous support provided to
the company throughout the year.

The Board of Directors are also grateful to the valued
customers, bankers, agents, surveyors, stakeholders and
public at large for the patronage and confidence reposed
in the company.

The Board of Directors places on record their appreciation
for the commitment, sense of involvement and dedication
exhibited by each staff member in the overall development
and growth of the company and look forward to the
continued support and whole-hearted cooperation for the
realization of the corporate goals in the year ahead.

For and on behalf of the Board

Girija Subramanian
Chairman cum Managing Director
DIN - 09196957

Date - 19.05.2025

1

   Reviewing, with the management, the statement of uses
/application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement
of funds utilized for purposes other than those stated in
the offer document /prospectus /notice and the report
submitted by the monitoring agency monitoring the
utilisation of proceeds of a public or rights issue, and

2

   The Audit Committee shall be directly responsible for

3

the recommendation of the appointment, remuneration,

4

performance and oversight of the work of the auditors

5

(including internal/statutory/Concurrent/ Secretarial /

6

Forensic / Systems Audit). In case of statutory audit, the

7

   Overseeing the assessment, measurement and
accounting for other than temporary impairment in
investments in accordance with the policy adopted by the
Company.

8

   Mr. Abhishek Pagaria was appointed as the Company
Secretary & Compliance Officer w.e.f 19th May, 2025 vice
Ms. Jyoti Rawat.

---

Mar 31, 2024

"To the MemberThe  Directors have immense pleasure in presenting the Hundred and Fifth Annual Report of the Company together with the audited statement of accounts and balance sheet for the financial year ended 31st March, 2024."

1. The snapshot of your Company's financial performance is as below:

CLASS-WISE PERFORMANCE SUMMARY:

? in Crores

Â	Â	Â	Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	4393.58	983.98	31619.02	36996.58
Â	Â	PY	4238.05	977.82	29268.17	34484.05
Â	(% growth)	CY	3.67	0.63	8.03	7.29
Â	Â	PY	7.04	12.16	5.50	5.86
Â	Outside India	CY	1330.43	27.26	2009.54	3367.25
Â	Â	PY	1148.36	47.26	1802.36	2997.99
Â	(% growth)	CY	15.85	-42.30	11.50	12.32
Â	Â	PY	5.92	21.84	-0.92	1.90
Â	Global	CY	5724.01	1011.25	33628.56	40363.83
Â	Â	PY	5386.41	1025.09	31070.54	37482.04
Â	(% growth)	CY	6.27	-1.35	8.23	7.69
Â	Â	PY	6.80	12.57	5.10	5.53
Reinsurance premium accepted	Â	CY	1019.66	20.81	592.14	1632.62
	Â	PY	1052.33	30.24	226.85	1309.43
Global Gross written premium	Â	CY	6743.68	1032.06	34220.7	41996.46
	Â	PY	6438.75	1055.33	31297.39	38791.48
Growth in Global Gross Written Premium	Â	CY	4.74	-2.20	9.34	8.26
	Â	PY	6.38	9.91	4.95	5.31
Reinsurance premium ceded	Â	CY	3685.38	477.78	3425.89	7589.06
	Â	PY	3334.64	481.24	3849.02	7664.91
Global Net Premium	Â	CY	3058.30	554.28	30794.81	34407.4
	Â	PY	3104.11	574.09	27448.37	31126.57

Â	(% growth)	CY	-1.48	-3.45	12.19	10.54
	Â	PY	10.05	10.09	3.89	4.59
Addition/Reduction in Unexpired Risk Reserves	Â	CY	220.65	-2.16	-597.62	-379.12
	Â	PY	-79.28	-46.88	-756.00	-882.18
	(% to Net Premium)	CY	7.22	-0.39	-1.94	-1.10
	Â	PY	-2.55	-8.17	-2.75	-2.83
Earned Premium	Â	CY	3278.96	552.13	30197.18	34028.27
	Â	PY	3024.82	527.21	26692.36	30244.39
Incurred Claims Net	Â	CY	2625.77	265.77	30236.72	33128.27
	Â	PY	2157.98	343.94	26407.18	28909.1
	(% to Earned Premium)	CY	80.08	48.14	100.13	97.36
	Â	PY	71.34	65.23	98.93	95.58
Commission Net	Â	CY	561.53	84.29	2361.99	3007.82
	Â	PY	400.10	77.17	1934.96	2412.24
	(% to Net Premium)	CY	18.36	15.21	7.67	8.74
	Â	PY	12.88	13.44	7.04	7.74
Operating Expenses	Â	CY	445.57	80.75	4555.47	5081.80
	Â	PY	411.76	76.15	3713.75	4201.67
	(% to Net Premium)	CY	14.57	14.57	14.79	14.77
	Â	PY	13.27	13.27	13.53	13.50
Under Writing Results	Â	CY	-353.92	121.30	-6957.01	-7189.62
	Â	PY	54.96	29.93	-5363.54	-5278.63
	(% to Earned Premium)	CY	-10.79	21.97	-23.04	-21.13
	Â	PY	1.81	5.67	-20.09	-17.45
Investment Income Policyholders	Â	CY	907.64	111.87	5544.62	6564.15
	Â	PY	987.62	132.88	6354.61	7475.12
Contribution from Shareholders	Â	CY	0	0	0	0
	Â	PY	0	0	0	0
Revenue (Policyholder) Account Surplus	Â	CY	553.72	233.18	-1412.38	-625.47
	Â	PY	1042.59	162.82	991.07	2196.49
Investment Income Shareholders	Â	CY	Â	Â	Â	2676.79
	Â	PY	Â	Â	Â	2966.68
Other Income less Outgo	Â	CY	Â	Â	Â	-605.84
	Â	PY	Â	Â	Â	-3917.95
Profit before Tax	Â	CY	Â	Â	Â	1445.48
	Â	PY	Â	Â	Â	1245.22
Provision for Tax	Â	CY	Â	Â	Â	316.14
	Â	PY	Â	Â	Â	189.82
Profit after Tax	Â	CY	Â	Â	Â	1129.33
	Â	PY	Â	Â	Â	1055.39

Figures for 2022-23 has been rearranged due to classification of GIFT City Operations as Indian Operations.

Â	Â	2023-24	2022-23*
A	Gross Written Premium (Indian)	38127.91	35218.58
Â	%change over previous year	8.26	7.25
Â	Gross Written Premium (Foreign)	3868.55	3572.89
Â	%change over previous year	8.27	-10.63
Â	Global Premium	41996.46	38791.48
Â	%change over previous year	8.26	5.31
Gross Written Premium has increased from Rs. 35219 crores in 2022-23 to Rs. 38128 crores in 2023-24, recording a growth of 8.26% in 2023-24 .The Company continues to be the market leader in India.
B.	Net Premium	34407.40	31126.56
Â	%change over previous year	10.54	4.59
The net premium income of the Company grew by Rs. 3281 crores in 2023-24. That is, from Rs. 31127 crores in 2022-23 to Rs 34407 crores in 2023-24.
C.	Change in Unexpired Risk Reserve	-379.13	-882.18
D.	Earned Premium	34028.27	30244.38
Â	%change over previous year	12.51	4.63
E	Incurred Claims (Net)	33128.27	28909.10
Â	% to Earned Premium	97.36	95.58
F	Commision	3007.82	2412.24
Â	% to Net Premium	8.74	7.74
G	Operating Expenses	5081.81	4201.67
Â	% to Net Premium	14.77	13.49
H	Underwriting Results	-7189.62	-5278.63
I	Investment Income (Less Provision)	Â	Â
Â	Apportioned to Policyholders	6564.15	7475.12
Â	Apportioned to Shareholders	2676.80	2966.68
Â	Total	9240.95	10441.80
J	Contribution from Shareholders	0	0
K	Revenue (Policyholders) Account	-625.47	2196.49
L	Other Income/Outgo	-605.84	-3917.95
M	Profit Before Tax (PBT)	1445.48	1245.22
N	Profit After Tax (PAT)	1129.33	1055.39
O	Paid Up Capital	824.00	824.00
P	Reserves and Surplus	20311.32	19505.38
Q	Total Assets	107184	96603
R	Investments (at cost)	60743.07	55472
S	Solvency Margin	Â	Â
Â	i. Required Solvency Margin under IRDAI Regulations	10194.78	8964.48
Â	ii. Available Solvency Margin	18456.59	16736.91
The Company's Global Solvency Ratio is 1.87 times (PY 1.66 times)
T	Compliance with Section 40C	Â	Â
Â	i. Expenses prescribed under the Act	1183907.72	10327
Â	ii. Actual Expenses	754874.00	6431
Â	iii. Difference	429033.72	3896

*Figures for 2022-23 has been rearranged due to classification of GIFT City Operations as Indian Operations.

General Insurance Industry vis-a-vis Indian Economy

The GDP of India grew by 8.2 per cent in the financial year ended March 2024, sharply higher than 7 per cent expansion recorded in the previous year. With the robust numbers, India has further consolidated its position as the fastest growing major economy

The General Insurance sector also showcased substantial growth, enhancing insurance penetration and expanding gross premium volumes significantly.

Economic Overview

The Indian economy's robust performance was bolstered by several key factors:

Infrastructural Investments: Major projects in transport, urban development, and energy have significantly contributed to economic efficiency and job creation.

Domestic Consumption: Increases in disposable income and consumer confidence have fueled sectors like retail and automotive, contributing significantly to GDP

Policy Reforms: Initiatives like the PLI scheme and 'Make in India' have spurred domestic and foreign investments, supporting the manufacturing sector.

Digital Transformation: Widespread digital adoption across various sectors has enhanced productivity and supported economic growth.

Insurance Industry Overview

The general insurance sector has demonstrated resilience and growth, mirroring the broader economic trends:

Insurance Penetration led to approximately 1.10% from 1.00% the previous year, reflecting increased awareness and regulatory support. While this growth is gradual, we expect an uptick in the years to come.

Gross Premium reached INR 2.89 lakh Crores, up by 12.78% year-on-year, with significant contributions from health, motor, and property insurance sectors.

The recent Insurance Regulatory reforms in India mark a pivotal shift towards a more inclusive and transparent insurance ecosystem. By removing entry age limits and extending the free-look period, these reforms empower customers with greater flexibility and choice. However, they also present challenges for insurers, necessitating significant adjustments in product design, governance, and compliance practices. The introduction of customized products and stricter corporate governance regulations requires insurers to innovate and enhance their operational efficiency. These changes open up substantial opportunities, particularly in expanding digital platforms and reaching underserved markets. Insurers that can adapt swiftly and leverage these reforms are well-positioned to improve customer engagement, policyholder retention, and market share. Ultimately, these reforms align India's insurance industry with global best practices, fostering a more resilient and customer-focused sector.

Sectoral Insights

Health Insurance

The health segment, growing by 20.25%, was driven by increased health awareness and innovative product offerings. Government initiatives like Ayushman Bharat also expanded coverage, enhancing penetration among lower-income groups.

Motor Insurance

This sector saw a growth of 12.92%, buoyed by a rebound in vehicle sales. With the growing adoption of electric vehicles, insurers, including our Company, are developing specialized motor insurance products tailored for EVs. This includes coverage for battery and charging equipment, catering to the unique needs of this emerging market.

Property Insurance

Robust real estate activity and heightened disaster awareness spurred growth in property insurance, with comprehensive coverage against various perils becoming more common. Recurrent CAT losses and increased awareness is leading to growth in property segment. The segment has grown by 7.22% Year on Year.

Regulatory Compliance and Social Responsibility

Insurers have adhered to IRDAI's mandates concerning rural and social sector obligations by:

Expanding Rural Reach: Through micro-insurance products and partnerships with financial institutions.

Enhancing Social Sector Coverage: By scaling up initiatives like group health schemes and crop insurance for marginalized demographics.

The initiative “Insurance for All by 2047” is a visionary commitment, which aims to achieve the above by aiming to ensure that every individual in India is financially protected by the nation's centennial year of independence. This ambitious goal underscores our dedication to making insurance accessible and affordable for all segments of society, particularly the underserved and marginalized. As leaders in the industry, we must drive innovation in product offerings, enhance digital outreach, and foster collaborations with government bodies to create a robust and inclusive insurance ecosystem. By doing so, we not only fulfill our social responsibility but also contribute to the nation's economic resilience and social equity.

“Bima Vistaar” and “Bima Sugam” are two transformative initiatives aimed at revolutionizing India's insurance landscape by broadening the reach and accessibility of insurance services. “Bima Vistaar,” which translates to “Insurance Expansion,” focuses on extending insurance coverage to the most remote and underserved areas of the country. This initiative is designed to address the coverage gap by offering tailored insurance products that cater to the unique needs of rural populations, small businesses, and the informal sector. By leveraging technology, microinsurance solutions, and partnerships with local stakeholders, “Bima Vistaar” aspires to bring financial protection to millions who have historically been excluded from the formal insurance sector.

“Bima Sugam,” on the other hand, is an integrated digital platform aimed at simplifying the insurance buying process for consumers. The platform serves as a one-stop solution where

individuals can compare, purchase, and manage various insurance policies with ease. By enhancing transparency, reducing the complexity of insurance products, and providing a seamless customer experience, “Bima Sugam” empowers consumers to make informed decisions.

Together, “Bima Vistaar” and “Bima Sugam” represent a holistic approach to ensuring that insurance becomes an integral part of every Indian's financial planning.

Future Outlook

The outlook for India's general insurance industry remains positive with anticipated growth driven by:

Digital Transformation: Further streamlining of policy issuance and claims processes.

Regulatory Reforms: Expected to attract more investment and innovation.

Economic Growth: Set to boost demand for insurance products as income levels rise.

Product Diversification: Expansion into new niches like cyber

insurance and climate risk coverage.

Sustainability Initiatives: Increasing focus on integrating environmental considerations into business practices.

Conclusion

The FY 2023-24 has been a landmark year for the General Insurance industry in India, with significant advancements in terms of growth, innovation, and regulatory compliance. The industry is well-positioned to continue its upward trajectory, contributing effectively to the broader goals of economic development and financial inclusion. As it adapts to new technologies and market dynamics, the sector is expected to play a pivotal role in supporting the stability and expansion of the Indian economy.

OVERVIEW OF COMPANY’S OPERATIONS:

Gross Written Premium has increased from Rs. 38791 crores in 2022-23 to Rs. 41996 crores in 2023-24 recording a growth of 8.26% in 2023-24. The Company continues to be the market leader in India.

A. INDIAN OPERATIONAL RESULTS

Sr. No	PARTICULARS	2023-24		2022-23**
Â	Â	( ? in Crore)	%	( ? in Crore)	%
1	Gross Direct premium	36996.58	7.29	34484.10	5.87%
2	Net premium	31313.94	10.80	28261.90	5.28%
3	Change in unexpired risk reserve	(477.50)	(156.89)	839.41	-13.05%
4	Net earned premium	30836.44	12.45	27422.50	5.97%
5	Commission	2267.16	33.29	1700.92	6.35%
6	Incurred claims	30553.06	13.97	26807	1.24%
7	Management expenses	5081.81	20.95	4201.68	7.57%
8	Other income (net of outgo)	(605.84)	(84.54)	(3918)	968.09%*
9	Investment income	8926.46	(13.07)	10268.30	56.87%

* Change in other income is due to one-time Wage Revision Arrears due to employees w.e.f August 2017

** Figures for 2022-23 has been rearranged due to classification of GIFT City Operations as Indian Operations.

B. FOREIGN OPERATIONAL RESULTS:

Sr. No	PARTICULARS	2023-24		2022-23
Â	Â	( ? in Crore)	% change	( ? in Crore)	% change
1	Gross Direct Premium	3367.25	12.32	3990.81	(0.17)
2	Net premium	3093.45	7.99	3245.75	2.31
3	Change in unexpired risk reserve	-98.38	-3.18	-42.77	(15.15)
4	Net Earned Premium	3191.82	13.11	3202.98	3.00
5	Commission	740.66	23.94	777.39	(0.10)
6	Incurred Claims	2575.21	80.68	2462.79	(7.06)
7	Other income (net of outgo)	4.72	0.15	212.81	(13.54)
8	Underwriting Profit/Loss	-403.38	13.04	(264)	(28.16)

Note: Percentage shown in Sr No 1, 2 & 4 indicates the growth over previous year, percentage shown in Sr. No. 5 is percentage to 'Net Earned Premium' and percentage shown in Sr. No. 6 to 8 is percentage to 'Net premium'

The Company commenced its foreign operations shortly after its formation in 1919. The London branch was opened in 1920. Subsequently, the Company saw a steady increase in presence abroad with Philippines, Mauritius and Japan. Today New India has presence in 24 countries including presence in 2 countries with Associates.

The company operates in the following countries:

Branches & Agency offices:

•    United Kingdom

•    Japan

•    Hong Kong (run-off w.e.f. 01.04.2022)

•    Philippines (run-off w.e.f. 01.01.2023)

•    Thailand

•    Australia

•    New Zealand

•    Mauritius

•    Fiji

•    UAE

•    Bahrain

•    Kuwait

•    Oman

•    Aruba

•    Curacao

Apart from these countries, the Company has subsidiaries in Nigeria (Prestige Assurance Plc.), Trinidad and Tobago (New India Assurance T&T) and Sierra Leone. The New India T&T also operates in countries such as St. Lucia, Dominica, St. Maarten and Guyana. The Company also has its presence in Singapore (India International Pte. Singapore) and Kenya (Ken India Assurance Co. Ltd., Nairobi.

The Hong Kong Office and Philippines Office has been put in run off w.e.f. 1st April 2022 and 1st January 2023 respectively after review in view of increased regulatory requirements and business portfolio.

The Company's foreign operations saw a gross written premium turnover in rupee equivalent of ? 3868.55 Crores and a Net Premium of ? 3093.45 Crores in 2023-24. The foreign operations recorded an underwriting loss of ? 403.38 Crores and Loss after Tax was ? 88.91 Crores.

•    ORGANISATION STRUCTURE

•    Domestic

Our Company has been consistently restructuring its various Offices after reviewing their performance and financial viability for continuation of business at their location.

As on 31st March 2024, the Company has a network of 30 Regional Offices, 1 Regional Government Business Office, 3 Auto Hubs, 13 Corporate Brokers Offices, 21 Key Business Offices, 207 Large Business Offices, 722 Medium Business Offices, 686 Small Business Offices, 70 Auto Tie-up Operating Offices, 1 IFSC GIFT City Office, making it a total of 1755 Offices inclusive of Head Office.

•    Foreign

The Company operates in 24 countries.

OVERVIEW OF COMPANY’S OPERATIONS

? FIRE AND ENGINEERING

The Company performed well in the Property Insurance segment despite the strong competition prevailing in the market. The Company continued to maintain its leadership position in this segment of the General Insurance Market. The results of the Fire & Engineering segment are summarized below:

Segment	Premium (in Crore)	Growth (%)	ICR on Earned Premium (%)	Market Share (%)
Fire	4393.62	3.69	68.22	17.12
Engineering	1090.29	18.08	64.82	20.19

Despite a modest growth rate of 3.69%, the company maintained a significant presence with a 17.12% market share in the Fire segment.

The company implemented strict measures and enhanced ratings for high claim policy renewals, aiming to improve underwriting quality.

Policy underwriting was decentralized to regional offices, which enhanced customer service and operational efficiency.

Tight claims control strategies, including optimal resource utilization and quicker claims settlement, contributed to reduced claim costs and increased profitability.

?    HEALTH INSURANCE

The Health LOB remains a dominant portfolio with the

completion of a Premium of Rs. 18,320 Crores in the Financial year 2023-24 which includes Retail, Group Health and

Government Business.

Some of the initiatives taken are:

•    Retail Health

1.    Our retail initiatives include: Repricing of our Flagship products: New India Mediclaim and New India Floater policy:

2.    Repricing and modifying the scope of cover to align to the current market need and dynamics in our unique product for the Girl child : Asha Kiran

3.    Launching of New Retail Benefit product for Critical Illness : New India Criti protect policy with Reinsurance support: It has been launched for a long term period upto 3 years launching of a New Rider to provide cover upto the sum insured of a relevant retail health policy: New India Modern treatment Rider

4.    We have undertaken an exercise of conversion of our existing products to long term for a period of upto 3 years, the products are currently undergoing development

5.    Our New India Cancer Guard policy which has panoramic cover for cancer was also revised for a long term version with inclusion of cover to the immediate families of the

cancer survivors with a small loading which was hitherto not being offered.

6.    Training and mentoring of our stakeholders like agents and members of Brokers fraternity and our Call centre is an ongoing endeavor. We initiate, undertake and support these ventures continuously throughout the year.

7.    We have launched the 8-point retail Health programme and have motivated the marketing force to enthusiastically participate in the same thru virtual mentoring programmes

8.    We are in the process of establishing our presence and Integration with ONDC platform so as to enhance the Retail Health visibility

9.    The process of empanelment of Hospitals and strengthening the PPN network has gained momentum in view of the move towards 100 percent cashless.

•    Group Health

The noteworthy initiatives undertaken by us in the FY 2023-2024, which helped curtailing the overall ICR of the portfolios are as under :

1.    Renewal retention at the right premium

2.    Weed out the continuously loss-making stand-alone Group health policies and discourage New stand-alone Group Health policies.

3.    Retain portfolio-based Corporates.

4.    SOP for underwriting GMCs at RO/CBO level

Our thrust to improve the portfolio financials led to bringing about an overall correction in the Health Market which has stabilized over this FY and portfolio financials improved due to increase in the non-eb premium due to our efforts to centralize all the portfolio of Insured with us, as we were already servicing their GMC portfolio. In the current year also, we shall strive to work in the same direction but with a goal to curtail our ICR.

•    Health Claims

1.    With the launch    of “Cashless    Everywhere”,    an    initiative

by GI Council and IRDAI, our Cashless Facility to our Policyholders has improved to 62% which is an Industry average.

2.    During the FY 2023-24, we had increased the percentage of audit of claims to 20%

•    Other Online Initiatives

1.    Open Network    for Digital    Commerce    (ONDC),    an

initiative of the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India, to create a facilitative model to revolutionize digital commerce, giving greater thrust to penetration of retail e-commerce in India. We are in the process of integration, post which it will provide us wider market access to sell our products across a wide gamut of platforms.

2.    Ayushman Bharat Health Account (ABHA), an initiative of the National Health Authority (NHA) under Ayushman

Bharat Digital Mission (ABDM). It provides numerous benefits, including streamlined access to digital health records, efficient tracking of medical history, and enabling healthcare professionals to make informed decisions. Going forward, it will also act as Health KYC. We are closely working with NHA on the same.

3. National Health Claim Exchange (NHCX): a digital health claims platform under Ayushman Bharat Digital Mission (ABDM). It will help us in faster claim processing and standardization of claims processing across healthcare and insurance industry.

?    MOTOR

?    OWN DAMAGE

The Company's overall Motor Premium showed a growth by 6.05% and achieved a total premium of Rs. 9,518 cr. for the year 2023-24 as compared to Rs. 8,975 cr. of the previous year with market share for Motor at 10.4%. The Incurred Claims Ratio for the year stands at 94.06% on Earned Premium.

During the year, the Company has filed various new Add On Covers i.e. (1) Battery Protect for Private Cars (2) Battery Protect for Passenger Carrying Vehicles (seating capacity up to 1+9) and (3) Consumable Items for Commercial Vehicles. The Department has improvised Nil Depreciation and Return to Invoice Add On Cover for both Two Wheelers and Private Cars. In the year 202324, the Department has also launched new Add On cover i.e. Hybrid Protect for pure Hybrid vehicles registered as private cars. Also the Department has introduced Return to Invoice, Engine Protect, Key Protect and Tyre & Alloy Add On covers for passenger carrying vehicles (seating capacity 1+9), in the market. Further, company is in process of filing new products in the coming year as well, to suit the market requirements.

Claim Settlement in Motor Own Damage segment stands at 92.65% in comparison with 92.88% of the previous Financial Year. As at the end of the year 2023-24, Company has 1759 non tie-up reputed motor workshop/ garages in our panel spread across the country for providing cashless service to all our customers.

Company has been focusing on Information Technology with an objective of facilitating efficient service to our customers. Few significant initiatives commenced in the previous year have got stabilized and further strengthened during the year 2023-24. Motor Department has introduced Digital Survey Report to assist our offices for faster settlement of claims on Pan India basis by autopopulating claim assessment data to Claims Module in CWISS from Surveyor portal as a result of which, the TAT of our claim handling offices has been reduced considerably. The Department has also empanelled Digital Service Providers (DSPs) for assessment of Motor Own Damage claims through App based technology using Artificial Intelligence (AI) for the estimated loss up to Rs. 50,000/-. We are utilizing the services of these DSPs Pan India for Tie up claims and also planning to introduce the same for Non Tie up claims.

Motor Technical Department has also introduced a new actuarial pricing model on pilot basis for Private Cars and Commercial Goods Carrying Vehicles.

Department has also conducted training for Auto Tie Up Hub Operating Offices Pan India to help them to handle Motor Own Damage claims with confidence and efficiency.

?    AUTO TIE-UP

New India has been able to tie up with Motor Dealers across India through partnership with major brands in the Indian market. We entered into Tie-up with other major player of the market i.e. Nissan- Renault-Datsun. Auto Tie-up Department is in the process of entering tie-ups with other players too. As Government is promoting electric vehicles, Dept has approached various OEMs, manufacturing Electric vehicles for tie-ups. With new tie-ups in the pipeline NIA's penetration in this important channel will become deeper / stronger.

We are sourcing business at dealer points through centralized tie ups as well as direct tie-ups. The premium achieved by Auto Tie-up Department in FY 2023-24 is Rs. 3,311 Cr. against Rs.3,030 Cr. in FY 2022-23 with growth at 10.8%

The growth in Auto Tie-up has played a major role in the growth of Motor LOB. Auto Tie-up, as a provider of seamless services to the customer, such as instant policy, cashless claims and best in market products has enhanced our Company' commitment to its customer centric approach.

?    MOTOR THIRD PARTY CLAIMS AND MOTOR THIRD PARTY CLAIMS HUB

Motor T.P. Department has constantly remained committed, resolute in expeditious settlement of claims as well as being one of the very few Departments where Social Responsibility and Public Accountability are its cornerstones. In the present context and scenario, the Department has changed gears and focused more towards expeditious settlement by way of Conciliatory Mechanism(s), rather than solely relying on Court- driven judicial mechanism(s), as was the trend in the past.

After the introductions of the Board Approved Compromise Manual by the Department as well as the implementation of Modified Claims Tribunal Agreed Procedure (DAR) by some of the States, our settlement through Lok Adalat have risen substantially. Further, expeditious settlement through Conciliatory Mechanisms also finds mention in the Acts of Parliament including the amended Motor Vehicles Act as well as the Central Motor Vehicle Rules, 1989 which will provide a fillip towards more settlement going ahead.

Technological Advancement and initiatives are being harnessed by the Insurance Industry, as we are aware. The Department understands that digitalization and work automation will soon be the sine qua non in the future. In view of the same, the Department has further improvised and made great strides in improving upon the

technological initiatives launched in the previous Fiscal.

The Department was the pioneer in introducing the paperless work-flow based structure that enabled tracking the movement and the stage in which a legal claim file is at. Further improvements have been made on the workflow mechanism in order to make it more seamless.

Advocate Portal, Advocate App, Investigator Portal as well as Judgment Store are other features which are presently helping the other stakeholders associated with Motor TP claims.

Due to the above advancement, the physical movement of Legal Claim Files have been dispensed with in most of the cases, where documents are now uploaded online in our database. This has facilitated quick decision making as well as the flexibility to access the claim files from any location, without overt reliance on physical files.

With regard to our performance in the current Fiscal, our Throughput Ratio has once again maintained its mark of exceeding 104%. Our total outstanding cases have reduced to 1,61,862 as compared to 1,64,964 in the previous Fiscal. Further, the claims outstanding > 10 years have also come down to 14,892 as compared to 15,420 in the previous Fiscal. The ICR on net earned premium has been 96.38%

Instead of TP Hubs, dedicated Suit Hubs have now been formed that act as the specialized offices in handling legal claims including Motor TP cases. As of now, we have 28 Parent Suit Hubs and 134 Child Suit Hubs who are catering to Legal TP claims. We also have 2 specialized Legal Hubs in Mumbai and Delhi. Delhi Legal Hub works as the face of the Company in Supreme Court and NCDRC Matters.

? TECHNO MARKETING

Company has established Techno Marketing as a specialized department to cater to the needs of large corporate clients. This includes high-value operational business units and specialized erection and construction projects. The department issues various policies, including Stand Alone Terrorism coverage, ensuring comprehensive protection.

In the fiercely competitive Indian insurance market, corporate clients constantly seek customized insurance solutions tailored to their evolving business models. Techno Marketing meets this demand by leveraging its expertise to devise need-based insurance solutions.

With strong support from national and international reinsurers, the company offers unique insurance covers designed specifically for corporate clients. To enhance customer delight, seminars are organized directly at corporate client place. These sessions educate employees and executives about large risk and project policies, as well as claims processes. This approach is integral to the company's strategy of underwriting risks for profitability, emphasizing robust risk management practices and methods to minimize losses. Complex risks undergo thorough inspections by globally renowned risk engineers.

Moreover, the company conducts online training sessions on underwriting and claims management to facilitate effective coordination with technical teams across its offices. Through its proactive approach and technical expertise, the company is well-prepared to maintain its leadership in the market and effectively address future challenges.

? MARINE CARGO & MARINE HULL

We continue to maintain our leadership in the Marine Line of Business in the Indian market. In Marine portfolio we have shown growth of with ICR of in Marine Hull and with ICR of in Marine Cargo segment. Marine Cargo LOB has witnessed negative accretion across industry owing largely to cross subsidy for profitable property business. However, despite steep rate reduction we have still ensured profitable underwriting. We have registered overall marine cargo and hull premium of Rs 983.98 crores with market share of 19.37%.

The New India Assurance Co Ltd insures major shipping lines of India, majority of Inland and Coastal vessels, sailing vessels and fishing vessels navigating in and around Indian waters. In the oil and energy segment, we have consistently been the market leaders since inception.

We are also the only insurance company in India which offers P&I cover to the Indian coastal vessels. We also provide Delay in Start-up (DSU) cover for major construction projects initiated in the country to cover loss of profits resulting from marine transit perils.

Popularity of our products and services in the maritime domain helped our company being awarded 'Insurer of the year' by the coveted International Samudra Manthan Awards-2023.

Changing geopolitical scenario, especially after the recent Russia-Ukraine war, Israel-Hamas-Iran war and resultant spree of vide ranging sanctions imposed on individuals and entities has brought huge challenges before marine insurers. Market capacity is limited due to exclusion of specified territories. We took initiative in formation of Marine Cargo Excluded Territory Pool (MCET) for cargo and are represented in its underwriting and claims committees. Despite various challenges, we continue to provide unhindered support to Indian enterprises. We have purchased a comprehensive sanctions compliance check facility Compliance Assist for prudent underwriting as well as protecting our financials.

As the leader in Marine Insurance, the Company is committed to deliver best-in-class service to its clients. We have substantially upgraded our IT infrastructure for Marine Cargo - Our portal for issuance of certificates is working smoothly, In Claim automation -> Online intimation of claims->Auto Registration->Online Upload of documents & survey reports->Paperless settlement of claims (1st in PSU). We are continuously engaged with the IT Department to continuously upgrade to suit changing needs of the market. We have done our portal integration with WTW broker's portal.

In line with KPI restructuring Simple Insurance Products are introduced for our customers to facilitate micro level management and to reduce TAT for claims. As the dynamics of shipping industry is changing, we are committed to bring out of the box solutions for our clients.

?    AVIATION

With a domestic aviation insurance market share of 39%, New India continues to be preferred Insurer of most major airline operators and General Aviation business. New India has been the leader in almost all the major Domestic Airlines. With the advent of Government sponsored Regional Connectivity scheme, New India has also been extending insurance support to smaller airlines/ new entrants under UDAN scheme. New India has also underwritten major aerospace and Maintenance Repair and Overhaul (MRO) risks. New India's aviation business has witnessed a growth of 33% vis a vis domestic aviation market has grown by 18%. New India continues to be a preferred re-insurer in international market extending its support to around 80 Aviation Reinsurance Programme across the Globe. New India has also launched its drone insurance product and a growth potential is expected in this vertical also.

?    MISCELLANEOUS AND LIABILITY INSURANCE

The Company maintains its prominent position in the industry as pioneers in crafting Event Insurance, encompassing Sporting Events alongside other critical lines of business such as Liability Insurance and Film insurance. This enduring success is underpinned by amplified premium rates and robust reinsurance support from the international market also. Our commitment extends to serving the insurance needs of telecommunication service providers, the film industry, and small to medium-sized entrepreneurs.

Continuing our leadership streak, we proudly retained our position in the Nuclear Pool throughout 2023-2024, with intentions set on perpetuating this achievement in the forthcoming years. We are steadfast in our mission to bolster the banking sector by furnishing tailored insurance solutions, including offerings for bankers and Cyber Liability Insurance. Given the paramount importance of cyber liability in today's tech-driven landscape, we remain dedicated to fortifying this sector that underpins our economy's resilience.

Strategic initiatives are underway to explore international markets, enabling us to introduce innovative products to the Indian market, aligning with evolving demands and ensuring sustainable, profitable growth. Recognized as the preferred insurer by our esteemed clients, we consistently strive to enhance both underwriting standards and claims management processes.

Empowering our Regional Offices with decentralized policy underwriting authority has significantly enhanced turnaround times, client servicing, and operational efficiency. Noteworthy additions to our product portfolio in the past year include Antodaya Shramik Suraksha Bima

and My Identity Theft Insurance. Additionally, we have exciting prospects on the horizon, including the launch of New India Homesafety Insurance, New India Griha Suvidha 2.0, and several other offerings tailored for SMEs and the Corporate segment.

Conducting regular workshops on underwriting and claims management underscores our commitment to ensuring that our technical teams across various offices remain abreast of industry developments. With an unwavering focus on continual improvement, we are resolute in elevating our performance year on year.

?    REINSURANCE

“The Company's Reinsurance protection continues to be optimal and consistent with its risk profile and financial position. The company was able to renew all proportional and non-proportional treaties for domestic business and foreign operations, at favourable terms, as per schedule. The IFSC office of the Company in GIFT city, doing Inward business, continues to show optimal growth with profitability. This year, the market has witnessed a number of CAT events namely Cyclone Biparjoy, Floods in North India, Floods in North eastern part of the country, Cyclone Michaung and Floods in South India. Out of these events, losses from one event are marginally exceeding the deductible of domestic excess of loss treaty. No Risk losses, impacting the treaty, were reported in the current financial year. On the global front there was a risk loss in Bahrain.”

?    BROKER

The Insurance Industry is one of the fastest-growing sectors in India and across the globe. With Insurance products like Life, Health, Motor and more, the Industry figures speak volumes of the immense opportunities in the market. Brokers are the preferred channel of business in India in commercial line of business which includes marine, aviation, engineering risk and liability insurance.

Broker Channel is a Business model which offers immense opportunities for sourcing various lines of Business in the field of non-life sector. It is a significant distribution channel, contributing a sizeable percentage of total premium income of the Company.

In this FY 2023-24, our Broker vertical completed Rs 15,518.33 Crores Premium and an accretion of 10.25%. ICR on earned premium is 89.24 % for the FY 2023-24. We have been successful in aligning with more than 96% of the Brokers operating in Indian Market.

We have also mobilized a premium of Rs. 40.92 Crores through IMF with 0.94% growth.

Insurance Broker Association of India has awarded our Company, “The New India Assurance Co. Ltd.” as MOST BROKER FRIENDLY INSURER.

?    BANCASSURANCE

Banks, due to their geographical spread and penetration in terms of customer reach in all segments, have emerged as an important channel of distribution of Insurance products.

New India Assurance has tie-up with 4 PSUs i.e. Canara Bank, Punjab and Sind Bank, Central Bank of India, India Post Payment Bank and 3 private banks - IDBI, South Indian Bank, Axis Bank, besides 31 Scheduled Cooperative Banks and 2 RRBs during FY 2023-2024. In FY 2023-2024 Bancassurance contributed Rs. 234.55 cr Premium income and ICR was 77.62%.

Various campaigns were launched during the course of the year, to increase the awareness & reach. Bancassurance Department has also introduced attractive incentive scheme from April 2023. New India Assurance has increased its focus on developing Technology platform in order to improve efficiency, TAT, ease of doing business & providing service to customers.

Bancassurance Channel looks forward to achieving many milestones with current Bancassurance partners. New India is constantly taking effort to tie-up with other Public sector Banks, Private Banks & Scheduled Cooperative Banks.

? AGENCY

Agency Department has been a key channel for procuring business for our Company contributing substantial share of premium income with a favorable claim ratio. In the FY 2023-24, Total Premium procured Rs. 10,271.18 Crs with 6.05% Accretion contributing to 27.73% of Company's domestic premium (By Individual Agents Rs. 10,189.26 Crore and by Corporate Agents (Other than Banks) Rs. 81.92 Crore) We have enrolled 4,633 Agents and as on 31st March 2024, the total number of agents are 1,15,925

Agency Department has implemented various reward schemes during the year to motivate agents. Extended GPA Cover to All Club Members agents.

Agency Department has arranged Training for CMD & General Manager Club Member Agents for enhancing their skills. APEP Department had released two Agent Magazines, consisting of Agents articles, technical articles, names of CMD Club Members and GM Club Members.

Necessary communications sent to Agents as and when required. Various other measures like texting messages to agents on Birthdays, festivals were initiated. Every Operating Office has been arranging Agents Meeting on 1st and 3rd Friday of each month and imparting product knowledge, soft Skill training and exchanging views on marketing strategies.

In the Year 2023-24 total 7,322 Agents have become eligible for Agent Club Membership based on the performance year 2022-23. All India convention and Regional level conventions were held to felicitate the said esteemed agents at various centers PAN India

Agency Department has been promoting Agents Portal to enable agents to issue policies quickly on 24x7 basis. Agent App with new features in smart phones enables agents to quickly renew policies and better manage their renewals and claims. The Company has made constant efforts by training for encouraging and motivating agents

for usage of agent portal and App. Initiated short AVs in regional languages for popular products to help agents.

Also EDM / FLASH / AT A GLANCE of newly launched products uploaded on Agent portal, so that Agents can know about the product features readily. The Photo of the Top 10 Performing Agents for the month displayed on Agent portal. Regular Agent portal revision is done with technical department approval. . More number of policies were added to the Portal with a target to increase portal usages.

During the year, Portal Access was enhanced by allotting the 3,176 Portals to agents increasing the total number of portals to 56,272 as on 31st March, 2024. Rs. 4,632 Crores premium was collected through the Agent Portal in the Year 2023-24.

? RURAL AND SOCIAL SECTOR AND MICRO INSURANCE

As the premier Non-Life Insurance Company keeping with its rich traditions & strong social commitment of serving the rural masses has always been in the forefront of devising host of Rural Insurance Products. The Company is continuously striving to offer best possible products customized according to the needs & requirements of Rural population.

The Company provides protection for various assets of rural community. A wide variety of covers are now available for the rural areas to meet the specific needs of the Rural mass e.g. Cattle Insurance, Sheep & Goat Insurance, Agriculture Solar pump sets, Poultry Insurance, Saral Sampurna Kisan Bima Yojana, Horticulture/Plantation Insurance, Personal Accident Insurance Cover to Kisan Credit Card Holders (KCC) etc. for the safety & security of the rural populations.

The Company has always shown keen interest in various Government sponsored Schemes for Cattle/ Livestock Insurance schemes under National Livestock Mission in various States, Raj Rajeshwari Mahila Kalyan Yojana etc. for benefit of the rural population. The Company has opened up Operating Offices at remote & interior parts of the country to ensure smooth distribution of exclusive rural centric products. Our extensive network of rural Agency force has been provided with Portal for immediate issuance of policy even in remote corner of the country. It has always been the objective of the Company for growth & promotion of micro insurance products for the Rural & marginalized population. At present, the Company is providing 13 Micro Insurance Products such as Cattle Sukshma, Sheep & Goat Sukshma Bima etc. to protect low-income people from financial losses with affordable products. The Company has made the Claims Processing Procedure simple and easy to popularize the Micro products.

Cattle/Livestock Insurance: Our Regional Offices have participated in centrally sponsored Cattle Insurance schemes, Corporate Dairy Schemes and State/local based schemes. We have issued approximately 1,89,714 policies and procured substantial premium of Rs. 117.53 crores.

The Company during 2023-24 underwritten a total Rural Insurance Premium of Rs. 132.47 Crores with Incurred Claim Ratio of 68.40%

?    GOVERNMENT HEALTH BUSINESS

The Company plays a significant role in participating in Government Schemes and providing insurance solutions to the masses. One such initiative is the Mukhyamantri Chiranjeevi Swasthya Bima Yojana scheme of the Government of Rajasthan. This scheme aims to provide health insurance coverage to a wide range of beneficiaries, including Below Poverty Line (BPL) families, socially and economically weaker sections of society, and other paid groups. With a sum insured of Rs 5 lakhs per family, the scheme covers nearly 1.4 crore families, thereby offering comprehensive healthcare protection.

To efficiently manage and deliver services under the scheme, a dedicated office, the Regional Government Business Office (RGBO), has been established. Leveraging technology, the RGBO provides technology-based services to ensure seamless implementation of the mass health scheme. Furthermore, the introduction of AI/ML-based apps for monitoring the scheme enhances its effectiveness and transparency, facilitating better management and monitoring of healthcare services.

In addition to the Mukhyamantri Chiranjeevi Swasthya Bima Yojana scheme, the Company extends its coverage to a vast number of individuals under various other government schemes. The Company covers 13 crore lives under Pradhan Mantri Jan Dhan Yojana (PMJDY) and 7.35 crore lives under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme, which is a flagship initiative of the Government of India.

Furthermore, the Company provides on-duty personal accident cover to volunteers of the National Disaster Management Authority (NDMA), demonstrating its commitment to safeguarding lives and promoting social welfare.

Through its participation in these government schemes and initiatives, the Company exemplifies its dedication to providing accessible and comprehensive insurance solutions to individuals across various sections of society, thereby contributing significantly to the nation's social welfare and development goals.

?    ALTERNATE BUSINESS CHANNEL

Keeping in pace with the digitization, Alternate Business Channel Department manages the already existing customer portal, portals dedicated to ICAI/ICSI/ICMAI members and integration with intermediaries like Policybazaar, Phonepe, Girnar, Coverfox etc. As on March 31, 2024, we provided integrations to 82 web aggregators/brokers/corporate agents. We also have portal integration with CSC and HPCL.

The total premium generated through the online platform through above channels is to the tune of INR 235.28 crore for the year 2023-2024

The department is constantly striving to make the E-Platforms robust & to enhance the Customer experience.

?    CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR)

CSR Committee of the Board was constituted in September 2014 with a mission to achieve our vision to strive to transform India into a “Risk Aware” society from being a “Risk-Averse” society and with a mission to “achieve our vision by integrating social, environmental and health concerns of the Indian society into Company's overall CSR Policy and programmes”. CSR has been a long-standing commitment in the Company and forms an integral part of our activities. Being a responsible corporate citizen, Company is committed to perform its role towards the society at large. In alignment with its vision, the Company always work towards adding value to its stakeholders by going beyond business goals and contributing to the well-being of the community.

In this year, The Company has utilized 100% of the Budget (Rs. 18.32 Crores).

From the stated Budget, the Company an amount of Rs. 2.21 Crores (12%) was assigned to Schedule VII Funds (National Sports Development Fund) and 88% have been sanctioned towards various CSR Projects.

The Company has utilized its CSR budget with presence in diversified areas including health, Education, Sports, Animal Welfare, Hygiene, etc. with the highest allocation to Health segment (43%) with the second highest being Education segment (30%).

?    CUSTOMER CARE

Customer Care Department functions at Company's Corporate Office as well as all Regional Offices / Corporate Business Offices / Auto Hubs. Dedicated Customer Care Officers are working in all the business offices throughout the country for extending quality service to the

 

Policyholders and the prospects. Online information on the Company's products is provided on the website www. newindia.co.in for the benefit of the public.

The Company's Call Center was transformed into a Contact Center on 1st October 2022 for customer service. It is a Fully Integrated Multi-channel, Multilingual Contact Centre. The toll-free number of the company 1800-2091415 is available to the customer 24*7 for enquiries on various Products and Claims and Grievances procedure.

The Company has a Grievance Redressal Policy approved by the Board of Directors of the Company which lays down the guidelines for timely redressal of customer grievances maintaining a high level of quality. The Company also has a Policy for the Protection of Policyholders' Interests approved by the Board of Directors which formulates the high standard of service the Company aspires to extend to its Policyholders and the prospects. Both these Policies are available in English and Hindi in our website for easy access by customers.

Grievances received orally, over telephone or in writing are registered in the Grievance Module of CRM. Customers can register their grievances through our website https:// www.newindia.co.in/portal/login/customer. The Company has a dedicated e-mail ID customercare.ho@newindia. co.in for getting customer grievances and this is monitored by the Head Office. With a view to give special attention to the grievances of the senior citizens, the Company has a dedicated email address seniorcitizencare.ho@newindia. co.in which is also monitored by the Head Office. Customer grievances received by IRDAI get registered in Bima Bharosa. Our CRM Module is integrated with Bima Bharosa on a real time basis. We also receive customer grievances registered in the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) PG portal and Integrated Grievance Redressal Mechanism (INGRAM) National Consumer Helpline portal. We resolve grievances, intimate the customers and post the resolution through the portal.

 

The Grievance Redressal position for the period 01.04.2023 to 31.03.2024 is as under:

Source	Outstanding as on 31/03/2023	Received From 01/04/2023 To 31/03/2024	Resolved From 01/04/2023 To 31/03/2024	Outstanding as on 31/03/2024	Disposal Ratio
ALL	2	7,232	7,231	3	99.96%

 

? ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our company's governance and strategic decision-making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable growth. As our Company has also been identified as Domestic Systematically Important Insurer in India (D-SII), it becomes even more essential that the ERM structure of the Company is robust.

Our risk governance structure ensures clear roles, responsibilities, and accountabilities throughout the organization. The Board of Directors oversee the ERM

program, ensuring alignment with our strategic objectives and regulatory compliance. All the policies under ERM are reviewed periodically.

Our ERM framework enables us to proactively identify, assess, and mitigate risks across our operations. By adopting a comprehensive approach, we analyse internal and external factors, conduct risk assessments, and engage with stakeholders to gain insights into emerging risks and to monitor the evolving risk landscape. This helps us prioritize risks based on their potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop

and implement risk mitigation strategies tailored to each risk category. Our strategies involve risk avoidance, risk transfer, risk reduction, or risk acceptance, depending on the nature and severity of the risks.

We have identified key risks that we actively manage including market risk, operational risk, financial risk, and cybersecurity risk. Market risk is mitigated through market research, innovation, and strategic partnerships. Operational risk is addressed through robust controls, business continuity planning, and adherence to regulations. Financial risk is managed through prudent financial practices and appropriate insurance coverage. Cybersecurity risk is mitigated by investing in advanced security measures and providing ongoing training to our employees.

Regular risk reporting and communication provide valuable information to our Board of Directors and executive management, enabling them to make informed decisions and take necessary actions.

Our commitment to ERM helps us protect our stakeholders' interests, enhance operational efficiency, and create sustainable value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the organization. By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term success and resilience of our Company.

The ESG Policy of the Company is in the process of being finalised and we are committed to having the policy in place shortly. However we are already implementing and are in compliance with many of the aspects of ESG..

? CORPORATE COMMUNICATIONS

Our Corporate Communication Department plays a pivotal role in maintaining strong relationship with stakeholders and effectively conveying our company's messages, values and achievements. By facilitating transparent and consistent communication, we enhance our reputation, build trust and promote understanding among our diverse audience.

The Company continued its branding activities vigorously to enhance visibility of the largest Non-Life Insurance Company of India through various promotional tools with impetus to improve visibility in all platforms of advertisement on Pan India basis and exploring new

places of public confluence.

To imprint the Brand Image of our company into the mental spectrum of General Public and effective use of various Medias available and ever-changing environment, we have increased our campaigns on TV, Radio, FM, Print Media and Social Media in addition to the traditional outdoor media like hoardings, Glow signs, Digital Screens in and around PAN India locations. Displays have been placed at prominent Airports, Metro Stations, Railway stations & Trains, Road junctions Highways, Bus stands, New Electric Buses, Containers, Malls as well as various print and digital media channels.

? CLAIMS MANAGEMENT

The Company carried out the following activities in this vertical during the FY 2023-24.

•    Opening of 158 new Non-suit Child Claim Hubs in addition to existing 30 Parent Claim Hubs to expedite the Claim Settlement Process.

•    Close monitoring of Non-Suit claims with a target to increase Settlement Ratio and reduce outstanding claims and monitoring of Incurred Claims Ratio.

•    Review and Monitoring of Catastrophic claims to enable faster claim settlement and coordination with the IRDA and DFS for CAT claims. Camps organized during MICHAUNG and Tamil Nadu floods for faster settlement of claims.

•    Monitoring of long pending non suit and non-health claims, and Health claims monitoring in coordination with Health department.

•    Implementation of the guidelines enumerated under the Surveyors' Management Policy adopted by Board and completion of surveyors screening exercise under Surveyors Management Policy for 2024-25.

•    Undertaken virtual & physical meetings with designated officials of all Regions on non-suit claims management & Motor OD claims automation including digital survey report.

•    Organized training for Claims handling officials PAN India at Insurance Institute of India

Parameter	Non-Suit	Suit	Total
Number of Claims OS as on 01.04.2023	5,34,830	179,546	7,14,376
Number of Claims Intimated during 2023-24	1,17,06,072	67,548	1,17,73,620
Number of Claims Settled during 2023-24	1,15,61,506	71,424	1,16,32,930
Number of Claims OS as on 31.03.2024	6,79,396	175,670	8,55,066
Claims OS for less than 3 months	5,46,147	8,052	5,54,199
Claims OS for more than 3 months but less than 1 year	1,07,861	26,014	1,33,875
Claims OS for more than 1 year	25,388	141,604	1,66,992

 

Non-Suit Claims - Parameter	31.03.2024	31.03.2023	31.03.2022
No of Claims O/s	6,79,396	5,34,830	3,42,995
Amount of claims O/s (Amount in Rs Crores)	10,845 Cr	9,046 Cr	9,436 Cr
No of claim O/s for more than one year (Excl.GA and Coinsurance)	24,697	20,459	14,437
Non Suit Claim Settlement Ratio	94.45%	94.70%	95.27%

 

Suit Claims - Parameter	31.03.2024	31.03.2023	31.03.2022
No of claims O/s	175,670	1,78,869	1,81,598
Amount of claims O/s (Amount in Rs Crores)	11,543.88	11,190.00	11,134.00
No of claim O/s for more than one year (Excl.GA and Coinsurance)	141,604	1,40,230	1,49,836
Suit Claim Settlement Ratio	28.91%	29.76%	24.88%

 

?    MARKETING

New India has once again continued its supremacy in the insurance industry with a total of 12.78% market share. Our marketing team contributed to this triumph of New India with a remarkable share of premium by our Development Officers of Rs. 2423 Crores. Our Business Associates have successfully contributed more than Rs. 2533 Crores premium for the FY 2023-24. In all total share of premium by AO (D), AM (D) from all over India is Rs. 1009.37 Crores.

?    RIGHT TO INFORMATION ACT

As an insurance company committed to transparency and accountability, we recognize the importance of the Right to Information Act (RTI Act). The RTI Act empowers individual to access information held by public authorities, including our Company, ensuring greater openness and fostering a culture of trust.

At our Company, we adhere to the principles of the RTI Act and proactively promote access to information. We believe in the right of our stakeholders, including policyholders, shareholders and the general public to access relevant information about our operations, financial performance, and governance practices.

The Central Public Information Officers (CPIOs) of Regional Offices /CBOs / Auto Hubs / Legal Hubs also contribute to the promotion of the ideals of the Act, under the umbrella of RTI Department at Head Office.

Company has appointed Transparency Officer in the rank of General Manager.

During the year 2023-24, the total (including online) number of RTI Applications received were 1,940 and First Appeals were 244.

As per Department of Financial Services Guidelines, Third Party Transparency Audit of RTI Proactive Disclosure of the New India Assurance Co. Ltd. for the year 202223 was conducted by Defence Headquarters Training Institute, New Delhi

In compliance with the CIC guidelines / RTI Act, the Company's official website is up-dated from time to time disclosing and uploading maximum information under the provisions of Section 4(1) (b) of the RTI Act, 2005.

?    INDUSTRIAL DISPUTES AND DISCIPLINE

The Company is dedicated in development of its Human Capital i.e. its employees. We know that the Company will perform better when staff are healthy, motivated and focused. A positive work culture that values all staff and invests in their skills and development builds the trust and integrity essential to maintain commitment and productivity levels. The Company has launched a Mentorship Program for newly joined employees to help them in learning work-life balance.

Going in Parallel, the Company also ensures maintaining a safe, disciplined and harmonious work environment. In order to fulfill the same, the Company has imparted 3 interactive training sessions for the employees posted across the Country on 'The New India Assurance Company Ltd. (Conduct, Discipline & Appeal) Rules, 2014, (hereinafter referred as 'Company's CDA Rules'). These are done in a cost-effective manner by using skills and knowledge within the Company primarily to develop learning, training.

In compliance with the CVC guidelines as well as Company's CDA Rules, the Company has ensured filing of Annual Property Return for the last financial year from each and every employee.

Further, the Company has made efforts to approach the Hon'ble Courts to vacate stay, wherever ordered, so that the cases may be disposed of timely. Also, the Company has ensured the timely compliance of Court Orders.

?    INFORMATION TECHNOLOGY

The Company remains committed to advancing its digital innovations, ensuring that Information Technology and Data Security serve as the functional and ethical guardians of the organization. With our data centers certified with ISO 27001-2013, we are making significant strides in fortifying our dedication to safeguarding the personal information of our esteemed customer base. Maintaining Business Continuity and Seamless Scalability are vital elements of Risk Management within the Information Technology Department. We have successfully conducted drills for Disaster Recovery (DR) and Near Disaster Recovery (NDR) to meticulously assess and uphold the robustness of our data center backup facilities.

In our efforts to incorporate Artificial Intelligence more extensively into business communication, we've adopted an active cloud-based email solution. This solution is in line with the current trend in the BFSI sector, enabling users to utilize AI features for improved understanding and action on large datasets.

Our IT team has significantly improved our nationwide coverage by upgrading the bandwidth in all our offices. This ensures that customers visiting any of our operational branches have a seamless experience. Additionally, we've expanded our efforts to cater to digital customers by enhancing data bandwidth in both our primary and backup data centres.

These collective endeavours have significantly propelled our overall growth, as evidenced by our premium books surpassing Rs. 41,000 Crores for the first time in the history of any General Insurance company in India.

?    HUMAN RESOURCE DEVELOPMENT AND PERSONNEL STAFF WELFARE SCHEMES

•    STAFF WELFARE SCHEMES

In line with the tradition of keeping the interest of its employees foremost, the Company has continued to implement welfare schemes for its employees. Active as well as retired employees along with their dependent and non-dependent family members are covered under Group Staff Mediclaim Policy covering all kinds of diseases with minimal exclusions, Group Personal Accident Policy providing 24 hours cover to employees against accidental death or permanent disablement, Group Savings Linked

Life Insurance, Group Term Life Insurance, Employees Deposit Linked Life Insurance, Lump sum payment for Domiciliary Medical Treatment, Group Baggage Policy, Education Advance Scheme for children of employees to pursue quality education, Housing Loan at subsidized rate of interest, Medical Check-up facility to Manager and above cadres, Director's Mediclaim Scheme for reimbursement of medical expenses of active as well as retired Directors along with their dependent family members etc.

The Company provides Ex-gratia relief scheme to its employees which provides for reimbursement of medical expenses beyond the Mediclaim cover. Special leave is sanctioned and medical expenses are reimbursed if employee meets with accident whilst on duty which is in addition to the 24 hours Personal Accident cover provided to employees. Special leave is also granted for participating in National & International sports events including Mountaineering, Expedition and Trekking events. Employees are encouraged for pursuing higher post graduate academic courses for which financial assistance is provided.

Other welfare schemes like Vehicle Loans at subsidized rate of interest, leased accommodation to all cadres of employees, Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave Travel Subsidy, Labour Welfare scheme are provided.

In order to facilitate more transparency and expeditious settlement, the Company has implemented online access for all its employees for availing the benefits and necessary training has also been imparted to them.

HUMAN RESOURCES

Employee strength as on 31st March 2024

Category of Employees	Male	Female	Total
Class I	4,932	2,552	7,484
Class II	172	13	185
Class III	2,633	857	3,490
Class IV (Excluding Part Time Sweepers)	779	216	779
Part Time Sweepers	2	0	2
TOTAL	8,302	3,638	11,940

RECRUITMENT AND RESERVATION

Number of employees recruited during 2023-24

Category of Employees	SC	ST	OBC	EWS	Total	Ex Servicemen	PWD
Class-I	65	26	105	39	397	0	15
Class-II	-	-	-	-	-	-	-
Class III	13	4	3	-	30	0	0
Class IV (Excluding Part Time Sweepers)	5	2	5	-	18	0	0
Part Time Sweepers	-	-	-	-	-	-	-
TOTAL	83	32	113	39	445	0	15

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as on 31.03.2024

Category/Level	Total Number	Number and Percentage
		SC	%	ST	%	OBC#	%#	EWS	%
Class-I	7484	1470	19.64%	667	8.91%	1516	20.26%	93	1.24%
Class-II	185	25	13.51%	20	10.81%	16	8.65%	0	0.00%
Class III	3490	632	18.11%	332	9.51%	728	20.86%	0	0.00%
Class IV (Excluding Part Time Sweepers)	779	385	49.42%	89	11.42%	76	9.76%	0	0.00%
Part Time Sweepers	2	1	50.00%	1	50.00%	0	0.00%	0	0.00%
TOTAL	11940	2513	21.05%	1109	9.29%	2336	19.56%	93	0.78%

# OBC reservation was introduced in 1993. The prescribed OBC reservation % is being maintained in all direct recruitments since then.

The Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/ OBC/EWS/PwBD and Ex-servicemen.

Pre-promotional training programs are duly organised for all eligible SC/ST/OBC employees for promotion to various cadres. Regular training programs are conducted on personality development, stress management, motivation etc. for SC/ST/ OBC employees of various cadres. Various benefits under Dr. B. R. Ambedkar Welfare Trust have been given to SC/ST/OBC employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis. Prerecruitment training programmes are also arranged for SC/ST/ OBC candidates at various centres on all-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/EWS/PwBD/ Ex-servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office, whereas, Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on yearly basis, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back to the respective Regional Offices with necessary advices. Based on the inspection report, action is taken by the concerned Regional Offices in co-ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest possible time-frame.

The Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/OBC welfare activities. On the eve of Mahaparinirvan Day i.e. December, 6th every year these welfare activities are supported to observe the death anniversary of Dr. B.R. Ambedkar at Chaitya Bhumi, Dadar.

? GENDER ISSUES AND EMPOWERMENT OF WOMEN

The Company has a strong women force and provides adequate opportunities for self and career development. A

significant number of women Officers, as on 31.03.2024, are holding senior positions in our Offices:

•    Women executives are nominated for various programmes organized by Forum of Women in Public Sector (WIPS)

•    Women Officers are also nominated in large numbers to the Programme for Women Managers conducted by National Insurance Academy, Pune

•    Women's Committees are constituted at Head Office and various Regional Offices and are actively involved in resolving all gender-related issues/cases referred to them

•    The International Women's Day is celebrated on March 8th in all Offices across the country. Seminars are organised at various centers on topics such as Women Entrepreneurship, Stress Management, Work-Life Balance, Mental & Physical Health, Nutritious diets, Rights of women under various laws of the country, and new law for protection of the women at workplace etc.

? TRAINING

Our Company always been remained steadfast in its commitment in excellence, innovation and customer-centricity.

In an environment marked by relentless competition and rapid changes, it is imperative to us to equip our workforce with the necessary knowledge and skills to navigate challenges and capitalize on opportunities.

Our Company has always been forward-thinking and proactive in preparing for future market trends and its challenges.

 

Chairman-cum-Managing Director	1
Executive Director	1
General Manager	5
Deputy General Manager	12
Chief Manager / Regional Manager	62
Divisional Manager / Sr. Divisional Manager	78
Branch Manager / Sr. Branch Manager	77

We have focused on Computer Literacy, Cyber Risk Management, Digital Marketing, Data Analytics, Fraud Analytics Training Programmes and most importantly trainings on Artificial Intelligence, a fundamental component of future technology, which are indeed crucial for staying competitive and adapting to the evolving business landscape.

The Company has always prioritized employee development through multifaceted training programmes. We are confident that our well-trained and motivated workforce will overcome challenges smoothly, seize opportunities, driving sustained growth and create value for all stakeholders.

Apart from emphasizing on mainstream trainings like Prudent Underwriting Skills, Claims Management, Fraud Management, Human Resource Management, Vigilance, Policy Awareness, the Company encourages nominations in alternate training programs such as;

•    Women employees are nominated for specialized trainings like Women Managers Training, Prevention of Sexual Harassment (POSH) training Programmes etc.

•    Pre-recruitment training to all SC/ST/OBC applicants desirous of availing the same.

•    Pre-promotional training to all eligible SC/ST/ OBC employees of all cadres.

•    Enhancing Leadership Quality, Effective Communication Training programmes for the Incharges of operating offices to build leadership quality. These programs are tailored to address specific challenges or opportunities within the company and the market. It provides a practical tool and techniques for effective leadership in various situations.

•    To build the strong, competent marketing force, the more emphasis is being given on training of Marketing Officers & Agents.

•    Along with development of Technical Skills, taking into consideration employees' mental and physical health, we also focus on soft skills trainings like Personality Development, Physical Fitness Trainings, Yoga Sessions etc. and for betterment of employees' post-superannuation life, we conduct Pre-retirement trainings. ¹

edge research and best practices. This exposure not only enhances their knowledge and skills but also broadens their perspective, enabling them to tackle complex challenges with confidence and creativity.

• As a special task, on request from IRDAI, Company has arranged 'ON THE JOB' Training programme for IRDAI's newly recruited Assistant Managers.

Our work profile based approach for training nominations is a strategic move, which aligns training opportunities more closely with employees' role and responsibilities. We ensure employees will acquire skills and knowledge that directly contribute to their job performance and professional growth by nominating them for training relevant to their line of work. Also restricting nominations to a single training programme per year per employee is a practical measure that allows for the equitable distribution of training opportunities across the workforce. This ensures that a greater number of employees have the chance to benefit from training initiatives, thereby maximizing the overall impact on organizational performance employee development.

? OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is implemented on the basis of the guidelines issued by the Department of Official Languages and The Department of Financial Services, Ministry of Finance, Government of India. According to these guidelines, every effort is made to enhance the implementation and propagation of official language in all the offices and Departments of the Company.

Hindi workshops are organized by the Department of Official Language from time to time in order to enable and skill development of the Employees to work in Hindi with ease in their respective Departments. In this financial year, the Head Office, Department of Official Language organized 5 workshops and a special workshop cum training program was organized in Daman for the Employees of the “B” Region.

In this financial year, the Head Office Official Language Department carried out hundred percent official language inspection i.e. of all 30 Regional offices. The third subcommittee of the Parliamentary Official Language Committee inspected Bhilai Operating Office, Jamnagar Operating Office, Ahmedabad Regional Office, Mumbai Regional Office-2, Panaji Operating Office. Parliamentary Alekh evam sakshay committee inspected Khadagpur Operating Office, Bhubaneshwar Regional Office and Rohtak Operating Office. In these inspections, the official language implementation in the company was found to be satisfactory.

Four Hindi quarterly meetings were held in each quarter during the year 2023-2024 at Head Office. Similarly, meetings of the Official Language Implementation Committee were held regularly in all the offices. In order to promote the Hindi official language, motivate and encourage the employees towards the official language Hindi, Hindi fortnight was organized in the Head Office

from September 14, 2023 to September 28, 2023.

A total of 7 competitions were held during this period. Similarly, Hindi fortnight was also organized at each Regional Office/Operating Office. Employees were awarded under the ongoing cash incentive scheme for working in Hindi during the entire financial year.

In the year 2023-2024, All India Hindi Officers Conference was organized in Alibag from 07th to 08th January under Mumbai Regional Office-5. Regional offices were also rewarded for best performance in the conference. This year, two issues of corporate in-house magazine 'Arjan' were published, in which employees working in various offices of the company participated through their articles. Its QR code was also made available with this magazine. Similarly, inhouse Hindi magazines are regularly published by the Regional offices. In this financial year, the Department of Official Language all over India received a total of 58 awards. An Official Language Seminar was organized on August 18, 2023 for the member offices of the Town Official Language Implementation Committee Mumbai, the topic was Sadharan Bima ka Gyan : Mushkil Aasan. The employees are being trained in large numbers in prabodh, praveen, Pragya and Parangat training programmes organized by Hindi Training Scheme, Department of Official Language, Ministry of Home Affairs, Government of India.

The Department of Official Languages is constantly striving to play an important role in the promotion of Regional Languages along with Hindi.

? INTERNAL AUDIT

Internal Audit has been playing a vital role towards strengthening the Corporate Governance and complying with the management objectives to improve and strengthen the internal controls.

Internal Audit functions through Audit teams stationed at various Regional offices and supervised by IAD, Head Office. An Annual Audit Plan is drawn by the Dept. so as to ensure that all operating offices (including Large, Medium and Small Offices) are audited at least once in the financial year. The Department successfully conducted regular audits of their Regional Offices, Parent and Child Claims Hub (Suit as well as Non Suit), Broker DO, CBOs, Auto Tie-up Offices, Hubs & HO departments to ensure proper implementation of corporate guidelines.

IAD has also assisted in enhancing the performance of Audit Compliance Cells at various Regional Offices for expediting the resolution of pending audit queries - both CAG and Internal. At the end of the financial year, the audit activities & observations of IAD are consolidated in the form of Annual Report and informed to the Board & Audit Committee.

The Company has been complying with the Prevention of Money Laundering Act (PMLA) 2002 since it has been made applicable to insurance companies w.e.f 01.08.2006.

Amendments issued by IRDAI are adopted by the Board

from time to time. The Principal Compliance Officer posted at Corporate Office monitors the compliance of AML guidelines.

IAD, H.O controls the expenses of the company by preparing budget for revenue and capital expenses. After the approval of the Board, the budget is allocated to ROs, CBOs and various departments at H.O. Due care for budget utilization and periodical review are being taken by IAD, H.O.

Timely Audit clearances of the employees are given for Retirees /VRS /Death/90% PF Withdrawal.

Considering the digitalization, we have implemented audit module to conduct audit work and audit reports digitally & also to focus on quicker resolution and compliance monitoring.

? LEGAL & CONSUMER FORUM

The Department primarily focuses on handling arbitration cases, consumer forum cases, Supreme Court matters, and civil/commercial suits arising out of claims under insurance policies, excluding T.P claims. It ensures that all court notices from various fora/courts across the country are promptly monitored and addressed by ROs with urgency and care. In line with the objective of KPI, the Department has formed dedicated Suit Claims Hubs to handle such legal cases arising of claims. With the creation of such suit hubs, the process of handling suit claims has become streamlined with specialized personnel attending to legal claims.

With a dual goal of reducing the influx of new cases and expediting the resolution of pending ones, the department consistently endeavors to enhance the customer satisfaction. The Department has been consistently sensitizing all suit hubs under ROs to conduct root cause analysis of the legal complaints, analysis of the awards for achieving the dual goal mentioned above.

As part of such steps, the Department has successfully settled 254 consumer cases through the mechanism of Lok Adalat. The Department achieved an overall settlement of 4,566 cases in dispute with a settlement ratio of 25.27% and throughput ratio of 131.02%.

The Department also undertook an initiative through Suit Hubs to identify competent Advocates in various regions to manage the increasing number of high-value cases filed at District Commissions. This initiative resulted in creation of a database, facilitating timely filing of defenses and enabling better tracking of Advocate performance nationwide. Additionally, the Department has sensitized the suit hubs to review and resolve maximum consumer cases, aligning with the Company's customer-centric approach and encouraging more out-of-court settlements.

Another crucial focus area for the Department is managing execution cases targeting Head Office Executives, often initiated as coercive measures. Through diligent followup and offering professional guidance to Suit Hubs, the Department has successfully ensured resolution of such cases.

? VIGILANCE

The Vigilance Department is headed by Chief Vigilance Officer. The department is staffed with Dy. General Manager, Chief Manager and Desk Officers who deal with matters relating to various Regional Offices. Each Regional Office has a Vigilance Officer who directly reports to Vigilance Department, Head Office. The focus of the department is to create a sound vigilance culture with emphasis upon the Preventive Vigilance Mechanism which will bring not only systemic improvement but also raise the standard of Corporate Governance. Robust Preventive Vigilance measures with a sound vigilance culture across the organization would help in achieving organizational excellence. The Preventive Vigilance Committee (PVC) at Head Office and Regional Offices are also contributing on vigilance awareness and preventive vigilance. Internal Advisory Committee ensures that there is fairness and justice in determination of vigilance angle and timely completion of Disciplinary Proceedings. The department conducts inspection of various offices on a surprise basis, i.e., where the concerned office is not given advance information of the proposed visit of the

Vigilance Officer. Based on the reports of such Surprise Inspection, salient deviations are pointed out to the Region-in-charge. Any observation that leads to vigilance investigation is taken up accordingly.

During the year 2023-24, surprise inspection was conducted at 688 offices, comprising of Divisional Offices, Branch Offices, Micro Offices and RO/ TP/OD HUB. Regular Preventive Vigilance Workshops were conducted at various offices and Head Office to educate and sensitize the staff about the importance of vigilance in public and personal life. Recommendations were also made for further improvement of the system. Vigilance Awareness Week was observed from 30.10.2023 to 05.11.2023. The theme for the year was “Say No To Corruption, Commit To The Nation”. During the Vigilance Awareness Week various activities / events / competitions within and outside organization were organized to spread the message of building a corruption free and strong Nation. As a part of capacity building program “Train the Trainers” training programs were also conducted. Special awareness programs were organized for disseminating knowledge & provisions of PIDPI Resolution.

? PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXCESS OF RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT LAKH FIFTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR

TABLE OF REMUNERATION

 

Sr No	Name of the Employee	Service (IN YRS)	Designation	Remuneration	Qualification	Date of joining	Age	Last employment held	Place
1	Mr James Day	41 Years	Chief Underwriter (Treaty business)	1,43,23,570	ACII	19.09.2011	60 Years	Brit Insurance	London
2	Mrs. Panna Shah	35 Years	Senior Accountant (Treaty business)	1,25,63,472	Book-Keeping	01.07.1993	69 years	P.S.J. Alexander	London
3	Mr. James Baker	39 Years	Underwriter -Facultative	1,62,57,079	NA	01.09.2011	56 Years	Eccleslastical underwriting Management	London
4	Ms. Mukta Sharma	36 Years	CEO, London	1,05,46,870	Post Graduate, AIII	13.07.1987	59 Years	N.A	London

 

?    SECRETARIAL STANDARDS

During FY 2023-24, the Company was compliant with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.

?    SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There were penalties imposed on the Company under the applicable Acts during the period under review by BSE and National Stock Exchange of India Limited under Regulation 17(1) of SEBI (LODR) for non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman Independent director. The same are listed below:

BSE and NSE issued penalties for quarter ended 31st March, 2023 and quarter ended 30th June, 2023 for non-compliance with Regulation 17(1) (a) of SEBI (Listing Obligations and Disclosures Requirements), 2015 pertaining to the composition of the Board of Directors defaults on account of the following observations:

The New India Assurance Company Ltd does not have proper composition of the Board including non- appointment of Independent Woman Director.

 

The Company's point-wise to the replies were as follows:

The Directors on the Board are appointed by Government of India. As on 13th April, 2023, Government of India has appointed Ms. Akani Devi on the Board as a Woman Independent Director whose induction on the Board is done in the Board Meeting held on 20.04.2023.

Subsequent to the above appointment, the Company has approached the Exchanges to waive the penalties imposed.

?    EVALUATION OF BOARD COMMITTEES & DIRECTORS

The Evaluation criteria for evaluation of the Board, Directors and the Committees was approved by the Nomination and Remuneration Committee. Subsequently, based on the evaluation criteria evaluation of the Board, Directors and the Committees were carried out for FY 2023-24.

?    DIRECTORS AND OFFICERS INSURANCE

As per the requirements of Regulation 25(10) of the Listing Regulations, the Company has taken “Directors and Officers Insurance” for all its Directors.

?    RESPONSE TO AUDITORS’ REMARKS

The replies to the qualification made by the Auditors' in their report is attached as Annexure to the Directors Report.

?    SECRETARIAL AUDITORS

Pursuant to provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company had appointed M/s S N Ananthasubramanian & Co, Practicing Company Secretary to conduct Secretarial Audit Report is annexed herewith as Annexure. There are no qualifications, reservation, adverse remark or disclaimer made by the auditor in the report save and except for observations and disclaimer made by them in discharge of their professional obligation.

?    INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Board has adopted policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets, the prevention & detection of fraud, ever reporting mechanisms, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.

?    IMPLEMENTATION OF INDIAN ACCOUNTING STANDARD (IND AS)

Insurance Regulatory and Development Authority of India vide their letter Ref No. 100/2/Ind AS-Mission Mode/2022-23/1 dated 14th July, 2022, advised the insurers to set up a Steering Committee to initiate the Implementation process. The Company has accordingly constituted a

Steering Committee in FY 2022-23 comprising members from cross functional areas such as Finance & Accounts, Actuarial, Investment, Taxation, Information Technology and Reinsurance to oversee the implementation of Ind AS. Periodic meetings of the Steering Committee are being held to review the progress made towards implementation, Issues/ Challenges and course of action to mitigate the same. The Steering Committee is also updating the Audit Committee of the Board on the progress in preparedness towards the Ind AS implementation process.

The Company has appointed knowledge partner in FY 2023-24 who is assisting the Company in implementation of Ind AS. The Steering Committee has detailed out phase wise approach for implementation. Gap Assessment (Phase I) has been completed in May 2024 and we are in the Phase II process of onboarding technology partner and Implementation Partner to assist in Ind AS convergence. We are working on the gaps identified to address them within timelines.

?    RELATED PARTY TRANSACTIONS

The Company undertakes transactions with related parties in the ordinary course of business. The details of related party transactions are disclosed under Notes to Financial Statements for FY 2023-24.

Board approved policy on Related Party Transactions is uploaded on the website of the Company and can be viewed at the below link:

https://www.newindia.co.in/cms/c443766f-0ecc-

48b9-94dc-c62da7d3be37/Related%20Party%20

Transaction%20Policy%20(2).PDF?guest=true

?    REPORTING OF FRAUDS:

During the year under review, there were no instances of fraud reported by the Statutory auditors and secretarial auditor under section 143(12) of the Act to the Audit Committee or the Board of Directors of the Company.

?    INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

The Company being an Insurance Company, its working and functions are governed by the regulations of Insurance Regulatory and Development Authority of India. The Accounts of the Company are drawn up according to the stipulations prescribed in the IRDA (preparation of Financial Statements and Auditor's Report) Regulations 2002 and as amended from time to time.

?    CREDIT RATING

AM Best Company has affirmed the Financial Strength Rating of B++(Good) (Stable Outlook) and Issuer Credit Rating: bbb+ (Good)(Stable Outlook). CRISIL has assigned its Corporate Credit Rating (CCR) of 'CCR AAA/ Stable' (Re-affirmed). The Company has National Scale Rating (NSR) of aaa.IN (Exceptional) by AM Best

?    FOREIGN EXCHANGE EARNING & OUTGO & INFORMATION

The particulars of Foreign Exchange earnings/outgo as

required by the Companies Act under Section 134(3)(m) is given below:

Earnings: Rs. 829.57 Crores (Previous Year Rs. 576.59 Crores)

Outgo: Rs. 990.70 Crores (Previous Year Rs. 1,054.93 Crores)

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to ? 66,23,000 (PY ? 54,97,585), ? 1,78,47,472 (PY ? 1,59,11,089) and ? 19,29,40,443 (PY ? 27,21,14,052) respectively.

*    DIVIDEND & DIVIDEND DISTRIBUTION POLICY

In terms of Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (“Listing Regulations”) the Dividend Distribution Policy of the Company is uploaded on Company's website and can be viewed at the below mentioned link:

https://www.newindia.co.in/assets/docs/aboutus/

investors/DividendDistributionPolicy.pdf

*    CONSOLIDATED FINANCIAL STATEMENTS

Provisions regarding Financial Statements are laid down under Section 129 of the Companies Act 2013. As per the provision of Section 129 (2) of the said Act, at every Annual General Meeting of a company, the Board of Directors of the Company shall lay before such meeting financial statements for the financial year. Section 129 (3) of the Companies Act 2013 provides that where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2) of Section 129, prepare a Consolidated Financial Statement of the company and of the subsidiaries in the same form and manner as that of its own which shall also be laid before the Annual General Meeting of the Company along with the laying of its financial statements under Sub Section (2) of Section 129.

The Company prepares Standalone Financial Statements and Consolidated Statements which are available in the Annual Report.

*    BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report (BRSR) forms part of the Annual Report.

*    SHARE CAPITAL

The issued and paid-up equity share capital of the Company as on March 31, 2024 is Rs. 824 crores. The solvency margin position of the Company as at March 31, 2024 is 1.81 times as against the minimum solvency margin requirement of 1.50 times as prescribed by IRDAI.

*    PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The provisions of Section 186(4) of the Companies Act, 2013 (“the Act”) requiring disclosure in the financial statements of full particulars of the loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security is not applicable to the Company.

*    INDEPENDENT DIRECTORS

All Independent Directors of the Company have given declarations that they meet the criteria of Independence as laid down under Section 149 (6) & (7) of the Act, the Companies (Appointment and Qualification of Directors) Rules, 2014 as amended from time to time and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015(“Listing Regulations”).

All the Independent Directors of the Company have also confirmed that they have complied with Schedule IV of the Act and the Company's Code of Conduct for Directors and Senior Management. The Board is of the opinion that the Independent Directors are persons of integrity and possess relevant expertise, proficiency and experience.

A certificate complying with Regulation 25(9) of SEBI (Listing Obligations and Disclosure Requirements) issued by the Practicing Company Secretary has been attached as “Annexure”.

Independent Directors Meeting of the Company was held during the Financial Year.

*    DEPOSITS

During the year under review, the Company has not accepted any deposits under Section 73 of the Act.

*    MAINTENANCE OF COST RECORDS

Being an Insurance Company, the Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Act.

*    PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions with Related Parties were in the ordinary course of business and on arm's length basis and there were no material contracts or arrangement or transactions entered with related parties during the FY 2023-24.

*    UNPAID/UNCLAIMED DIVIDEND

Pursuant to Section 124 & 125 of the Act read with the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company was not required to transfer any unpaid/unclaimed dividend amount to the Investor Education and Protection Fund in FY 2023-24.

*    CODE OF CONDUCT AS PRESCRIBED UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 (“Insider Trading Regulations”), the Company has in place a code of conduct to regulate,

monitor and report trading by its Designated Persons (“the Insider Trading Code”) to the extent specified in the Insider Trading Code of the Company. The Insider Trading Code of the Company has been revised in line with the amendments in the Insider Trading Regulations, as amended from time to time.

The Company also has in place Code of Conduct to Regulate, Monitor and Report Trading by Insiders which is hosted on the website of the Company and can be viewed at:

https://www.newindia.co.in/cms/83cd316d-91ce-4783-

8322-e2772fd6dc87/Code_of_Conduct.pdf?guest=true

?    CEO/CFO CERTIFICATION

Pursuant to Regulation 17(8) of the Listing Regulations, Certification by the Managing Director & CEO and the Chief Financial Officer of the Company on the financial statements and the Internal Financial Controls relating to financial reporting for FY 2023-24 has been obtained.

?    CORPORATE GOVERNANCE:

The Company is fully committed to following sound corporate governance practices. The Company's Board is constituted in compliance with Companies Act, 2013, in accordance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and IRDAI Corporate Governance Regulations 2024. Our Board of Directors comprises of highly experienced and diverse professionals who bring a wealth of expertise to the table. The Board provides strategic guidance, oversees the implementation of our business objectives and ensures compliance with legal and regulatory requirements.

We place strong emphasis on ethical conduct and integrity in all our business activities. Our Code of Conduct sets out the standards of behavior expected from our employees, directors, and business partners. We promote a culture of transparency, honesty, and fairness, where ethical decision-making is upheld and any potential conflicts of interest are appropriately managed.

Board Committees and Oversight: To ensure effective governance and oversight, we have established various Board Committees, including Audit, Risk Management, Nomination and Remuneration, and Corporate Social Responsibility. These committees comprise independent directors who provide specialized expertise and oversight in key areas, ensuring rigorous scrutiny, accountability, and compliance with regulatory requirements.

Transparency and Reporting: Transparency is a cornerstone of our corporate governance practices. We are committed to providing accurate and comprehensive information to our stakeholders. Our annual reports, financial statements, and other disclosures adhere to applicable accounting standards, regulatory requirements, and best practices. We continuously strive to enhance the transparency and clarity of our reporting, enabling stakeholders to make well-informed decisions.

The Board meets at regular intervals to review the

quarterly, financial, operational and investment performance of the Company. The company's philosophy on Corporate Governance lays strong emphasis on transparency, accountability, and integrity. Corporate governance is concerned with the establishment of a system whereby the Directors are entrusted with responsibilities and duties in relation to the direction of corporate affairs. It is concerned with the accountability of who are managing it. It is concerned with morals, ethics, values, parameters, conduct and behavior of the Company and its Management.

The Board functions either as an entity per se, or through various committees constituted to oversee specific operational areas. There is an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the Independence of the Board. None of the Directors are related to any other Directors or employees of the Company.

? BOARD OF DIRECTORS:

The composition of the Board of Directors as on 31.03.2024

•    Ms Neerja Kapur, Chairman-cum-Managing Director

•    Mr. Titus Francis Maliakkel, Executive Director and Chief Financial Officer

•    Ms. Smita Srivastava, Executive Director

•    Ms Mandakini Balodhi, Government Nominee Director

•    Mr Surender Kumar Agarwal, Independent Director

•    Mr Ratan Kumar Das, Independent Director

•    Ms. Akani Devi, Independent Director

The Board underwent the following changes in its composition since the date of the last Directors' Report, i.e, 29th May 2023

1.    Upgradation of Mr. Francis Titus as Executive Director w.e.f 15th March, 2024

2.    Upgradation of Ms. Smita Srivastava as Executive Director w.e.f. 15th March, 2024

3.    Cessation of Mr. A.S. Rajeev as an Independent Director w.e.f. 23rd February, 2024

4.    Superannuation of Ms. Neerja Kapur as Chairman-cum-Managing Director w.e.f 30th April, 2024

The Board placed on record its thanks to Mr. A.S. Rajeev and Ms. Neerja Kapur for their contribution to the Board during their tenure. The Board also extended its warm appreciation to the Directors for their timely guidance and support to the Board members.

? DETAILS OF BOARD OF DIRECTORS AS ON 31.03.2024

Name	Designation	Qualifications	Field of Specialisation/ Existing skills/expertise/ competence
Ms. Neerja Kapur2 DIN: 09733917	Chairman-cum-Managing Director	M.Com, F.III	Insurance
Ms. Mandakini Balodhi DIN: 09571410	Government Nominee Director	M.A, F.I.I.I	Insurance
Mr A S Rajeev3 DIN: 07478424	Non-Executive & Independent Director	B.Sc Maths, FCA, MBA	Banking, Investments & Finance
Mr Titus Francis Maliakkel4 DIN: 10124446	Executive Director	CA	Insurance & Finance
Ms. Smita Srivastava4 DIN :09250237	Executive Director	Graduate, AIII	Insurance
Mr Surender Kumar Agarwal DIN: 09447076	Independent Director	M.Com, CA	Finance
Mr Ratan Kumar Das DIN: 01647104	Independent Director	M.Com, CA	Finance
Ms. Akani Devi DIN: 10110267	Woman Independent Director	Triple MA in Political Science, M.Phil in Political Science	Teaching

¹Â Â Â Â Cessation of Ms. Neerja Kapur as Chairman-cum-Managing Director w.e.f 30th April, 2024

²Â Â Â Â Cessation of Mr. A.S. Rajeev as Independent Director w.e.f. 23rd February, 2024

³Â Â Â Â Upgradation of Mr. Titus Francis Maliakkel and Ms. Smita Srivastava as Executive Director w.e.f 15th March, 2024

The Board meets at regular intervals to discuss and decide on business policy and strategy apart from other board businesses. The Board of the Company met Thirteen (13) times during the year under review 20th April 2023, 16th May 2023, 29th May 2023, 28th June 2023, 28th July 2023, 11th August 2023, 1st September 2023, 21st September 2023, 20th October 2023, 08th November 2023, 10th January 2024, 09th February 2024 and 21st March 2024.

The maximum gap between any two Board meetings was less than one hundred and twenty days.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Listing Regulations and are Independent of the management. There were no inter-se relationships between any of the Directors.

The names of the Directors, their attendance at Board Meetings during the year, attendance at the last AGM and the number of other Directorships and Board Committee memberships/chairpersonships held by them as on March 31, 2024 are set out in the following tables:

Name of the Director	Board Meetings attended/held during the Financial Year	Attendance of last AGM, held on Friday, 22nd September 2023
Ms Neerja Kapur2	12/13	Present
Mr A S Rajeev3	5/12	Absent
Mr. Titus Francis Maliakkel4	11/12	Present
Ms Smita Srivastava4	8/12	Absent
Ms Mandakini Balodhi	12/13	Absent
Ms Akani Devi	12/12	Present
Mr Surender Kumar Agarwal	13/13	Present
Mr Ratan Kumar Das	13/13	Present

BOARD MEETING

Name of the Director

Nature of Directorship

Designation In the committee/ Board

Meeting Dated 20.04.2023

Meeting Dated 16.05.2023

Meeting Dated 29.05.2023

Meeting Dated 28.06.2023

Meeting Dated 28.07.2023

Meeting Dated 11.08.2023

Meeting Dated 01.09.2023

Ms. Neerja Kapur

Chairman cum Managing Director

Chairman

Present

Present

Present

Present

Present

Present

Present

Mr. A.S. Rajeev

Non-Executive Independent Director

Member

Absent

Present

Present

Absent

Absent

Absent

Present

Ms. Mandakini Balodhi

Government Nominee Director

Member

Present

Present

Present

Present

Present

Present

Absent

Mr. Surender Kumar Agarwal

Non - Executive & Independent Director

Member

Present

Present

Present

Present

Present

Present

Present

Mr. R.K. Das

Non - Executive & Independent Director

Member

Present

Present

Present

Present

Present

Present

Present

Mr. Titus Francis Maliakkel

Executive Director

Member

N.A.

Absent

Present

Present

Present

Present

Present

Ms. Smita Srivastava

Executive Director

Member

N.A

Present

Present

Absent

Present

Present

Present

Ms. Akani Devi

Non-Executive & Independent Director

Member

N.A.

Present

Present

Present

Present

Present

Present

Name of the Director

Nature of Directorship

Designation In the committee/ Board

Meeting Dated 21.09.2023

Meeting Dated 20.10.2023

Meeting Dated 08.11.2023

Meeting Dated 10.01.2024

Meeting Dated 09.02.2024

Meeting Dated 21.03.2024

Ms. Neerja Kapur

Chairman cum Managing Director

Chairman

Present

Absent

Present

Present

Present

Present

Mr. A.S. Rajeev

Non-Executive Independent Director

Member

Absent

Absent

Absent

Present

Present

NA

Ms. Mandakini Balodhi

Government Nominee Director

Member

Present

Present

Present

Present

Present

Present

Mr. Surender Kumar Agarwal

Non - Executive & Independent Director

Member

Present

Present

Present

Present

Present

Present

Mr. R.K. Das

Non - Executive & Independent Director

Member

Present

Present

Present

Present

Present

Present

Mr. Titus Francis Maliakkel

Executive Director

Member

Present

Present

Present

Present

Present

Present

Ms. Smita Srivastava

Executive Director

Member

Absent

Present

Present

Absent

Present

Absent

Ms. Akani Devi

Independent Director

Member

Present

Present

Present

Present

Present

Present

The details of “Directorships held in other listed companies” and “Chairpersonships/Memberships of Committees in other companies” other than the Company, as on March 31, 2024 are as follows:

Name of Director	No. of other directorships5	Number of Committees of other Companies6		Name of Indian listed listed companies where he/she is Director
		In which a member	Chairman	Company	Category of Directorship
Ms Neerja Kapur1	3	0	0	GIC Housing Finance	Non-Executive Director
Mr A S Rajeev2	NA	NA	NA	NA	NA
Mr. Titus Francis Maliakkel	2	NA	NA	NA	NA
Ms Smita Srivastava	1	NA	NA	NA	NA
Mr. Surender Kumar Agarwal	0	NA	NA	NA	NA
Mr. Ratan Kumar Das	0	NA	NA	NA	NA
Ms Mandakini Balodhi	0	NA	NA	NA	NA
Ms Akani Devi	0	NA	NA	NA	NA

¹Â Â Â Â Cessation of Ms. Neerja Kapur as Chairman-cum-Managing Director w.e.f 30th April, 2024

²Â Â Â Â Cessation of Mr. A.S. Rajeev as Independent Director w.e.f. 23rd February, 2024

In terms of Listing Regulations, the number of Committees (Audit Committee and Stakeholders Relationship Committee) of public limited companies in which a Director is a member/ chairman/chairperson were within the limits prescribed under the Listing Regulations, for all the Directors of the Company. The number of directorships of each Non-executive, Independent Director is also within the limits prescribed under the Listing Regulations as amended from time to time.

The Board has identified the following skill sets with reference to its business and industry which are available with the Board viz. Finance, Accountancy & Law, Administration, Corporate Governance, Corporate Planning and Strategy.

The Members of the Board of Directors of the Company has the necessary Skills/Expertise/Competence in the above-mentioned areas.

Details of Equity Shares held by Non-Executive Directors as on March 31, 2024:

NIL

Recommendations of Mandatory Committees

During the year under review, all the recommendations made by the Committees of the Board mandatorily required to be constituted by the Company under the Act, Listing Regulations and IRDAI Guidelines were accepted by the Board.

?    COMMITTEES OF THE BOARD:

The Board has constituted the following committees:

i.    Audit Committee

ii.    Investment Committee

iii.    Risk Management Committee

iv.    Policyholders Protection & Grievance Redressal & Claims Monitoring Committee

v.    Nomination & Remuneration Committee

vi.    Corporate Social Responsibility Committee

vii.    Stakeholders Relationship Committee

viii.    Information Technology Committee

ix.    Board Sub-Committee (HR)

x.    Property Review Committee

The terms of reference, the composition along with the number of meetings held during FY 2023-24 and the attendance of the Committees of the Board are provided below:

?    AUDIT COMMITTEE:

Terms of Reference:

A.    The role of the audit committee shall include the following:

1.    Oversight of the company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

2.    Recommendation for appointment, remuneration and terms of appointment of auditors of the company;

3.    Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

4.    Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the board for approval, with particular reference to:

a.    Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013

b.    Changes, if any, in accounting policies and practices and reasons for the same.

c.    Major accounting entries involving estimates based on the exercise of judgment by management

d.    Significant adjustments made in the financial statements arising out of audit findings

e.    Compliance with listing and other legal requirements relating to financial statements

f.    Disclosure of any related party transactions

g.    Qualifications/ modified opinion(s) in the draft audit report

5.    Reviewing, with the management, the quarterly financial statements before submission to the board for approval including the financial statements, in particular, the investments made by unlisted subsidiary(ies);

6.    Reviewing, with the management, the statement of uses /application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document /prospectus /notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;

7.    Review and monitor the auditor's independence and performance, and effectiveness of audit process;

8.    Approval or any subsequent modification of transactions of the company with related parties;

9.    Scrutiny of inter-corporate loans and investments;

10.    Valuation of undertakings or assets of the company, wherever it is necessary;

11.    Evaluation of internal financial controls and risk management systems;

12.    Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;

13.    Reviewing the adequacy of internal audit function, if any,

including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

14.    Discussion with internal auditors of any significant findings and follow up there on;

15.    Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

16.    Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

17.    To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors

18.    To review the functioning of the Whistle Blower mechanism;

19.    Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate;

20.    Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

21.    To review the utilization of loans and/or advances from/ investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing, loans / advances / investments.

22. To review Management discussion and analysis of financial condition and results of operations;

23.    To review and approve Statement of significant related party transactions (as defined by the Audit Committee), submitted by management;

24.    To review Management letters / letters of internal control weaknesses issued by the statutory auditors;

25.    To review Internal audit reports relating to internal control weaknesses;

26. To review the appointment, removal and terms of remuneration of the Chief internal auditor.

27.    To review statement of deviations:

a.    quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1) of SEBI Listing Regulations, 2015.

b.    annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/ notice in terms of Regulation 32(7) of SEBI Listing Regulations, 2015.

28.    To review compliance with the provisions of Regulation

9A of SEBI (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and verify that the systems for internal control are adequate and are operating effectively.

B. The audit committee shall mandatorily review the following information:

1.    management discussion and analysis of financial condition and results of operations;

2.    management letters / letters of internal control weaknesses issued by the statutory auditors;

3.    internal audit reports relating to internal control weaknesses;

4.    the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.

5.    statement of deviations:

(a)    quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).

(b)    annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/ notice in terms of Regulation 32(7).

The following additional terms shall be as per “Master

Circular on Corporate Governance for Insurers, 2024” :

1.    The Audit Committee will oversee the efficient functioning of the internal audit department and review its reports. The Committee will additionally monitor the progress made in rectification of irregularities and changes in processes wherever deficiencies have come to notice.

2.    The Audit Committee shall be directly responsible for the recommendation of the appointment, remuneration, performance and oversight of the work of the auditors (including internal/statutory/Concurrent/ Secretarial / Forensic / Systems Audit). In case of statutory audit, the independence of the external auditors shall be ensured (although the approval of appointment, remuneration and removal of the statutory auditors shall be done by the shareholders at the general body meeting).

3.    The Audit Committee shall have the oversight on the procedures and processes established to attend to issues relating to maintenance of books of account, administration procedures, transactions and other matters having a bearing on the financial position of the insurer, whether raised by the auditors or by any other person.

4.    The Audit Committee shall act as a “compliance” Committee to discuss the level of compliance in the insurer and any associated risks and to monitor and report to the Board on any significant compliance breaches.

5.    Any additional work other than statutory/internal audit that is entrusted to the auditor or any of its associated persons or companies shall be specifically approved by the Audit Committee keeping in mind the necessity to maintain the

independence and integrity of the audit relationship.

6. All such other work entrusted to the auditor or its associates shall be specifically disclosed in the Notes to Accounts forming part of the annual accounts of the insurer. However, it may be ensured that insurer comply with Section 144 of the Companies Act before deciding to provide any additional work to the Statutory Auditors.

Composition: In terms of provisions of the Act and Listing Regulations, the Audit Committee comprises of Three (3) Members, out of which two (2) are Independent Directors and one (1) is Government Nominee Director. The Chairperson of the Audit Committee is chaired by Mr. Surender Kumar Agarwal (Non-Executive Independent Director) of the Company.

As per the Regulation, the Audit Committee is required to meet at-least 4 times in a year and not more than 120 days shall elapse between 2 meetings. The Audit Committee met Nine (9) times on 16th May 2023, 29th May 2023, 28th June 2023,

11th August 2023, 21st September 2023, 08th November 2023, 10th January 2024, 09th February 2024 and 21st March 2024.

Attendance of Members of the Audit Committee:

Directors	Category	Number of Meetings Attended/Held
Mr A S Rajeev1	Non-Executive Independent Director	4/8
Mr Surender Kumar Agarwal	Independent Director	9/9
Mr Ratan Kumar Das	Independent Director	9/9
Ms Mandakini Balodhi	Government Nominee Director	9/9

¹Â Mr. A.S. Rajeev ceased to be a member of the Committee w.e.f. 23rd February 2024

AUDIT COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee / Board	Meeting Dated 16.05.2023	Meeting Dated 29.05.2023	Meeting Dated 28.06.2023	Meeting Dated 11.08.2023	Meeting Dated 21.09.2023	Meeting Dated 08.11.2023	Meeting Dated 10.01.2024	Meeting Dated 09.02.2024	Meeting Dated 21.03.2024
Mr. A.S. Rajeev (Ceased to be the member wef. 23rd February, 2024)	Non-Executive Independent Director	Chairman	Present	Present	Absent	Absent	Absent	Absent	Present	Present	NA
Mr. Surender Kumar Agarwal	Non -Executive & Independent Director	Member/ Chairman	Present	Present	Present	Present	Present	Present	Present	Present	Present
Mr. Ratan Kumar Das	Non -Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	Present	Present	Present
Ms.Mandakini Balodhi	Government Nominee Director	Member	Present	Present	Present	Present	Present	Present	Present	Present	Present

? INVESTMENT COMMITTEE:

Terms of Reference:

1.    Overseeing the implementation of the investment policy approved by our Board from time to time;

2.    Reviewing the investment policy;

3.    Periodical updating to our Board with regard to investment activities of the Company;

4.    Reviewing the investment strategies adopted from time to time and giving suitable directions as needed in the best interest of the Company;

5.    Reviewing the broker policy and making suitable amendments from time to time;

6.    Reviewing counter party/intermediary exposure norms;

7.    Supervising the asset allocation strategy to ensure financial liquidity, security and diversification through liquidity contingency plan and asset liability management policy;

8.    Overseeing the assessment, measurement and accounting for other than temporary impairment in investments in accordance with the policy adopted by the Company.

9.    Reviewing the stewardship policy of the Company.

The following additional terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024” :

1.    The Committee shall formulate an effective reporting system to ensure compliance with the policy set out by it apart from Internal /Concurrent Audit mechanisms for a sustained and on- going monitoring of Investment Operations.

2.    For assessment of credit risk and market risk, the members of the Committee should not be influenced only by the credit rating. The committee should independently review their investment decisions and ensure that support by the internal due diligence process is an input in making appropriate investment decisions.

3.    The Committee shall approve the Standard Operating Procedures (SOPs) of Investment Operations of the insurer.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Investment Committee comprises of eight (8) Members, out of which one is the Chairman-cum-Managing Director, three (3) are Independent Directors, one is the Chief Investment Officer, Chief Financial Officer, Appointed Actuary & Chief Risk Officer each.

The composition of the Investment Committee is given below

along with the attendance of the members. The Investment Committee met Five (5) times during the year under review on 29th May 2023, 28th July 2023, 11th August 2023, 07th November 2023, 09th February 2024.

Attendance of the Members of the Investment Committee:

Directors/Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	5/5
Mr A S Rajeev2	Non-Executive & Independent Director	1/5
Mr Surender Kumar Agarwal	Independent Director	5/5
Mr Ratan Kumar Das	Independent Director	5/5
Mr Sharad S Ramnarayanan	Member	5/5

Mr Titus Francis Maliakkel	Member	5/5
Mr Amit Misra	Member	5/5
Mr Pankaj Kumar Agarwal3	Member	0/2
Ms. Anjana Saxena4	Member	2/3
Ms. Akani Devi5	Member	0/0

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a Member of the Committee w.e.f 23rd February 2024

³Â Â Â Â Mr Pankaj Kumar Agarwal ceased to be a member of the Committee w.e.f 28th July 2023

⁴    Ms. Anjana Saxena became a member of the Committee w.e.f. 28th July 2023 and ceased to be a member of the Committee w.e.f. 14.05.2024

⁵    Ms. Akani Devi became a member of the Committee w.e.f 21st March, 2024

Investment Committee
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 11.08.2023	Meeting Dated 07.11.2023	Meeting Dated 09.02.2023
Ms. Neerja Kapur	Chairman-cum-Managing Director	Chairman	Present	Present	Present	Present	Present
Mr. A.S. Rajeev	Non-Executive Independent Director	Member	Absent	Absent	Absent	Absent	Present
Mr. Sharad S. Ramnarayanan	Appointed Actuary	Member	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Chief Financial Officer	Member	Present	Present	Present	Present	Present
Mr. Amit Misra	Chief Risk Officer	Member	Present	Present	Present	Present	Present
Mr. Pankaj Agarwal	Chief Investment Officer	Member	Absent	Absent	NA.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present
Ms. Anjana Saxena	Chief Investment Officer	Member	N.A.		Present	Absent	Present

? RISK MANAGEMENT COMMITTEE:

Terms of Reference:

1.    To formulate a detailed risk management policy which shall include:

(a)    A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.

(b)    Measures for risk mitigation including systems and processes for internal control of identified risks.

(c)    Business continuity plan.

2.    To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;

3.    To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;

4.    To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;

5.    To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken;

6.    The appointment and removal/cessation of the Chief Risk Officer (if any) shall be subject to review by the Risk Management Committee.

7.    The Risk Management Committee shall coordinate its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the board of directors.

8.    To carry out any other function, if any, as prescribed in the terms of reference of the Risk Management Committee and any other terms of reference as may be decided by the Board and/or specified/provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, or by any other regulatory authority.

The following additional terms shall be as per “Master

Circular on Corporate Governance for Insurers, 2024” :

1. Asset Liability Management (ALM)

(i)    ALM is an ongoing process of formulating, implementing, monitoring and revising strategies related to assets and liabilities to achieve an organization's financial objectives, given the organization's risk appetite, risk tolerances and business profile.

(ii)    ALM lays down the framework to ensure that the insurer invests in a manner which would enable it to meet its cash flow needs and capital requirements at a future date to mitigate liquidity risk and solvency stipulations.

(iii)    The functions of the Risk Management Committee in respect of ALM shall include:

(a)    Setting the insurer's risk/reward objectives and assessing policyholder expectations.

(b)    Quantifying the level of risk exposure (eg. market, credit and liquidity) and assessing the expected rewards and costs associated with the risk exposure.

(c)    Formulating and implementing optimal ALM strategies and meeting risk-reward objectives at both product and enterprise level.

(d)    Ensuring that liabilities are backed by appropriate assets and manage mismatches between assets and liabilities to ensure they remain within acceptable monitored tolerances for liquidity, solvency and the risk profile of the entity.

(e)    Monitoring risk exposures at periodic intervals and revising ALM strategies where required. Reviewing, approving and monitoring14 systems, controls and reporting used to manage balance sheet risks including any mitigation strategies.

(f)    Regular review and monitoring of mismatch between assets and liabilities and the acceptable tolerance limits for mismatch, if any.

(g)    Ensuring that management and valuation of all assets and liabilities comply with standards, prevailing legislation and internal and external reporting requirements.

(h)    Submitting the ALM information before the Board at periodic intervals. Annual review of strategic asset allocation.

(i)    Reviewing key methodologies and assumptions

including actuarial assumptions, used to value assets and liabilities

(j)    Managing capital requirements at the insurer level using the regulatory solvency requirements

(k)    Reviewing, approving and monitoring capital plans and related decisions over capital transactions (e.g. dividend payments, acquisitions, disposals, etc).

2. Reviewing the reinvestment decisions of matured investments considering the duration of liabilities.

Composition : In terms of the provisions of the Act, the Risk Management Committee shall have minimum three members with majority of them being members of the board of Directors, including at least One Independent Director. The quorum for a meeting of the Risk Management Committee shall be either two members or one third of the members of the committee, whichever is higher, including at-least one member of the board of Directors in attendance.

The meetings of the Risk Management Committee shall be conducted in such a manner that on a continuous basis not more than one hundred and eighty days shall elapse between any two consecutive meetings.

The Risk Management Committee met four (4) times during the year under review on 29th May 2023, 28th July 2023, 07th November 2023 and 09th February 2024.

Attendance of Members of the Risk Management Committee:

Directors/ Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	4/4
Mr A S Rajeev2	Non-Executive & Independent Director	1/4
Mr Surender Kumar Agarwal	Independent Director	4/4
Mr Ratan Kumar Das	Independent Director	4/4
Mr Titus Francis Maliakkel3	Executive Director & Chief Financial Officer	4/4
Ms Smita Srivastava3	Executive Director	4/4
Ms Akani Devi3	Independent Director	4/4

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f. 23rd February 2024

³Â Â Â Â Mr Titus Francis Maliakkel, Ms Smita Srivastava and Ms. Akani Devi became a member of the Committee w.e.f. 16th May 2023

As per IRDAI Guidelines, Mr Sharad S Ramnarayanan, Mr Amit Misra, Chief Risk Officer were present in all meetings of the Risk Management Committee held during the year.

RISK MANAGEMENT COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 07.11.2023	Meeting Dated 09.02.2024
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present
Mr. A.S. Rajeev	Non-Executive Independent Director	Member	Absent	Absent	Absent	Present
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present

 

? POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE:

Terms of Reference :

The following terms shall be as per “Master Circular on

Corporate Governance for Insurers, 2024”:

The functions and responsibilities of the PPGR&CM Committee,

at the minimum, is to:

a) Adopt standard operating procedures to treat the customer fairly including time frames for policy and claims servicing parameters and monitoring implementation thereof.

(b)    Establish effective mechanism to address complaints and grievances of policyholders including mis-selling by intermediaries.

(c)    Put in place a framework for review of awards given by Insurance Ombudsman/Consumer Forums. Analyse the root cause of customer complaints, identify market conduct issues and advise the management appropriately about rectifying systemic issues, if any.

(d)    Review all the awards given by Insurance Ombudsman/ Consumer Forums remaining unimplemented for more than Thirty (30) days with reasons therefor and report the same to the Board for initiating remedial action, where necessary.

(e)    Review the measures and take steps to reduce customer complaints at periodic intervals.

(f)    Ensure compliance with the statutory requirements as laid down in the regulatory framework.

(g)    Provide details of grievances at periodic intervals in such formats as may be prescribed by the Authority.

(h)    Ensure that details of insurance ombudsmen are provided to the policyholders.

(i)    Ensure that there is a Grievance Redressal officer in place who shall be responsible for grievance redressal and whose details are shall be made available at the website.

(j)    Review of Claims Report, including status of Outstanding Claims with ageing of outstanding claims.

(k)    Review Repudiated claims with analysis of reasons.

(l)    Review status of settlement of other customer benefit payouts like Surrenders, Loan, Partial withdrawal requests etc.

(m)    Review the settlement of unclaimed amounts on quarterly basis, including the number and amounts of claims. Also, review the steps taken to reduce unclaimed amounts by identifying policyholders or beneficiaries and creating awareness in accordance with the Standard operating procedure/policy approved by the committee.

(n)    The Board shall review the status report on policyholders' protection issues, submitted by the Committee, in each of its meeting.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee comprises of six (6) Members, out of which two (2) are Non-Executive Independent Directors, one (1) is Whole-Time Director, two (2) are Executive Directors and one (1) is Policyholder Representative. Committee is chaired by Mr. Surender Kumar Agarwal, NonExecutive Independent Director. The Policyholders Protection Committee met five (5) times during the year under review on 29th May 2023, 28th July 2023, 11th August 2023, 07th November 2023 and 09th February 2024

Attendance of Members of the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee:

Directors/Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	5/5
Mr A S Rajeev2	Non-Executive &Independent Director	0/5
Mr Surender Kumar Agarwal	Independent Director	5/5
Mr Ratan Kumar Das	Independent Director	5/5
Mr Surinder Kanwar	Policyholder Representative	5/5
Mr Titus Francis Maliakkel3	Executive Director	5/5
Ms Smita Srivastava3	Executive Director	5/5

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f.

23rd February 2024

³Â Mr Titus Francis Maliakkel and Ms. Smita Srivastava became a member of the Committee w.e.f. 16th May, 2023

POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 11.08.2023	Meeting Dated 07.11.2023	Meeting Dated 09.02.2024
Mr. A.S. Rajeev	Non - Executive & Independent Director	Chairman	Absent	Absent	Absent	Absent	Absent
Ms. Neerja Kapur	Chairman - cum-Managing Director	Member	Present	Present	Present	Present	Present
Mr. Surinder Kumar Kanwar	Policyholder Representative	Member	Present	Present	Present	Present	Present
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	Present
Ms. Smita Srivastava	Executive	Member	Present	Present	Present	Present	Present

* NOMINATION & REMUNERATION COMMITTEE:

Terms of Reference :

1.    formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;

1A) For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description. For the purpose of identifying suitable candidates, the Committee may:

a.    use the services of an external agency, if required;

b.    consider candidates from a wide range of backgrounds, having due regard to diversity; and

c.    consider the time commitments of the candidates.

2.    formulation of criteria for evaluation of performance of independent directors and the board of directors;

3.    devising a policy on diversity of board of directors;

4.    identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal. ⁷

of the independent director, on the basis of the report of performance evaluation of independent directors.

6. recommend to the board, all remuneration, in whatever form, payable to senior management.

The following additional terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024” :

1. The Nomination and Remuneration Committee shall scrutinize the declarations of intending applicants before the appointment/ reappointment/ election of directors by the shareholders at the General Meetings.

In case of insurers, where the appointment of Directors and KMPs is governed by the specific acts/rules/ regulations/instructions of the Government of India, such insurers shall comply with the same.

Composition: In terms of provisions of the Act and Listing Regulations the NRC Committee shall constitute of atleast 3 Directors. All shall be non-executive Directors and at least 50% shall be independent Directors. In case of entity having outstanding SR Equity shares, it shall consist of 2/3rd Independent Directors. The Chairperson of the Committee shall be Independent Director. The Chairperson of Listed Entity whether Executive or non-executive can be member but can't be Chairperson of this Committee.

In terms of provisions of the Act and Listing Regulations, the Board Nomination and Remuneration Committee comprises of Four (4) Members, out of which Three (3) are Non-Executive Independent Director, one (1) is Government Nominee Director. The Board Nomination and Remuneration Committee is chaired by Mr. R. K. Das, Non-Executive Independent Director. The composition of the Board Nomination and Remuneration Committee is given below along with the attendance of the Members. The Board Nomination and Remuneration Committee met Five (5) times during the year under review on 29th May 2023, 28th July 2023, 1st September 2023, 7th November 2023 and 10th January 2024.

Attendanc e of Members of the Nomination & Remuneration Committee:

Directors/Member	Category	Number of Meetings Attended/Held
Mr. A.S. Rajeev1	Non-Executive	2/5
	Independent Director
Mr. Ratan Kumar	Independent Director	5/5
Das

Mr. Surender Kumar Agarwal	Independent Director	5/5
Ms Mandakini	Government	4/5
Balodhi	Nominee Director
Ms Akani Devi2	Independent Director	5/5

¹Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f 23th February 2024

²Â Â Â Â Ms. Akani Devi became a member of the Committee w.e.f. 16th May 2023

NOMINATION & REMUNERATION COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 01.09.2023	Meeting Dated 07.11.2023	Meeting Dated 10.01.2024
Mr. A.S. Rajeev	Non - Executive & Independent Director	Chairman	Present	Absent	Present	Absent	Absent
Ms. Mandakini Balodhi	Government Nominee Director	Member	Present	Present	Absent	Present	Present
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present

? CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Terms of Reference:

1.    To formulate and recommend to the Board, a Corporate Social Responsibility Policy (CSR Policy), which shall indicate a list of CSR projects or programs which a Company plans to undertake falling within the purview of the Schedule VII of the Companies Act, 2013, as may be amended.

2.    To recommend the amount of expenditure to be incurred on each of the activities to be undertaken by the Company, while ensuring that it does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act, 2013.

3.    To approve the Annual Report on CSR activities to be included in the Director's Report forming part of the Company's Annual Report and Attribute reasons for short comings in incurring expenditures.

4.    To monitor the CSR policy of the Company from time to time.

5.    To institute a transparent monitoring mechanism for implementation of the CSR Projects or programs or activities under taken by the Company.

6.    The CSR Committee shall formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy.

7.    To oversee and monitor Sustainability activities including ESG and BRSR initiatives undertaken by the Company, related disclosures, review its performance thereon and advice on related matters.

8.    To review and monitor matters related to Sustainability such as the ESG Report Business Responsibility and Sustainability Report (BRSR), Policy on Environment Management.

Composition: As per Section 135 of the Companies Act, 2013, the Corporate Social Responsibility Committee of the Board shall comprise of 3 or more Directors, out of which 1 Director shall be Independent Director. The Committee met Six (6) times during the year on 20th April 2023, 29th May 2023, 28th July 2023, 7th November 2023, 9th February 2024 and 21st March 2024. The names of the Directors and their attendance at Meetings during the year are set out in the following table: In terms of provisions of the Act, CSR Committee comprises of five (5) Members, out of which, one (1) is Whole Time Director, three (3) are Non-Executive Independent Director and one (1) is Executive Directors. The composition of CSR Committee is given below along with the attendance of the Members.

Directors/Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	6/6
Mr A S Rajeev2	Non-Executive & Independent Director	2/5

Mr Surender Kumar Agarwal	Independent Director	6/6
Mr Ratan Kumar Das	Independent Director	6/6
Ms Akani Devi3	Non-Executive & Independent Director	1/1
Ms Smita Srivastava 4	Executive Director	4/5

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f. 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f. 23rd February 2024

³Â Â Â Â Ms Akani Devi became a member of the Committee w.e.f. 21st March, 2024

⁴    Ms Smita Srivastava became a member of the Committee w.e.f. 16th May, 2023

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 20.04.2023	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 07.11.2023	Meeting Dated 09.02.2024	Meeting Dated 21.03.2024
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	Present	Present	Present	Present	Present
Mr. A.S. Rajeev	Non-Executive Independent Director	Member	Absent	Present	Absent	Absent	Present	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present
Ms. Smita Srivastava	Executive Director	Member	N.A.	Present	Present	Present	Present	Absent
Ms. Akani Devi	Independent Director	Member	N.A					Present

? STAKEHOLDERS RELATIONSHIP COMMITTEE:

Terms of Reference :

1.    The Committee shall consider and resolve the grievances of the security holders of the listed entity including complaints related to transfer of shares, non-receipt of annual report and non-receipt of declared dividends.

2.    Investigating complaints relating to allotment of shares, approval of transfer or transmission of shares, debentures or any other securities;

3.    Listing of securities on the stock exchanges and redemption of securities;

4.    To review shareholding pattern of the Company;

5.    Allotment of shares and securities, approval of transfer or transmission of shares, debentures or any other securities;

6.    Approve consolidation, split/sub-division of share certificates, transfer of shares, transmission of shares, issue of duplicate share certificates, rematerialization of shares, etc.

7.    Review of measures taken for effective exercise of voting rights by shareholders.

8.    Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent. ⁸ annual reports/statutory notices by the shareholders of the company.

10.    To appoint/remove Registrars and Transfer Agents;

11.    Review and take on record the internal audit reports of the Registrar and Transfer Agents, if any, from time to time.

12.    Carrying out any other function as may be decided by the Board or prescribed under the Companies Act, 2013, SEBI (LODR) 2015, or by any other regulatory authority.

Composition: In terms of provisions of the Act and Listing Regulations, the Stakeholders Relationship Committee comprises of six (6) Members, out of which three (3) are NonExecutive Independent Director, one (1) is a Whole Time Director and two (2) are Executive Director. The Stakeholders Relationship Committee is chaired by Mr. Ratan Kumar Das, Non-executive and Independent Director of the Company. The composition of the Stakeholders Relationship Committee is given below along with the attendance of the Members. The Stakeholders Relationship Committee met Four (4) times during the year under review on 29th May 2023, 28th July 2023, 7th November 2023, 9th February 2024.

Attendance of Members of the Stakeholders Relationship Committee:

Directors/ Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	4/4

Mr. A.S. Rajeev2	Non-Executive Independent Director	1/4
Mr. Ratan Kumar Das	Non-Executive Independent Director	4/4
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	4/4
Ms. Akani Devi3	Non-Executive Independent Director	4/4
Mr. Titus Francis Maliakkel3	Executive Director	4/4
Ms. Smita Srivastava3	Executive Director	4/4

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f. 23rd February 2024

³Â Â Â Â Ms Akani Devi, Mr. Titus Francis Maliakkel and Ms. Smita

Srivastava became a member of the Committee w.e.f. 16th May 2023

During the year, the Company/its Registrar received the following complaints from SEBI/Stock Exchanges/Depositories which were resolved within the time frame laid down by SEBI:

Sr No	Particulars	No
1	No. of Investors complaints pending as on 01.04.2023	0
2	No. of Investors complaints received during 01.04.2023 to 31.3.2024	1
3	No. of Investors complaints disposed during 01.04.2023 to 31.03.2024	1
4	No. of Investors complaints those remained unsolved as on 31.3.2024	0

Ms Jyoti Rawat, Company Secretary acts as the Compliance Officer of the Company.

STAKEHOLDERS RELATIONSHIP COMMITTEE
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 29.05.2023	Meeting Dated 28.07.2023	Meeting Dated 07.11.2023	Meeting Dated 09.02.2024
Mr. A.S. Rajeev	Non-Executive Independent Director	Chairman	Absent	Absent	Absent	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Member	Present	Present	Present	Present
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present

? INFORMATION TECHNOLOGY COMMITTEE:

Terms of Reference:

Evaluation of various IT proposals and after perusal recommending the same to the board for approval. Composition: The Committee consists of One (1) Whole Time Director, Three (3) Non-Executive Independent Directors and two (2) Executive Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. The Committee met five (5) times in the year on 29th May, 2023, 28th June, 2023, 28th July, 2023, 09th February, 2024 and 21st March, 2024.

Attendance of Members of the Information Technology Committee:

Â	Â	Number of
Directors	Category	Meetings Attended/Held
Ms Neerja Kapur1	Chairman-cum-Managing Director	5/5
Mr. A.S. Rajeev2	Non-Executive Independent Director	1/4
Mr. Ratan Kumar	Non-Executive	5/5
Das	Independent Director

Mr. Surender	Non-Executive	5/5
Kumar Agarwal	Independent Director
Ms. Akani Devi3	Non-Executive	1/1
	Independent Director
Mr. Titus Francis Maliakkel4	Executive Director	5/5
Ms. Smita Srivastava4	Executive Director	3/5

¹Â Â Â Â Ms Neerja Kapur ceased to be a member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be a member of the Committee w.e.f. 23rd February 2024

³Â Â Â Â Ms Akani Devi became a member of the Committee w.e.f. 21st March, 2024

⁴    Mr. Titus Francis Maliakkel and Ms. Smita Srivastava became a member of the Committee w.e.f. 16th May 2023

INFORMATION TECHNOLOGY
Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 29.05.2023	Meeting Dated 28.06.2023	Meeting Dated 28.07.2023	Meeting Dated 09.02.2024	Meeting Dated 21.03.2024
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	Present	Present	Present	Present
Mr. A.S. Rajeev	Non-Executive Independent Director	Member	Absent	Absent	Absent	Present	N.A.
Mr. Surender Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	Present
Mr. R.K.Das	Non-Executive Independent Director	Member	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	Present
Ms. Smita Srivastava	Executive Director	Member	Present	Absent	Present	Present	Absent
Ms. Akani Devi	Independent Director	Member	N.A.	N.A.	N.A.	N.A.	Present

? BOARD SUB-COMMITTEE (HR):

This Committee was formed as per the CDA Rules of the Company, page no.27, Memorials of Officers in Scale IV & Vis to be placed to this Committee. Appellate Authority for Scale VI & VII is also this Committee.

Composition: The Committee consists of one (1) Whole Time Director, Two (2) Non-Executive Independent Director, One (1) Executive Director and one (1) Government Nominee Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. The Committee met once (1) in the year, on 28th June 2023.

Attendance of Members of the Board-Sub Committee HR

Directors/Member	Category	Number of Meetings Attended/Held
Ms Neerja Kapur1	Chairman cum Managing Director	1/1
Mr Ratan Kumar Das	Non-Executive & Independent Director	1/1
Mr A S Rajeev2	Non-Executive & Independent Director	0/1
Ms Mandakini Balodhi	Government Nominee Director	1/1
Mr. Titus Francis Maliakkel3	Executive Director	1/1

¹Â Â Â Â Ms Neerja Kapur ceased to be member of the Committee w.e.f 30th April 2024

²Â Â Â Â Mr A S Rajeev ceased to be member of the Committee w.e.f 23th February 2024

³Â Â Â Â Mr. Titus Francis Maliakkel became a member of the Committee w.e.f. 16th May 2023

BOARD SUB-COMMITTEE (HR)
Name of the Director	Nature of Directorship	Designation In the committee / Board	Meeting Dated 28.06.2023
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present
Mr. A.S. Rajeev	Non-Executive Independent Director	Member	Absent
Mr. R.K. Das	Non-Executive Independent Director	Member	Present
Ms. Mandakini Balodhi	Government Nominee Director	Member	Present
Mr. Titus Francis Maliakkel	Executive Director	Member	Present

? PROPERTY REVIEW COMMITTEE:

Terms of Reference:

To review the various matters with regard to the held by the Company.

In 2023-24 no meeting of the Property Review was held.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The detail of the familiarization programme has been hosted on the website of the Company and can be viewed at the below mentioned link:

https://www.newindia.co.in/assets/docs/investors/

Familiarization%20Programme%202023-24.PDF

CODE OF CONDUCT FOR DIRECTORS / SENIOR MANAGEMENT

A Code of Conduct as required to be formulated in terms of Regulation 17 (5) of SEBI (LODR) 2015 in parlance with Schedule IV of the Companies Act, 2013 provides for an evaluation mechanism of all the Directors, to be done at a separate meeting. The Code of Conduct for Directors/Senior management has been hosted on the website of the Company and can be viewed at the below mentioned link:

https://www.newindia.co.in/cms/f6aac711-c72a-4f75-82ae-f2001bf929d3/Code%20of%20Conduct.pdf?guest=true

CRITERIA FOR APPOINTMENT OF DIRECTORS AND SENIOR MANAGEMENT:

The appointment of Directors & Senior Management is as per the relevant notifications issued by Government of India.

REMUNERATION POLICY

The remuneration to Whole Time Directors, Key Managerial Personnel, Senior Management and other employees is as per relevant notifications issued by Government of India.

SITTING FEES PAID TO INDEPENDENT DIRECTORS DURING THE FINANCIAL YEAR ENDED MARCH 31 2024:

Name of the Director	Sitting Fees
Mr. Surender Kumar Agarwal	Rs. 7,10,000/-
Mr. Ratan Kumar Das	Rs. 7,20,000/-
Ms. Akani Devi	Rs. 4,10,000/-

? KEY MANAGERIAL PERSONNEL:

As per Section 2(51) and Section 203(1) of The Companies Act 2013 the following were the Key Managerial Personnel of the Company as on 31.03.2024:

Chairman-cum-Managing    : Ms Neerja Kapur

Director

Executive Director &    : Mr Titus Francis Maliakkel

Chief Financial Officer

Executive Director    : Ms Smita Srivastava

General Manager &    : Ms Sushama Anupam

Chief Marketing Officer

General Manager &    : Ms Mukta Sharma

Head of Reinsurance

General Manager, Financial : Mr Amit Misra Advisor & Chief Risk Officer

Appointed Actuary    : Mr Sharad S Ramnarayanan

General Manager &    : Ms Lavanya Mundayur

Chief Underwriting Officer

Chief of Internal Audit,    : Ms Prabha Vijaykumar

Head of AML Compliance

Company Secretary &    : Ms Jyoti Rawat

Chief Compliance Officer

Chief Investment Officer : Ms Anjana Saxena

General Managers    : Mr C S Ayyappan

Ms Sreedevi Nair

The management underwent the following changes after the end of financial year i.e. 31st March, 2024 -

1.    Cessation of Ms. Anjana Saxena as Chief Investment Officer from end of office hours on 26th April, 2024.

2.    Appointment of Ms. Chandra Iyer as the General Manager on 29th April, 2024.

3.    Cessation of Ms. Neerja Kapur as the Chairman cum Managing Director from end of office hours on 30th April, 2024

4.    Appointment of Mr. Vimal Kumar Jain as the Chief Financial Officer from 17th May, 2024.

5.    Appointment of Mr. Puran Kumar Tulsiani as the Chief Investment Officer from 17th May, 2024.

6.    Appointment of Ms. Girija Subramanian as the Chairman cum Managing Director w.e.f 19th June, 2024.

7.    Cessation of Mr. Amit Misra as the General Manager, Financial Advisor and Chief Risk Officer from end of office hours on 25th June, 2024.

8.    Appointment of Mr. C. S. Ayyappan as the Chief Risk Officer from 25th June, 2024.

The management extends its warm appreciation to the members for their timely guidance and support.

? Disclosures:

1.    During the year, there are no pecuniary relationships or transactions with the Non-Executive Directors.

2.    Financial Statements accurately and fairly represent the financial condition of the Company.

3.    There has not been any significant change in the accounting policies of the Company during the year.

4.    The Company has Business Risk Management process which is periodically reviewed by the Board of Directors/Risk Management Committee to determine its effectiveness.

5.    The Board of Directors and the Audit Committee periodically review the status of compliances in respect of applicable Laws and report thereon by the Internal Audit team.

6.    Whistle Blower Policy - The Company has a Whistle Blower Policy and the same has been hosted on the website.

7.    The Global Solvency Margin of the company for the year 2023-24 is 1.81 times.

8. A certificate from S. N. Ananthasubramanian & Co., Company Secretaries in Practice has been obtained certifying that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as Directors of the Company by SEBI/Ministry of Corporate Affairs or any such statutory authority as on March 31, 2024.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION, AND REDRESSAL ACT, 2013)

The Company Policy, 2020 formulated in line with the requirements of the Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act 2013) was reviewed, and a circular was issued thereunder to each Regional Office to clarify constitution of Internal Committee and ex-parte inquiry. Internal Committees (ICs) have been reconstituted in each Regional Office and Head Office in accordance with the circular and the provisions of the POSH Act 2013.

The following is the summary of sexual harassment complaints received and disposed of during the FY year 2023-24:

Number of Complaints pending as of 1st April 2023	Â	00
Number of Complaints filed during the FY 2023-24	Â	03
Number of complaints disposed of during FY 2023-24	Â	00
Number of Complaints pending as of 31st March 2024	Â	03

? AUDITORS AND AUDIT REPORT

Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor General of India, appointed M/s. R. Devendra Kumar & Associates and M/s. O. P Bagla & Co. LLP as the Central Statutory Auditors of the Company for the year 2023-24. Branch auditors for the various Regional Offices and CBOs were also appointed for the year. The Board of Directors

expresses its gratitude for the directions and guidance given by the statutory auditors in drawing up the Company's annual results.

The remuneration payable to the Joint Statutory Auditors for FY 2024, has been determined by the Board of Directors of the Company in their meeting held on November 08, 2023 based on recommendation of the Audit Committee of the Company. Statutory Audit and other fees paid to Joint Auditors: Statutory audit fees paid 2023-24    : Rs. 1,02,00,000

Expenses reimbursed for 2023-24    : Rs. 84,000

Total inclusive of Fees and expenses : Rs. 1,02,84,000

? EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return is can be viewed at the below link -

https://www.newindia.co.in/assets/docs/investors/MGT%20

9%20FY%202023-24.PDF

RENEWAL OF LICENCE BY THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

Section 3 A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the process of annual renewal of the certificate of Registration issued to insurers under Section 3 of the Insurance Act 1938. The insurers however, shall continue to pay such annual fee as may be prescribed by the Regulations. Thus w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers renewed in 2016 and which expired on 31st March 2024 shall continue to be in force from 1st April 2024, subject to the provisions of Section 3A read with Section 3 of the Insurance Act 1938.The Company has paid the renewal fees as prescribed by the above Regulations and the Certificate of License has been renewed by IRDAI w.e.f. 01.04.2024.

? SUBSIDIARY COMPANIES

The Company has 3 Subsidiary Companies. The names and details of New India shareholding are as under: ⁹

Sr No	Name of the Subsidiary	Total paid-up capital (no. of shares)	New India's shareholding (no. of shares)	% holding of The New India Assurance
1	The New India Assurance Company (Trinidad & Tobago) Limited	1,74,18,946	1,46,12,444	83.89
2	The New India Assurance Company (Sierra Leone) Limited	2,50,000	2,50,000	100
3	Prestige Assurance Plc. Nigeria	1,325,25,61,888	1,037,95,22,933	78.32

The performance of subsidiaries for the year ended 31st December 2023 is summarized below:

Name of the	Currency	U/w Profit/Loss		Investment Income		Other Income		Profit before tax		Dividend
subsidiary		2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
NIA (T&T) Ltd.	$	14,89,000	1,40,85,000	87,46,000	89,00,000	-46,68,000	-66,67,000	55,67,000	1,63,18,000	34,84,000	26,13,000
NIA (S.Leone) Ltd.	Le	0	0	3178.75	0	-23,742.75	0	-20,564	0	0	0
Prestige Assurance	N	61,85,99,000	62,22,82,000	1,14,18,28,000	1,18,58,30,000	-35,65,83,000	-1,22,17,81,000	1,40,38,44,000	58,63,31,000	19,87,88,000	19,87,88,000

•    The New India Assurance (Sierra Leone) Limited has closed down business operations with effect from 1st January 2003 due to the civil disturbances prevailing in that country and has not declared any dividend for the year 2023.

•    In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies are uploaded on the Company's website at www.newindia.co.in.

•    POSTAL BALLOT :

During the year, pursuant to Section 108 and Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, Regulation 44 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable provisions of the Acts, Rules, Regulations, Circulars and Notifications issued thereunder (including any statutory modifications or re-enactment thereof for the time being in force and as amended from time to time), your Company passed the following resolution through postal ballot as per the details below:

The voting pattern of votes casted in favor/against the resolution passed vide Postal Ballot Notice dated 09th February, 2024 is as under:

Particulars of the Resolution	Type of the	Number of	Votes cast in favour		Votes cast in against
	Resolution	votes polled	Number	%	Number	%
Amendment to Memorandum of Association of Company so as to reflect the state in which the Registered Office of the Company is situated	Special	1589877105	1,58,98,68,076	99.9994	9,029	0.0006
Amendment to AOA - To include position of Executive Director	Special	1589877732	1,58,94,29,381	99.9718	4,48,351	0.0282

S.N. Ananthasubramanian & Co., Practicing Company Secretaries, Mumbai was appointed as the Scrutinizer for conducting postal ballot and e-voting process in a fair and transparent manner.

None of the business proposed to be transacted at the ensuing AGM require passing a resolution through postal ballot.

? GENERAL MEETINGS HELD:

The details of the Annual General Meetings held in the previous three financial years are given below:

Annual General Meeting	Day, Date	Time	Venue
104th AGM	Friday, 22nd September, 2023	11:30 AM	Head Office, Mumbai, through Video Conferencing
103rd AGM	Wednesday, 28th September, 2022	11:00 AM	Head Office, Mumbai, through Video Conferencing
102nd AGM	Wednesday, 29th September, 2021	11:00 AM	Head Office, Mumbai, through Video Conferencing

The details of the Special Resolutions passed in the Annual General Meetings held in the previous three financial years are given below:

General Body Meeting	Day and Date	Special Resolution
104th AGM	Friday, 22nd September, 2023	No Special resolution was passed
103rd AGM	Wednesday, 28th September 2022	No Special resolution was passed
102nd AGM	Wednesday, 29th September, 2021	No Special resolution was passed

? SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT:

Annual Report of the Company for the Financial Year 2022-23 was placed before Lok Sabha on 11th December 2023 and Rajya Sabha on 12th December 2023.

MEANS OF COMMUNICATION:

The Company's website (www.newindia.co.in) allows access to all the stakeholders of the Company to access information at their convenience. It provides comprehensive information of the Company.

The financial and other information and the various compliances as required/prescribed under the Listing Regulations are filed electronically with BSE and NSE. The financial results, official news releases, analyst call transcripts and presentations are also available on the Company's website.

The Company's quarterly financial results are published in the Financial Express (Mumbai, Pune, Ahmedabad, Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Kochi, Bangalore, Hyderabad), Jansatta (Delhi, Chandigarh, Kolkata, Lucknow) and Loksatta (Mumbai, Pune, Nagpur, Ahmednagar, Aurangabad, Delhi).

? GENERAL SHAREHOLDER INFORMATION:

IRDAI Registration Number	190
Corporate Identification Number	L66000MH1919GOI000526
Financial Year	2023-24
Board Meeting for adoption of Audited Annual Accounts	22nd May, 2024
Day, Date and Time of 105th	Tuesday, 24th September,
Annual General Meeting	2024 at 11:30 a.m.
Venue	Through Audio-Video/OAVM
Financial Year	April 01, 2023- March 31, 2024
Record Date	06th September, 2024
Date of Dividend Payment	1st October, 2024
Company's Website	www.newindia.co.in

? DIVIDEND HISTORY

MARKET PRICE INFORMATION:

Month	BSE		NSE
	High	Low	High	Low
2023
April	107.50	98.00	107.55	97.85
May	129.70	104.10	129.75	106.25
June	126.00	114.00	126.65	113.90
July	126.40	115.30	126.40	115.20
August	136.10	120.95	136.10	121.10
September	150.60	123.45	150.80	123.55
October	154.55	130.60	154.65	130.10
November	254.85	135.05	255.20	133.00
December	261.80	209.20	261.90	209.05
2024
January	255.20	209.90	255.35	210.70
February	324.00	232.75	324.70	232.65
March	284.50	212.80	283.95	211.05

Dividend Type	Dividend per share	%age	Date of declaration	Date of transfer to IEPF
Interim Dividend 2017-18	3.75	75%	December 6, 2017	30/11/2024
Final Dividend 2017-18	5.00	100%	August 7, 2018	31/07/2025
Final Dividend 2018-19	1.50	30%	August 5, 2019	31/07/2026
Final Dividend 2021-22	0.30	6%	October 6, 2022	30/09/2029
Final Dividend 2022-23	1.93	38%	September 29, 2023	31/08/2030

? LISTING OF EQUITY SHARES:

Currently, the Equity shares of the company are listed at

Stock Exchange	1st April 2023 -31st March 2024
BSE Limited (BSE) Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001	540769
National Stock Exchange of India Limited (NSE) Exchange Plaza, 5th Floor, Plot C/1, G block, Bandra-Kurla Complex, Bandra (East), Mumbai 400051	NIACL

Â	BSE Share Price Movement FY 2023-24
350.00	Â
300.00	1/L
250.00	Â
200.00	Â
150.00	Â
100.00 **	Â
50.00	Â
0 00	Â
Â	* ' +s/ /// // s

Share Price Movement on NSE FY 2023-24
350.00	Â
300.00	J/uA
250.00	Â
200.00	Â
150.00	Â
100.00	Â
50.00	Â
Â	Â
Â	+ S/S//S/*

The Company has paid the annual listing fees for the relevant period to the Bombay Stock Exchange and the National Stock Exchange.

Disclosures with respect to Demat suspense account/ unclaimed suspense account

NIL

? SHARE TRANSFER SYSTEM

Pursuant to SEBI Notification No. SEBI/LAD- NRO/GN/2018/24 dated June 8, 2018 and further amendment vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated November 30, 2018, request for effecting transfer of securities in physical form (except in case of transmission or transposition of securities) is restricted w.e.f. April 1, 2020. In case of shares in electronic form, the transfers are processed.by NSDL/CDSL through respective Depository Participants. In compliance with the Listing Regulations, a Practicing Company Secretary carries out audit of the System of Transfer and a certificate to that effect is issued. Therefore, Members holding shares in physical form are requested to take action to dematerialise the Equity Shares of the Company, promptly.

The Members can contact the Company or Company's RTA M/S Link Intime India Private Limited for assistance in this regard.

Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments, conversion date and likely impact on equity

This is not applicable to the company since the Company has not issued Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments.

Commodity price risk or foreign exchange risk and hedging activities.

This is not applicable to the Company, since the Company does not have any derivatives or liabilities denominated in foreign currency.

Details of utilization of funds.

During FY 2023-24, the Company has not raised any funds through Preferential Allotment or Qualified Institutions Placement as specified under Regulation 32(7)(A) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 and the Companies Act 2013.

Plant Locations

This is not applicable to the Company, since it is not a manufacturing entity.

Correspondence Address

Correspondence address relating to the Financial Performance of the Company may be addressed to:

Mr. Vimal Kumar Jain

The New India Assurance Co. Ltd.,

New India Assurance Bldg.,

87, M.G. Road, Fort, Mumbai 400 001

Tel No.: 022 22708100

Email id: [email protected]

?    DISCLOSURES

Related party transactions

There is no materially significant related party transaction that may have potential conflict with the interest of the Company.

Details of Non - Compliance by the Company, penalty, strictures imposed on the Company by the stock exchange or SEBI or any statutory authority on any matter related to capital markets

None

ADOPTION OF MANDATORY AND NON-MANDATORY REQUIREMENTS

The Company has complied with all mandatory requirements specified in Regulations 17 to 27 and clauses (b) to (i) of subregulation 2 of Regulation 46 of Listing Regulations.

The Company has complied with the non-mandatory requirement of reporting of Chief of Internal Audit who is heading the Internal Audit department of the Company directly to the Audit Committee of the Company. The Internal Auditor presents the key audit findings of internal audit department of the Company to the Audit Committee on a quarterly basis along with compliance status of previous Audit Committee.

?    REGISTRAR AND TRANSFER AGENTS:

The Registrar and Transfer Agent of the Company is M/s Link Intime India Pvt. Ltd for Equity Shares. Investor services related queries/requests/complaints may be directed at the address as under:

Link In Time (India) Pvt. Ltd.

247 Park, C 101 1st Floor, LBS Marg, Vikhroli (W),

Mumbai - 400 083

Phone No.: 022 49186000

Email id: [email protected]

?    INFORMATION ON SHAREHOLDING::

SHAREHOLDERS OF THE COMPANY WITH MORE THAN 1% HOLDING AS ON MARCH 31 2024 (OTHER THAN PROMOTER OF THE COMPANY:

Sr.	Name	No. of Shares	Percentage (%) of total
No	Â	held	number of shares
1.	Life Insurance Corporation of India	14,28,33,188	8.6671
2.	General Insurance Corporation of India	2,16,67,646	1.3148

THE NEW INDIA ASSURANCE COMPANY LIMITED
DISTRIBUTION OF SHAREHOLDING (SHARES)
SR.NO.	SHAREHOLDING OF SHARES			SHAREHOLDERS	PERCENTAGE OF TOTAL	TOTAL SHARES	PERCENTAGE OF TOTAL.
1	1	to	2500	1,42,585	99.1585	1,82,67,825	1.1085
2	2501	to	5000	689	0.4792	25,54,007	0.1550
3	5001	to	10000	265	0.1843	19,83,529	0.1204
4	10001	to	15000	76	0.0529	9,45,525	0.0574
5	15001	to	20000	31	0.0216	5,64,222	0.0342
6	20001	to	25000	28	0.0195	6,35,707	0.0386
7	25001	to	50000	44	0.0306	16,19,414	0.0983
8	50001	to	**********	77	0.0535	1621429771	98.3877
Total	Â	Â	Â	143795	100	1648000000	100

Shareholding Distribution as on 31st March 2024

Sr No	Shareholder Category	Number of Shares	%
1	Central Government	1,408,000,000	85.4369
2	Clearing Members	4,787	0.0003
3	Other Bodies Corporate	5,988,037	0.3634
4	Financial Institutions	100	0
5	Hindu Undivided Family	688,310	0.0418
6	Mutual Funds	769,431	0.0467
7	Nationalised Banks	14,498,823	0.8798
8	Non Nationalised Banks	67,454	0.0041
9	Non Resident Indians	701,677	0.0426
10	Non Resident (Non Repatriable)	214,249	0.013
11	Public	25,114,126	1.5239
12	Trusts	5,117	0.0003
13	G I C & Its Subsidiaries	33,029,668	2.0042
14	Insurance Companies	145,042,433	8.8011
15	Body Corporate - Ltd Liability Partnership	37,840	0.0023
16	Unclaimed Shares	6	0
17	FPI (Corporate) - I	12,606,652	0.765
18	NBFCs registered with RBI	1	0
19	Alternate Invst Funds - III	334,000	0.0203
20	FPI (Corporate) - II	897,289	0.0544
Â	TOTAL:	1,648,000,000	100

COMPLIANCE CERTIFICATE OF AUDITORS:

The Statutory Auditors of the Company, M/s. R. Devendra Kumar & Associates and M/s. O. P Bagla & Co. LLP have issued the Certificate for compliance of conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and

Disclosure Requirements) Regulations 2015 and forms part of the Annual Report.

EVENTS AFTER BALANCE SHEET DATE:

There has been no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the balance sheet relates and the date of this report.

POLICY FOR MATERIAL SUBSIDIARIES:

The Company has a policy for material subsidiaries. The same has been up-loaded on the website of the Company.

https://www.newindia.co.in/cms/bd675cf0-dfde-4782-

9fb5-630cb47ddbbd/Material%20Subsidiary%20Policy.

pdf?guest=true

CONSERVATION OF ENERGY:

Considering the nature of operations of the Company, the provisions of Section 134 (3)(m) of The Companies Act 2013 read with Companies (Accounts) Rules 2014 relating to information to be furnished on conservation of energy and technology absorption are not applicable. However, the company has installed electricity saving devices at its Head Office in Mumbai. The company is in the process of installing rooftop solar panels at its offices.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company has laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and were operating effectively. The Board confirms that:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same.

2.    that they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

3.    that they have taken proper and sufficient care for the maintenance of adequate accounting records, in accordance with the IRDAI (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 and provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4.    that they have prepared the annual accounts on a going concern basis;

5.    that they have laid down internal financial controls to be followed by the Company and that such internal financial controls were adequate and were operating effectively and;

6.    that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT:

The Board of Directors thanks Government of India, Ministry of Finance, Department of Financial Services (Insurance Division), Insurance Regulatory & Development Authority of India, General Insurers' (Public Sector) Association of India (GIPSA), General Insurance Council, intermediaries and other government and regulatory agencies for their valuable guidance and continuous support provided to the company throughout the year.

The Board of Directors are also grateful to the valued customers, bankers, agents, surveyors, stakeholders and public at large for the patronage and confidence reposed in the company.

The Board of Directors places on record their appreciation for the commitment, sense of involvement and dedication exhibited by each staff member in the overall development and growth of the company and look forward to the continued support and whole-hearted cooperation for the realization of the corporate goals in the year ahead.

For and on behalf of the Board

Smita Srivastava    Girija Subramanian

Executive Director    Chairman-cum-Manging    Director

DIN - 09250237    DIN - 09196957

Date    -    08.08.2024

1

   Company is also encouraging executives with specialized job profiles to participate in training programmes conducted by renowned external institutes like Indian Institute of Management -Ahmedabad, ISTM - Institute of Secretariat Training and Management, NFSU - National Forensic Sciences University, Gandhinagar, IND/AS- IFRA GEN Insurance Training by Institute of Actuaries of India etc. It offers unique opportunity for executives to gain insights from top-notch faculty and industry experts, network with peers from diverse backgrounds and immerse themselves in cutting-

2

   Cessation of Ms. Neerja Kapur as Chairman-cum-Managing Director w.e.f 30th April, 2024

3

   Cessation of Mr. A.S. Rajeev as Independent Director w.e.f. 23rd February, 2024

4

   Upgradation of Mr. Titus Francis Maliakkel and Ms. Smita Srivastava as Executive Director w.e.f 15th March, 2024 Mr Sharad S Ramnarayanan, Appointed Actuary of the Company is a permanent invitee to the Board meetings.

5

Directorship in private and foreign subsidiary company.

6

Memberships/Chairpersonships in Audit Committee and Stakeholders Relationship Committee of Indian public limited companies; number of Memberships includes Chairpersonships.

7

   whether to extend or continue the term of appointment

8

   Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/

9

All the subsidiary companies follow the calendar year for finalization of accounts. Therefore, performance has been given for the year ended 31st December 2023.

---

Mar 31, 2018

To the Members:

The Directors have immense pleasure in presenting the Ninety Ninth Annual Report of the Company together with the audited statement of accounts and balance sheet for the year ended 31st March, 2018.

1. The snapshot of your Company Standalone financial performance is as below :

(Rs. in crores)

			Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	2082.57	600.01	20036.19	22718.76
		PY	1824.28	610.03	16680.38	19114.69
	(% Growth)	CY	14.16	-1.64	20.12	18.85
		PY	7.83	-1.22	29.91	26.17
	Outside India	CY	659.74	41.16	1739.65	2440.55
		PY	727.25	54.05	1701.92	2483.22
	(% Growth)	CY	-9.28	-23.86	2.22	-1.72
		PY	-15.21	-5.58	0.18	-5.00
	Global	CY	2742.31	641.16	21775.84	25159.31
		PY	2551.53	664.08	18382.30	21597.92
	(% Growth)	CY	7.48	-3.45	18.46	16.49
		PY	0.08	-1.59	26.43	21.59
Reinsurance Premium Accepted	India	CY	90.72	5.19	137.68	233.59
		PY	87.82	5.15	325.32	418.29
	Outside India	CY	954.47	38.44	168.58	1161.50
		PY	841.04	30.89	132.58	1004.51
Reinsurance Premium Accepted	Global	CY	1045.19	43.63	306.26	1395.08
		PY	928.86	36.04	457.90	1422.80
Reinsurance Premium Ceded	India	CY	1315.11	263.99	3278.38	4857.48
		PY	1018.49	323.47	2425.54	3767.49
	Outside India	CY	512.42	11.29	216.84	740.55
		PY	454.69	11.41	196.21	662.31
Reinsurance Premium Ceded	Global	CY	1827.53	275.28	3495.23	5598.04
		PY	1473.18	334.88	2621.75	4429.80
Global Net Premium		CY	1959.96	409.52	18586.87	20956.35
		PY	2007.21	365.25	16218.46	18590.92
Addition / Reduction in Un-expired Risks Reserves		CY	-2.38	31.65	1202.48	1231.76
		PY	88.53	-96.78	784.39	776.14
	(% to Net Premium)	CY	-0.12	7.73	6.47	5.88
		PY	4.41	-26.50	4.84	4.17
Earned Premium		CY	1962.34	377.87	17384.39	19724.60
		PY	1918.69	462.03	15434.07	17814.78
Incurred Claims Net		CY	1510.40	226.16	15159.90	16896.47
		PY	1959.37	349.34	13948.22	16256.93
(% to Earned Premium)		CY	76.97	59.85	87.20	85.66
		PY	102.12	75.61	90.37	91.26

Commission Net	CY	288.74	56.62	1478.65	1824.01
	PY	340.60	45.39	937.15	1323.14
(% to Net Premium)	CY	14.73	13.83	7.96	8.70
	PY	16.97	12.43	5.78	7.12
Operating Expenses	CY	330.40	68.95	3129.67	3529.02
	PY	408.67	74.29	3299.06	3782.02
(% to Net Premium)	CY	16.86	16.84	16.84	16.84
	PY	20.36	20.34	20.34	20.34
U/W Results	CY	-167.20	26.14	-2383.83	-2524.90
	PY	-789.95	-6.99	-2750.36	-3547.31
Investment Income-Policy Holders	CY	596.57	84.51	2847.20	3528.28
	PY	443.35	94.28	2452.73	2990.36
Revenue (Policy Holder) Account Surplus	CY	429.37	110.65	463.37	1003.38
	PY	-346.60	87.29	-297.63	-556.95
Investment Income-Share Holders	CY PY				1636.58 1519.08
Other Income less Outgo	CY PY				85.09 201.73
Profit before Tax	CY PY				2725.05 1163.86
Provision for Tax	CY PY				524.14 155.93
Profit after Tax	CY PY				2200.91 1007.93
Interim Dividend	CY PY				309.00 0.00
Dividend Tax	CY PY				62.91 1.09
Transfer to Reserves	CY PY				1829.00 1006.84

DIVIDEND DISTRIBUTION POLICY

Your Directors are pleased to recommend a Final Dividend of Rs.5 per Equity share of face value of Rs.5 each. The Company had distributed an Interim Dividend of Rs.3.75 per Equity share of face value of Rs.5 each in the month of December 2017. The total outgo including the final dividend of Rs.5 per Equity share is Rs.868,59,29,745 including Dividend Distribution Tax of Rs.147,59,29,745 as against Rs.373,11,92,240 including Dividend Distribution Tax of Rs.63,11,92,240.

In terms of Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (“Listing Regulations”) the Dividend Distribution Policy of the Company has been hosted on Company’s website and can be viewed at the below mentioned link :”https://www.newindia.co.in/cms/c52d520f-6589-4772-bcc8-e214657297ec/Dividend%20DistributionPolicy.pdf?guest=true”

BONUS

Your Company had announced a Bonus of 1 new Equity Share for every 1 existing Equity Share.

2. PERFORMANCE REVIEW (Global)

(Rs. in crores)

		2017-18	2016-17
A	Gross Written Premium (India)	22952	19533
	% change over previous year	17.50	26.09
	Gross Written Premium (Foreign)	3602	3488
	%change over previous year Gross	3.27	-0.97
	Global Premium	26554	23021
	%change over previous year	15.35	21.09
Gross Written Premium (GWP) in India has increased from Rs.19533 crore in 2016-17 to Rs.22952 crore in 2017-18 recording a good growth of 17.50 % in 2017-18. The company continues to be the market leader in India and is scaling to new heights. Good growth has been achieved by all the regions. The company crossed Rs.22000 crore In Indian market itself in 2017-18.
B	Net Premium	20956.35	18590.92
	% change over previous year	12.72	16.84
The net premium income of the company grew by Rs.2365 crore from Rs.18591 crore to Rs.20956 crore.
C	Additional Un-expired Risk Reserves	1231.76	776.14
	% change over previous year	58.70	-18.48
D	Earned Premium	19724.60	17814.78
	% change over previous year	10.72	19.08
E	Incurred Claims (Net)	16896.47	16256.93
	Percentage to earned premium	85.66	91.26
F	Commission (Net)	1824.01	1323.14
	Percentage to Net premium	8.70	7.12
G	Operating Expenses	3529.02	3782.02
	Percentage to Net premium	16.84	20.34
H	Underwriting Results	(2524.90)	(3547.31)
I	Investment Income (Less Provision)
	Apportioned to policyholders	3528.28	2990.36
	Apportioned to Shareholders	1636.58	1519.08
	Total	5164.86	4509.44
J	Revenue (Policyholders) Account Results	1003.38	-556.95
K	Other Income/Outgo	85.09	201.73
L	Profit Before Tax (PBT)	2725.05	1163.86
M	Profit After Tax (PAT)	2200.91	1007.93
N	Proposed Total Dividend	721.00	310.00
O	Dividend Tax	147.59	63.12

P	Paid-up Capital		412.00	200.00
Q	Reserves and Surplus		15277.22	11970.16
R	Total Assets		76626.79	69172.81
S	Investments (at cost)
T	Solvency Margin
	i.	Required sovency margin under IRDA regulations (Global)	5322.97	5073.53
	ii.	Available solvency margin (Global)	13738.87	11134.68
	The company’s Global solvency ratio is 2.58 times (PY 2.19 times)
U	Compliance with Section 40C
	i.	Expenses prescribed under the act	7225.88	6209.59
	ii.	Actual expenses	5004.81	4593.88
	iii.	Difference	2221.07	1612.70

The Company proposes to transfer an amount of Rs.1926.68 crore to General Reserve.

- PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXFESS OF RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT LAKH FIRTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR.

SR NO.	NAME OF THE EMPLOYEES	SERVICE	DESIGNATION	REMUNERATION	QUALIFICATION	DATE OF JOINING	AGE	LASTEMPLOYMENT HELD	PLACE
		IN YRS
1	PHILIP SCOTT	39	CHIEF UNDERWRITER	1,27,39,131	ACII	1.8.2011	59	Assicurazione Gernerali Spa	LONDON
2	JAMES DEY	33	TREATY UNDERWRITER	1,78,34,779	ACII	19.9.2011	52	BRIT	LONDON

- SECRETARIAL STANDARDS

During FY 2018, the Company was in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.

- SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS.

There are no significant and/or material orders passed by the Regulators or Courts or Tribunals during FY 2018 impacting the going concern status of future operations of the Company.

The Company received an order from Competition Commission of India imposing a penalty of Rs.25107 lakhs in 2015-16. The Company contested against the order in Competition Appeal Tribunal and the Tribunal awarded penalty of Rs.20 lakhs as against Rs.25107 lakhs of CCI order. The penalty was paid in January 2017. CCI has appealed against the order of the Tribunal at the Apex Court and the case has been admitted in the Apex Court in March 2017.

- INDEPENDENT DIRECTORS

All Independent Directors have given declarations that meet the criteria of independence as laid down under Section 149(6) of the Companies Act 2013, SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 and ‘fit and proper’ declaration as laid down under Corporate Governance guidelines of IRDAI.

- LISTING OF EQUITY SHARES

During FY 2018, The New India Assurance Co. Ltd. completed its Initial Public Offer (“IPO”) by way of Offer for Sale up to 9,60,00,000 Equity Shares of face value of Rs.5 each of the Company by the selling shareholder Government of India and Fresh Issue of 2,40,00,000 equity shares of face value of Rs.5 each.

The shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 13, 2017.

- BOARD EVALUATION

Pursuant to the provisions of the Companies Act 2013 and guidelines for insurance companies issued by Insurance Regulatory and Development Authority of India (IRDAI), the Board has carried out an annual performance evaluation of its own performance. The Evaluation has been carried-out as per the criteria approved by the Nomination and Remuneration Committee.

- AUDITORS REPORT

The replies to the qualification made by the Statutory Auditors in their report is attached as Annexure to the Directors Report.

- SECRETARIAL AUDITORS

Pursuant to provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company had appointed S.N.Ananthasubramanian, Practising Company Secretary to conduct Secretarial Audit Report is annexed herewith as Annexure. There are no qualifications, reservation, adverse remark or disclaimer made by the auditor in the report save and except disclaimer made by them in discharge of their professional obligation.

- INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Board has adopted policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention & detection of fraud, ever reporting mechanisms, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.

- RELATED PARTY TRANSACTIONS

Your Company undertakes transactions with related parties in the ordinary course of business. The details of related party transactions are disclosed under Notes to Financial Statements for FY 2018.

Board approved policy on Related Party Transactions has been hosted on the website of the Company and can be viewed at the below link: “https://www.newindia.co.in/ cms/755da005-5d81-4145-bfe3-43b8f82caecf/Related%20 party%20Policy.pdf?guest=true”.

- INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA (IRDAI)

The Company being a General Insurance Company, its working and functions are governed by the regulations of Insurance Regulatory and Development Authority of India. The Accounts of the Company are drawn up according to the stipulations prescribed in the IRDA (preparation of Financial Statements and Auditor’s Report) Regulations 2002 and as amended from time to time.

- FINANCIAL RATING

AM Best Company has reaffirmed the Financial Strength Rating of A-(Excellent). The rating reflects the Company’s favorable investment results, strong solvency ratio and its strong presence in domestic and overseas markets.

CRISIL has reaffirmed its ‘AAA/Stable’ rating of The New India Assurance Company Ltd. indicating that the Company has the highest degree of financial strength to honour its policyholder’s obligations. The rating continues to reflect the Company’s leadership position in the Indian General Insurance industry, its healthy capitalization, sound asset quality and comfortable liquidity.

- FOREIGN EXCHANGE EARNING & OUTGO AND OTHER INFORMATION

The particulars of Foreign Exchange earnings/outgo as required by the Companies Act under Section 217(1)(e) is given below :

Earnings : Rs.574.28 crores (p.year Rs.369.68 crores)

Outgo : Rs.648.15 crores (p.year Rs.582.51 crores)

The earnings included all receipts denominated in foreign currencies in respect of premium, recovery of claims, outward commission and investment earnings. The outgo comprised all payments in foreign currency in respect of outward premium, claims on reinsurance accepted, commission and expenses of management.

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to Rs.1,04,40,855 (P.Y.1,11,69,220); Rs.1,74,63,104 (P.Y. Rs.2,37,85,462) and Rs.63,09,71,503 (P.Y. Rs.60,45,07,128) respectively.

- CONSOLIDATED FINANCIAL STATEMENTS

Provisions regarding Financial Statements are laid down under Section 129 of the new Companies Act 2013. As per the provision of Section 129 (2) of the said Act, at every Annual General Meeting of a company, the Board of Directors of the Company shall lay before such meeting financial statements for the financial year. Section 129(3) of the Companies Act 2013 provides that where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2) of Section 129, prepare a consolidated financial statements of the company and of the subsidiaries in the same form and manner as that of its own which shall also be laid before the Annual General Meeting of the company along with the laying of its financial statements under Sub Section (2) of Section 129.

As per the above section, the Company is required to prepare financial statements as above.

- COMPLIANCE CERTIFICATE OF AUDITORS :

The Company has annexed to this report a certificate obtained from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

- EVENTS AFTER BALANCE SHEET DATE :

There has been no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the balance sheet relates and the date of this report.

- POLICY FOR MATERIAL SUBSIDIARIES :

The Company is in the process of formulating this policy and placing to the Board. The same would then be uploaded on the website of the Company.

- DIRECTORS’ RESPONSIBILITY STATEMENT :

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that :

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) Appropriate accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts on a going concern basis; and

(e) Proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

(f) No Material Changes and commitments affecting the financial position of the Company has occurred between 31^st March 2017 and the date of the Report.

- CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION :

Considering the nature of the operations of the Company, the provisions of Section 134(3)(m) of The Companies Act 2013 read with Companies (Accounts) Rules 2014 relating to information to be furnished on conservation of energy and technology absorption are not applicable.

- ACKNOWLEDGEMENT

The Board of directors thanks Government of India, Ministry of Finance, Department of Financial Services (Insurance Division), Insurance Regulatory & Development Authority (IRDA), General Insurers’ (Public Sector) Association of India (GIPSA), General Insurance Council, intermediaries and other government and regulatory agencies for their valuable guidelines and continuous support provided to the company throughout the year.

The Board of directors are also grateful to the valued customers, bankers, agents, surveyors, stakeholders and public at large for the patronage and confidence reposed in the company.

The Board of directors places on record their appreciation for the commitment, sense of involvement and dedication exhibited by each staff member in the overall development and growth of the company and look forward to the continued support and whole-hearted cooperation for the realization of the corporate goals in the year a head.

For and on behalf of the Board

G. SRINIVASAN

Chairman cum Managing Director

DIN No. 01876234

Place :Mumbai

Dated : May 11, 2018

---

Mar 31, 2017

Directors'' Report 2 0 16-17

To The Members:

The Directors have immense pleasure in presenting the ninety fourth Annual Report of the Company together with the audited statement of accounts and balance sheet for the year ended 31st March, 2017.

I. CLASS-W ISE PE RFORMANCE SU MMARY

(Rs,in crore)

		Fire	Marine	Misc	Total
Gross Direct Premium Income India	CY	1824.28	610.03	16680.38	19114.69
	PY	1691.84	617.53	12840.14	15149.51
(% Growt	C Y	7.83	-1.22	29.91	26.17
	PY	2.85	-7.18	17.81	14.69
Outside India	CY	727.25	54.05	1701.92	2483.22
	PY	857.68	57.25	1698.87	2613.80
(% Growt	C Y	58.47	8.07	2.60	21.05
	PY	4.77	-45.87	26.16	15.10
Global	CY	2551.53	664.08	18382.30	21597.92
	PY	2549.52	674.78	14539.01	17763.31
( % Growt	C Y	0.08	-1.59	26.43	21.59
	PY	3.49	-12.48	18.73	14.75
Reinsurance Premium Accepted India	CY	87.82	5.15	325.32	418.29
	PY	85.74	17.72	237.90	341.36
Outside India	CY	841.04	30.89	132.58	1004.51
	PY	741.13	33.45	133.14	907.72
Reinsurance Premium Accepted	CY	928.86	36.04	457.90	1422.80
	PY	826.87	51.17	371.04	1249.08
Reinsurance Premium Ceded India	CY	1018.49	323.47	2425.54	3767.49
	PY	909.15	300.46	1371.28	2580.89
Outside India	CY	454.69	11.41	196.21	662.31
	PY	329.05	11.61	178.94	519.60
Reinsurance Premium Ceded	CY	1473.18	334.88	2621.75	4429.80
	PY	1238.19	312.07	1550.22	3100.48
Global Net Premium	CY	2007.21	365.25	16218.46	18590.92
	PY	2138.19	413.89	13359.83	15911.91
(% Growt	h) CY	-6.13	-11.75	21.40	16.84
	PY	6.47	-13.92	16.68	14.16
( % to Gross Premium	) CY	78.67	55.00	88.23	86.08
	PY	83.87	61.34	91.89	89.58
Addition / Reduction in U n- ex pired Risks	CY	88.53	-96.78	784.39	776.14
Reserves	PY	64.94	-59.11	946.26	952.08
( % to Net Premium	) CY	4.41	-26.50	4.84	4.17
	PY	3.04	-14.28	7.08	5.98
E arned Premium	CY	1918.69	462.03	15434.07	17814.78
	PY	2073.26	473.00	12413.57	14959.83

		Fire	Marine	Misc	Total
Incurred Claims Net ( % to E arned Premil	CY PY m) CY PY	1959.37 1471.97 102.12 71.00	349.34 272.44 75.61 57.60	13948.22 11396.78 90.37 91.81	16256.93 13141.19 91.26 87.84
Commission Net ( % to Net Premium	CY PY ) CY PY	340.60 381.56 16.97 17.84	45.39 48.00 12.43 11.60	937.15 974.19 5.78 7.29	1323.14 1403.75 7.12 8.82
Operating E x penses ( % to Net Premium	CY PY ) CY PY	408.67 630.59 20.36 29.49	74.29 101.64 20.34 24.56	3299.06 2783.57 20.34 20.84	3782.02 3515.80 20.34 22.10
U /W Results ( % to E arned Premiu	CY PY m) CY PY	-789.95 -410.86 -41.17 -19.82	-6.99 50.92 -1.51 10.76	-2750.36 -2740.97 -17.82 -22.08	-3547.31 -3100.91 -19.91 -20.73
Investment Income- Policy Holders	CY PY	443.35 420.54	94.28 96.79	2452.73 2148.49	2990.36 2665.82
Revenue ( Policy Holder) Account Surplus	CY PY	-346.60 9.68	87.29 147.71	-297.63 -592.48	-556.95 -435.09
Investment Income- Share Holders	CY PY				1519.08 1287.61
Other Income less Outgo	CY PY				201.73 53.02
Profit before Tax	CY PY				1163.86 905.54
Provision for Tax	CY PY				155.93 76.87
Profit after Tax	CY PY				1007.93 828.67
Dividend ( Proposed)	CY PY				0.00 250.00
Dividend Tax	CY PY				1.09 50.89
Transfer to Reserves	CY PY				1006.84 777.78

DIV IDE ND

During the year the Directors recommended Rs,310 crore at the rate of 155% as full and final dividend on date as against Rs,250 crore at the rate of 125% in the previous year.

II. PE RFORMANCE RE V IE W ( Global)

( Rs, in crore)

			2 0 16	-1 7
	A	Gross Direct Premium ( India)	19114.69	15149.51
		% change over previous year Gross Premium ( Foreign)	26.17 3164.00	14.69 3221.86
		% change over previous year Gross Global Premium	21.05 21597.92	13.4 18371.37
	Gross Direct Premium (GDP) in India has increased from Rs,15149.51 crore in 2015-16 to Rs,19114.69 crore in 201617 recording a good growth of 26.17% in 2016-17. The company continues to be the market leader in India and is scaling to new heights. Good growth has been achieved by all the regions. The company crossed Rs,19000 crore in Indian market itself in 2016-17.
	B	Net Premium	18590.92	15911.91
		% change over previous year	16.84	14.16
	The net premium income of the company grew by 2679.01 crore from 15911.91 crore to 18590.92 crore.
	C	Additional U n- ex pired Risk Reserves	776.14	952.08
		% change over previous year	4.17	5.98
	D	Incurred Claims ( Net)	16256.93	13141.19
		Percentage to earned premium	91.26	87.84
	E	Commission ( Net)	1323.14	1403.75
		Percentage to Net premium	7.12	8.82
	F	Operating E x penses	3782.02	3515.8
		Percentage to earned premium	20.34	22.1
	G	U nderwriting Results	(3547.31)	(3,100.91)
	H	Investment Income ( Less Provision)
		Apportioned to policyholders	2990.36	2665.82
		Apportioned to Shareholders	1519.08	1287.61
		Total	4509.44	3953.43
	I	Revenue ( Policyholders) Account Results	-556.95	-435.09
	J	Other Income/ Outgo	201.73	53.02
	K	Profit Before Tax (PBT)	1163.86	905.54
	L	Profit After Tax (PAT)	1007.93	828.67
	M	Proposed Final Dividend	310.00	250.00

		2 0 16	-1 7
N	Dividend Tax	63.12	50.89
0	Paid- up Capital	200	200.00
P	Reserves and Surplus	11970.16	11173.72
Q	Total Assets	69172.81	62880.07
R	Investments ( at cost)	29322.77	26180.56
T	Solvency Margin
	i. Required sovency margin under IRDA regulations (Global)	5073.53	3986.62
	ii. Available solvency margin (Global)	11134.68	9154.11
	iii. Required solvency margin under IRDA regulations (Indian)	4543.59	3509.36
	iv. Available solvency margin (Indian)	11263.91	9300.90
	The company''s Global solvency ratio is 2.19 times (PY 2.30 times) and Indian solvency ratio is 2.48 times (PY.2.65 times)
U	Compliance with Section 40C
	i. Expenses prescribed under the act	6206.59	3816.06
	ii. Actual expenses	4593.88	4058.84
	iii. Difference	1612.70	(242.78)

The Indian Economy grew at 7.1% in 2016-17. During this fiscal the Indian Economy continued to perform well despite the continuing global sluggishness and recent pick-up in petroleum prices, Inflation remained stable in FY 2017, while fiscal deficit and current account deficit as percentage of GDP improved.

Efforts to achieve fiscal consolidation through administrative reforms and steps to control inflation are paying off and contributed to macroeconomic stability.

During Fiscal 2017, the general insurance industry generated gross direct premium of Rs, 1.27 lakh crore. The insurance industry today is witnessing a shift from a product based approach to a more dynamic customer centric approach. This shift can be attributed to technological, regulatory socio-economic and political changes, which have led insurers to re-engineer their traditional ways of doing business.

Year 2016-17 witnessed what could be the beginning of a consolidation wave in the industry. Interest in the sector continues unabated as a few more new players applied for license to enter the industry. The year saw insurers embracing digital transformation. In 2017, paperless and cashless transactions is expected to increase. Going forward, health insurance would mean focus on providing wellness solutions to customers that encourage healthy living, rather than just servicing claims. The insurance industry is also expected to embrace the latest technologies for claim settlement such as using drones for agricultural land and other non-motor inspections or introduction of applications that allows customers to inspect and settle their own motor claims.

Listing of some general insurers are expected to happen in this fiscal. Listing is expected to lead to more underwriting discipline in the industry with focus on profitability. It will also provide an avenue to raise capital to fund future growth.

It is expected that the Government along with the Regulator will continue working towards bringing out more affordable insurance schemes to increase insurance penetration and extend the security net to the masses, especially in tier

2 and 3 cities and rural areas.

The GST rate for insurance has been notified as 18% which would lead to a marginal increase in the premium by about 3%. While this is a negative for the sector in the short term the overall effect of GST on the economic growth is expected to be positive and the insurance sector will also be a beneficiary of this.

III. OV E RV IE W OF COMPANY ’S OPE RATIONS A. INDIAN OPE RATIONS:

Gross direct premium in India has increased from Rs, 15149.51 crore in 2015-16 to Rs, 19,114.69 crores in 2016-17 recording a growth of 26.17 % during 2016-17. The growth is observed in all geographical segments as well as all classes of business.

INDIAN OPE RATIONAL RE SU LTS

Sr.	PARTICU LARS	2 0	16-17	2 0	15-16
No		(Rs, in crore)	%	(Rs, in crore)	%
1	Gross Direct premium	19,114.69	26.17	15,149.51	14.69
2	Net premium	16,088.54	21.82	13,207.25	13.93
3	Increase in unexpired risk reserve	877.76	-	785.66	-
4	Net earned premium	15,210.78	-	12,421.58	-
5	Commission	699.54	6.29	658.15	5.30
6	Incurred claims	14,487.46	25.63	11,531.72	92.84
7	Management expenses	3,592.84	7.43	3,344.47	26.92
8	Other income (net of outgo)	192.61	334.30	44.35	0.36
9	Investment income	4,373.81	14.11	3,833.11	30.86
10	Profit before tax (PBT)	997.37	30.43	764.70	6.16

Note: Percentage shown in sr. no. 1 & 2 indicates the growth over previous year and the percentage shown in sr. no. 5 to 10 is percentage to ''Net Earned Premium.''

B . FORE IGN OPE RATIONS:

New India commenced its foreign operations shortly after its formation in 1919. The London branch was opened in 1920. After that the Company saw a steady increase in presence abroad with Manila, Port Louis and Japan. Today New India has presence in 28 countries.

Today the company operates in the following countries through Branches & Agency offices:

- United Kingdom

- Japan

- Hong Kong

- Philippines

- Thailand

- Australia

- New Z ealand

- Mauritius

- Fiji

- Dubai

- Abu Dhabi

- Bahrain

- Kuwait

- Oman

- Aruba

- Curacao.

Apart from these countries, the Company has subsidiaries in Nigeria (Prestige Assurance Plc.), Trinidad and Tobago (New India Assurance T &T ) and Sierra Leone. The New India T & T also operates in countries such as St. Lucia, Dominica, St Maarten, Guyana and Anguilla. The Company has opened a Representative office in Myanmar and is planning to open an office in SEZ, Myanmar. The Company also has its presence in Saudi Arabia (WAFA Insurance), Singapore (India International Pte, Singapore) and Kenya (Ken India Assurance Co. Ltd., Nairobi)

The Company’s foreign operations saw a gross premium turnover in rupee equivalent of Rs, 3164 crore and a Net premium of Rs, 2502.53 crore in 2016-17. The foreign operations recorded an underwriting profit of Rs, 31 crore and profit before tax was Rs, 166.63 crore.

New India Assurance has taken a license to operate in DIFC, Dubai through a Regional office and is in the process of registering with Qatar Financial Centre, Doha.

OV E RSE AS OPE RATIONAL RE SU LTS

Sr. No	PARTICU LARS	2 0 16-17		2 0 15-16
		(Rs, in crore)	%	(Rs, in crore)	%
1	Gross premium (Gross Direct plus Accepted)	2,483.22	-22.93	3,221.84	13.4%
2	Net premium	2,502.53	-7.47	2,704.59	15.2%
3	Increase in unexpired risk reserve	-101.62	-161.06	166.42
4	Net Earned Premium	2,604.15	2.60	2,538.17
5	Incurred claims	1,769.47	67.95	1,609.47	63.4
6	Commission	623.60	23.95	745.59	29.4
7	Expenses of management	189.18	7.26	171.33	6.75
8	Other outgo	9.12	0.35	8.67	.34
9	Investment income	135.63	5.21	120.32	4.74
10	Net Profit/Loss	166.65	6.40	140.84	5.55

Note: Percentage shown in Sr. No. 1 & 2 indicates the growth over previous year and percentage shown in Sr. no.

5 to 10 is percentage to net earned premium.

ORGANISATION STRU CTU RE

Domestic

The Company has been consistently expanding its footprints by opening new Micro Offices in unexplored semi-urban and rural areas and upgrading its large Micro Offices to Branch Offices and Branch Offices to Divisional Offices to provide better service to the public.

The Company has opened 127 Micro Offices, 1 Large Corporate & Brokers Office and 1 international Finance Service Centre in this financial year.

As on 31st March 2017, the Company has a network of 31 Regional Offices, 7 Large Corporate Offices, 1 Auto Hub, 457 Divisional Offices, 588 Branch Offices, 27 Direct Agent Branches and 1345 Micro Offices, totaling 2456 offices.

Foreign

The Company operates in 28 countries.

- RE INSU RANCE

The International reinsurance market continued to remain soft with most of the facultative renewals seeing a price reduction. There was no major catastrophic event in India except the Vardha Cyclone which affected Chennai and surrounding areas in December 2016.

Renewal of all the Proportional and Non-Proportional treaties of Indian as well as foreign offices was completed as per schedule and placements made with well rated securities.

The revised Reinsurance Regulations - 2016 of IRDAI became effective this year and also some major Foreign Reinsurers opened their branch operations in India. The Reinsurance arrangements and placements concluded for next FY 2017-18 were as per the revised norms.

Inward treaty acceptances and facultative acceptances grew moderately. This year our International Finance Service Centre Insurance office (IIO) at GIFT city Gandhinagar, was inaugurated and commenced operations on 28th October 2016. Upto the year end we have underwritten several Facultative and treaty proposals in various lines of business. We are also in a position to accept direct insurance from overseas territories from this office wherever permitted.

- TE CHNO MARKE TING

Techno marketing Department is synonymous for its expertise for Marketing and underwriting of large projects and operational large risks of corporate clients.

During the year, several large policies related to different industries were finalized with reinsurers’ participation. The client specific covers devised by the department were to suit the requirements of individual clients and were of International standards.

The risk engineering studies undertaken by the department during the preceding year continued during the current year as a value-added measure for the insured and as a loss minimization measure and awareness study for the company.

The year ended on a high note with the company, staying true to the status of pioneer among Indian Insurers, provided an integrated insurance solution to clients in energy sector for their onshore and offshore property.

The company aims to maintain its lead position in the market in future also by proactive approach, strength of underwriting capacity, technical competence, experience and innovative techniques.

- FIRE AND E NGINE E RING INSU RANCE

With a premium income of ''2324 crs. Fire and Engineering portfolio of the Company in the Indian operations has continued to retain its dominant position in the insurance market. While these two portfolio have been viewed as Flagship LOBs, the continuing pressure on pricing in the Indian Market presented a challenge to the Underwriters. By the very nature these line of property business are aligned to the overall economic growth, specifically industrial growth in the country which has started showing signs of promise & growth and also insurance market in India has been marked by reduced premium rates. Inspite of all these, the Company has been able to show a reasonable growth of 7.62% in Fire portfolio and moderate growth of 1.32% in Engineering portfolio in 2016-17 and maintained leadership position in Property Insurance (both Fire & Engg LOBs).

During December 2016, a severe Cyclone “Vardah” made a landfall near Chennai due to which several losses were reported. We geared various levels of operations to deal with this extraordinary calamity. It is highly satisfying to report that in respect of Vardah Cyclone event, around 700 nos. of Property claims were reported, out of which 300 claims were disposed off quickly in a record time. In most claims where final settlements could not be effected interim “On Account” payments have been made.

- HE ALTH INSU RANCE

The Company maintains Numero uno position in Health insurance business with a growth of 21.66% amounting to premium of Rs, 5960 crores.

The focus of the Company in Health insurance this year was to garner quality business by charging appropriate rates, terms and conditions, innovate products as per demands of the insuring public and also keep a control on loss ratio.

We have introduced the New India Premier Mediclaim policy to cater to the elitist segment . Apart from offering Sum Insured of up to Rs, One crore the policy is a first of its kind as it extends to cover Ayush Treatments, morbid obesity, psychosomatic disorders, OPD, dental and a host of exclusive benefits. The mediclaim 2012 policy has been modified to reflect the requirements of our customers.

We have recruited more doctors this year and we have posted a doctor in 16 ROs.

The Company’s health audit team is relentlessly monitoring the claims for effective Claims Management.

- MARINE CARGO AND HU LL INSU RANCE

New India continues to maintain its leadership in Marine Line of Business with highest market share in Cargo as well as Hull in the Indian Market. The Company has 33.8% of market share in Hull and 16.2% in Cargo Business.

Company achieved a Marine Cargo Domestic premium of Rs,341.76 Crore. Despite a very soft market, reduction in volume of export-import and reduction in premium rates at renewal, New India has registered a modest growth of 2% against the negative Industry growth. New India is the only PSU which has registered a positive growth in Marine Cargo Business in the year 2016-17.

Marine Business Generated by Foreign Offices is Rs,37.5 Crore in Cargo and Rs,16.55 Crores in Hull. The total Marine Business globally is Rs,664.08 Crores this year compared to Rs, 674.78 Crores last year. Despite stiff competition, New India has been able to retain major renewals of Hull Risks

As a leader in Marine Hull & Cargo Insurance, the Company is committed to deliver the best service to its clients and therefore, number of initiatives are being undertaken for effective e-marine solution for issuance of Certificates/Policies through Customer/Intermediary Portals and also for claims handling.

Despite reduction in premium rates, Marine Cargo Portfolio remains profitable. The efforts made towards claims management, risk management, careful underwriting and recovery has contributed to profitability of the Portfolio.

Focus area for the next year will be towards a renewed thrust on customer service and marketing, to achieve improved growth rates.

- AV IATION INSU RANCE

New India continues to be the lead insurer for India’s National Carrier Air India, Indigo Airlines and Vistara. During the year 2016-17, Go Air and Air Carnival Airlines also decided to accept New India as their Lead Direct Insurer. New India is also the coinsurer in all the other airlines in India. New India has also been a preferred Insurer for HAL, the Aircraft Manufacturer and R&D organization, Indira Gandhi National Flying Academy, the flagship training academy of India and various other General Aviation Business.

New India stands to be a preferred re-insurer in international market. New India is extending its support to more than 200 Aviation Reinsurance Programmes across the Globe, including British Airways, Lufthansa, Virgin Atlantic. New India has decided to provide capacity as Quote Share Reinsurer to GIC Re London for their participation in Altitude Risk Partners Pool for enhancing its penetration in the Global Aviation Market.

- AU TO TIE - U P

Dealer and manufacturer tie-up will continue to be an important focus area for us this fiscal. Motor insurance is an area of competition for all insurers and everyone is looking to increase their motor insurance business from dealers.

Auto Tie-up assumes a significance in the current environment as Motor Insurance accounts for more than 40% business in General Insurance and Auto Tie-up continues to be the main source of new vehicles business as well as for renewals through dealers point. The Company has emerged as a leading player in Auto Tie up business and our tie up includes the biggest names in the Automobile Manufacturers likeMaruti, Hyndai, Ford India, Chevrolet, HMSI, Royal Enfield, Tata Motors, Ashok Leyland, Volvo Eicher, M&M, etc.

In the concluded financial year the Company has entered in 3 new important Tie-ups (Fiat India, Muthoot Finance &A U Finance). Further tie up of M/s Nishan& Renault has been finalised and shall be formally launched in the first quarter of next Financial year. At present we have 26 Centralised Auto Tie-ups and about 2400 local Auto tie ups. We registered more than 14.5% growth in Auto Tie-up business this fiscal. We have achieved a premium of '' 2,380.23 Crores against the last year’s premium of '' 2,078.77 Crores from this segment which is more than 31% of our total motor premium.

The company has been extending the facility of Dealer Portal to Auto-Dealers all over India and also arranged Cashless claim service to all auto dealers in the tie-up so that more and more customers continue to be benefitted with value added services at single-point contact.

The company is in the process of entering into more Tie-ups with Automobile Manufacturers, Financiers and Dealers in coming financial year which will generate higher volume.

- MOTOR OW N DAMAGE ( O.D.)

We retained our Number one position in Motor Premium for the third consecutive year. The company’s Motor portfolio had shown spectacular growth with overall accretion of 23.2% over 2015-16 as against Industry average of 18.6%. Motor OD and TP segment grew at 11.4% and 32.8% respectively as against Industry average of 11% and 22.1%.

During the year, no new Add-on cover was introduced and we are planning to file various add on covers for Two wheelers (Return to Invoice, Road Tax, Engine Protection, NCB protection), Road side assistance and Consumable covers for Private car and EMI cover for Commercial Vehicles during 2017-18. Motor OD portfolio continues to show robust growth in 2016-17 as well and we expect same trend to continue during 2017-18 also.

Claim settlement ratio in Motor OD segment has shown marginal increase to 93.5%. More Offices were brought under the Claim Hubs to provide faster claim settlement and improved customer service. As on date, there are 38 claim hubs handling claims of 816 Operating offices. Company has tied up with more than 1000 reputed Motor workshops/Garages to provide cashless repair service to Retail customers and we are planning to add another 1500 during the next financial year. Nearly 80 In-house Surveyors were given training during the year to handle claims up to Rs, 50,000/- as per IRDAI guidelines.

- MOTOR THIRD PARTY ( TP) :

Motor TP Department continued the trend of reducing no. of Outstanding Claims and brought down to 1,56,490 at the end of FY 2016-17 as against 1,61,656 in the beginning. 75,386 claims were filed in this duration, against which 80,552 claims were settled. Company again maintained the throughput ratio in this FY at more than 100%, which is 107 % with the settlement ratio of 34 %.

28146 claims (35% of Total Settled Claims) were settled through Lok Adalat and other Conciliatory Mechanisms and New India remained Top Performer amongst all General Insurance Companies. It is an outcome of the focused strategy of management to compromise the maximum no. of fit cases.

Review Meeting of TP Hubs and ROs was conducted at Gurgaon in December 2016, emphasizing the need to review all Outstanding claim files and Court Search of cases for more than five years. Constant follow-ups were also done by VCs and visits of our General Manager and other officials.

Information Technology aspect had remained the major area of focus during this year and considerable progress was made on De-duplication of Party Codes of Advocates and Investigators, empanelment of Service Providers viz. Advocates and Investigators. Numerous modifications were carried out in system, which shall enable the user to monitor and manage the claims effectively.

Focused strategy by the Corporate Management resulted into growth of 34% in Motor TP Net Premium, against the Market Growth rate of 26.3%.

- MOTOR TP HU B S

Centralised Legal Hubs at Mumbai and Delhi under Head Office as well as other 48 operational Motor TP Hubs all over the country are efficiently handling Motor TP Cases, Appeals and SLPs. Adequate No. of Legal Officers are recruited and posted at these Hubs / Offices.

Centralised Legal Hub at Delhi, which is handling NCDRC and Supreme Court cases, was empowered by posting of Deputy General Manager as the Incharge for expeditious disposal of claims.

More than 60% of the total settled Motor TP Claims were handled by TP Hubs.

- MISCE LLANE OU S AND LIAB ILITY INSU RANCE

New India continues to be market leader in Liability Insurance for the seventh consecutive year. This year we achieved a domestic premium of Rs, 352.84 crores (gross) in the Liability line of business with a favorable Incurred claim ratio of around 18.45 %. Our milestones in Liability was the issuance of the first Nuclear Operators’ Policy .We have also unveiled the Nuclear Suppliers Insurance on 12th August,2016 after following due use and file guidelines.

The Miscellaneous Department continues to provide innovative corporate and retail products, the recent ones being like Griha Suvidha Insurance , Rasta Apatti Policy etc which are very popular. The Pradhan Mantri Suraksha Bima Yojana, the Special Group Personal Accident Scheme for the Bank account holders for the major as well as ancillary banks has been renewed successfully. This year we have also participated in a few clusters in the Samajwadi Kisan & Sarvhit Sima Yojana, U.P fetching a premium of over Rs, 142 crores.

The Company has procured a gross domestic premium completion of Rs,1292.76 crores in the year 2016-17 in the Personal Accident , Liability and other Miscellaneous Lines of Business with an accretion of 22.09%.

- B ROKE RS AND B ANCASSU RANCE :

The Brokers channel business in FY 2016-17 generated a premium of Rs, 3666.18 Crores with accretion of 26% .The business from Broker Specialized Offices stood at Rs, 235.71 crores with a growth of 16%. Large Corporate Broker office also did a premium of Rs, 891.95 crores with a growth rate of 18% . In this financial year our Broker Portal strength has gone upto 149. In the online Broker Portal we have completed 13391 policies with a premium of 12.14 crores. During the year the department conducted 7 technical sessions for Brokers at various places, 5 Broker events were held where our CMD had one to one interaction with the Brokers so as to have a better understanding about the market expectation .

IRDAI introduced a new Distribution Channel called IMF (Insurance Marketing Firm) last year , under which any applicant with Net Worth of Rs, 10 Lakhs subject to fulfillment of specified criteria can sell retail line of insurance products like Motor, PA , householder and similar products approved by the regulator . As on date we have 28 active IMFs with us

Bancassurance Channel is a business model which offers immense opportunities of growth.Currently we have Bancassurance tie-up with 26 Banks which includes PSU Banks like Corporation Bank, Union Bank of India, Canara Bank, Bank Of India and Punjab National Bank.Also added to the tie-ups were Citi Bank which is classified as a foreign bank and South Indian Bank, classified as a private bank as per schedule II of RBI.

Bancassurance channel contributed Rs, 237.50 crores of business in the year 2016-17, registering a growth of 73%. Discussions have also been initiated with numerous Banks for new Bancassurance tie-ups. We have devised co-branded policies as per the Banks’ requirement and are now linking Banks’ branches with our offices throughout the country so that the channel strength can be utilized fully.

- AGE NCY :

The Agency channel remains largest and most significant channel of business for the Company. The efforts for training and empowering Agents and Agent Managers continued during the year for more effective functioning and better performance of agents in increasingly competitive retail market.

Every Operating office has an Agent Manager to train agents and to provide sales and service support. During the year, 201 more Agent Managers were trained. Training helped them better understand their role in nurturing and empowering agents to enhance their performance. Training programs were also organized for champion Agent Managers at National Insurance Academy, Pune and CMD club agents at Insurance Institute of India, Mumbai for enhancing their skills.

Agent portal is new initiative to further increase penetration and thrust in retail market. Agents can now log in to Agent portal and issue policies on 24x7 basis. Constant encouragement and motivation supported by training substantially enhanced usage of agent portal by agents. During the year, Portal access was enhanced to over 15000 agents and they issued 20.46 Lacs policies generating Premium of Rupees 776 Crores. The Company intends to issue more than 35 Lacs policies generating Premium of Rs,1200 Crores through agent portal in the financial year 2017-18.

The company distributed agent club benefits to eligible club members in a National CMD Agent Club Members Convention at Kolkata. The conventions were held at each Regional office also for other eligible club members.

During the year, 9469 new agents were recruited and various prize schemes were implemented for agents in Motor, Health and Miscellaneous business. The Premium procured by Individual agents was Rs,8217 Crores with growth of 16.10 % & Rs,269 Crores through Corporate Agents.

- PRADHAN MANTRI SU RAKSHA B IMA Y OJANA

PRADHAN MANTRI SURAKSHA BIMA YOJANA is a Group Accident Insurance Scheme covering accidental death and disability of a person for a premium of Rs,12/- per annum per member. Our Company has enrolled 1.53 crore members under this scheme with the help of 303 tied up Banks. The total premium collected in 2016-17 is Rs,18.14 crores. With claim settlement ratio of over 94% the Company has ensured effective claim disposal and helped in achieving the objective of the scheme.

- RU RAL AND SOCIAL SE CTOR AND MICRO INSU RANCE :

The New India Assurance is the pioneer Non-Life Insurance Company in insuring all types of assets and lives of Rural and Social Sector members in the country.

Company has been a major player in the Rural & Social Sector Insurance business in India with a variety of products.

Insurance covers provided by the Company are need-based/tailor-made for the benefit of Rural and Social Sectors and Rural Insurance activities are village specific.

Company’s Regional Offices have participated in Centrally Sponsored Cattle/Livestock Insurance Schemes, Corporate Dairy Schemes and State/Local based schemes, Special Insurance Schemes like Drip Irrigation Policy, Solar Pumpset Insurance Policy, KCC Master Policy etc.

The Company is now empanelled by the Govt.of India, Ministry of Agriculture for implementation of our Hon.Prime Minister’s Ambitious Policy for Indian Farmers i.e. Pradhan Mantri Fasal Bima Yojana (PMFBY), Restructured Weather Based Crop Insurance Scheme(RWBCIS) & Unified Package Insurance Scheme(UPIS).

We are now implementing the scheme in Tamil Nadu during Kharif 2016 & Rabi 2016-17 & Odisha during Rabi 2016-17.

As per the Government of India directives our Company is participating in the Tendering Process in various State Governments all over India.

During our entry in the first year itself, we have completed gross premium of ''1046.42crores.

- RSB Y & GOV E RNME NT B U SINE SS DE PT :

RSBY & Govt. Business Dept. was formed in July 2013 to exclusively deal with government business. Purpose of forming the department was to have (i) a focused approach to keep track on all RSBY & Other Govt. sponsored mass schemes (ii) to ensure growth and (in) profitability of the scheme so that it can sustain for long.

The Company is implementing RSBY schemes in different states of India. The company is also implementing various other government sponsored mass schemes like ‘Bhama Shah Swasthya BimaYojna’ in Rajasthan, Arunachal Pradesh Chief Minister’s Health Insurance Scheme in Arunachal Pradesh and so on. We are the insurer serving for the second year in row in the state of Rajasthan for Bhamashah Scheme. The scheme covers a population of 1 crore Bhama Shah Card holders with the coverage of Rs, 30,000/- for secondary treatment and Rs, 3,00,000/- for critical illness treatment.

The ‘Rupee Pay Insurance program 2015’ providing Personal Accident cover to 41.22 crore account holders under the Prime Minister Jan DhanYojna, for the RuPay Card Holders has also been successfully implemented by the Company. This scheme has been renewed for the year 2017-18 also.

The company will start implementation of UP RSBY scheme in coming months of FY 2017-18, covering 40.51 lac families (with maximum family size of 5). We have few proposals still in pipeline and will get executed in FY 2017-18 to exhibit consistent growth in this financial year too.

It is likely that RSBY Scheme will undergo changes after cabinet has approved National Health Policy 2017. For the time being states have been extending the current RSBY & Government business policies for approx. 6 months.

- CORPORATE SOCIAL RE SPONSIB ILITY INITIATIV E S:

Complying with the provisions of the Company’s Act 2013, CSR Committee of the Board was constituted in September 2014 with a mission to achieve our vision “to strive to transform India into a Risk Aware Society from being a Risk Averse Society” by integrating social environmental and health concerns of the Indian Society into Company’s overall CSR Policy and Programme.

The thrust of our CSR activities is on capacity building, empowerment of communities’ inclusive social economic growth, environment protection, promotion of green and energy efficient technologies, development of backward regions and up-liftmen of the marginalized and under privileged sections of the society. Procedure was formulated and guidelines were issued for ease of CSR activities.

For the year 2016-2017 Rs,26.96 crores were earmarked towards various CSR activities. Out of this, total spending have been to the extent of Rs,18.94 crores. Details of the same is given as per Annexure.

To help the water starved / drought hit regions, it has been decided to include “water conservation” as one of the activities under our present CSR activity.

- CU STOME R CARE

Customer Service Cells are well established at Company''s Corporate Office and all Regional Offices.

May I help you?" counters have been provided in all Regional Offices, Divisional Offices and Branch Offices for dealing with the issues raised by company''s customers. Online information on the Company''s various products are provided in the website http://newindia.co.in, for the benefit of the public.

The Company''s Call Centre established in 2010 forms an integral part of Customer Relationship Management Activity. The toll free number of the company 1800-209-1415 is available to the customer 24X7 for inquiries of various products and tracking status of Motor Claims and Grievances, both in Hindi and English. Service requests for further follow up are replied/resolved by company''s respective operating offices. This initiative and endeavor of ''Customer Service'' is a key and vital element of our business strategy for a continuous and ''progressive growth in the General Insurance Industry with value added products matching the Customers'' needs and requirements.

Company''s CRM Module is integrated with IRDA''s IGMS site. All grievances are registered by New India and Customers through the CRM Module and by IRDA through IGMS site. All the registered grievances are reflected on CRM & IGMS sites simultaneously.

The Grievance Redressal position for the period 1.4.2016 to 31.03.2017 is as under:

Outstanding grievances as on 31/03/2016	148
Registered (From 01.04.2016 to 31.03.2017)	4301
Resolved (From 01.04.2016 to 31.03.2017)	4411
Outstanding as on 31.03 2017	38
Disposal Ratio	99.15%

- E NTE RPRISE RISK MANAGE ME NT

“Enterprise Risk Management (ERM) is a structured ongoing process to assess, mitigate, monitor and report the risks that an organization faces in achieving its objectives”

The Enterprise Risk Management framework of NIACL aims to:

- Establish a comprehensive governance structure with defined roles and responsibilities

- Establish defined methodology for identification, assessment, monitoring/mitigation and reporting of risk within the organization to ensure that significant risks are managed appropriately

- Strengthen the linkages between business strategy and risk appetite in order to drive decision making

- Establish consistent and common risk language and culture across the organization

The Board appointed an ERM Consultant for advising The New India Assurance Company Ltd on developing, establishing and implementing the ERM programme. The ERM project at NIACL initiated from January 2016 and is progressing well.

The ERM Policy for our company and RMC Charter/ Terms of Reference for RMC have been adopted by the Board. The Business Continuity Management Policy and the ERM Procedure Manual constituted for ERM Cell have been approved by the Risk Management Committee (RMC). The ERM Cell in consultation with the ERM Consultant has completed 3 Phases of the ERM project and all the ERM work products/ deliverables were approved from time to time. Phase III of the ERM Project is under process.

Risk Registers of all the departments at HO have been constituted and sign off is provided by all the HO departments’ process owners. Based on the type of model of foreign offices (Branch/ Agency/ Subsidiary),

4 foreign offices were selected for ERM implementation and risk registers were prepared based on the understanding of their regulations and processes. Risk Appetite Statements and TOP RISK of NIACL (including Key risk indicators) have been constituted and are under consideration.

ERM training and communication plan was rolled out in this fiscal. Training was provided to 5 levels of Management i.e. Senior Management, RO Incharges, Risk Mitigation Plan owner (Chief Managers), ERM SPOC of HO departments and ERM Nodal Officers of RO’s. ERM desktop wallpaper series is initiated to sensitize all the employees on the ERM concepts and terminology.

Establishing Business Continuity Management (BCM) process is a part of ERM project, which have been initiated and deliverables such as BCM Policy, Functional Recovery Plan, Recovery Procedure documents and Central document to NIACL are under consideration. The Risk Management committee of the Board of our Company periodically monitors the progress of the ERM programme.

- CLAIMS MANAGE ME NT

- The Company had kept a target of 92% claims settlement in respect of Non-suit Claims. The actual ratio of settlement of Non-suit claims in 2016-17 was 97%.

- However the overall claim settlement ratio including suit claims (comprising mainly of Motor TP Claims) was 93% in 2016-17.

	Non- suit	Suit	Total
Number of Claims O/S as on 01.04.2016	96424	171807	268231
Number of claims intimated during 2016-17	3841936	233371	4075666
Number of claims settled during 2016-17	3800831	238709	4039540
Number of claims o/s as on 31.03.2017	137529	166829	304358

- Age-wise classifications of outstanding claims as on 31.03.2017 is given here under :

	Non- suit	Suit	Total
Claims outstanding for less than 3 months	115126	7734	122860
Claims outstanding for more than 3 months but less than 1 year	20840	27721	48561
Claims outstanding for more than 1 year	1562	131372	132934

- Management of Non- Suit Claims

Based on the 20 point Corporate Guidelines, the Non-Suit Claims Management was taken up with all seriousness throughout the year to achieve the desired goals. BPR Claims Management Department. had concentrated on monitoring the performance of claims on country basis according to the various age bands which fell broadly into three groups viz., more than one year; more than two years and more than five years. Thus, we had the onus of improving claims settlement for the Company as a whole.

Highlights of performance for the last three years :

Parameter	3 1 .0 3 .2 (	15 3 1	.0 3 .2 0 1 6
No.of claims O/s	96756	96424	137529
Amount of claims O/s	''4370 Cr.	''4055 Cr.	''4769 Cr.
No.of claims O/s for more than one year	2358	2114	1261
Non-suit claims disposal ratio	95.8%	96%	97%

- MARKE TING DE PARTME NT

The Company has continued to retain its predominant number ONE position to Indian Market. The Indian network was expanded by setting up one new Large Corporate Office and one International Financial Service Centre. In order to cater general insurance needs of unexplored rural areas and unrepresented urban areas 127 micro offices were opened.

Residential Training Programmes on Effective Marketing Skill & Customer Care Service for Branch Managers and Senior Branch Managers all over India was undertaken and the same were arranged at Insurance Institute of India.

In order to effectively retain the in-house sourced business provided by good performing superannuated Development Officers, the Business Associate Scheme was successfully implemented w.e.f.01.01.2017 and 59 BAs were engaged who contributed more than '' 30 crs premium during 2016-17.

CMD club convention for Development Officers was organized in Faridabad to felicitate star performers who continuously procure profitable business and work within stipulated cost ratio. The marketing department also interacted with A.O.(Ds), A.M.(Ds) & Development Officers boosting their moral to procure huge portion of the GDP. They were provided portals to issue policies on 24 x 7 bases enabling them to serve their customers to their satisfaction. Booklets containing performance data of all the R.O.s and important circulars were prepared for R.O. in charges conferences.

- CORPORATE COMMU NICATION DE PARTME NT

Corporate Communication Department remained overactive throughout the year to increase visibility of our products and services through various promotion tools to create favourable opinion about our Company, our various Products among our esteemed customers which helped to create new history of crossing 22000 Crores Global premium. Press conferences were organized to apprise the media fraternity of our various financial achievements and also the launch of New Product during the year. Wide coverage of our achievements, carried out by all the leading publications, boosted brand image of our company.

The department organized foundation day programme successfully with guest speaker, Mr. S. Ramadorai, Chairman National Skill Development Agency, Ex-CEO & MD TCS and a number of media persons attended the event.

In addition to effective use of traditional outdoor media; new methods like Digital Advertising on platforms such as Paytunes, TOI TOI APP WAP NBT WEB, SMS Campaign, Railway Online Ticketing Portal and E.mailers were also used to reach out to maximum customers. New Hoardings and Glow signs on 78 locations have been placed at prominent Airports, Road junctions, Highways, Railway stations and Bus stands throughout the country to increase our visibility. Advertisements were also displayed on moving media like Mumbai and Delhi Metro trains, Kolkata Nano Trams, buses, containers and also on digital screens on railway platforms. Inside airport branding was taken on all the major Airports with addition of Patna Airport. Also branding inside 34 Aircrafts of Spice Jet Flights was done.

Effective use of electronic media - T.V. & radio was made on pan India basis to create awareness about our products through R. J. mentions, sponsoring tags and catchy jingles and F.M. radio shows were sponsored and good wishes were conveyed on New Year, Republic Day, Foundation Day and Independence Day to have greater mileage. 20 days Health Campaigns in Maharashtra Markets on FM stations were executed in addition to 15days campaign in MP Markets for MP Online and 20 days campaign in MP Markets during Simhast Mela.

The department sponsored a number of customer seminars, public awareness camps sports, musical, cultural events and fairs, exhibitions & regional festivals to reach the masses to expand our base.

The department also played vital role in promoting our global operations by sponsoring International insurance summit like Monto Carlo, Baden Baden reinsurance & Singapore International Reinsurance conferences and releasing advertisements in Asia Insurance Post and other Indian - foreign diplomat magazines.

- RIGHT TO INFORMATION ACT

The Right to Information Department set up at Head Office in 2005, continues to process the requests for information from Citizens all over the country and adjudicated appeals promptly and efficiently; the department continues to facilitate the principles of transparency and accountability, in conformity with the grand objectives of the RTI Act. The Central Public Information Officers’ (CPIOs’) of 31 Regional Offices and 9 LCBOs’ also contributed to the promotion of the ideals of the Act, under the umbrella of RTI Department at Head Office.

With a view to maintaining uniformity, consistency and improved standard of approach, the function of First Appellate Athority is centralized at Head Office. In compliance with the directive of CIC, our Company has appointed Transparency Officer in the rank of General Manager.

As per the directives of Ministry of Personnel, Public Grievances and Pensions, DoPT, New Delhi, we have extended the facility of RTI Web Portal w.e.f. 20.07.2016 under the administrative control of Department of Financial Services (DFS). It is a citizen interface which facilitates Indian Citizens to file RTI applications and First Appeals online and also to make online payment of RTI fees

In compliance with the CIC guidelines / RTI Act, the Company’s official website is up-dated from time to time disclosing and uploading maximum information under xvii points as mandated under the provisions of Section 4(1)(b) of the RTI Act,2005.

- ANTI MONE Y LAU NDE RING

The company has been complying with the Prevention of Money Laundering Act (PMLA) 2002 since it has been made applicable to insurance companies w.e.f. 01.08.2006. Amendments issued by IRDA are adopted by the board from time to time. The Principal Compliance Officer posted at Corporate Office monitors the compliance of AML guidelines.

- INDU STRIAL DISPU TE S AND DISCIPLINE

In order to promote transparency and efficiency in the working of the Company, the Industrial Disputes and Discipline Department has put in place balanced and monitored options by advising Regional Offices to deal with various IDD matters within structured time-frames.

Online issue of no objection for various requests by the employee has been in vogue. So also, submission of Annual Property Returns online, by all the employees.

The Industrial Disputes and Discipline Department has rolled out Board approved Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaints Committee (ICC) at Head Office and all Regional offices have been set up to redress complaints received.

Apart from this, various initiatives are taken by this department to nominate number of employees on various workshop/ awareness program on the subjects of Gender Sensitivity, Prevention of Sexual Harassment of Women at Workplace, Handling of Disciplinary Proceedings, Reservation Policy of the Government of India, verification of claims of candidates & employees belonging to the Scheduled Castes, Scheduled Tribes, Other Backward Classes and Persons with Disabilities.

With a ‘Proactive Management of Company’, industrial harmony has been maintained.

Efforts are made to promptly redress the representation/ grievances received from employees.

- INFORMATION TE CHNOLOGY

Nine years ago we began our IT transformation exercise and today we have started reaping the benefits of this major initiative when the IT has aligned itself completely in every sphere of our Business Processes and started yielding results. Information Technology has become a true enabler and it has empowered Business to collect premiums from any source right from issuance of policy from our 2500 offices to B2B, B2C, B2G and various Portals created for our various stake holders. The Policies are being issued today from any device ranging from PCs at our offices to a hand held device of our customers/Agents etc and to tightly integrated web services with our various OEM based Business.

This year we have acquired Rs,2927 Crores out of Total Rs,19000 crores premium through our digital platform which is 15% of our total premium. The vibrant digital initiative has enabled Agents to use Portal and directly issue personal line policies on 24*7 basis and be more productive rather than visiting respective offices for such purposes. Today on an average we collect more than Rs,3 crores of premium on daily basis from this Portal and the peak had even crossed collection of Rs, 9 crores in a day. The integration with Web Aggregators is giving us very good premium. The robustness of IT platform could be tested when as per IRDAI guidelines we started paying health claims directly to each hospital or customer on day to day basis seamlessly and got stabilized very fast. More than 3000 claims are being paid daily. We have generated more than 1.81 Cr Policies and settled more than 40 Lakh Claims.

We have launched various Mobile Apps to support business in not only collecting premium but also to support Claims Management and empowering Surveyors to deliver their services using this mechanism. Product launch in Mobile Apps began with Two Wheeler and more are planned in the coming year. We foresee huge potential to increase the foot print of mobile Apps in next year. Our E Lounge housing Windows Apps was

formally launched and has great premium potential. Thus IT today, encompasses all, right from Business procurement till ensuring timely completion of entire Accounting and Claims settlement across offices and at Corporate Level.

In order to make IT deliver as per Business Demand, the department also strengthened the underlying IT Infrastructure to a great extent in terms of providing secondary WAN Link in all offices to avoid single point of failure in primary link.

We have embarked on a major transformation exercise wherein we have procured state of the art Infrastructure. The DC, DR & NDR has moved from Tier II to Tier III standards. We have augmented our Information systems by procuring a world class Engineered solution for our storage and compute. We have introduced Compute in our NDR to ensure that our systems are available to our customers at all points of time. The mammoth exercise of Commissioning and migration is in progress. This plenary transformation in progress will take care of the much needed scalability requirement of business commensurate to the exponential growth envisaged in the Non Life Insurance sector.

Security of Systems and Data has assumed paramount importance and our Information Security Policy has been adopted by the Board and the implementation of the same is in progress. Along with compliance of the IT Security Policy that will make our Infrastructure landscape robust at process level, we are also taking measures at technology level that will beef up our security to make our Information systems impregnable.

To comply with the ministry directives we have acquired a state-of-the art portal for e-procurement tendering process and is customized to include CVC guidelines and the same is being used for all procurements. Reverse Auction was also successfully carried out in procurements.

The small step that New India had taken in its journey towards full digitalization of its business has become long strides and giant leaps today.

t HU MAN RE SOU RCE S DE V E LOPME NT AND PE RSONNE L

- STAFF W E LFARE SCHE ME S

In line with the tradition of keeping the interest of its employees foremost, the Company has continued to implement welfare schemes for its employees viz. Group Savings Linked Life Insurance, Group Term Life Insurance, Employees Deposit Linked Life Insurance, Group Mediclaim Policy covering employees and family members and Lump sum payment for Domiciliary treatment, Education Advance Scheme, Housing Loan and Vehicle Loans at subsidized rate of interest, Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave Travel Subsidy etc. There are other schemes which provide 24 hours cover to employees against accidental death or permanent disablement.

The Company provides Ex-gratia relief scheme to its employees which provides for reimbursement of medical expenses, beyond the Mediclaim cover, for high cost/protracted treatment including provision for ex-gratia for any illness / hospitalization expenses which are not normally covered under Group Mediclaim Policy of employees. Special leave is sanctioned and medical expenses are reimbursed if employee meets with Accident whilst on duty which is in addition to the 24 hours Accidental cover provided to employees. Special leave is also granted for participating in National & International sports events including Mountaineering Expedition and Trekking events. Employees are encouraged for pursuing higher post graduate academic courses for which financial assistance is provided.

In order to facilitate more transparency and expeditious settlement, the Company has implemented online access to all its employees for availing the benefits and necessary training has also been imparted to them.

- HU MAN RE SOU RCE S

E mployee strength as on 3 1 st March 2 0 17

Category of employees	Male	Female	Total
Class I	5438	1986	7424
Class II	1156	41	1197
Class III	5510	1842	7352
Class IV (Excluding Part Time Sweepers)	1208	419	1627
Part Time Sweepers	12	3	15
TOTAL	1 3 3	2 4 4 2 9	1 17 6	1 5

Recruitment and Reservation:

Number of employees recruited during 2016-17

Category of E mployees	SC	ST	OB C	Total	* Ex- Servic	emen	»W D
Class-I			3	9	1
Class-II
Class III	4	2	6	15
Class IV (Excluding Part Time Sweepers)	2	1	2	6		2
Part Time Sweepers
TOTAL	6	3	11	30	1	2

* Ex-Servicemen and PWD included in Total

Representation of Scheduled Caste and Scheduled Tribe employees under various cadres as on 3 1 .0 3 .2 0 1 7

Category/ Level	Total Number	Number and Percentage				3 3 1
		SC	%	ST	%
Class-I	7424	1536	20.69%	576	7.76%
Class-II	1197	107	8.94%	42	3.51%
Class III	7352	1606	21.84 %	581	7.9 %
Class IV (Excluding Part Time Sweepers)	1627	790	48.55 %	132	8.11 %
Part Time Sweepers	15	12	80 %	0
TOTAL	1 7 6	1 5	4 0 5 1	2 3 .0 0	% ¦

The Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/OBC/PWD and Ex-servicemen.

Pre-promotional training programs were duly organised for all eligible SC/ST/OBC employees for promotion to various cadres. Similarly, for Class III and Class III to I promotional exercise, pre-promotional training is imparted to SC/ST/OBC employees under Dr. B. R. Ambedkar Welfare Trust. Regular training programmes are conducted on personality development, stress management, motivation etc. for SC/ ST employees of various cadres. Various benefits under Dr. B. R. Ambedkar Welfare Trust have been given to SC/ST/OBC employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis.

Pre-recruitment training programmes were also arranged for SC/ST/OBC candidates at various centres on All-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/ PWD/Ex-servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office, whereas, Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on yearly basis, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back to the respective Regional Offices with necessary advices. Based on the inspection report, action is taken by the concerned Regional Offices in co-ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest possible time-frame.

The Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/OBC welfare activities. On the eve of Mahaparinirvan Day i.e. December, 6th every year these welfare activities are supported to observe the death anniversary of Dr. B.R. Ambedkar at Chaitya Bhumi, Dadar.

- GE NDE R ISSU E S AND E MPOW E RME NT OF W OME N

TThe Company has a strong women force and provides adequate opportunities for self and career development. A significant number of women Officers, as on 31.03.2017, are holding senior positions in our Offices:

General Manager	3
Deputy General Manager	6
Chief Manager / Regional Manager	14
Divisional Manager / Sr. Divisional Manager	47
Branch Manager / Sr. Branch Manager	58

- Women executives are nominated for various programmes organized by Forum of Women in Public Sector (WIPS)

- Women Officers are also nominated in large numbers to the Programme for Women Managers conducted by National Insurance Academy, Pune

- Women’s Committees are constituted at Head Office and various Regional Offices and are actively involved in resolving all gender-related issues/cases referred to them

- The International Women’s Day was celebrated on March 8th, 2017 in all Offices across the country. Seminars were organized at various centers on topics such as Women Entrepreneurship, Stress Management, Work-Life Balance, Mental & Physical Health, Nutritious diets, Rights of women under various laws of the country, and new law for protection of the women at workplace etc.

- TRAINING :

In the competitive scenario of the insurance industry of present times, it is of utmost importance to keep our employees abreast of the changes and to develop their insurance skills both in underwriting and claims settlement. Keeping this in mind, the Company conducts regular training programs. The Company also nominates employees for various training programs organized by external institutes from time to time.

The focus of the trainings are on policy awareness, technical matters, specialized topics, marketing strategies, IT, personality development etc. Apart from emphasizing on mainstream training, the Company encourages the nominations in alternate training programs, as arranged for homogenous group of employees.

The employees are sent for training programs held at National Insurance Academy, Pune, Insurance Institute of India, Mumbai, Institute of Public Administration, Bangalore, Bombay Stock Exchange etc.

Women employees are also nominated in specialized training programs like the Women Managers Training Programme.

Pre-promotional training had been imparted to all eligible SC/ST/OBC employees of all cadres. Prerecruitment training had been imparted to all SC/ST/OBC applicants. All willing employees of all cadres had been imparted Training in 2016-17.

Based on research, New India Trg Dept HO training nominations to different trgprogs has been shifted from nomination-based to employees’ wish-based, ie, employee decides which trg prog, he/she will go, when, with whom and where, once in a year.

The details of Training Programs attended by the employees during the period April 2016 to March 2017 are as under :-

CE NTRE S	TOTAL NU MB E R OF PARTICIPANTS
NATIONAL INSURANCE ACADEMY, PUNE	949
EXTERNAL INSTITUTES	38
TRAINING DEPT., HO/RTCs/RO TRAINING DEPTs	12374
TOTAL	1 3 3	6 1

Apart from above, various Depts at HO conducted homogeneous training Progs to respective segment-associated employees. Marketing Dept, HO arranged Training to all the Operating Office Heads; Agency Dept, Rural Ins and Clams HUB Depts, HO imparted Trg to Agents Managers and respective Dept-attached Officials.

- OFFICIAL LANGU AGE IMPLE ME NTATION

The company has dedicated Official Language Department which works as per the guidelines issued by the Official Language Department of Ministry of Home Affairs and Department of Financial Services . According to these guidelines all the offices of the company put all possible efforts to explore and increase work in the implementation of the Official Language.

The activities undertaken for proper implementation of the official language includes holding Hindi workshops , inspection of various offices , holding Official language implementation committee meetings at Head Office and various regional offices , translation of various documents , policies and circulars into Hindi & conducting training for officers and staff.

The third Sub-Committee of Parliamentary Committee on Official Language visited our Gurgaon D.O. under Delhi R.O.-1 On 8.4.2016, M.R.O.-2 on 2.7.2016 and Ahmadabad R.O. on 26.10.2016.

To motivate employees, towards promoting the Official Language Hindi & to increase the interest of the Official Language Hindi among them, Hindi month was organized in the Head Office from 14th Sept., 2016 to 14 October, 2016. Employees were felicitated for working in Hindi during the entire year

In the year 2016-17 Hindi Officers Conference was organized by Dehardun R.O. at Rishikesh on 28th & 29th November, 2016. Dr.Dinesh Chamola, Prof. & Chairman Hindi Department, Utterakhand Sanskrit Vishwa Vidyalaya, Haridwar was the Chief Guest. Rajbhasha Shield''s were awarded for best performance in ''A'' Region to Deharudun, Jaipur and Bhopal R.O.

Two issues of Corporate House Magazine ''Arjan'' were publishedin which employees from various Offices of our company contributed. TOLIC of Mumbai PSU''s, Organization Aashirwad awarded Prize for our first issue. Similarly all R.O''s published house magazine regularly. This year H.O. has published e-magazine ''Udgam''. Some other R.O.''s have also published e-magazine

We received few awards appreciating our efforts towards Official language implementation across the organization.

The Department is constantly working to play a key role in spreading Regional Language along with the Official Language.

- INTE RNAL AU DIT

Internal Audit has been playing a vital role towards strengthening the Corporate Governance and complying with management objectives to improve and strengthen internal controls.

Internal Audit functions comprises of examining, evaluating and reporting to the Management on adequacy of internal controls, effective and efficient use of resources in the best possible manner to guard against the leakage of revenue. IAD has ensured that all operating offices are audited at least once in the financial year. The Department has also conducted regular audits of their Regional Offices, Claims Hubs, Broker DO, LCBOs, Auto tie-up offices& HO Departments and monitor financial transactions, quality underwriting and adequacy of provisions.

Internal Audit Dept. has been instrumental in detecting and reporting to the Management for rectification of systems and procedural lapses. IAD has also helped in enhancing the performance of Audit Compliance Cells at the various operating offices for speedy resolution of pending audit queries - both internal and CAG.

During the Financial Year, maximum stress was given towards resolving pending queries. At the end of the financial year, the observations of the IAD are consolidated in the form of Annual Report.

In addition to laying emphasis on adherence to various systems and procedural lapses, more stress has been given for strengthening the audit compliance mechanisms and initiating fresh interventions to ensure elimination of recurring system & procedural lapses. In addition to HO level Audit Workshops, Internal Audit Department at Regional Offices is conducting quarterly workshops for resolving maximum number of pending queries.

IAD has conducted 27 HO level audit workshops, 40 RO level workshops and 3 CAG workshops.

- LE GAL & CONSU ME R FORU M

A suit claim has two aspects - the legal aspect and technical aspect. The legal aspect is handled effectively by the Department in consultation with the respective Technical Department at HO as per guidelines.

Further, the focus of the Department is shifted towards effective handling of Arbitration cases. With the introduction of the new Arbitration and Conciliation (Amendment) Act, 2015 and the Commercial Courts Act,

2015, the key issue of speedier resolution of disputes has been addressed and thus leading to more effective resolution of Arbitration cases.

The Company has also created Centralized Legal Hubs at Mumbai for handling State Consumer Disputes Redressal Commission cases for all Regional Offices at Mumbai and at New Delhi for National Consumer Disputes Redressal Commission & Supreme Court cases in order to handle such matters effectively.

- V IGILANCE

The Vigilance Department working under Chief Vigilance Officer has units in all the Regional Offices. The department is driven by a well defined Mission which includes ‘creating an atmosphere conducive to zero-corruption functioning with role clarity and clear sense of direction.’ In order to achieve this mission, the department conducted 170 vigilance workshops predominantly as preventive vigilance, 620 surprise inspections, and creating & circulating guidelines on contemporary areas more susceptible to frauds and system improvements.

Vigilance Awareness Week was observed from 31st October to 5th November, 2016. The theme for the year was “Public Participation in Promoting Integrity and Eradication of Corruption”. Vigilance Department is publishing in house magazine “nia Vigil” on quarterly basis to create awareness about systems and procedures of the Company and latest developments in the industry.

All India Annual Conference for Vigilance Officers was held at Alibaug, RaigadDist, Maharastra State on 6th&

7th March, 2017. Inputs and experiences shared during the Conference, was found to be useful among the Vigilance Officers.

- PARTICU LARS OF E MPLOY EES AS RE Q U IRE D DRAW ING RE MU NED RATION AND'' AB OV E

The particulars of employees drawing remuneration of Rs, 60 lakh and above for the year ended 31st March 2017 are as under :

NAME OF THE E MPLOY EES	SE RV IC	E DE SIGNATION	RE MU NE	RATION Q U AL	FICATION JOINING	AQE!	E OF LAST E MPLOY ME HE LD	PLACE NT
	IN Y RS
MR.MAYANK KUMAR JHA	14	CHIEF OPERATING OFFICER	84,64,632	M.B.A., Fill ,LLB	25.02.2002	42	New India Assurance Co. Ltd.	HONGKONG
Mr. G. RADHAKRISHNA	32	GENERAL MANAGER	67,22,908	M.A.LIII	1.06.1983	54	New India Assurance Co. Ltd.	LONDON
PHILIP SCOTT	39	CHIEF UNDERWRITER	1,23,02,956	ACII	1.8.2011	59	Assicurazione Gernerali Spa	LONDON
JAMES DEY	33	TREATY UNDERWRITER	1,64,08,588	ACII	19.9.2011	52	BRIT	LONDON
S.RATNASABAPATHY	38	CHIEF ACCOUNTANT	70,13,564	FCEA	01.04.1995	62	Henley Industries	LONDON
MR. JAMES BAKER	31	UNDERWRITER	67,79,779		01.09.2011	48	Scan re.London	LONDON
MRS PANNA SHAH.	38	Accountant	63,56,032	Book Keeping	01.07.1993	61	PS.J. Alexander & Co.	LONDON
Mr. ELAMKUMARAN RAMASAMY	28	CHIEF OPERATING OFFICER	7250588.411	M.B.A., FIll	27.11-1989	53	State Bank of Travancore	SYDNEY
MR. BABU RAJAN U.V.	14	MANAGER OSAKA	7383628.28	B.TECH.(CHEM)A.III	25.02.2002	41	AMAL PRODUCTS LTD.	OSAKA

- INSU RANCE RE GU LATORY AND DE V E LOPME NT AU THORITY OF INDIA (IRDAI)

The Company being a General Insurance Company, its working and functions are governed by the regulations of Insurance Regulatory and Development Authority of India. The Accounts of the Company are drawn up according to the stipulations prescribed in the IRDA (preparation of Financial Statements and Auditor’s Report) Regulations 2002 and as amended from time to time.

FINANCIAL RATING

AM Best Company has reaffirmed the Financial Strength Rating of A-(Excellent). The rating reflects the Company’s favorable investment results, strong solvency ratio and its strong presence in domestic and overseas markets.

CRISIL has reaffirmed its ‘AAA/Stable’ rating of The New India Assurance Company Ltd. indicating that the Company has the highest degree of financial strength to honour its policyholder’s obligations. The rating continues to reflect the Company’s leadership position in the Indian General Insurance industry, its healthy capitalization, sound asset quality and comfortable liquidity.

FORE IGN E X CHANGE E ARNING & OU TGOAND OTHE R INFORMATION:

The particulars of Foreign Exchange earnings/outgo as required by the Companies Act under Section 217(1)

(e) is given below :

Earnings : Rs, 369.68 crores (P.Y. Rs, 632.65 crores)

Outgov : Rs, 582.51 crores (P.Y. Rs, 709.80 crores)

The earnings included all receipts denominated in foreign currencies in respect of premium, recovery of claims, outward commission and investment earnings. The outgo comprised all payments in foreign currency in respect of outward premium, claims on reinsurance accepted, commission and expenses of management.

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to Rs, 1,11,69,220 (P.Y.Rs,1,41,59,506); Rs, 2,37,85,462 (P.Y.Rs, 1,68,13,152) and Rs, 60,45,07,128 (P.Y. Rs, 35,15,96,911) respectively.

CONSOLIDATE D FINANCIAL STATE ME NTS

Provisions regarding Financial Statements are laid down under Section 129 of the new Companies Act 2013. As per the provision of Section 129 (2) of the said Act, at every Annual General Meeting of a company, the Board of Directors of the Company shall lay before such meeting financial statements for the financial year. Section 129(3) of the Companies Act 2013 provides that where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2) of Section 129, prepare a consolidated financial statements of the company and of the subsidiaries in the same form and manner as that of its own which shall also be laid before the Annual General Meeting of the company along with the laying of its financial statements under Sub Section (2) of Section 129.

As per the above section, the Company is required to prepare financial statements as above.

- CORPORATE GOV E RNAiJCE

Corporate governance refers to the set of systems, principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfill its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. Stakeholders in this case would include everyone ranging from the board of directors, management, shareholders to customers, employees and society. The management of the company hence assumes the role of a trustee for all others.

The Board meets at least once a quarter to review the quarterly, financial, and operational and investment performance of the Company. The company’s philosophy on corporate Governance lays strong emphasis on transparency, accountability and integrity. Corporate governance is concerned with the establishment of a system whereby the Directors are entrusted with responsibilities and duties in relation to the directions of corporate affairs. It is concerned with accountability of who are managing it. It is concerned with morals, ethics, values, parameters, conduct and behavior of the company and its management.

- B OARD OF DIRE CTORS

The Board underwent the following changes in its composition since the date of last directors’ report, i.e., 30th April 2016:

- Ms T.L. Alamelu was appointed as Director vide Ministry letter A 11011/10/2009-Ins.IV dated 7th September 2016.

The composition and profile of the Board of directors of the company as on 31st March, 2017 is as under:

1. Mr. G. Srinivasan, Chairman-cum-Managing Director

2. Mr. Mohammad Mustafa, Government Nominee Director

3. Mr. Arun Tiwari, Director

4. Mr. Hemant G. Rokade, Whole Time Director

5. Ms T.L. Alamelu, Whole Time Director

- B OARD ME E TING DE TAILS :

During the year, the Board met Seven (7) times. The attendance of the Directors at the said meeting is as below:

Director	No. of Meeting held	No. of Meetings attended
1. Mr. G. Srinivasan	6	6
2. Mr. Mohammad Mustafa	6	2
3. Mr. Arun Tiwari	6	5
4. Mr. Hemant G. Rokade	6	6
5. Mr. R Nayak	6	1
6. Ms T.L. Alamelu	6	3

The Board also met on 03.05.2017, for approval of audited accounts of the company for the financial year 2016-17.

- AU PIT COMMITTE E DE TAILS :

The Audit Committee inter-alia oversees the financial statements and financial reporting before submission to the Board, internal audit function and the work of the statutory auditors. It also reviews the reports of the internal auditors and statutory auditors along with the comments and action taken reports of the management. During the year under review, the Audit Committee met 5 times.

Director	No. of Meeting held	No. of Meetings attended
1. Mr. Arun Tiwari	5	4
2. Mr. Mohammad Mustafa	5	2
3. Mr. Hemant G. Rokade	5	5
4. Mr. R Nayak	5	1
5. Ms T.L. Alamelu	5	3

- INV E STME NT COMMITTE E ME E TING DE TAILS :

The composition of the Investment Committee is in accordance with the provisions of the IRDA (Investment) Regulations 2000 as amended and the Guidelines issued there under by IRDA from time to time. During the year, the Investment Committee met 5 times.

Director	No. of Meetings held	No. of Meetings attended
1. Mr. G. Srinivasan	5	5
2. Mr. Arun Tiwari	5	4
3. Mr. Hemant G. Rokade	5	5
4. Ms T.L. Alamelu	5	2
5. Mr. V. Hari Srinivas	5	1
6. Ms. S.N. Rajeswari	5	5
7. Mr. Sharad Ramnaryanan	5	5
8. Mr. S. Harinath	5	4
9. Mr. S. Shankar	5	1

- RISK MANAGE ME NT COMMITTE E ME E TING DE TAILS :

The Risk Management Committee has during the year ensured that risk management was further embedded into day-to-day business and enabling processes. Under the guidance of the Risk

Management Committee, Company has floated a tender for appointment of a consultant for risk management of operational, financial and strategic risks of the company. During the yearthe RMC met four (4) times

Director	No. of Meeting held	No. of Meetings attended
1. Mr. G. Srinivasan	4	4
2. Mr. Hemant G. Rokade	4	4
3. Ms T.L. Alamelu	4	3

As per IRDAI guidelines, Mr. Sharad Ramnarayanan Appointed Actuary and Mr. S. Shankar Chief Risk Officer were present in all meetings of the Risk Management committee held during the year.

- POLICY HOLDE RS PROTE CTION COMMITTE E ME E TING DE TAILS :

The Committee reviews the process being followed by the company in redressal of policyholder grievances and suggests measures for quick redressal of grievances/complaints from policyholders. During the year under review, the committee met four (4) times

Director	No. of	No. of
	Meeting held	Meetings attended
1. Mr. G. Srinivasan	4	4
2. Mr. Hemant G. Rokade	4	4
3. Ms T.L. Alamelu	4	3

- INFORMATION TE CHNOLOGY COMMITTE E ME E TING DE TAILS :

The company aims to be in the forefront of providing digitally enabled products and services to its customers, agents, brokers and other stake holders, in tune with its market leadership in business. The IT Committee thus reviews the IT proposals before submission to the board. During the year under review, the committee met 4 times.

Director	No. of Meeting held	No. of Meetings attended
1. Mr. G. Srinivasan	4	4
2. Mr. Hemant G. Rokade	4	4
3. Ms T.L. Alamelu	4	3

- CSR COMMITTE E DE TAILS :

The CSR Committee of the Board was constituted vide 1534 Board Meeting dated 23rd September 2014. The first CSR Committee Meeting was held on 29th October 2014. During the year under review, the committee met once.

Director	No. of Meeting held	No. of Meetings attended
1. Mr. Arun Tiwari	1	1
2. Mr. G. Srinivasan	1	1

- PROPE RTY RE V IE W COMMITTE E DE TAILS :

The Property Review Committee Meeting was held on 2nd January 2017. During the year under review, the committee met once.

Director	No. of Meeting held	No. of Meetings attended
1. Mr. G. Srinivasan	1	1
2. Mr. Mohd. Mustafa	1	1
3. Mr. Hemant G. Rokade	1	1
4. Ms T.L. Alamelu	1	A

- IPO COMMITTE E DE TAILS :

The first IPO Committee meeting was held on 17th March 2017. During the year under review, the committee met twice.

Director	No. of Meeting held	No. of Meetings attended
1. Mr. G. Srinivasan	2	2
2. Mr. Hemant G. Rokade	2	2
3. Dr. N. Srinivasa Rao	2	2
4. Mr. Manish Singh	2	2

- RE MU NE RATION COMMITE E E DE TAILS :

No Remuneration Committee meeting was held in the year 2016-17.

- RE MU NE RATION TO DIRE CTORS :

During the year under review, company has not paid any Sitting Fees to its Directors.

KE Y MANAGE RIAL PE RSONNE L :

As per Section 2(51) and Secton 203(1) of The Companies Act 2013 the following were the Key Managerial Personnel of the Company as on 31.3.2017 :

Chairman cum Managing Director : Mr. G. Srinivasan

Director & General Manager : Mr. Hemant G. Rokade

Director & General Manager : Ms T.L. Alamelu

Company Secretary : Ms Jayashree Nair

Chief Financial Officer : Ms S.N. Rajeswari

As per IRDA Act 1999 and further amendments thereto, following were the key managerial personnel of the Company as on 31.3.2017:

Chairman cum Managing Director : Mr. G. Srinivasan

Chief Marketing Officer : Shri Renjit Gangadharan

Appointed Actuary : Shri Sharad Ramnarayanan

Chief Financial Officer : Smt S.N. Rajeswari

Chief of Internal Audit : Shri R.P. Joshi

Chief Investment Officer : Shri S. Harinath

Chief Risk Officer : Shri S. Shankar

Chief Compliance Officer : Smt Jayashree Nair

DISCLOSU RE S :

- During the year, there are no pecuniary relationships or transactions with the Non-Executive Directors.

- Financial Statements accurately and fairly represent the financial condition of the Company.

- There has not been any significant change in the accounting policies of the Company during the year.

- The Company has Business Risk Management process which is periodically reviewed by the Board of Directors/Risk Management Committee to determine its effectiveness.

- The Board of Directors and the Audit Committee periodically reviewed the status of compliances in respect of applicable Laws and report thereon by the Internal Audit team.

- Whistle Blower Policy - The Company has a Whistle Blower Policy and the same has been hosted on the website.

- Solvency Margin of the company for the year 2016-17 global is 2.19 times (PY 2.30 times) and Indian is 2.48 times (PY 2.67 times).

- Disclosure under the Sex ual Harassment of W omen at Workplace ( Prevention, Prohibition Redressal Act 2 0 13)

The Company has formulated an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act 2013 Internal complaints committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is the summary of Sexual harassment complaints received and disposed off during the year 2016-17 :

No. of Complaints received : Nil No. of complaints disposed off : Nil

- AU DITORS AND AU DIT RE PORT

Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor General of India, appointed M/s. Devendra Kumar and Associates, M/s. Bafna and Associates and M/s. NBS & Co. as the Central Statutory Auditors of the Company for the year 2015-16. Branch auditors for the various Regional Offices, Divisional Offices and claims hubs in India and for the foreign branch/agency offices were also appointed for the year. The Board of Directors expresses its gratitude for the directions and guidance given by the statutory auditors in drawing up the Company''s annual results.

- CORPORATE SOCIAL RE SPONSIB ILITY (CSR) RE PORTING:

The CSR Reporting as per Section 135 of The Companies Act 2013 is given in Annexure I.

- SE CRE TARIAL AU DIT :

The Board has appointed S.N. Ananthasubramanian, Practicing Company Secretary to conduct Secretarial Audit for the financial year 2016-17.

Replies to the observations made by Secretarial Audit Report dated 26th April 2017 for the year 2016-17 is stated in this report.

Pursuant to Section 204 of The Companies Act 2013, the Secretarial Audit Report of the Company is given in Annexure II

- E X TRACT OF ANNU AL RE TU RN :

Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies (Management and Administration) Rules 2014, the extract of the Annual Return is annexed as Annexure III.

- RE NE W AL OF LICE NCE B Y THE INSU RANCE RE GU LATORY AND DE V E L ( IRDA)

Section 3 A has been amended by the Insurance Laws (Amendment ) Act 2015 to remove the process of annual renewal of the certificate of Registration issued to insurers under Section 3 of the Insurance Act 1938. The insurers however, shall continue to pay such annual fee as may be prescribed by the Regulations. Thus w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers renewed in 2016 and which expired on 31st March 2017 shall continue to be in force from 1st April 2017, subject to the provisions of Section 3A read with Section 3 of the Insurance Act 1938.The Certificate of License has been renewed by IRDA w.e.f. 01.04.2017.

The Company has paid the renewal fees as prescribed by the above Regulations.

- SU B SIDIARY COMPANIE S

The Company has 3 Subsidiary Companies. The names and details of New India shareholding are as under:

S.No.	Name of the subsidiary	Total paid- up capital ( no. of shares)	New India’s shareholding ( no. of shares)	% holding of New India Assurance
1.	The New India Assurance Company (Trinidad & Tobago) Limited	17,418,946	146,12,444	83.89
2.	The New India Assurance Company (Sierra Leone) Limited	250,000	250,000	100.00
3.	Prestige Assurance Plc. Nigeria	5,370,434,000	3,732,452,000	69.50

The performance of subsidiaries for the year ended 31st December 2016 is summarized below:

(Figures in ‘000)

Name of the subsidiary	Curr ency	U/w Profit/Loss		Investment Income		Other Income		Profit before tax		Dividend
		2 0 11	2	0 1 5	2 0 16	2 0	1 5	2 0 16	2 0	1 5	2 0 1
NIA (T&T) Ltd.	$	13,068	10156	5,245	5119	1,076	1382	19,389	16657	3484	3484
NIA (S.Leone)Ltd.	Le	(41,758)	(18062)	21,553	12716	-	NIL	(20,205)	5346	NIL	NIL
Prestige Assurance	N	(1,81,320)	(840514)	3,85,955	(543392)	1,35,759	(317461)	3,40,394	20544	NIL	NIL

- All the subsidiary companies follow the calendar year for finalization of accounts. Therefore, performance has been given for the year ended 31st December 2016.

- The New India Assurance Company (Sierra Leone) Limited has closed down business operations with effect from 1st January 2003 due to the civil disturbances prevailing in that country. The Company has not declared any dividend for the year 2016-17.

- In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies are appended hereto.

- ADOPTION OF ACCOU NTS B Y SHARE HOLDE RS :

The Company''s Annual Accounts for the year 2016-17 were adopted by the shareholders at the Annual General Meeting held on 02.08.2017.

- GE NE RAL B ODY ME E TING :

The last three Annual General Body meetings (AGMs) of the company were held at the Registered office of the company at 87, M. G. Road, Fort, Mumbai - 400 001 on the following dates :

Thursday, 25th August 2016

Thursday, 9th July 2015

Thursday, 19th June 2014

- SU B MISSION OF ACCOU NTS B E FORE PARLIAME NT :

The Ministry of Finance, Department of Financial Services, (Insurance Division) has confirmed that the Annual Report of the Company for the Financial Year 2015-16 along with the Directors’ Report was placed before Lok Sabha on 25th November 2016 and Rajya Sabha on 29th November 2016 as per the requirement of the Companies Act, 2013.

- DIRE CTORS'' RE SPONSIB ILITY STATE ME NT :

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that :

(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) Appropriate accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(c) Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts on a going concern basis; and

(e) Proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

(f) No Material Changes and commitments affecting the financial position of the Company has occurred between 31st March 2017 and the date of the Report.

PLANS FOR 2 0 17-18 - Domestic :

The company has drawn an action plan for the financial year 2017-18 Company plans to achieve Rs, 22,500 crore of premium in India.

- Foreign :

Company plans to achieve Rs, 3,500 crore gross premium for 2017-18.

- CONSE RV ATION OF E NE RGY , TE CHNOLOGY , AB SORPTION :

Considering the nature of the operations of the Company, the provisions of Section 134(3)(m) of The Companies Act 2013 read with Companies (Accounts) Rules 2014 relating to information to be furnished on conservation of energy and technology absorption are not applicable.

-ACKNOW LE DGE ME NT

The Board of directors thanks Government of India, Ministry of Finance, apartments of Financial Services

Insurance division, Insurance Regulatory envelopment Authority IRA General Insurers’ Public Sector Association of India GIPSA, General Insurance Council, intermediaries and other government and regulatory agencies for their valuable guidelines and continuous support provided to the company throughout the year.

The Board of directors are also grateful to the valued customers, bankers, agents, surveyors, stakeholders and public at large for the patronage and confidence reposed in the company.

The Board of directors places on record their appreciation for the commitment, sense of involvement and dedication exhibited by each staff member in the overall development and growth of the company and look forward to the continued support and whole??hearted cooperation for the relation of the corporate goals in the year ahead.

For and on behalf of the Board

G. SRINIV ASAN

Chairman cum Managing Director

Place Mumbai

Dated 3rd May 2017

---

Mar 31, 2009

The Directors are pleased to present the 90th Annual Report together with the Audited Statement of Accounts and Balance Sheet of the Company for the year ended 31st March 2009.

I. CLASS-WISE PERFORMANCE SUMMARY

(Rupees in crores)

Fire Marine Misc Total

Gross Direct Premium Income India CY 773.33 446.10 4289.40 5508.83

PY 743.43 437.28 4096.20 5276.91

(% Growth) CY 4.02 2.02 4.72 4.39

PY -18.30 36.22 8.19 5.18

Outside India CY 225.05 65.49 656.41 946.95

PY 237.96 57.55 579.04 874.55

(% Growth) CY -5.43 13.80 13.36 8.28

PY -6.53 16.38 -5.93 -4.90

Global CY 998.38 511.59 4945.81 6455.78

PY 981.39 494.83 4675.24 6151.46

(% Growth) CY 1.73 3.39 5.79 4.95

PY -15.73 33.57 6.21 3.62

Reinsurance Premium Accepted India CY 59.33 7.44 579.69 646.46

PY 40.90 7.99 473.10 521.99

Outside India CY 450.72 14.32 46.64 511.68

PY 302.73 7.37 29.68 339.78

Global CY 510.05 21.76 626.33 1158.14

PY 343.63 15.36 502.78 861.77

Reinsurance Premium Ceded India CY 312.85 285.26 1296.65 1894.76

PY 289.19 266.50 1325.56 1881.25

Outside India CY 157.43 10.43 50.99 218.85

PY 148.13 11.92 57.65 217.70

Global CY 470.28 295.69 1347.64 2113.61

PY 437.32 278.42 1383.21 2098.95

Net Premium India CY 519.81 168.28 3572.44 4260.53

PY 495.14 178.77 3243.74 3917.65

(% Growth) CY 4.98 -5.87 10.13 8.75

PY -11.04 19.38 9.50 6.78

(% to Gross CY 67.22 37.72 83.29 77.34

Premium) PY 66.60 40.88 79.19 74.24

Outside India CY 518.34 69.38 652.06 1239.78

PY 392.56 53.00 551.07 996.63

(% Growth) CY 32.04 30.91 18.33 24.40

PY -20.91 36.53 0.59 -7.98

(% to Gross CY 230.32 105.94 99.34 130.92

Premium) PY 164.97 92.09 95.17 113.96

Global Net Premium CY 1038.15 237.66 4224.50 5500.31

PY 887.70 231.77 3794.81 4914.28

(% Growth) CY 16.95 2.54 11.32 11.93

PY -15.69 22.91 8.11 3.42

(% to Gross CY 103.98 46.46 85.42 85.20

Premium) PY 90.45 46.84 81.17 79.89

Addition / Reduction in Un-expired Risks Reserves CY 75.22 5.89 169.90 251.01

PY -82.61 43.19 142.26 102.84

(% to Net CY 7.25 2.48 4.02 4.56

Premium) PY -9.31 18.63 3.75 2.09

Earned Premium CY 962.93 231.77 4054.60 5249.30

PY 970.31 188.58 3652.55 4811.44

Incurred Claims Net CY 606.68 277.11 3788.07 4671.86

PY 601.60 158.24 3417.64 4177.48

(% to Earned CY 63.00 119.56 93.43 89.00

Premium) PY 62.00 83.91 93.57 86.82

Commission Net CY 137.05 14.55 409.23 560.83

PY 100.23 26.69 332.31 459.23

(% to Earned CY 14.23 6.28 10.09 10.68

Premium) PY 10.33 14.15 9.10 9.54

Operating Expenses CY 293.41 77.82 1085.22 1456.45

PY 196.11 56.63 766.36 1019.10

(% to Earned CY 30.47 33.58 26.77 27.75

Premium) PY 20.21 30.03 20.98 21.18

U/W Results CY -74.21 -137.71 -1227.92 -1439.84

PY 72.37 -52.98 -863.76 -844.37

(% to Earned CY -7.71 -59.42 -30.28 -27.43

Premium) PY 7.46 -28.09 -23.65 -17.55

Investment Income-Policy Holders CY 133.76 47.61 755.60 936.97

PY 210.99 60.65 1082.13 1353.77

Revenue (Policy Holder) Account Surplus CY 59.55 -90.10 -472.32 -502.87

PY 283.36 7.67 218.37 509.40

Investment Income- Share Holders CY 749.85

PY 990.85

Other Income less Outgo CY 50.24

PY 21.23

Profit before Tax CY 297.22

PY 1521.48

Provision for Tax CY 73.08

PY 120.33

Profit after Tax CY 224.14

PY 1401.15

Dividend (Proposed) CY 45.00

PY 283.00

Dividend Tax CY 7.65

PY 48.10

Transfer to Contingency and General Reserves CY 171.49

PY 1070.05



II PERFORMANCE REVIEW

(Rupees in crores)

2008-09 2007-08

A GROSS DIRECT PREMIUM (INDIA) : 5508.83 5276.91

Percentage Change over previous year : 4.39 5.18

GROSS DIRECT PREMIUM (FOREIGN) : 946.95 874.55

Percentage Change over previous year : 8.28 (-) 4.90

GROSS DIRECT PREMIUM (GLOBAL) 6455.78 6151.46

Percentage over previous year : 4.95 3.62

Gross Direct Premium has increased from Rs.6151.46 crs. (07-08) to Rs. 6455.78 crs.(08-09) registering a growth of 4.95% (08-09) as against 3.62% growth registered during 07-08.

The increase in business in India is contributed largely by Health, Fire and Miscellaneous segments. Foreign operations have performed better and have contributed to the increase in the business during 08-09.

(Rupees in crores)

2008-09 2007-08

B NET PREMIUM (GLOBAL) 5500.31 4914.28

Percentage over previous year : 11.93 3.42

The Net Premium grew from Rs. 4914.28 crs. (07-08) to Rs.5500.31 crs.(08-09), Retention ratio of the Company has increased from 79.89% to 85.2%.

Apart from higher retention in Miscellaneous class of business, the increase in Net Premium is due to increase in the Motor Pool Accepted premium (Rs.108 crs.), and increase in the Foreign RI Accepted premium (Rs.172 crs.).

(Rupees in crores)

2008-09 2007-08

C ADDITIONAL UNEXPIRED RISK RESERVE 251.01 102.84

Percentage to Net Premium 4.56 2.09

Unexpired Risk Reserve has increased to Rs.2824.08 crs. as at 31.3.09 from Rs. 2573.07 crs. as at 31.3.08.

(Rupees in crores)

2008-09 2007-08

D INCURRED CLAIMS 4671.86 4177.48

Percentage to Net Premium 84.94 85.01

During 08-09, higher incidence of claims occurred in Health, Hull, Cargo and Engineering segments as compared to 07-08. Fire, Motor and Miscellaneous segments have recorded improved claims experience. During 08-09, IBNR provisions increased by Rs. 269 crs. as compared to 07-08.

Net Incurred Claims, accordingly have gone up by Rs.494.38 crs. However, the Net Incurred Claims Ratio has remained stable during 08-09, since Net Premium has gone up by Rs. 586.03 crs.

(Rupees in crores)

2008-09 2007-08

E COMMISSION (NET) 560.83 459.23

Percentage to Net Premium 10.20 9.34

Increase in Foreign Business, Higher RI Acceptances (Incl. Foreign RI Accepted Premium) and Increase in Indian Health Insurance Business are responsible for increase in the Net Acquisition Cost by Rs. 101.60 crs.

(Rupees in crores)

2008-09 2007-08

F OPERATING EXPENSES 1456.45 1019.10

Percentage to Net Premium 26.48 20.74

Increased provisions towards Pension, Gratuity and Encashment liability amounting to Rs. 274 crs. and Provision for salary arrears due to proposed wage revision have essentially contributed to the increase in the Operating Expenses by Rs. 437.35 crs.

(Rupees in crores)

2008-09 2007-08

G UNDERWRITING RESULTS -1439.84 -844.37

Percentage to Net Premium -26.18 -17.18

Increase in the business acquisition cost (Rs.101.60 crs.), Increase in Operating Expenses mentioned above (Rs.437.35 crs.) and higher IBNR Provisions - Motor TP Pool and other classes of business (Rs. 269 crs.) had led to higher underwriting loss during the year 08-09 as compared to 07-08.

H INVESTMENT INCOME (LESS PROVISION)

(Rupees in crores)

2008-09 2007-08

Apportioned to Policyholders 936.97 1353.77

Apportioned to Shareholders 749.85 990.85

Total 1686.82 2344.62

Investment Income from Interest, Dividend and Rent has gone up from Rs. 1153 crs. (07-08) to Rs. 1231 crs. (08-09) i.e. an increase of Rs. 78 crs.

The down turn in the capital markets as a consequence of global economic slow down during 08-09 impacted our companys investment income from Profit on Sale of Investments.

During 07-08, the Company earned Rs. 1192 crs. from profit on sale of investments. However, during 08-09, our Income from Profit on Sale was only Rs. 456 crs. (i.e. a reduction of Rs. 736 crs.) due to the adverse market conditions and a conscious decision not to sell at low prices.

Therefore, in the aggregate, the Investment Income has come down from Rs. 2344.62 crs. (07-08) to 1686.82 crs. (08-09).

(Rupees in crores)

2008-09 2007-08 I REVENUE ACCOUNT RESULTS -502.87 509.40

Percentage to Net Premium -9.14 10.37

The Policyholders account showed a net deficit of Rs.502.87 crs. In the current year against surplus of Rs. 509.40 crs. in the previous year.

(Rupees in crores)

2008-09 2007-08

J OTHER INCOME / OUTGO 50.24 21.23

K PROFIT BEFORE TAX 297.22 1521.48

The reduction in Profit Before Tax of Rs. 1224 crs. is on account of the following factors :

1. Reduction in the Income from Profit on Sale of Investments 658 crs.

2. Increase in the Expenses of Management

(Net of Miscellaneous Income) 408 crs.

3. Change in underwriting result

a. Increase in Unexpired Risks Reserve - Rs.148 crs.

b. Basic underwriting result change - Rs. 10 crs. 158 crs.

Rs. 1224 crs.

(Rupees in crores)

2008-09 2007-08

L PROFIT AFTER TAX 224.14 1401.15

M PROPOSED FINAL DIVIDEND 45 283

N PAID UP CAPITAL 200 200

O RESERVES AND SURPLUS 6898.72 6772.80

Despite difficult market conditions the company has been able to increase its free reserves from Rs. 6772.80 crs. to Rs. 6898.72 crs.

(Rupees in crores)

2008-09 2007-08

P TOTAL ASSETS (Market Value) 26930.76 31944.14

The reduction in Fair Value Change A/c due to prevailing market conditions has resulted into reduction in the value of Total Assets.

(Rupees in crores)

2008-09 2007-08

Q INVESTMENTS (AT COST) 10771.71 11236.1

R SOLVENCY MARGIN

Required solvency margin under IRDA Regulations (Global) 1491.65 1300.88

Available Solvency margin (Global) 5083.48 5000.34

Required solvency margin under IRDA Regulations (Indian) 1268.15 1106.26

Available solvency margin (Indian) 5569.09 4425.25



The Company has strong Solvency Ratio of 4.39 for Indian business and 3.41 for Global business.

2008-09 2007-08

S COMPLIANCE WITH SECTION 40 C

Percentage of expenses prescribed under the act 19.60 19.59

Companys actual percentage of expenses 23.82 16.77

Percentage of expenses including commission prescribed under the Act 27.47 27.34

Companys actual percentage of expenses including commission. 31.99 24.86

Provision for salary arrears and provision for companys liability to pension and gratuity funds, and liability towards leave encashment have pushed the expenses of management beyond the prescribed limits.

III. FOREIGN OPERATIONS

The Gross Premium is Rs. 1376.90 crores in 2008-09 as against Rs. 1143.63 crores in 2007-08 showing an accretion of 20.4%. The Net Premium is Rs. 1164.28 crores in 2008-09 as against Rs. 932.07 crores in 2007-08 showing an increase of 24.9%. Our operations in Saudi Arabia show premium income upto August 2008 only as we had stopped functioning as an Agency and are operating as an Associate Company in Saudi Arabia.

Foreign operations show underwriting profit of Rs. 78.08 crores in 2008-09 as against underwriting loss of Rs. 70.07 crores in 2007-08. The underwriting profit is after a provision of Reserve Strain of Rs. 121.17 crores in 2008-09 in respect of unexpired risks. No major claims were reported during the year.

The foreign exchange earning during the year 2008-09 amounted to Rs. 8.62 crores towards dividend and repatriation of management fees from our Associate and Subsidiary companies.

Overseas operational result for the year ended 31st March 2009 is as under:

(Rupees in Crores)

Sr. No. PARTICULARS 2008-09 2007-08 Rs. % Rs. %

1 Gross Premium (Gross Direct plus Accepted) 1376.90 20.4 1143.63 -3.6

2 Net Premium 1164.28 24.9 932.07 -5.0

3 Incurred Claims 545.83 46.9 693.55 74.4

4 Commission 311.82 26.8 236.16 25.3

5 Expenses of Management 104.84 9.0 88.92 9.5

6 Exchange Gain/ Loss Other Income / Outgo -2.54 -0.2 -2.04 -0.2

8 Underwriting Profit / Loss before Reserve Strain 199.25 17.1 -88.60 -9.5

9 Reserve Strain / Release 121.17 10.4 -18.53 -2.0

10 Underwriting Profit / Loss after Reserve Strain 78.08 6.7 -70.07 -7.5

11 Investment Income 116.08 10.0 113.70 12.2

12 Net Profit / Loss 194.16 16.7 43.63 4.7



Note :

(i) Percentage shown in Sr. no. 1 and 2 indicates the growth over previous year and the percentage shown in Sr. no. 3 to 12 is percentage on "Net premium".

(ii) Country-wise details appended as per Annexure I to the Directors Report.

IV. PLANS FOR 2009 -10

Domestic

In spite of severe business competition the company has procured a Gross Direct Premium of Rs. 5508.83 crores from domestic market during 2008-09 as against premium of Rs. 5276.91 crores procured in the previous year, registering a growth of 4.39%. Companys growth is to be viewed in the context of detariffed regime of Fire, Engineering and Motor (Own Damage) business segments during 2008-09 which resulted in softening of premium rates.

Considering the volatility of the market, the Company has set up a target of Rs. 6100.00 crores for the year 2009-10 at a targeted growth rate of 10.73%. The premium rates in Fire, Engineering and Motor own damage segments have been reduced considerably after the complete detariffing in these segments, which is likely to affect the growth despite overall industrial growth. But the Company is sanguine about retaining the existing clientele and getting the patronage of new clients as well. Further the Company expects another year of reasonable growth in Health segment due to increase in market demand, upward revision of premium rates and introduction of new customized products. Another area of growth is likely to be in the retail sector wherein the Company intends to market in a big way. This segment is likely to grow rapidly due to increase in income of middle class and new value proposition given to the growing distribution channels like Bancassurance, Brokers and Auto Tie up by way of setting up specialised offices with focused approach.

Foreign

The premium target for 2009-10 is Rs. 1441.35 Crores (Gross) against completion of Rs. 1376.90 crores in 2008-09 and Rs.1264.72 Crores (Net) against completion of Rs.1164.28 crores in 2008-09.

V. ORGANISATION - STRUCTURE

Domestic

The Company has entered a phase of consolidation and restructuring of offices. The Company has converted many offices as specialized offices to take care of Bancassurance, Brokers, and Auto tie-ups. As on 31st March 2009 the Company has a network of 26 Regional Offices, 391 Divisional Offices, 594 Branch Offices, 28 Direct Agent Branches and 16 Extension Counters, totalling 1055 offices.

Foreign

The Company operates in 27 countries through a network of 19 branch offices, 12 agencies, 3 Associate companies and 3 subsidiary companies including 1 fully owned subsidiary.

VI. PROJECT NEW ENERGY - BUSINESS TRANSFORMATION EXERCISE

In view of rapidly changing market dynamics and customer awareness/ expectations, a transformational exercise i.e. Business Process Re-engineering (BPR), has been taken up by the Company with the active support of Boston Consulting Group- a leading global consulting firm having extensive experience in Financial Services & Public Sectors in India. The BPR was a three-phased exercise and was christened "Project New Energy".

In Phase I; the overall strategic direction for New India was defined based on an in-depth study of six key dimensions viz., Market size and growth, Competitive landscape, Identification of core strengths,

Employee perception and feedback, Customer needs and impression and International benchmarks through a combination of detailed internal assessment and external situational analysis.

The key enablers in the reengineering process were identified as the People, Processes/IT, Branding and Organizational structure. The major lines of businesses were identified as Motor, Health, Other personal/Rural lines and Corporate businesses. The marketing channels, which will drive the growth, have been identified as agents, brokers, bancassurance and Auto Tie-up channel.

A prioritized roadmap, consisting of initiatives in three waves, was developed by the New Energy team, with a tight monitoring programme.

Phase II initiatives

- Agents Performance Enhancement Program (APEP) to re-energize agent channel through better development, support and aligned incentives.

- Health and Third Party Administrator (TPA) management to improve health profitability through hospital relationships and improved TPA performance.

Phase III initiatives

- Performance Management System (PMS) & Human Resources (HR): Overall structure of PMS and incentives charted, with targets and action plan.

- Motor Third Party (TP) claims management process redesigned for reducing payouts and decreasing backlog of TP claims.

- Cash Management System (CMS) & Investments process improved, for driving higher returns, reduction in float, streamlined process and better vendor negotiation/ management.

These New Energy initiatives represent significant change in the Companys performance trajectory. Their implementation is already producing a positive impact on the Companys customer servicing, premium accretion and profitability. Simultaneously, effective measures designed to boost the morale of the employees, is expected to translate into improved performance through the organisation.

VII. FIRE & ENGINEERING BUSINESS

In the Fire portfolio, the company has achieved a growth of 4% during the year 2008-09 in spite of intense competition in the Insurance Market following free pricing. This was possible through companys reliable service, building customer confidence and spread of market goodwill.

The total incurred claims ratio was higher at 89.5% (58.55% for the previous year), which was mainly due to the terrorism claims arising out of Mumbai Terrorist attack. The incurred claims ratio (excluding terrorism) of the Fire Department for the current year would have been 74.6%.

The Company responded proactively to the grave national calamity and handed over the first on account payment of Rs. 25 crores to M/s Oberoi Towers/Trident Hotels within 16 days of the terrorism attack.

The Company co-sponsored a seminar on terrorism at Mumbai with leading Reinsurance Broker, M/s. J. B. Boda & Company, shortly following the attacks on Mumbai, to spread the knowledge and awareness on terrorism Insurance and clarify various issues of concern with the insuring public.

For better claims management and minimizing losses, method of e- tendering for salvage disposal was successfully adopted in the company.

Companys Engineering Department has shown commendable growth of 12.34% over the previous year in the face of the cutthroat competition prevailing in the Indian market. This has been possible because the Company has been proactive in its support to the infra-structural development of the country, by participating in the insurance programmes of various large projects. At the same time through prudent underwriting and loss control measures, Company has been able to contain loss ratio at 40%. Company will strive to ensure that the trend further improves in the future.

VIII. MOTOR LOSS CONTROL MEASURES

In the stiff competitive market scenario, the reduction in premium rates of Motor Own Damage has resulted in higher ICR and ultimately pushing the combined ratio of the Company upward. Motor OD premium was 55% of the Gross Motor Premium of Rs.1998 crores and OD Incurred Claims Ratio stood around 65% and Third Party Premium was 45% of the Gross Motor premium in 2008-09. The Third Party (TP) loss ratio continues to be a drain mainly due to the provisions of the Motor Vehicles Act. Suggestions mooted to effect amendments to the Motor Vehicles Act, are under consideration of the Government.

Greater emphasis is given to good underwriting and claims service practices to bring down claims cost.

A web-enabled system has been introduced to issue on line motor policies in line with the expectations of retail market. This will facilitate greater control over acceptance of good risks and accumulation of quality data in motor insurance for product analysis.

Settlement of Claims have been centralised through claims hub at 25 centres covering more than 300 operating offices. More offices will be covered under this concept, shortly. With the centralised Claims processing, the Turn Around Time (TAT) for settlement of claims has been reduced considerably (it is now less than 35 days). The Company expected improvement in quality of assessment and settlement of claims through these hubs. The Motor OD claims procedure has also been simplified.

The Company has taken steps to keep its motor loss ratio under control. Cautious efforts are being made to dispose of long pending Third Party Claims. An initiative under project new energy has been taken to reduce the pendency of TP claims and effective management of TP cases.

Special efforts were taken to reduce the pending orphan claims, where policy particulars are not available, and considerable number of orphan claims has been closed. It is being ensured that no orphan claim should remain pending for more than one year.

The Indian Motor Third Party Insurance Pool has formulated Guidelines for processing Motor Third Party claims. According to which the procedure for dealing with TP claims has been standardized with a view to facilitate all General Insurers to settle the claims quickly, to reduce the cost and to minimize the fraudulent claims.

Motor Pool TP Claims Guideline has now been made applicable to the existing outstanding TP claims for their quick disposal.

These measures are expected to bring reduction of incurred claims ratio and improvement in overall performance of motor insurance business.

IX. CLAIMS SETTLEMENT AND AGEWISE ANALYSIS

The company had taken target of 90% claims settlement in respect of Non-suit Claims. The actual ratio in respect of Non-suit Claims in 2008-09 is 89.43%.

However the overall claims settlement ratio including suit claims (comprising mainly of Motor TP Claims) is 73.21% in 2008-09.

Number of Claims Outstanding as on 01.04.2008 367980

Number of Claims Intimated during 2008-09 1028343

Number of Claims Settled during 2008-09 1022193

Number of Claims Outstanding as on 31.03.2009 374130

Age-wise classifications of outstanding claims as on 31.03.2009 is given hereunder :

Claims Outstanding for less than three months 75884

Claims Outstanding for more than three months but less than one year 68299

Claims Outstanding for more than one year 229947

Total 374130



Out of a total 374130 pending claims as on 31st March 2009, 264141 claims are Motor TP claims which are pending at various MACTs across the country.

X. RURAL INSURANCE, SOCIAL SECTOR INSURANCE AND SPECIAL SCHEMES

The Company has more than 40 products catering to the insurance need of rural and social sector. It has always remained pioneer in designing new products and developing business in the sector. The people in the rural area are adopting new practices in the farming and the Company is suitably devising its products to meet the requirement of the farmers and the financers. Following are the major schemes:

- Ganna Kamgar Vima Yojana :

- Gopal Raksha Package Policy :

- Plantation Insurance :

- Special Insurance Schemes for high yielding Cattle :

- Insurance of Drip Irrigation - Multi Peril Drip Irrigation Utility Policy :

- Emu Insurance :

- Jeevankranthi Scheme :

Social Security Covers for weaker sections of the society :

- Janata Personal Accident Insurance

- Janata Personal Accident Policy for Kisan Credit Card Holders

- Insurance of Fishermen in Orissa

- Jeevanraksha Nidhi

- Group JPA for Account Holders of Bhubaneshwar Central Co-op. Bank, Boudh :

- Jalgaon Zilla Sarkari Nokaranchi Sahakari Patpedhi, Jalgaon

- Raigad Zilla Madhyamik & Uchcha Madhyamik Vidyasevak Sahakari Patsanstha

- M/s.Ganesh Suvarna Sahakari Bank

- Jan Arogya policy for rag pickers

- Jan Arogya policy for SEWA

- Universal Health Insurance Scheme for BPL Families

Performance of social sector schemes for the last five years is annexed hereto as Annexure II to the Directors Report.

XI. CITIZENS CHARTER

Company takes utmost care to adhere to the performance parameters laid down in the Citizens Charter. The same is displayed at prominent places in the Head Office, Regional Offices and Divisional Offices.

XII. CUSTOMER SERVICE

Customer Service & Grievance Cells are well established at companys corporate office and all Regional Offices. "May I help You? " counters have been provided in all Regional Offices, Divisional offices and Branch offices for customer service.

The Companys website provides addresses and contact numbers of all offices for convenience of the customers. Online information of the Companys products is also provided for the benefit of public.

XIII. GRIEVANCE REDRESSAL

The Company has well established Grievance Cell at Head Office and all Regional Offices. The Grievance Cell is headed by Chief Manager and is supervised by Deputy General Manager and General Manager at Head Office. At Regional Offices it is headed by Regional Managers/ Managers.

It is Companys Philosophy to constantly endeavour to improve its service delivery standards and capabilities in order to meet the increasing legitimate expectations of customers for better, faster and more effective service. Company aims at a time-bound, result oriental grievance redressal in a transparent manner.

In tune with this approach Companys Board has approved a Grievance Redressal Policy for the Company, which inter-alia specifies its objectives, lays down structure for Grievance Redressal Mechanism and sets time-bound parameters for grievance redressal.

The Company has evolved Grievance Module for online assigning, tracking and resolution of grievances and the same is being implemented by our Offices.

The position of grievances redressal cases during the year is as below :

Outstanding Reported during Redressed Outstanding as on on 1.04.2008 the year during the year 31.03.2009

Directly reported to HO-HODT 310 769 776 303

Received through IRDA 162 326 343 145

Received through Directorate of Public Grievances (DPG) 21 24 35 10

Total 493 1119 1154 458



XIV. TECHNO MARKETING

New India has a Techno Marketing Department, which plays a proactive role in devising innovative insurance solutions for the large corporates in the Indian Market. The process involves identification of Mega Risks in India through various sources, constant liaisoning and vigorous follow up to convert opportunities into premium income for the Company.

Out of the total 47 Mega Risks existing in the country, New India retains the dominant position by writing 20 risks. The Company procured premium of Rs 207.33 crores from this category during the year. Apart from this, many Mega Risks availed terrorism cover from International Market. By efficiently sourcing the terrorism capacity, New India earned a premium income of Rs.15.04 crores during the current underwriting year. When viewed in the backdrop of falling insurance rates and entry of more number of new players into the Mega Risks insurance market, the premium earned is quite sizeable. Over and above these, the premium earned from construction insurance for mega projects during the year is Rs.35.83 crores. Thus the total premium from this portfolio has been Rs.258.20 crores.

The Company had also taken the lead to widen their activity by accepting proposals with sum insured below Rs.2500 Cr. for evaluation and underwriting. This new class of risk has generated Rs. 16.20 Crores premium for the Company as on 31st March, 2009.

XV. PUBLICITY ACTIVITIES

Publicity and Marketing play a vital role of promoting the corporate image and popularizing the Companys products among urban, semi-urban and rural masses. No matter what market share a brand enjoys one has to market ones product to keep in pace with the ever-changing scenario of globalisation and stiff competition. As quoted by one of the pioneers in advertising arena – a great advertisement is an advertisement, which generates great sales. So, the Company has carefully planned and reached out to the target customers through the various advertising medias.

Electronic Media, Outdoor Media and print media were utilized for publicity purpose. Hoardings and Glow Signs have been placed at many major road junctions, highways, railway stations and airports. Advertisements are also displayed on transit media like buses, trains, aircrafts, baggage trolleys, etc. Banner displays at local events help the Company in brand building in rural areas.

The Company participates in fairs, exhibitions, Road shows and also sponsors various social gatherings, sports and cultural events. It organizes customer seminars, customer awareness camps to educate the customers about the various insurance policies and the procedures/ requirements for speedy settlement of claims.

The Company has a strong conviction that the publicity is a tool to reach real masses and educate them about their insurance requirements.

XVI. REINSURANCE

Reinsurance program for 2008-09 was designed taking into account the need of increasing the automatic capacity in light of the falling premium due to detariffing. It has been our continuous effort to improve our underwriting results so that our proportional treaties are well balanced and profitable.

During the year the Company has taken Voluntary Quota Share Treaty with GIC in Fire, Marine Cargo, Marine Hull, Motor OD, Engineering, Miscellaneous. The arrangement helped the Company to retain maximum premium within the country.

No major risk or catastrophe claims have been reported during the year. The global reinsurance market continued to remain soft in the beginning of the financial year, which helped the Company in placing non-proportional treaties at competitive rates. However, in the latter part of the financial year due to the credit crunch and recession the reinsurance rates have begun hardening.

The Company will endeavour to constantly improve and maintain high standards in underwriting so that underwriting results will improve year after year. The Company will nurture a long-term relationship with the Reinsurers.

XVII. INFORMATION TECHNOLOGY

The Company has taken the IT technology initiative for deploying a Service oriented Architecture (SOA) based Centralized web-based Insurance systems solution (CWISS) focusing on providing value added 24x7 services to the customer using multi-channel with a single view for the customer.

Together with the Business Transformation Programme, encompassing technology, the roll out of CORE for Motor line of business was completed at 250 operating offices in India across the country, through deployment of TCS BANCS Core Insurance Solution which will be integrated with multiple delivery channels like Internet, e-mail, mobile and Interactive voice and Call Center.

The Company has successfully piloted modules of Siebel (Customer relationship Management software) including a module for Grievance Redressal Mechanism. This enables the company to have a 360-degree view of the customer. Some modules of HR application (People soft) are also deployed.

With a view to conserving energy and cost and making IT green, the Company has taken initiative of deploying thin clients for the roll out of CWISS.

The Company, in association with its technical support team initially established full-fledged training infrastructure at each RO for the roll out of CWISS. The Company also launched a countrywide training programme for its employees in order to bridge the knowledge-gap arising out of the newly implemented core insurance system in a number of branches.

XVIII. VIGILANCE ACTIVITIES

The Vigilance Department comprises of the CVO (GM), the Chief Manager and Vigilance Officers at Head Office and Vigilance Officers posted in all the Regional Offices.

The focus of Vigilance is prevention of frauds by preventive and proactive actions and punitive action in matter of frauds detected and system lapses.

During 2008-09 the Vigilance Officers conducted 106 surprise inspections. This is an effective tool for detecting irregularities / system lapses committed at operational levels and particularly helpful for the BM s / DM s for understanding the importance of control and supervision and identify the weak areas.

During the year 26 Awareness Programmes were conducted at RO and DO levels to create better understanding of Vigilance. Newly recruited Vigilance Officers have attended training for better understanding of procedures of disciplinary proceedings and investigation.

Training Programmes are held at Corporate Training College to include preventive vigilance in various training modules and Awareness Programmes are conducted at Regional Offices and Divisional Offices levels.

Thus the sole purpose of Vigilance Department is to make employees focus on and accept ‘Vigilance as an organisational objective, to create an atmosphere conducive to "Zero – corruption" functioning with role clarity and clear sense of direction.

XIX. INTERNAL AUDIT

Keeping in tune with the last two years practice that has yielded good results, the Internal Audit Department has continued its thrust in directing and rectifying Systems and Procedural Lapses enhancing the performance of Audit Compliance Cells at various operating offices for faster resolution of pending audit queries – both internal and CAG.

As directed by the Board of Directors, each and every Board and CMD Level query was examined age-wise, cause-wise and reasons for their pendency and the feedback for the same presented to the Directors. Great thrust was given to clear old pending queries while the new ones too were attended simultaneously.

With the help of HO, Internal Audit Officials and Executives from HO – 12 Audit Workshops were conducted during the year, which has substantially helped in resolving difficult queries and in the process, the number of pending queries have come down to great extent. Much emphasis was placed on pending employee recovery cases. Consequent upon this the recoveries from employees melted out this year significantly and almost became negligible. In coordination with CAG, two Zonal Workshops were conducted at Chennai and Mumbai RO III for compliance of queries and the outcome was extremely encouraging.

XX. HUMAN RESOURCE DEVELOPMENT

- Particulars of Employees and Recruitment

The number of employees recruited during the year and the employee strength as on 31st March 2009 is shown below:

Category Number of Total Number Recruitments of Employees

Class I NIL 5063

Class II (Development) NIL 2262

Class II (Administration) NIL 610

Class III NIL 9470

Class IV (Excluding Part Time Sweepers) NIL 2118

Part Time Sweepers NIL 390

TOTAL NIL 19913



- Training

The Company strives to continuously upgrade the knowledge and skills of its employees through regular training programmes.

The Company has its own Corporate Training College in Mumbai, two Zonal Training Centres at Kolkata and Chennai and Twenty One Regional Training Centres. Besides, Thirty-three Agents Training Centres are also operating throughout the country for training of Agents. National Insurance Academy at Pune, co-promoted by the Company alongwith its Public Sector counterparts and LIC, imparts insurance training of a high degree to the insurance professionals. The Academy also offers research facilities in the field of insurance.

In addition to training facilities offered at its own training centers, the Company nominates its employees to various technical and personality development programmes, policy awareness and updation programmes organized by outside agencies like College of Insurance, ASSOCHAM, BSE, ICSI - CCRT, ICWAI, etc. Executives and Officers also attend international seminars, conferences and trainings conducted by M/s Richards Hogg & Lindley, London& IUMI, Canada (for Marine Insurance), M/s BEST Re, Philippines ( for Reinsurance ), etc.

Details of Training Programmes attended by the employees for the period from 01.04.2008 to 31.03.2009 are given in the table below : -

Centres Total No. of Total No. of Programmes Participants

National Insurance Academy, Pune 85 410

College Of Insurance 2 2

External Institutions 18 60

Foreign Programmes 9 11

Corporate Training Centre 107 1678



- Statistics of Training for the Year 2008 - 09

Corporate Training Centre of the Company conducted Management Development Programmes for Transformational Leadership Training focusing on areas such as Personal Effectiveness, People Management, Leadership Development, Applied Behavioral Sciences, Service Excellence, and Innovation etc. with emphasis on Self-mastery, Stress Management, Motivation and Mentoring, Team Building, Decision-making to build future leaders for succession planning. Besides these, the Company also conducted Management Development Programmes for core Insurance subjects and other technical areas such as Accounts, Information Technology etc.

- Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), People With Disabilities (PWDs) And Ex-Servicemen

The representation of SC/ST in various cadres as on 31.03.2009 is as under:

Number of Percentage of Category/Level Total Nos.

SCs STs SCs STs

Group A (Officers) 5063 1135 274 22.41 5.41

Group B (Development Officers Development & Administration) 2872 300 85 10.44 3.32

Group C (Clerical) 9470 2070 710 21.85 7.49

Group D : Sub-staff 2118 886 166 41.83 7.83

Part time Sweepers 390 256 34 65.64 25.54

TOTAL 19913 4647 1269 23.33 63.72



The Company strictly follows the Government guidelines regarding reservations, concessions and safeguards to employees belonging to SC/ST/OBC/PWDs & Ex-Servicemen.

SC/ST & OBC Cells are actively functioning at Head Office and all Regional Offices. Liaison Officer under the charge of a Chief Liaison Officer assists this cell at Head Office, whereas Assistant Liaison Officers head the Cell at various Regional Offices.

Once in a year, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitments and promotions at all Regional Offices. The inspection reports, with the observations of Liaison Officer, are put up to the General Manager (Personnel) and Chief Liaison Officer for further directions and sent back to the respective Regional offices. Based on the inspection report, efforts are taken by the concerned Regional office in coordination with the Head Office to clear the backlog and rectify the shortcomings in the procedure, if any, observed by the Liaison Officer.

The grievances and complaints are investigated and resolved immediately.

- Staff Welfare Schemes

The Company has various schemes for Staff Welfare taking utmost care of entire New India family. The schemes provided are Housing Loan at subsidized rates of interest, Group Mediclaim Policy covering hospitalization expenses, Lump sum Domiciliary payment, Group Personal Accident Policy with 24 hours cover, Group Baggage Policy, Benefits to employees meeting with accident whilst on duty, Exgratia relief for uncovered medical expenses for high cost/protracted treatment, incentives for family planning, financial assistance for post graduate management courses, Employees Deposit Linked Insurance Scheme, Group Savings Linked Insurance Scheme and Group Term Insurance Scheme, accommodation to employees at their workplace, compensation to families due to death of employees whilst in service, text books reimbursements, tuition fees reimbursements for post management courses, retirement and death relief schemes, service mementos etc. For better information, guidance and vigorous follow up, the Company has highlighted various benefits payable to families on death of employees during their service on the Intranet (medium of communication for employees) and ensure expeditious settlement of the said claims with LIC.

Consequent upon the notification from Ministry of Finance, a comprehensive medical benefit scheme has been made effective during the year, for existing/retired Whole Time Directors including their spouse, dependent children and dependent parents in the current year.

- Gender Issues And Empowerment of Women

Continuing its tradition, the Company has granted equal opportunities for career development to women and details of significant posts held by women officers are as follows :

GM 1

CRM 1

BM / SBM 14

DM / SDM 14

Foreign Postings 3

This is for the first time; the Company has a lady General Manager. Further, the Company has one more lady General Manager on deputation from LIC, heading the Vigilance Department.

Training Programme for women representatives was conducted at Corporate Training Centre on various provisions available at law and within the organisation, towards safe and healthy work atmosphere.

Companys representatives participated in a programme ‘Feel Good Look Good on international day for women, conducted by SNDT University. The programme dealt with positive thinking. Companys representatives also participated in the 19th National meet of women in Public Sector held in New Delhi. The theme of the Meet was ‘ Evolving the Blue Print for Change ‘.

No new cases or harassment were reported to Head Office Committee. However one case was reported at a regional office, which was closed as unsubstantiated.

- Industrial Relations

The Company has maintained cordial, effective and smooth industrial relations during the financial year, as per the organisational objectives. The concerns and interests of the employees were handled amicably. The Company has also achieved the objective of maintaining harmonious relations with the Unions and Associations.

- Sports Activities

The Company through its Sports Club organises All India tournaments in the disciplines of Carrom, Cricket, Kabaddi, Table Tennis and Badminton. The Company had conducted 7th All India Table Tennis Tournament 2008-09 in February 2009 at Siliguri successfully. Further, All India Badminton and Carrom teams had participated in All India Public Sector Sports Board Tournament at Goa and Mumbai respectively. Kabaddi team of the Company had also taken part in local tournament i.e. Mumbai District Kabaddi Association, Maharashtra Kamgar Kalyan State level and Matrubhumi Krida Mandal tournaments. Thus, the Company has strived to maintain and increase the spirit of healthy competition and sports activities amongst its employees.

XXI. OFFICIAL LANGUAGE IMPLEMENTATION

Company supported progressive use of Hindi in routine internal work as well as communication with public and customer service as directed by Parliamentary Committee on Official Languages. We have initiated steps to promote use of Indian Languages mentioned in eighth schedule of the Constitution. Few of the major activities during the year under review are outlined below :

- The Company organized 170 Hindi workshops at different places during the year.

- All India Hindi Officers Conference was organized at Panipat.

- Three meetings of Official Language Implementation Committee meetings were held in Head Office.

- Steps for issuance of policies in Hindi only by amending provisions of section 3(3) of the Act were initiated during the year. In response to this Ministry of Home Affairs vide resolution no. 1/20012/ 07/2005. OL (policy-1) dated 2nd July 2008 informed us approval of President of India to issue insurance policy in Hindi only instead of bilingual. Policy in Hindi only is being issued in some of our offices and efforts are being made to cover more offices.

- Publication of two issues of in-house magazine in Hindi, installation of Companys Website in Hindi, option for answering questions in Hindi in all promotional examinations, translation of some policy documents in Hindi, incentive schemes for promoting Hindi are some of the other activities for Official Language implementation.

- Inspection by Parliamentary Committee on Official Language implementations was carried out at Kavarati Branch under Ernakulam Regional Office.

XXII. CORPORATE LEGAL MATTERS

The Corporate Legal Dept. was re-instituted in the year 2006. The first step taken by the Department was to obtain a database of all legal cases pending in various Tribunals, Consumer Fora, Civil Courts, High Courts, Ombudsman and Supreme Court.

This has been followed by review of actual files in operational offices under various Regional Offices by

the team from Head Office and the findings submitted to the Management from time to time. Remedial actions as suggested and approved have been communicated to the respective Regional offices for compliance, so as to reduce the litigations as well as liability. It is proposed to buttress it further by holding Work-Shops/Review Meetings to achieve the target of reduction in litigations and liabilities, in particular, the Motor Third Party cases.

XXIII. RIGHT TO INFORMATION ACT, 2005

In keeping with the letter and spirit of the Right to Information Act, 2005, and in conformity to the ideals of transparency and accountability in the functioning of Public Authorities, Central Public Information Cell, at Head Office has been consistently creating awareness amongst its employees and In-charges of different offices to respond promptly and precisely within the provisions of the Act, to the various information seekers.

This campaign of awareness in a sustained manner has also being followed up with Circulars/In house discussion and regular up-dation of official website of the Company. The disposal details in 2008-09 are as under : -

Requests First Appeals

Opening Balance as on 01.04.2008 11 3

Received during the year including cases transferred to other Public Authority 1005 216

No. of cases transferred to other Public Authorities 0 0 Decision where requests/appeals rejected 103 85

Decisions where requests/appeals accepted 913 134 Closing Balance as on 31.03.2009 NIL NIL

XXIV. CERTAIN EXPENSES OF MANAGEMENT

Expenses of Management of the Company include :

(a) Entertainment (Indian & Foreign) : Rs. 1.08 crores.

(b) Foreign Tours undertaken by the Executives : Rs. 0.82 crores.

(c) Publicity and Advertisement : Rs. 22.53 crores.

XXV. FOREIGN EXCHANGE EARNINGS & OUTGO

The Companys foreign exchange earning for the year 2008-09 is Rs.156.97 crores whereas the outgo in foreign currency has been Rs.415.92 crores.

XXVI. FINANCIAL RATING

The Company has been rated as A- Excellent identical to previous year by A.M Best Company, one of the premier financial rating Agencies of the world. The rating reflects New Indias leading business profile in the Indian General Insurance market and reliance on investment return to generate profit. A. M. Best expects the Companys prospective level of Capital and surplus to be sufficient to support its projected growth in premium income on a risk adjusted basis. It believes that New India is likely to maintain its leading business position as the largest direct insurer in India despite increased competition from private companies. It also envisages that the Company will remain under pressure due to the significant exposure of its Investment in the domestic equity market.

XXXIII. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that;

a) in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

b) the Directors have selected accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the year under review.

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors have arranged preparation of the accounts for the financial year ended 31st March, 2009 on ‘going concern basis.

XXXIV. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988

The Company is not engaged in any manufacturing activity and as such no particulars are required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as regards Conservation of Energy or Technology Absorption.

XXXV. ACKNOWLEDGEMENT

Directors take this opportunity to thank all the valued clientele, individual and corporate agents, bancassurance partners, surveyors, intermediaries, reinsurance brokers and insuring public of the Company for their constant support to the Company to attain greater heights.

Board wishes to place on record their appreciation to all New Indians at all levels for their hard work, dedication and commitment put in by them for achieving the Corporate goals.

Directors are grateful to the Ministry of Finance (Insurance Division), Insurance Regulatory and Development Authority (IRDA), General Insurers (Public Sector) Association of India (GIPSA), and the Principal Director of Commercial Audit & Ex-officio Member, Audit Board - I, Mumbai, for their continued guidance and support.

B. Chakrabarti Chairman-cum-Managing Director

Tarun Bajaj Director

M. D. Mallya Director

M. Razzack Director

Sanjay Gupta Director

Sarat Pattanayak Director

A. R. Sekar Director

Place : Mumbai

Date : 4th August, 2009

---

Mar 31, 2008

The Directors are pleased to present the 89th Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March 2008.

I. CLASS-WISE PERFORMANCE SUMMARY:

(Rupees in crores)

Fire Marine Misc Total

Gross Direct Premium Income India CY 743.43 437.28 4096.20 5276.91

PY 909.98 321.02 3786.20 5017.20

(% Growth) CY -18.30 36.22 8.19 5.18

PY 8.38 7.08 3.67 4.71

Outside India CY 237.96 57.55 579.04 874.55

PY 254.59 49.45 615.54 919.58

(% Growth) CY -6.53 16.38 -5.93 -4.90

PY -3.51 -0.19 7.87 4.02

Global CY 981.39 494.83 4675.24 6151.46

PY 1164.57 370.47 4401.74 5936.78

(% Growth) CY -15.73 33.57 6.21 3.62

PY 5.54 6.05 4.24 4.60

Reinsurance Premium Accepted India CY 40.90 7.99 473.10 521.99

PY 46.41 6.17 28.98 81.56

Outside India CY 302.73 7.37 29.68 339.78

PY 345.54 5.21 36.22 386.97

Global CY 343.63 15.36 502.78 861.77

PY 391.95 11.38 65.20 468.53

Reinsurance Premium Ceded India CY 289.19 266.50 1325.56 1881.25

PY 399.81 177.44 852.73 1429.98

Outside India CY 148.13 11.92 57.65 217.70

PY 103.78 15.85 103.93 223.56

Global CY 437.32 278.42 1383.21 2098.95

PY 503.59 193.29 956.66 1653.54

Net Premium India CY 495.14 178.77 3243.74 3917.65

PY 556.57 149.75 2962.44 3668.76

(% Growth) CY -11.04 19.38 9.50 6.78

PY 24.09 14.08 4.84 7.74

(% to Gross CY 66.60 40.88 79.19 74.24

Premium) PY 61.16 46.65 78.24 73.12

Outside India CY 392.56 53.00 551.07 996.63

PY 496.35 38.82 547.83 1083.00

(% Growth) CY -20.91 36.53 0.59 -7.98

PY 29.86 17.25 4.94 15.53

(% to Gross CY 164.97 92.09 95.17 113.96

Premium) PY 194.96 78.50 89.00 117.77

Global Net Premium CY 887.70 231.77 3794.81 4914.28

PY 1052.92 188.57 3510.27 4751.76

(% Growth) CY -15.69 22.91 8.11 3.42

PY 26.74 14.72 4.86 9.42

(% to Gross CY 90.45 46.84 81.17 79.89

Premium) PY 90.41 50.90 79.75 80.04

Addition to Unexpired Risks Reserves CY 82.61 -43.19 -142.26 -102.84

PY -111.08 -24.20 -81.38 -216.66

(% to Net CY 9.31 -18.63 -3.75 -2.09

Premium) PY -10.55 -12.83 -2.32 -4.56

Earned Premium CY 970.31 188.57 3652.54 4811.42

PY 941.84 164.37 3428.90 4535.11

Incurred Claims Net CY 601.60 158.24 3417.64 4177.48

PY 560.06 62.30 3021.25 3643.61

(% to Earned CY 62.00 83.92 93.57 86.82

Premium) PY 59.46 37.90 88.11 80.34

Commission Net CY 100.23 26.69 332.31 459.23

PY 79.33 14.23 297.33 390.89

(% to Earned CY 10.33 14.15 9.10 9.54

Premium) PY 8.42 8.66 8.67 8.62

Operating Expenses CY 196.11 56.63 766.36 1019.10

PY 284.62 52.32 816.94 1153.88

(% to Earned CY 20.21 30.03 20.98 21.18

Premium) PY 30.22 31.83 23.83 25.44

U/W Results CY 72.37 -52.99 -863.77 -844.39

PY 17.84 35.52 -706.64 -653.28

(% to Earned CY 7.46 -28.10 -23.65 -17.55

Premium) PY 1.89 21.61 -20.61 -14.40

Investment Income - Policy Holders CY 210.99 60.65 1082.13 1353.77

PY 215.18 66.46 1108.36 1390.00

Revenue Account Surplus CY 283.36 7.66 218.36 509.38

PY 233.02 101.98 401.72 736.72

Investment Income - Share Holders CY 990.85

PY 861.35

Other Income less Outgo CY 21.23

PY 15.85

Profit before Tax CY 1521.46

PY 1613.93

Provision for Tax CY 120.33

PY 153.98

Profit after Tax CY 1401.13

PY 1459.95

Dividend (Proposed) CY 283.00

PY 292.00

Dividend Tax CY 48.10

PY 49.63

Transfer to Reserves CY 1070.03

PY 1118.32



II. PERFORMANCE REVIEW

(Rupees in crores)

2007-08 2006-07

A. GROSS DIRECT PREMIUM: 5276.91 5017.20

Percentage change over previous year: 5.18 4.71

Gross Direct Premium in India has increased from Rs. 5017.20 Cr. in 2006-07 to Rs. 5276.91 Cr. in 07-08 recording a growth of 5.18% as against 4.71% growth registered during 2006-07.

The growth in business, in the backdrop of de-tariffing of Fire, Engineering, Motor OD and W.C. business during the year, which resulted in substantial reduction in the premium rates in these classes of business,

may be considered satisfactory. Marine business (Cargo + Hull) has increased by 36% and Companys market share has reasonably improved in this line of business Health business in India has increased from Rs.765.29 Cr. in 06-07 to Rs.1209.42 Cr. in 07-08 owing to increase in premium rates and an increase in market share of the Company. Foreign (Direct) business has marginally declined from Rs. 919.57 Cr. to Rs. 874.55 Cr. Company has continued to be the market leader during 07-08 in India. With global premium having crossed Rs. 6000 Cr., the Company has crossed yet another milestone during 2007-08.

(Rupees in crores)

2007-08 2006-07

B. NET PREMIUM (GLOBAL) 4914.28 4751.76

Percentage change over previous year: 3.42 9.42

The Net Premium grew from Rs.4751.76 Cr. to Rs. 4914.28 Crs. (i.e. by Rs. 162.52 Crs.) with a stable retention ratio of 79.89% in the current year, against previous years ratio of 80.04%.

(Rupees in crores)

2007-08 2006-07

C. ADDITIONAL UNEXPIRED RISK RESERVES : 102.84 216.66

Percentage to Net Premium: 2.09 4.56

Unexpired Risk Reserve has increased from Rs. 2470.17 Cr. as at 31.3.07 to Rs.2573.01 Cr. as at 31.3.08 contributing to reserve strain of Rs. 102.84 Cr. during the year. There was a reserve release of Rs. 82.61 Cr. in Fire class of business and reserve strain of Rs. 43.19 Cr. in Marine and Rs. 142.26 Cr. in Miscellaneous class of business.

(Rupees in crores)

2007-08 2006-07

D. INCURRED CLAIMS : 4177.48 3643.61

Percentage to Net Premium: 85.01 76.68



Global net incurred claims have shown an increase of Rs. 533.87 Cr. comprising of an increase in Indian net incurred claims by Rs. 427.42 Cr. and an increase in foreign net incurred claims by Rs. 106.45 Cr. Incurred claims in Indian Motor Business (Own Damage &Third Party) have shown an increase of Rs. 261 Cr. Incurred claims under Fire Department pertaining to our foreign business has caused an increase to the extent of Rs. 105 Cr. largely due to catastrophic claims in Muscat and Curacao.Owing to an increase in Health Business in India, the claims have also increased by Rs. 87 Cr.

(Rupees in crores)

2007-08 2006-07

E. COMMISSION : 459.23 390.89

Percentage to Net Premium: 9.34 8.23

Net acquisition cost of business has gone up by an amount of Rs. 68.34 Cr. Increase in the commission of direct business by Rs. 18.60 Cr. and increase in the commission of RI Accepted business by Rs. 48.57 Cr. are responsible for the increase in the net acquisition cost from 8.23% to 9.34%

(Rupees in crores)

2007-08 2006-07

F. OPERATING EXPENSES : 1019.10 1153.89

Percentage to Net Premium: 20.74 24.28

Operating Expenses declined by Rs. 134.79 Cr., mainly due to the reduction in the employee remuneration and welfare benefits. Operating Expenses constitute 20.74% during 07-08 as against 24.28% during 06-07 against net premium.

(Rupees in crores)

2007-08 2006-07

G. UNDERWRITING RESULTS: -844.39 -653.27

Percentage to Net Premium: -17.18 -13.75

Underwriting deficit has gone up from Rs. 653.27 Cr. in 06-07 to Rs. 844.39 Cr. in 07-08 mainly on account of increase in net incurred claims by Rs. 533.87 Cr., which was partially offset by reduction in the expenses and moderate increase in the net premium.

(Rupees in crores)

2007-08 2006-07

H. INVESTMENT INCOME (LESS PROVISIONS)

Apportioned to Policyholders 1353.77 1390.00

Apportioned to Shareholders 990.85 861.35

Total 2344.62 2251.35

(Rupees in crores)

2007-08 2006-07

I. REVENUE ACCOUNT RESULTS : 509.38 736.72

Percentage to Net Premium 10.37 15.50

The policyholders account showed a net surplus of Rs.509.38 Crs. In the current year against Rs.736.72 Cr. in the previous year, a reduction of Rs.227.34 Crs.

(Rupees in crores)

2007-08 2006-07

J. OTHER INCOME / OUTGO 21.23 15.85

K. PROFIT BEFORE TAX 1521.46 1613.93

L. PROFIT AFTER TAX 1401.13 1459.95

M. PROPOSED FINAL DIVIDEND 283 292

N. PAID-UP CAPITAL 200 200

O. RESERVES AND SURPLUS 6772.80 5820.16

P. TOTAL ASSETS 31944.14 27444.57

Q. INVESTMENTS (AT COST) 11236.10 11009.61

R. SOLVENCY MARGIN

Required solvency margin under IRDA Regulations Global) 1300.88 1327.70

Available solvency margin (Global) 5000.34 4735.68

Required solvency margin under IRDA Regulations (Indian) 1106.26 1116.73

Available solvency margin (Indian) 4425.25 5173.32

The companys global solvency ratio has improved from 3.57 to 3.84

S. COMPLIANCE WITH SECTION 40C

Percentage of expenses prescribed under the act 19.59 19.68

Companys actual percentage of expenses 16.77 20.26

Percentage of expenses including commission p rescribed under the act 27.34 27.63

Companys actual percentage of expenses including commission 24.86 28.29

The Companys expenses are well within the limits prescribed

III. FOREIGN OPERATIONS:

The Gross Premium was Rs. 1143.63 crores in 2007-08 as against Rs. 1186.85 crores in 2006-07 showing a fall of 3.64%. The Net Premium was Rs. 932.07 crores in 2007-08 as against Rs. 981.44 crores in 2006-07 showing a fall of 5.03%. The fall in premium is mainly due to strengthening of rupee vis-à-vis other currencies. If the comparison of performance is done between 2007-08 and 2006-07 on the exchange rate of 2006-07, there is actually a growth in premium with accretion of 4.2% on Gross basis and 2.7% on Net basis

Foreign operations showed underwriting loss of Rs. 70.07 crores (7.5%) in 2007-08 as against underwriting profit of Rs. 20.44 crores (2.1%) in 2006-07 due to some major claims. The net profit of foreign operations for the year 2007-08 was Rs. 43.63 crores (4.7%) as against Rs. 119.86 crores (12.2%) in 2006-07.

Companys foreign operations were affected by major claims in Muscat (Gonu Cyclone), Dubai (major fire claims) and Curacao (Freezone Fire)

The Foreign Exchange earning during the year 2007-08 amounted to Rs. 6.87 crores towards dividend and repatriation of management fees from our Associate and Subsidiary Companies.

Company had organised Chief Agents Conference for Middle East Countries in Bahrain in October 2007 wherein strategy to increase premium in Middle East was discussed.

Overseas operational results for the year ended 31st March 2008

2006-07 2007-08

Sr.No Particulars Rs. in crores % Rs.in crores %

1 Gross Premium (Direct + Accepted) 1143.63 -3.6* 1186.85 5.7*

2 Net Premium 932.07 -5.0* 981.441 1.9*

3 Incurred Claims 693.55 74.4 567.92 57.9

4 Commission 236.16 25.3 240.65 24.5

5 Expenses of Management 88.92 9.5 97.01 9.9

6 Other Income -2.04 -0.2 -0.15 0.0

7 Underwriting Profit/Loss before Reserve Strain -88.6 -9.5 75.71 7.7

8 Reserve Strain/Release -18.53 -2.0 55.27 5.6

9 Underwriting Profit/Loss after Reserve Strain -70.07 -7.5 20.44 2.1

10 Investment Income 113.7 12.2 99.42 10.1

11 Net Profit/Loss 43.63 4.7 119.86 12.2

* Percentage represents accertion %

IV. PLANS FOR 2008-09

Domestic:

The company has procured a Gross Direct Premium of Rs. 5,276.91 crores from domestic market during 2007-08 as against premium of Rs. 5017.20 crores procured in the previous year, registering a growth of 5.18%. Companys growth is to be viewed in the context of dwarfing of Fire, Engineering and Motor (Own Damage) business segments during 2007 - 08 which resulted in softening of premium rates.

The Company has set up a target of Rs. 5,700.00 crores for the year 2008-09 at a targeted growth rate of 8%. The premium rates in Fire, Engineering and Motor own damage segments have been reduced considerably after the complete detariffing in these segments, which is likely to affect the growth despite overall industrial growth. But the Company is sanguine about retaining the existing clientele and getting the patronage of non- clients as well, in the prevailing detariffed regime. Further the Company expects another year of reasonable growth in Health segment due to increase in market demand, upward revision of premium rates and introduction of new customized products. Another area of growth is likely to be in the retail sector wherein the Company intends to market in a big way. This segment is likely to grow rapidly due to increase in income of middle class and new value proposition given to the growing distribution channels like Bancassurance, Brokers, and Corporate Agency by way of setting up specialised offices with focussed approach. Moreover the current low premium rates in property insurance are expected to improve and stabilize during the year 2008-09.

Foreign:

The premium objective for 2008-09 is Rs.1257 crores (Gross) against completion of Rs.1143.63 crores and Rs. 1000 Crores (Net) against completion of Rs. 932.07 crores.

V. ORGANISATION - STRUCTURE:

Domestic:

The Company has entered a phase of consolidation and restructuring of offices. As on 31st March 2008 the Company has a network of 26 Regional Offices, 389 Divisional Offices, 598 Branch Offices, 28 Direct Agent Branches and 11 Extension Counters, totalling 1052 offices.

Foreign:

New India has 19 Branches in 9 Countries and 12 Agency Offices in 10 Countries. The Company also has 2 Associate Companies in 2 Countries and 3 Subsidiary Companies operating in 7 Countries.

A. FOREIGN BRANCHES.

Country Branches Year of commencement of operations.

1. Japan 1. Tokyo 1950

2. Nagoya 1964

3. Hiroshima 1973

4. Okayama 1980

5. Sapporo 1978

6. Osaka 1962

7. Himeji 1996

2. Hong Kong 8. Hong Kong 1952

3. Philippines 9. Manila 1930

4. Thailand 10. Bangkok 1948

5. Australia 11. Sydney 1955

6. Fiji 12. Suva 1954

13. Lautoka 1967

14. Labasa 1982

15. Nadi 1996

7. Mauritius 16. Port Louis 1935

8. U.K. 17. London- Fenchurch 1920

18. Ipswich 2000

9. New Zealand 19. Auckland 2004



B. FOREIGN AGENCIES:

Country Branches Year of commencement of operations.

1. Abu Dhabi (U.A.E.) 1. Abu-Dhabi 1973

2. Dubai (U.A.E.) 2. Dubai 1961

3. Bahrain 3. Bahrain 1959

4. Kuwait 4. Kuwait 1953

5. Oman 5. Muscat 1975

6. Saudi Arabia 6. Riyadh 1981

7. Jeddah 1981

8. Al Khobar 1981

7. Dutch Caribbean 9. Aruba 1963

8. Netherlands Antilles 10. Curacao 1954

[9. France 11. Paris 1975

10. Canada 12. Toronto 1953



C. ASSOCIATE COMPANIES:

Country Year of commencement of operations

1. Ghana 1. Accra 1972

2. Saudi Arabia 2. Riyadh Full-fledged operations have commenced in July, 2008.

D. SUBSIDIARY COMPANIES:

Country Year of commencement of operations

1. Prestige Assurance plc 1. Lagos 1970

Nigeria 2. Kano

3. Port Harcourt

2. The New India Assurance Co (Sierra Leone) Ltd

Sierra Leone 1. Freetown 1973

Liberia 2. Monrovia 1983

3. The New India Assurance Co. (Trinidad & Tobago) Ltd

Trinidad & Tobago 1. Port of Spain 1996

St. Lucia 2. Castries

Dominica 3. Roseau

St. Maarten 4. Philipsburg

VI. PROJECT NEW ENERGY - BUSINESS TRANSFORMATION EXERCISE

To position itself in a higher growth trajectory and equip itself to handle the market and competitive challenges of the future, the Company has appointed a premier management-consulting firm, The Boston Consulting Group (BCG). The Consultants are expected to assist in the formulation of corporate Long term strategy and its phase-wise implementation. The business transformation exercise has been named "Project New Energy" and was started in October 2007. Project New Energy began by bringing together the top management of the Company at the National Insurance Academy, Pune to draft a long term Vision for the Company. This was followed by the Project New Energy team working closely with the companys top management to understand the company specific challenges and develop market landscape on the key elements like business lines, channels and segments. The team met numerous channel partners, customers and employees to develop its point of view. The study also incorporated competitive benchmarking and international learning from other relevant markets. Based on this understanding, BCG presented its initial recommendations to the Board of Directors on 17th December 2007, which were thereafter adopted. An overall transformation agenda has been drawn up for the organisation, which is to be executed in three waves.

Work on implementation of wave 1 initiatives has already started. Five wave 1 initiatives - creation of large corporate offices, creation of channel specific offices (bancassurance, brokers, motor dealers), creation of operations hubs, risk based pricing and improving profitability - were launched on a pilot basis across 8 regional offices in January 2008. The Project New Energy team has worked closely with the regional teams in the design and execution of each of these pilot initiatives. The objective of the pilots was to test the concept in a contained environment, fine tune the concepts and demonstrate the value of the initiatives to the organization. The early results from the pilots have been encouraging. Having established success in pilot regions, these initiatives will now be rolled out across all the Regions over the next 18 months. Simultaneously, design and rollout of wave 2 initiatives will also be carried out. The action agenda charted by Project New Energy is bold and ambitious, and if successfully implemented can significantly change the Companys growth trajectory.

VII. DETARIFFING:

De-tariffing introduced in the insurance sector in the various tariff departments picked up momentum during the year 2007-08. During the preceding year IRDA had introduced a cap on the reduction in the tariff rates to control the price fall for the major renewals during the month of April 2007. Going by the experience in the first two quarters of 07-08, IRDA lifted the cap in January 2008. In anticipation of total decontrol of rates, fresh guide rates for Fire, Engineering, Workmens Compensation and Motor were filed with IRDA after obtaining approval from the Board for the revised Underwriting Policy of the company. To meet the dynamic demands of the industry underwriters at various levels of operations were fully geared up. A significant change during the year was made by IRDA in respect of File and Use guidelines for Large Risks. Consequent to this, it has become mandatory for the direct insurer to quote the same terms and conditions as quoted by the reinsurer. A strategy was evolved to retain profitable clients and aggressive bidding was made to get profitable new clients on our books. This tactical approach resulted in a fall of only 18% in gross premium for Fire and a favorable incurred claims ratio of 58.55%. Engineering premium despite reduction in rates has shown a growth by 5.8% with an incurred claims ratio of 64%. For both Fire and Engineering departments the combined ratios are in accordance with the Underwriting Policy approved by the Board. During the year Indian Motor Third Party Insurance Pool became operational as planned w.e.f. 1st April 2007. Company ceded Rs.592.40 Crores to the Pool, and accepted Rs.388.14 Crores. The second stage of de-tariffing wherein policy wordings were to be freed w.e.f. 1.04.2008 has been deferred for the time being. After consultation with all the companies, General Insurance Council took the initiative of drafting Indian Market Wordings for different products of Fire, Engineering and Motor insurances which have been filed with IRDA.

VIII. MOTOR LOSS CONTROL MEASURES:

Motor Insurance is the Companys largest portfolio comprising insurance of two wheelers, private cars, commercial (goods carrying vehicles and passenger) carrying vehicles.

In tune with the liberalised and competitive market scenario, the premium rates of Motor Own Damage (OD) risks have declined. However, we expect not only to retain our market share but also to have good accretion. Companys Motor OD premium was 64.81% of the Total Motor Premium of Rs.1935.27 crores and the OD Incurred Claims Ratio stood around 71.66%. Companys Third Party Premium was 24% of the Total Motor premium in 2007-08. The Third Party (TP) loss ratio continues to be a drain mainly due to the provisions of the Motor Vehicles Act. Suggestions mooted to effect amendments to the Motor Vehicles Act, are under consideration of the Government. Indian Motor Third Party Insurance Pool was formed during 2007 - 08 in which all the registered non life insurers in India participate, to cede the Third Party Insurance Premium on commercial vehicles and share the losses through a multilateral reinsurance arrangement.

The Company has taken steps to keep its motor loss ratio under control. The Company encourages settlement of Motor Third Party claims through Lok Adalats and other conciliatory fora to reduce claims cost. Continuous efforts are being made to dispose of long pending TP claims by participating effectively in all Lok Adalats conducted by Tribunals and High Courts and reduce the outstanding TP cases. The thrust given by the Apex Court of India to reduce the pendency of Motor Accident compensation cases has added further momentum to clear off pending TP claims.

Greater emphasis is given to good underwriting and claims service practices to bring down claims cost.

The Company will shortly introduce a web-enabled system for issuance of polices and settlement of claims. We have recently instituted Organizational Development Intervention Programme. As a part of this programme, procedure for settling Motor OD claims have been simplified and pilot projects were initiated at two Regional Offices viz. Mumbai RO IV and Chennai RO. These two measures are expected to bring, not only transparency in claims servicing but also improvement in overall performance of motor insurance business and increase the customer satisfaction.

IX. CLAIMS SETTLEMENT AND AGEWISE ANALYSIS:

The company had kept an ambitious target of 90% claims settlement in respect of Non-suit Claims. The actual ratio in respect of Non-suit claims in 2007-08 was 89.14%, which is much above industry average.

However the overall claims settlement ratio including suit claims (comprising mainly of Motor TP Claims) was 72.44% in 2007-08.

Number of Claims Outstanding as on 01.04.2007 396249

Number of Claims Intimated during 2007-08 938923

Number of Claims Settled during 2007-08 967192

Number of Claims Outstanding as on 31.03.2008 367980

Age-wise classifications of outstanding claims as on 31.03.2008 are given here under:

Claims Outstanding for less than three months 73060

Claims Outstanding for more than three months but less than one year 69687

Claims Outstanding for more than one year 225233

Total 367980

Out of a total 367980 pending claims as on 31st March 2008, 261584 claims are Motor TP claims which are pending at various MACTs across the country.

X. RURAL INSURANCE, SOCIAL SECTOR INSURANCE AND SPECIAL SCHEMES:

The company has more than 40 products catering to the insurance need of rural and social sector. It has always remained pioneer in designing new products and developing business in the sector. The people in the rural area are adopting new practices in the farming and company is suitably devising its products to meet the requirement of the farmers and the financers.

1. Janasree Vima Yojana

The Company has provided coverage for sheep in the five Districts of Karnataka, namely, Gulbarga, Bidar, Raichur, Bellary and Koppal. Sheep and Wool Development Corporation of Karnataka funded the scheme and the beneficiary paid 10% premium. The total number of sheep covered under the scheme is 88000 and a premium of Rs. 53.07 Lacs was collected.

2. Ganna Kamgar Vima Yojana

This is a unique scheme specially designed covering personal accident, dwellings and bullocks for the sugarcane farmer members attached to various sugar mills in the State of Maharashtra. Under the scheme, the Company has collected Rs. 35.18 Lacs premium and has paid Rs. 27.09 Lacs as claims. The number of members covered under the scheme is 18,000.

3. Gopal Raksha Package Policy

This scheme was devised for milk producers belonging to weaker section of the society in the State of Andhra Pradesh during the year 2006-07 The scheme provides insurance cover for milch cattle, Dwelling and also Janata Personal Accident cover for the members of milk producers union. The scheme is gaining popularity and the growth is almost 100% under this scheme during the year 2007-08.

The Premium and Incurred Claims for the year 2007-08 are Rs.114.36 Lacs and Rs.64.12 Lacs respectively as compared to Rs. 63 Lacs and Rs.30.05 Lacs respectively in the year 2006-07.

4. Plantation Insurance

The Company has standard Plantation Insurance Scheme for insuring Floriculture, Horticulture, and Cash Crops like sugarcane; cotton etc The Company has started additional add-on covers for pest & diseases and drought under this scheme in addition to standard covers. The Plantation Insurance Scheme covers the input cost.

5. Social Security covers for weaker sections of the society:

- Janata Personal Accident Insurance:

To provide social security for the common masses in rural and urban areas, Janata Personal Accident was marketed. Several group policies were sold through Government, NGOs and Corporate Clients. A few examples are given here:

A single largest group JPA policy was sold by the Company through LIC of India along with the life policy issued by LIC out of Social Security Fund of the Government of India. The policy covers 90 Lac persons belonging to weaker sections of the society. The premium procured was Rs. 1.55 Crores

Indira Kranti Pratham and its Associates:

The Gramin JPA policies were issued to the beneficiaries of Indira Kranti Pratham in the rural area in the state of Andhra Pradesh. The total number of members covered under the above scheme is 83,200 and the premium procured is Rs.6.24 lacs under the various schemes namely: -1] Vizianagaram Zilla Samakhya 2] Maha Vaisakhi and 3] Grihalakshmi. The death cover is provided to the member and spouse under the scheme.

Similarly its associate like Morgan Maha Vaisakhi is working in the urban area. Approximately 25,000 members are covered and the premium collected is Rs 3.50 Lacs and the claim outgo is Rs. 1.25 Lacs. The members of these schemes are of weaker sections of the society.

Janata Personal Accident Policy for Kisan Credit Card Holders:

The Company has agreement with several leading banks like State Bank of India, Bank of Baroda, Union Bank of India, Central Bank of India, various regional rural banks and co-operative banks for coverage of farmers having Kisan Credit Card under Janata Personal Accident Policy. The Company has covered more than 30 Lac farmers under this scheme.

- Amruta Yojane Scheme for Women:

The scheme is specifically devised for offering employment to the SC/ST women in rural areas for giving loan for purchase of milch cattle in the Districts of Bangalore Urban, Bangalore Rural, Dakshin Kannada, Udupi, Mysore and Chamrajnagar. M/s. Karnataka Milk Federation identifies the beneficiaries. The total number of animals covered is 9000.

- Rajeev Gandhi Vidhyarthi Suraksha Yojana:

This policy provides insurance cover for personal accident up to Rs. 30,000/- permanent total disablement for two limbs/eyes up to Rs. 50,000/- and loss of one limb/eye up to Rs. 20,000/-. Medical expenses arising out of accident up to Rs. 10,000/- loss of books due to accident up to Rs. 350/- reimbursement of fees up to Rs. 650/-, loss of bicycle up to Rs. 1500/- are also covered under the Scheme. The total premium collected is Rs. 23.30 Lacs.from Nasik & Ahmednagar Districts of Maharashtra.

- Universal Health Insurance Scheme:

The scheme was implemented in the year 2003 as per the directives of the Government of India for providing hospitalization benefit to the economically weaker section of the society. The policy is meant for the people below poverty line. The Government provides subsidy of more than 50% of the premium.

The scheme provides hospitalization benefit up to Rs 30,000/-per family and personal accident benefit of Rs 25,000/- for the earning head of the family during the policy period. There is provision of cashless service through Third Party Administrators (TPA).

During the year the company covering 32716 persons issued 6936 policies and a premium of Rs22.72 Lacs was collected. Subsidy to the extent of Rs 27.28 Lacs was utilized on this account. The claims pay out for the scheme was Rs 32.14 Lacs during the year.

The Company also provides similar coverage for Non-BPL families without subsidy by the Government.

- Insurance coverage for BPL families in Kerala:

Ernakulam R.O. have covered 3205 BPL families of three villages namely: - 1] Venjaramoodu 2] Thattamala 3] Vaniamkulam in the district Trivandrum, Kollam and Palakkad respectively by collecting a premium of Rs.16,24,803/-. The premium for Venjaramoodu village was sponsored by M/s Gokulam Medical College and for Thattamala village by M/s Quilon Medical Trust and by Vaniamkulam Grama Panchayath for Vaniamkulam village. The coverage is likely to be extended further in the coming year.

XI. CITIZENS CHARTER:

Utmost care is taken to adhere to the assurances given in the citizens charter, which are displayed in prominent places in the Head Office, all Regional Offices and Divisional Offices.

XII. CUSTOMER SERVICE:

Customer Service & Grievance Cells are well established at companys corporate office and all Regional Offices. "May I help You? " counters have been provided in all Regional Offices, Divisional Offices and Branch Offices for customer service.

Our companys website provides addresses and contact numbers of all offices for convenience of the customers. Online information of the companys products is also provided for the benefit of public.

XIII. GRIEVANCE REDRESSAL:

The company has well-established grievance cells at the Head Office and all Regional Offices. The grievance cell is headed by Chief Manager and supervised by General Manager at Head Office and Regional Manager at Regional Offices.

Grievance cells provide information to customers and helping to redress their grievances within the shortest time. Grievance Claim Review Committee at Regional Offices redress grievance of claims so that litigations are minimized.

Within a short span of time the Company is likely to introduce online grievance registration by customers, whereby the customers can register their complaints, see the response and get redressed of their grievances.

The grievances redressal during the year is as below:

Cases O/s Cases Cases Cases O/s as on Reported Redressed as on

01.04.2007 during the year during the year 31.03.2008

Directly reported to HO- HODT 328 694 712 310

Received through IRDA 170 318 326 162

Received through DPG (Directorate of Public Grievances) 23 35 37 21

Total 521 1047 1075 493

XIV. TECHNO MARKETING:

New India has a Techno Marketing Department, which plays a proactive role in devising innovative insurance solutions for the large corporates in the Indian Market. The process involves identification of Large Risks in India through various sources, constant liaisoning and vigorous follow up to convert opportunities into premium income for the Company.

Out of the total 32 Large Risks existing in the country, New India retains the dominant position by writing 17 risks. The Company procured premium of Rs.170.89 crores from this category during the year. Apart from this, many Large Risks availed terrorism cover from the international market. By efficiently sourcing the terrorism capacity, New India earned a premium income of Rs.8.63 crores during the current underwriting year. When viewed in the backdrop of falling reinsurance rates and entry of more number of new players into the Large Risks insurance market, the premium earned is quite sizeable. Over and above these, the premium earned from construction insurance for large projects during the year is Rs.57.94 crores. Thus the total premium from this portfolio has been Rs.237.46 crores.

With the threshold limit having been lowered for categorization as Large Risks, many more risks are likely to fall under the Large Risks category and Techno Marketing will have a major role to play in bringing these risks also to the Companys books.

Large Risks Customers Meet:

In view of the large-scale global acquisitions by the Indian Industry, in order to update our valued Large customers on the state of Large Risks, Reinsurance Market, Sector Specific Developments, Best Practices in Risk Management strategies etc., and to deliberate on the global changes in the Large Risks segments, Two-day Customer Meet for Senior Executives of the major corporates was arranged by Techno Marketing Department in Goa on 20th & 21st August 2007. It was attended by Top Executives from Large Risk Customers.

The key speakers in the conference were mainly from major Global Reinsurance Companies.

Brokers Meet:

With total Detariffing, the distinction between Large Risks and others will thin out and Broker intermediation is likely to strengthen.

In this scenario, in order to facilitate an opportunity for our senior executives to have better personal interaction with the Brokers and to familiarize Broking Community with our capabilities, Techno Marketing Dept had organized a Brokers Meet in Mumbai on 7th December 2007. All our senior executives have participated in the programme and had excellent interaction with all the major Reinsurance Brokers and Large Risks Brokers.

Familiarisation sessions on handling large risks to operating offices:

In order to brief the operating offices on the procedural formalities for effectively handling Large Risks and also to supply the market information on this segment, Techno Marketing Department had held Familiarisation Sessions for the Regional-in-charges, Chief under-writers of Regional Offices and Divisional Managers/ Sr.Divisional Managers handling Large Risks.

XV. PUBLICITY ACTIVITIES:

The publicity campaign of the Company is aimed at promoting its corporate image and popularizing its products among urban, semi-urban and rural masses.

Electronic Media, Outdoor Media and Print Media were utilized for publicity purposes. Hoardings and glow signs have been placed at many major road junctions, highways, railway stations and airports. Advertisements are also displayed on transit media like buses, trains, aircrafts, baggage trolleys etc. Wall paintings and banner displays at local events help the Company in brand building in rural areas.

The Company participates in fairs and exhibitions and also sponsors various sports, cultural and philanthropic events. It organizes customer seminars quite often to apprise the customers about the various insurance policies and the procedures/requirements for early settlement of their claims.

Publicity is an ongoing process for the Company. With the market undergoing drastic changes at phenomenal speed, the publicity efforts help the Company to stay in touch with the insuring community spread far and wide across the globe.

XVI. REINSURANCE:

The Reinsurance Programme was structured to respond to the twin needs of the Company; namely - protection of the Balance Sheet and provide adequate Automatic Capacity to write business in an environment where economy is growing and Tariff barrier is removed.

The Automatic Capacity for Property was increased from Rs. 837 Crores to Rs. 1094 Crores for Fire Department and for Engineering (Projects) the capacity was increased to Rs. 811 Crores from Rs. 493 Crores.

No major Catastrophic or Risk losses were reported during the year. This coupled with the fact that globally reinsurers too faced a loss free year and with additional capacity coming to the reinsurance market our Excess of Loss covers protecting net account of the Company were renewed at competitive prices.

New Indias prudent, disciplined underwriting in the free market regime and the focus on profits will ensure reinsurers support during the period when we are experiencing widespread changes.

XVII.INFORMATION TECHNOLOGY:

The Information Technology Department of the Company has embarked on the revamp of the IT architecture of the Company through the project called CWISS (Centralized Web-based Insurance System Solution). CWISS encompasses Web Portal for customers and intermediaries, Channel Management, Business Intelligence, Customer Relationship Management, Human Resource Management, Document Management System and Executive Dashboards for various stakeholders of the Company besides call center / IVRS facility. Through a stringent evaluation process, M/s TCS Ltd. was selected from amongst six vendors who responded to the RFP (Request For Proposal).

The CWISS focus is on an integrated state of art Customer Relationship Management (CRM) solution starting with a single, complete and real-time enterprise view. This will facilitate the service call center representatives, agents and brokers to understand and serve every facet of individual customers. This level of holistic and personalized services can be the vital differentiating factor for retaining of customers. This CRM solution will provide an enhanced level of control over all aspects of customer interaction strategy, manage the customer life cycle, building a thorough profile of each and every customer and managing at every stage in the relationship - from initial contact to the sale, managing quotes and policy information, automatic rating of clients, the fulfillment of services, claims and renewals. Since the customers requirements will evolve with the passage of time, this will help us in better understanding of the same. This also helps in improved strategy to automate claim process by reducing cost of claim processing by optimizing the processing cycle.

The Company has planned the roll out of CWISS by Line of Business across all offices for speedy implementation. For this purpose the motor policies, which form a major chunk of business/documents issued by the Company were chosen for the initial deployment. This will cater to the maximum number of clientele of all categories and classes covering major portion of our business.

Thirteen different groups were formed for study, design and development of software for the other lines of business and peripheral applications and services, which are being carried out simultaneously to enable the Company to achieve its ambitious plan to implement an online real time services to our esteemed customers anywhere in the country by the end of the year 2008.

IT department has facilitated the operation of a Centralized Claims Hub for Motor OD Claims processing in two Regional Offices, wherein the claims team is able to log on to the Operating Office Server for registration and payment of claims.

The Company embraces the open source technology. Company adopted Linux as the operating system for the Mail Messaging Service that runs on Redhat Linux system. The new software CWISS will also be built on Mozilla browser.

In recognition of the Companys initiatives in adopting open source technology through the mail messaging service, the Company received an award called " The World is Open" award in March 2008 instituted by M/ s SKOCH consultancy and Redhat.

XVIII.VIGILANCE ACTIVITIES:

The Vigilance Department of the Company is headed by the Chief Vigilance Officer, who is in the rank of General Manager, and complemented by 27 Vigilance Officers at Regional Offices. The vigilance activities involve investigating into the complaints of corruption and malpractices made against the employees and taking suitable punitive actions against the erring officials.

The thrust of the vigilance activities of the Company is on prevention as well as punitive actions. The employees are educated to follow the set of rules and regulations framed by the office pertaining to underwriting, claims, accounts and other activities of the office. Simultaneously, system studies are carried out on matters relating to tender processing, salvage disposal, misuse of cover notes, cash collections vis-à-vis bank reconciliation, implementation of ‘Know Your Customer (KYC) concept especially under Mediclaim and Personal Accident Insurance etc. Based on experience, remedial measures are suggested for further improvement.

Proactively, the Vigilance Department conducts Surprise Inspection and Co-ordinates with Audit Department. As a result of such inspection reports, sometimes punitive actions have to be taken.

Training on vigilance matters are undertaken at the Training Centre at Mumbai. Vigilance as a module has been included in all induction programmes. The idea is to make employees aware of their duties and responsibilities towards the organisation; they will thereby imbibe in themselves a culture of value and ethics, in their daily work. Activities during Vigilance Awareness Week, also helps in infusing a higher degree of confidence in our employees so that better control / supervision over business & processes can be exercised.

XIX. INTERNAL AUDIT:

The Internal Audit Department has maintained the focus on detection and rectification of Systems and Procedural Lapses and enhancing the performance of Audit Compliance Cells at the various operating offices for faster compliance with respect to objections - both Internal and C.A.G. Effective measures to control recoveries due from employees have been taken.

For the last two years the department has been laying great emphasis on ensuring quality of record keeping in the operating offices and designated persons have been listed-out, who shall be responsible for the same. This has ensured immediate availability of Policy Documents and Claims Folders to auditors whilst auditing. Second-time audit of premium accounts and banking reconciliation is being done this year too; which has greatly helped in detection and curtailment of financial irregularities. Audit engagement by way of Surprise Inspection has been conducted on a random basis and is considerably helping in keeping systems and procedures in place. With the help of H.O., Internal Audit officials and Executives from H.O. - 7(seven) Audit Workshops were conducted during the year, which has substantially helped in resolving difficult queries and in the process, the number of pending queries have come down to a great extent. In co-ordination with the office of the Comptroller and Auditor General, two Zonal Workshops were conducted at Kolkata and Head Office at Mumbai for compliance of queries and confirmation of status for our East and West Zone Regional Offices respectively - whose outcome was extremely encouraging. Last year the following areas were audited by way of Special Audit - this year they have been integrated into the Regular Audit Reports and have become an on-going process: Third Party Administrators Audit, Training Centers Audit, Bancassurance Audit, Auto tie-up Audit, Motor T.P. Audit, Pension & Gratuity Audit. Technical Audit Reports are being sent on a monthly basis to IRDA as per statute.

XX. HUMAN RESOURCE DEVELOPMENT:

A) Particulars of Employees:

The number of employees as on 31st March 2008 is as follows:

Category Total Number of Employees

Class I 4,833

Class II (Development) 2,348 Class II (Administration) 616

Class III 9,850

Class IV (Excluding Part Time Sweepers) 2,180

Part Time Sweepers 392

TOTAL 20,219

B) Training:

The Company provides ample opportunities to its employees for knowledge and skill updation. New India has its own Corporate Training College in Mumbai, two Zonal Training Centres at Kolkata and Chennai and twenty-one Regional Training Centres. Besides, thirty-three Agents Training Centres are also operating throughout the country. National Insurance Academy at Pune (promoted by the Company, alongwith its public sector counterparts and LIC) imparts insurance training of a higher degree to the insurance professionals. The Academy offers research facilities as well in the field of insurance.

In addition to training facilities offered at its own training centers, New India nominates its employees for technical and personality development programmes organized by outside professional agencies like Indian Bank Association, R.A. Knowledge Forums Pvt. Ltd., National Institute of Man Management and Advancement, Organisation Development Institute of India, Industrial Management Academy, National Conference on Internal Audit, Indian Merchants Chamber, IFCAI, College of Management Studies and The Institute of Company Secretaries of India, Resource Development & Management Institutes, Institutes of Actuaries of India, BSE Training Institute, Forum of Women in Public Sector, College of Insurance, etc. Executives and officers also attend international seminars, conferences and trainings conducted by M/s. Richards Hogg and Lindley, London (for marine insurance), M/s. Hannover Re, Malaysia (for reinsurance), Munic Re Germany (for engineering insurance), Milli Re Istanbul, Turkey (for reinsurance), Swiss RE Academy, Hongkong (for engineering insurance), B.E.S.T. RE Malaysia (reinsurance), Asian Re Bangkok (Reinsurance), International Union of Marine Insurance Denmark (Marine Insurance), Middle East Health Insurance Conference organized by Asia Insurance Review, Dubai and the like.

Details of training programmes attended by the employees for the period from 01.04.2007 to 31.03.2008 are given in the table below:

Sl. No. Institute No. of Programmes No. of participants conducted from New India

1. National Insurance Academy 93 521

2. Corporate Training College 72 1375

3. College of Insurance 6 30

4. External Institution 22 75

5. Foreign Programmes 10 14

C) Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), People With Disabilities (PWDs) and Ex-servicemen:

The representation of SC/ST in various cadres as on 31.3.2008 is as under:

Category/Level Total Number of Percentage of Number SCs STs SCs STs

Group A (Officers) 4833 1132 249 23.42 5.15

Group B (Development Officers Development & Administration) 2964 304 86 10.26 2.90

Group C (Clerical) 9850 2119 766 21.51 7.76

Group D (Sub-staff) 2180 911 173 41.78 7.93

Part time Sweepers 392 257 34 65.56 8.67

TOTAL 20219 4723 1308 23.35 6.47

The Government guidelines regarding reservations, concessions and safeguards to employees belonging to SC/ST/OBC/PWDs & Ex-Servicemen are strictly followed by the Company. Due care is taken to ensure assignment of development functions, foreign postings and training.

SC/ST & OBC Cells are actively functioning at Head Office and all Regional Offices. The cell at Head Office is under the charge of a Chief Liaison Officer assisted by Liaison Officer, whereas Assistant Liaison Officers head the Cell at various Regional Offices.

Once in a year, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitments and promotions at all Regional Offices. The inspection reports, with the observations of Liaison Officer, are put up to the General Manager (Personnel) and Chief Liaison Officer for further directions and sent back to the respective Regional Offices. Based on the inspection report, efforts are taken by the concerned Regional Office in coordination with the Head Office to clear the backlog and rectify the shortcomings in the procedure, if any, observed by the Liaison Officer.

The grievances and complaints are investigated and resolved immediately.

Two special Workshops on Reservation Policy and Implementation of Roster were held for Assistant Liaison Officers as well as Personnel Officers of the Regional Offices during the year. The workshops imparted training to the officers on effective implementation of the Government guidelines in this regard.

Special workshops were also held to train 119 officers on personality development, communication skills, time management, motivation and challenges in changing scenario for SC/ ST/OBC officers.

Dr.Ambedkar Trust has been constituted for the welfare of SC/ST and OBC employees of GIC and GIPSA Companies. The following schemes are some of the incentives given by the Trust :

1. Reimbursement of cost of books, notebooks & uniforms to the children of Part Time Sweepers.

2. Dr.Babasaheb Ambedkar Awards scheme for SC/ST employees who have passed Licentiateship/ Associateship/Fellowship examination conducted by Insurance Institute of India.

3. Reimbursement of expenses incurred for fees, book, study materials for MBBS, MBA, BE etc. to the children of SC/ST employees.

4. Imparting entrepreneurial development training.

D. Industrial Relations:

The industrial relations have been cordial and smooth during the financial year. The concerns and interests of the employees were handled amicably. The Company has strived to meet its objective of maintaining cordial relationship with the unions and associations.

E. Staff Welfare Schemes:

Many welfare related schemes are available to the employees including their families such as Housing Loan at subsidized rates of interest, Group Mediclaim Policy, covering hospitalization expenses, Lumpsum Domiciliary Payment, Group Personal Accident Policy with 24 hours cover, Group Baggage Policy, Benefits to employees meeting with accident whilst on duty, Exgratia relief for uncovered medical expenses for high cost/protracted treatment, Incentives for family planning, Financial assistance for post graduate management courses, Employees Deposit Linked Insurance Scheme, Group Savings Linked Insurance Scheme and Group Term Insurance Scheme.

F. Gender Issues and Empowerment of Women:

1. The Company continued to give equal opportunities for career development to women. No new cases of sexual harassment were reported this year.

2. Training Programme for RO/DO women representatives was conducted at CTC, where Womens Committee member apprised the participants on the various provisions available at Law and within the organization in respect of sexual harassment at workplace. The participants too gave their feedback and in general expressed satisfaction regarding the congenial work atmosphere.

3. The Company has two lady Regional In-charges, 14 Divisional In-charges and 18 Branch In-charges. One lady officer has also been posted as In-charge of our Manila office.

Our representatives participated in the 18th National Meet of Forum of Women in Public Sector on 12th & 13th February 2008 where the theme was "The New Millennium Woman: Dreams Unlimited." The highlights of the programme were the inspiring speeches of Dr. Shubha Raul, Mayor of Mumbai and Mr. P. Sainath, who has been awarded the Magasaysay Award. The central idea in their talk was doing things however small, with commitment and concern.

G. Sports Activities:

The Company believes in the principle that the optimum output is derived if the employees are in good health. Our step in this direction has been to encourage sports activities and to give shape to this endeavor; New India Sports Clubs have been formed. Under the aegis of New India Sports Club, the Inter Office Table Tennis Tournament was conducted in May 2007 and also All India Cricket Tournament in December 2007 successfully. In addition to the above activities, various tournaments have been organized locally in all the Regional Offices.

XXI. OFFICIAL LANGUAGE IMPLEMENTATION:

The Company supports efforts to encourage use of Hindi in routine internal work as well as communications with public and customer service. Employees are motivated to transact official business in Hindi and other languages included in 8th schedule of the constitution. During the year Ministry of Home Affairs, Govt. of India awarded Rajbhasha Trophy to the Company.

The Company organised 331 Hindi workshops during the year. These workshops were organised at different locations all over India. The Company introduced in house training curriculum for training the employees who do not possess working knowledge of Hindi. Training programmes were organised at Chandigarh, Guwahati and Eranakulam. Successful employees were paid cash prize of Rupees One Thousand each. All training centers in Region "A" and "B" are using Hindi as medium of instruction in training programmes. A special training programme was organised for Hindi Officers at Corporate Training College, Andheri in July-August, 2007.

A symposium was organised by the Company on ‘Future of Indian Languages. The participants included Shipping Corporation of India and different representatives from Press, TV channels, All India Radio, Educational Institutions, Law, Industry, Tele communication, Fertilizers, Shipping, Aviation, Banking, State and Central Government Offices. The symposium was held on 20th February 2008 and the speakers were Padmshri Kumar Ketkar of Indian Express group, Dr. Snehlata Deshmukh, Ex. Vice Chancellor of Mumbai University, and Dr. Vijaya Wad, Chairman, Marathi Vishwa Kosh Nirmity Mandal, Maharastra State Government. Smt. P.V.Vatsala G.Kutty, Joint Secretary of Official Language Department, Ministry of Home, Govt. of India attended the event as Guest Speaker.

All India Hindi Officers Conference was organised at Khajurahoo during January, 2008.

New India brought out various House Magazines in Hindi from H.O. and different Regional Offices. The " Arjan " Hindi quarterly published by H.O. has been recently awarded a prize for its contents and quality by "Akhil Bhartiya Rashtriya Bhasha Vikas Sammelan, Delhi.

New India launched Incentive Scheme for writing original books in Hindi on Insurance and related subjects. Best-qualified entries shall be awarded First, Second and Third Prizes of Rs.2 Lacs, Rs.1 Lac and Rs. 0.5 Lacs respectively.

Existing as well as retired employees of general insurance companies (Private / Public) and Agents can participate and take benefit of the Scheme.

521 Offices were inspected and position regarding use of Hindi was reviewed, plan for action was agreed and implementation ensured. Inspection was carried out by the Parliamentary Committee on Official Language at our branch offices at Dharmshala and Veraval. Noida office was visited by Sakhya Samity on Official Language.

Check points for implementation of the Policy have been introduced. This will help strict implementation of the provisions of Official Languages Act, Rules, Instructions regarding use of Hindi. A full time Hindi Officer at H.O. is assigned job of compliance of Section 3(3). All Hindi Officers of the Company are held responsible for violation, if any, as provided under the Order No. Hindi/4/2007/137 dated 23rd July, 2007.

Our Hindi department initiated use of Hindi in RTI working, produced literature useful for training and education of general public. First book in Hindi on this topic was authored and published by one of our employees.

New India encourages use of local public languages also for dealing with customers and expansion of business in rural and social segments. Insurance documents like proposal forms, claim forms, policy clauses are now available in different state languages like Telugu, Kannada and Marathi etc.

XXII. RIGHT TO INFORMATION ACT, 2005:

The Central Public Information Cell set up at Head Office in the year 2005, continued to process the requests for information as well as disposal of appeals speedily and efficiently, within the provisions of the RTI Act and the same was ensured from the Public Information Officers of 26 Regional Offices.

The CPIO, Head Office had also arranged various workshops attended by the PIOs of Regional Offices, wherein the PIOs were appraised of the sensitiveness of the RTI Act and the decisions given by the CIC from time to time so as to enable them to act accordingly and within the stipulated time limit under RTI Act.

Progress in 2007-08:

Requests First Appeals

Opening Balance as on 01/04/2007 14 20

Received during the year including cases transferred to other Public Authority 544 98

No. of cases transferred to other Public Authorities 43 0

Decisions where requests/ appeals rejected 73 30

Decisions where requests/ appeals disposed of 442 88

Outstanding as on 31.03.2008 11 3

XXIII. CERTAIN EXPENSES OF MANAGEMENT:

Expenses of Management of the Company include:

(a) Entertainment (Indian & Foreign): Rs.1.04 crores.

(b) Foreign Tours undertaken by the Executives: Rs.1.13 crores.

(c) Publicity and Advertisement: Rs.27.59 crores.

XXIV. FOREIGN EXCHANGE EARNINGS & OUTGO:

The Companys foreign exchange earnings for the year 2007-08 is Rs.151.75 crores whereas the outgo in foreign currency has been Rs.339.80 crores.

XXV. FINANCIAL RATING:

AM Best Co. the world renowned rating agency has rated New India as A- Excellent for the financial strength rating and Issued Credit Rating (ICR) as "a-". The outlook of both ratings has been revised to stable. The rating also reflect New Indias strong risk adjusted capitalization and leading business position in the Indian market. AM Best has an improved opinion of the potential impact of country specific factors on New Indias financial strength and ability to meet its financial obligations.AM Best affirmed that, New Indias business profile remains strong, with the company maintaining its leading business position in the domestic market and is likely to maintain its leading position in the non-life insurance market in the near future. New Indias technical reserves to net written premiums ratio was very good at 173% for the year to March 2007 and AM Best expects the ratio to remain at a similar level going forward. AM Best believes that New Indias Risk Adjusted Capital position will remain strong, although volatile due to significant exposure of its investment in the domestic market. The Company considers the AM Best rating (Unique for non life insurer in India) to be significant advantage to be leveraged for obtaining quality business, especially in foreign countries.

XXVI. BOARD OF DIRECTORS:

New Indias Board consists of a perfect blend of experts from the fields of insurance, banking and finance. The Company has eight directors at present. The details are given below:

Sl. No. Name and Designation of Directors Category of Directorship

1. Mr. B Chakrabarti Chairman-cum-Managing Director

2. Mr. Tarun Bajaj, I.A.S.Joint Secretary (Banking & Insurance), Ministry of Finance,

Government of India. Non-Executive Director

3. Mr. T S Narayanasami Chairman & Managing Director, Bank of India. Non-Executive Director

4. Mr. M. Razzack Chartered Accountant Part time Non Official Director

5. Mr. Sanjay Gupta Chartered Accountant Part time Non Official Director

6. Mr. Sarat Pattanayak Social Worker Part time Non Official Director

7. Mr. N S R Chandra Prasad General Manager Whole-time Director

8. Mr. A R Sekar, General Manager, Financial Advisor & Company Secretary Whole-time Director

The Board underwent the following changes in its composition since the date of last Directors Report, i.e., 02.08.2007:

a. Government of India appointed Mr. M. Razzack, Mr. Sanjay Gupta and Mr.Sarat Pattanayak as Part Time Non-official Directors on the Board with effect from 27.08.2007.

b. Mr. Tarun Bajaj, I.A.S., Joint Secretary (Banking & Insurance), Department of Financial Services, Ministry of Finance as Director on the Board in place of Mr. G.C. Chaturvedi, I.A.S, with effect from 17.12.2007.

The Board places on record its sincere gratitude for the valuable contributions made by Mr.G.C. Chaturvedi as Director of the Company and as Chairman of Audit Committee.

Five Board Meetings took place during the year. The attendance of directors during the meetings is given below:

Name of the Director 27.06.07 29.09.07 17.12.07 08.02.08 19.03.08

Mr. B. Chakrabarti - - - - -

Mr. G. C. Chaturvedi - - - NA N.A.

Mr. Tarun Bajaj (Appointed as Director on 17.12.2007) N.A. N.A. N.A. - -

Mr. T. S. Narayanasami - Leave of Leave of - Leave of Absence Absence Absence

Mr. M.Razzack N.A. - - - - (Appointed as Director on 27.08.2007)

Mr.Sanjay Gupta N.A. - - - - (Appointed as Director on 27.08.2007)

Mr.Sarat Pattnayak N.A. Leave of - - - (Appointed as Director on 27.08.2007) Absence

Mr. N S R Chandra Prasad - - - - -

Mr. A R Sekar - - - - -



XXVII. AUDIT COMMITTEE:

The Company has constituted Audit Committee under Section 292A of the Companies Act, 1956. The Committee was headed by Mr. G.C. Chaturvedi, Director. The other members of the Committee are Directors, Mr. T. S. Narayanasami and Mr. N. S. R. Chandra Prasad. Director, Financial Advisor & Company Secretary, Mr. A. R. Sekar is the Convener of the Committee.

Consequent on the appointment of Mr. Tarun Bajaj as Director in place of Mr.G.C..Chaturvedi, the Audit Committee was reconstituted with Mr. Tarun Bajaj as Chairman and inducted Mr. M. Razzack, Director, as member, in the Board Meeting held on 8th February, 2008.

During the financial year 2007-08, the Committee held two meetings.

The Audit Committee oversees the Companys financial reporting processes and disclosure, reviews the financial results of the Company at periodic intervals and its financial and risk management policies, evaluates the internal and external audit systems and the adequacy of internal control system and considers the audit findings and investigations.

The Audit Committee reviews the audit of all the offices of the Company conducted throughout the year. It determines the scope of audit and gives directions for correcting irregularities. The Audit Committee at its meeting held on 06.06.2008 reviewed the Companys Annual Accounts for the year 2007-08. The Committee held discussion with the statutory auditors and recommended the same to the Board of Directors for approval.

XXVIII. INVESTMENT COMMITTEE:

Investment Committee is another sub-committee of the Board, which is functioning in the Company. The Committee was constituted in the year 2001 under Section 9 of IRDA (Investment) Regulations, 2000.

The Investment Committee presently consists of six members - Mr. B. Chakrabarti, Chairman-cum-Managing Director, Mr. Tarun Bajaj, Non-Executive Director, Mr. T. S. Narayanasami, Non-Executive Director, Mr. Sanjay Gupta, Part Time Non Official Director, Mr. A. R. Sekar, Director, Financial Advisor and Company Secretary and Mr. A R Prabhu, Appointed Actuary. The Chairman of the Committee is Mr. B. Chakrabarti, Chairman-cum-Managing Director.

Mr. T. S. Narayanasami became a member of the Committee with effect from 19.06.2007.Mr. Sanjay Gupta was inducted to the Committee in the Board Meeting held on 19th March, 2008. Dr. A.K. Khandelwal and Mr. G. C. Chaturvedi ceased to be the Members of the Committee, on their ceasing to be Directors.

Investment Committee scrutinizes the investment proposals and recommends them to the Board for approval. It considers and approves investment proposals within the financial limits delegated to it by the Board. The Committee also reviews the Investment Policy and supervises and controls all investment activities of the Company.

The Committee met four times during the year. The attendance during meetings is listed below:

Name of the Member Attendance during meetings 27.06.07 29.09.07 17.12.07 19.03.08

Mr. B Chakrabarti - - - -

Mr. G C Chaturvedi - - - -

Mr.Tarun Bajaj (Appointed as member on 08.02.2008) N.A. NA NA -

Mr. T S Narayanasami - Leave of Leave of Leave of Absence Absence Absence

Mr. A R Prabhu, Appointed Actuary - - - -

Mr. A R Sekar - - - -



XXIX. REMUNERATION COMMITTEE:

As per the decision of the Government of India, Chairman cum Managing Director will be entitled to Performance Linked Incentives subject to achievement of broad quantitative parameters fixed for performance evaluation matrix based on the Statement of Intent (SOI) on goals and qualitative parameters and benchmarks based on various compliance reports during the last financial year. In compliance with the Government directives, a sub-committee of the Board of Directors known as Remuneration Committee was constituted with Shri G C Chaturvedi , Shri T S Narayanasami and Shri M Razzack as the Committee members. Mr. Tarun Bajaj was inducted to the Committee consequent on his appointment as Director in place of Mr. G. C. Chaturvedi. A meeting of the Committee was held on 8th February, 2008.

XXX. AUDITORS:

Under Section 619 of the Companies Act, 1956, the Comptroller and Auditor General of India, appointed M/s. Chaturvedi & Shah, M/s Sarda & Pareek and M/s. Karnavat & Co. as the Central Statutory Auditors of the Company for the year 2007-08. Branch auditors for the various Regional Offices and Divisional Offices in India and for the Foreign Branch Offices were also appointed for the year. The Board of Directors expresses its gratitude for the directions and guidance given by the statutory auditors in drawing up the Companys annual results.

XXXI. SUBSIDIARY COMPANIES:

The New India Assurance Company (Trinidad & Tobago) Limited:

New India holds 83.90% of the capital of The New India Assurance Company (Trinidad & Tobago) Limited.

As required by Section 212 of the Companies Act, 1956, the Report and Accounts of the subsidiary for the year ended 31st December 2007 are appended hereto.

The Authorised Capital of The New India Assurance Company (Trinidad & Tobago) Ltd. consists of 22000000 shares of no par value. The Issued and fully Paid-up Capital of the subsidiary consists of 17418946 shares of no par value i.e. TT$ 17418000.

The subsidiary follows calendar year of accounting. During the year, the company has an underwriting profit of TT$ 12081000 as against TT$ 1627000 in the last year. Investment Income is TT$ 4847000 and other gains are TT$ 854000 as against TT$ 3992000 and TT$ (108000) respectively in the last year. The Company has a Net Income of TT$ 17782000 before taxation. It has transferred an amount of TT$ 300000

to a Special Catastrophe Reserve Fund. The subsidiary paid a dividend of TT$ 14, 83,000 during the year.

The New India Assurance Company (Sierra Leone) Limited:

The New India Assurance Company (Sierra Leone) Limited is a wholly owned subsidiary of New India based in Sierra Leone. The subsidiary has closed down business operations with effect from 1st January 2003, due to the civil disturbances prevailing in that country. The Company has not declared any dividend for the year 2007.

In compliance with the provisions of Section 212 of the Companies Act, 1956, the Report and Accounts of the New India Assurance Company (Sierra Leone) Limited for the year ended 31st December 2007 are appended hereto.

Prestige Assurance Plc., Nigeria:

New India holds 51% of the Capital of Prestige Assurance Plc. The Authorised capital of the Prestige Assurance Plc consists of 4000000000 ordinary shares of 50k each. The Issued and Fully Paid up Capital of the company consists of 1719987728 shares. The company follows calendar year of accounting.

The Company generated an operating profit of N 90.16 crores as against N 60.05 crores in the previous year. The income before taxation of the Company is N 72.13 crores as against N 48.04 crores in the last year.

The audited Accounts of the Company for the year 2007 are appended hereto.

XXXII. ADOPTION OF ACCOUNTS BY SHAREHOLDERS:

The Companys annual accounts for the year 2006-07 were adopted by the shareholders at the Annual General Meeting held on 03.08.2007.

XXXIII. SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT:

The Ministry of Finance, Insurance Division has confirmed that the Annual Report of the Company for the year 2006-07 along with the Directors Report was placed before Rajya Sabha on 27th November, 2007 and before Lok Sabha on 30th November, 2007 as per the requirement of Section 619A read with 619B of the Companies Act, 1956.

XXXIV.DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that;

a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

b) the Directors have selected accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the year under review.

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors have arranged preparation of the accounts for the financial year ended 31st March, 2008 on ‘going concern basis.

XXXV. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

The Company is not engaged in any manufacturing activity and as such no particulars are required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as regards Conservation of Energy or Technology Absorption.

XXXVI.ACKNOWLEDGEMENT:

Directors take this opportunity to thank all the valued clientele, individual and corporate agents, bancassurance partners, surveyors, intermediaries, reinsurance brokers and insuring public of the Company for their constant support to the Company to attain greater heights.

Board wishes to place on record their appreciation to all New Indians at all levels for their hard work, dedication and commitment put in by them for achieving the Corporate goals.

Directors are grateful to the Ministry of Finance (Insurance Division), Insurance Regulatory and Development Authority (IRDA), General Insurers (Public Sector) Association of India (GIPSA), and the Principal Director of Commercial Audit & Ex-officio Member, Audit Board - I, Mumbai, for their continued guidance and support.

B. Chakrabarti Chairman-cum-Managing Director

Tarun Bajaj Director

T.S. Narayanasami Director

M. Razzack Director

Sanjay Gupta Director

Sarat Pattanayak Director

N.S.R. Chandra Prasad Director

A.R. Sekar Director

Place: Mumbai

Date: 25th July, 2008

---

Mar 31, 2005

Report of the Board of Directors of The New India Assurance Company Limited under Section 217 of the Companies Act 1956.

To the Members :

The Directors are pleased to present the 86th Annual Report together with the Audited Statement of Accounts and Balance Sheet of the Company for the year ended 31st March, 2005.

I. CLASS-WISE PERFORMANCE SUMMARY

(Rupees in crores)

Year Fire

Gross Direct Premium In India 2004-05 788.88 Percentage growth 1.76 2003-04 775.20 -10.64 Gross Direct Premium Outside India 2004-05 274.83 Percentage growth -6.04 2003-04 292.49 -3.91 Gross Direct Premium Total 2004-05 1063.71 Percentage growth -0.37 2003-04 1067.69 -8.89 Re-Insurance In India 2004-05 62.82 Premium Accepted 2003-04 62.06 Outside India 2004-05 178.70 2003-04 101.07 Total 2004-05 241.52 2003-04 163.13 Re-Insurance In India 2004-05 346.24 Premium Ceded 2003-04 342.87 Outside India 2004-05 127.99 2003-04 121.27 Total 2004-05 474.23 2003-04 464.14

Marine Misc. Total

252.49 3169.44 4210.81 -2.60 5.25 4.08 259.22 3011.26 4045.68 -24.73 11.14 3.17 48.73 568.79 892.35 4.95 5.95 1.89 46.43 536.87 875.79 35.76 -2.90 -1.77 301.22 3738.23 5103.16 -1.45 5.36 3.69 305.65 3548.13 4921.47 -19.27 8.76 2.26 11.16 25.68 99.66 6.86 28.16 97.08 10.38 25.84 214.92 5.49 20.72 127.28 21.54 51.52 314.58 12.35 48.88 224.36 134.40 825.81 1306.45 127.08 829.39 1299.34 19.76 68.43 216.18 17.95 72.33 211.55 154.16 894.24 1522.63 145.03 901.72 1510.89

Year Fire

Net Premium In India 2004-05 505.46 Percentage increase over previous year 2.24 Percentage to gross premium 64.07 2003-04 494.39 -0.51 63.78 Net Premium Outside India 2004-05 325.54 Percentage increase over previous year 19.56 Percentage to gross premium 118.45 2003-04 272.29 -16.17 93.09 Net Premium Total 2004-05 831.00 Percentage increase over previous year 8.39 Percentage to gross premium 78.12 2003-04 766.68 -6.70 71.81 Increase in Un-expired Risks Reserves 2004-05 32.16 Percentage to net premium 3.87 2003-04 -27.51 -3.58 Net Premium Earned 2004-05 798.84 2003-04 794.19 Net Incurred Claims 2004-05 327.02 Percentage to net premium 39.35 2003-04 261.34 34.09 Net Commission 2004-05 71.19 Percentage to net premium 8.57 2003-04 39.37 5.14 Operating Expenses related to Insurance business including Foreign Taxes & Exchange Gain/Loss 2004-05 290.76 Percentage to net premium 34.99 2003-04 325.67 42.48

(Rupees in crores)

Marine Misc. Total

129.25 2369.31 3004.02 -7.01 7.21 5.65 51.19 74.75 71.34 139.00 2210.03 2843.42 -16.63 10.76 6.93 53.62 73.39 70.28 39.35 526.20 891.09 15.84 8.44 12.58 80.75 92.51 99.86 33.97 485.26 791.52 0.80 -2.74 -7.68 73.16 90.39 90.38 168.60 2895.51 3895.11 -2.53 7.43 7.16 55.97 77.46 76.33 172.97 2695.29 3634.94 -13.70 8.06 3.37 56.59 75.96 73.86 -4.37 100.15 127.94 -2.59 3.46 3.28 -27.46 100.46 45.49 -15.88 3.73 1.25 172.97 2795.36 3767.17 200.43 2594.83 3589.45 98.50 2479.46 2904.98 58.42 85.63 74.58 81.94 2370.30 2713.58 47.37 87.94 74.65 15.79 244.90 331.88 9.37 8.46 8.52 2.86 171.39 213.62 1.65 6.36 5.88 53.90 844.22 1188.88 31.97 29.16 30.52 63.04 951.85 1340.56 36.45 35.32 36.88

Year Fire

Underwriting Results 2004-05 109.87 Percentage to net premium 13.22 2003-04 167.81 21.89 Investment Income apportioned, including profit on realisation of investments (net of provision for NPAs) 2004-05 120.96 Percentage to net premium 14.56 29.79 2003-04 126.96 16.56 Surplus / Deficit (-) in Policyholders Account 2004-05 230.83 Percentage to net premium 27.78 32.63 2003-04 294.77 38.45

(Rupees in crores)

Marine Misc. Total

4.78 -773.22 -658.57 2.83 -26.70 -16.91 52.59 -898.71 -678.31 30.40 -33.34 -18.66 50.23 720.16 891.35 24.87 22.88 57.10 602.79 786.85 33.01 22.36 21.65 55.01 -53.06 232.78 -1.83 5.98 109.69 -295.92 108.54 63.42 -10.98 2.99

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Rs. in crores)

2004-05 2003-04 A. Gross Direct Premium In India 4210.81 4045.68 Percentage change over previous year 4.08 3.17 Outside India 892.35 875.79 Percentage change over previous year 1.89 -1.77 Total 5103.16 4921.47 Percentage change over previous year 3.69 2.26

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

The performance of the Company during 2004-05 on GDP (Gross Direct Premium) front has shown significant improvement over the previous year in domestic as well as in foreign markets. The domestic market showed a growth rate of 4.08 % against previous years growth rate of 3.17%. The foreign operations have shown a growth of 1.89% against previous years negative growth of 1.77%. Global growth rate has shown an improvement from 2.26% to 3.69%. During the year the Company achieved another landmark by crossing Rs.5000 crores Gross Direct Premium, and is the first Indian company to achieve this landmark.

Like earlier year Miscellaneous portfolio continues to contribute substantially to the companys overall growth, Marine business has shown a fall. However in the prevailing market conditions the growth of the Indian fire business 1.76% against (-) 10.64% of previous year and its contribution (18.73%) to the Indian gross is worth noting. This shows that the company has been successful in resisting the inroads of private players in this class of business.

B. Net Premium 3895.11 3634.94

Percentage change over previous year 7.16 3.37

During the current year Net Premium grew by Rs.251.17 crores though the growth of Gross Direct Premium was Rs 181.69 crores. This indicates increased retention on net account which is also reflected in the increased retention ratio of 76.33% against 73.86% of the previous year.

C. Additional Un-Expired Risks Reserves 127.94 45.49

Percentage to net premium 3.28 1.25

Better business performance of the company has naturally led to the increased provision for un-expired risks reserves. Rs 127.94 crores is provided in the current year for un-expired risks reserves as against Rs 45.49 crores in the previous year. The un-expired risks reserves of the Company on 31.03.2005 stand at Rs.2031.85 crores against corresponding amount of Rs.1903.91 crores on 31.03.2004.

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

D. Incurred Claims 2904.98 2713.58

Percentage to net premium 74.58 74.65

During the year overall incurred claims ratio has marginally come down from 74.65% to 74.58% showing a decline of 0.07% (basis point). Though the claims ratio has gone up in fire and marine portfolio, the marginal improvement in the overall claims ratio can be attributed to a significant reduction in the claims ratio of motor portfolio due to sustained efforts in controlling claims in this portfolio. The improvement in the net claims ratio, even when the gross claims ratio had gone up by 6% (from 70% to 76%) shows the efficacy of the companys reinsurance programme. The gross claims ratios continue to be above 90% in Motor, Rural Non Traditional Business, Urban Non Traditional Business portfolio.

As stipulated by Insurance Regulatory & Development Authority , the Appointed Actuary has valued the outstanding claims reserves. The provisions made for Incurred But Not Reported and Incurred But Not Enough Reported Claims during the year was Rs 636 crores as against Rs 554 crores provided in the previous year.

E. Commission 331.88 213.62

Percentage to net premium 8.52 5.88

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

The burden of commission bill continues to swell, obviously due to the changes in the remuneration of market intermediaries in the last two to three years brought about by the privatisation of the industry. The additional burden on the company on account of commission was Rs. 118.26 crores. The percentage of commission to the net premium significantly went up from 5.88% in the previous year to 8.52% in the current year, thereby adversely affecting the profitability.

F. Operating Expenses related to Insurance

Business including Foreign Taxes 1188.88 1340.56

Percentage to net premium 30.52 36.88

Operating expenses have declined from Rs 1340.56 crores to Rs 1188.88 crores, thus showing a decline of 6.36 percentage points i.e from 36.88% to 30.52% of net premium. The reduction would have been much higher but for the provision of Rs 110 crores made for impending wage revision and Rs 54 crores towards amortisation of SVRS payments.

G. Underwriting Result -658.57 -678.31

Percentage to net premium -16.91 -18.66

It PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

. In view of stable claims ratio and expenses ratio the underwriting result for the current year remained stable. The underwriting loss in absolute terms has shown an improvement of Rs 19.74 crores, an

: improvement of 1.75 percentage points in relative terms. The reduction in operating expenses was to a great extent offset by the increase in commission cost.

H. Investment Income (less provisions)

(a) Apportioned to Policyholders 891.35 786.85

(b) Apportioned to Shareholders 559.38 462.81

Total 1450.73 1249.66

The continuing low interest rate regime is a constraint on the investment income of the company. The growth in the investment income during the year was again contributed by the growth in profits on sale or redemption of investments. The net NPA percentage has come down from 8.50% during 2003-04 to 3.70% during the current year. The mean yield on funds (yield including profit on sale of investment) has improved from 18.92% during 2003-04 to 20.86% during 2004-05. The yield calculations are based on Insurance Regulatory & Development Authority guidelines.

I. Revenue Account Result after crediting of Investment Income (less provisions) apportioned to Policyholders Account as detailed above in H(a) 232.78 108.54

Percentage to net premium 5.98 2.99

Fire portfolio made the major contribution to the revenue account results, with 230.83 crores out of total of Rs. 232.78 crores. While Marine Department contributed Rs. 55.01 crores the Miscellaneous Department made a negative contribution of Rs. (-)53.06 crores.

J. Other Incomes (Outgo) 5.72 76.54

Income other than premium and investment income has come down from Rs 76.54 crores (Credit) to 5.72 crores. Other income consists of net of sundry balances written back, profit/loss on sale of assets interest on tax etc.

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

K. Profit before Tax 797.88 647.89

L. Prof it after Tax 402.23 590.21

M. Interim Dividend 20.00

Proposed Final Dividend 60.00 45.00

Dividend Tax 11.03 5.77

While the profits before tax for the current year grew by 23.15% over previous year, the profits after tax fell down by 31.85%. This is due to the additional tax liability, which has arisen because of the Income Tax Departments policy of taxing the profits on sale of investments, which was not taxable all these years. The Directors recommend a final dividend of Rs 60 crores at Rs. 4 per share as against previous years 45 crores. This is in addition to interim dividend of Rs. 20 crores.

N. Paid-up Capital 150.00 100.00

During the year 5,00,00,000 fully paid up equity shares of Rs. 10 each amounting to Rs. 50 crores were issued as bonus shares by capitalisation of reserves.

O. General Reserves 4166.41 3843.50

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

An amount of Rs 311.20 crores representing 77.37% of the net profit after tax has been transferred to General Reserves against a minimum of 10% required under Rule 2 of the Companies (Transfer of Profit to Reserves) Rules 1975. During the year reserves of Rs 50 crores were utilised for issue of bonus shares. In view of the changes in Accounting Standard 11 the accounting of foreign exchange transactions was changed during the year and Foreign Currency Translation Reserve amounting to Rs 61.71 crores was created. This amount is included as part of shareholders funds.

P. Total Assets 19827.19 17510.44

The total assets of the Company have grown by Rs 2316.75 crores. An increase of Rs 1009.07 crores in fair value change account from Rs 5837.89 crores to Rs. 6846.96 crores, changes in deferred tax assets of Rs 48.82 crores and miscellaneous unappropriated expenses of Rs (-)53.56 crores towards voluntary retirement scheme of employees, have contributed to the changes in assets. Balance Rs 1312.42 crores are net additions to the assets of the Company.

Q. Investments 8403.56 7928.24

II. PERFORMANCE REVIEW FOR THE YEAR 2004-05 (Contd.) (Rs. in crores)

2004-05 2003-04

The investment portfolio in India stood at Rs.8403.56 crores against Rs.7928.24 crores of the previous year, showing an increase of Rs.475.32 crores representing 6% growth over previous year. Foreign Investments grew by Rs. 28.17 crores i.e. from Rs. 308.22 crores as on 31.03.2004 to Rs. 336.39 crores on 31.03.2005. Investments in directed sectors comprising of Central and State Government Securities, Government Guaranteed Bonds, Infrastructure Investments and loans to State Governments for Housing/Fire Fighting Equipment amounted to Rs 5202.52 crores as against Rs 4410.69 crores as at the end of the previous year. Approved investments other than in directed sectors stood at Rs 2430.46 crores as at 31st March 2005 representing 28.92% of the investment portfolio as against Rs 2684.34 crores as at 31st March 2004 representing 33.8% of investment portfolio. The unapproved investments as on 31.03.2005 stand reduced to Rs 770.57 crores, from Rs. 833.16 crores as on 31.03.2004, representing 9.17% of the portfolio against 10.51% of the previous year. During the year Corporate Debts/Loans worth Rs 243.81 crores were restructured under CDR Mechanism as against Rs 118.66 crores of restructuring done in the previous year.

R. Solvency Margin

* Required Solvency Margin under IRDA Regulations (Global) 985.43 981.79

* Available Solvency Margin (Global) 3177.60 3403.15

* Required Solvency Margin ufider IRDA Regulations (Indian) 820.58 826.89

* Available Solvency Margin (Indian) 3670.94 3298.19

The increase in Indian solvency ratio from 3.99 to 4.47, despite the growth in business and the increase in outstanding liabilities of the company, reflects the sound fundamentals on which the Company is working.

S. Compliance with Section 40 (C)

* Percentage of expenses prescribed under the Act 19.70% 19.68%

* Companys actual percentage of expenses 24.95% 29.29%

* Percentage of expenses including commission prescribed under the Act 27.57% 26.13%

* Companys actual percentage of expenses including commission. 32.93% 35.74%

The limits of expenses prescribed under section 40 C of the Insurance Act 1938 have been exceeded during 2004-05. This is due to the additional cost on account of provision made for arrears of wages.

III. PERFORMANCE OF FOREIGN OPERATIONS

The Gross Premium of Rs. 1077.55 crores in 2004-05 as against Total Premium Rs. 994.34 crores in 2003-04 represents an accretion of 8.4%. The Net Premium was Rs. 867.74 crores in 2004-05 as against Rs. 794.22 crores in 2003-04 showing an accetion of 9.3%.

The Companys overseas operations during the year were affected by typhoon claims and some major losses in Motor and Miscellaneous busineses in Japan, Hurricane Ivan losses in Aruba, tsunami losses in Bangkok and a major fire claim in Riyadh.

Despite the above claims foreign operations earned underwriting profit of Rs. 72.15 crores in 2004-05 as against Rs. 56.14 crores in 2003-04.

Overseas operational results for the year ended 31.03.2005 are given below:

SI. Particulars No.

1. Gross Premium (Gross Direct plus Accepted) (Percentage growth over PY) 2. Branch Net Premium (Percentage growth over P.Y) 3. Incurred Claims 4. Commission 5. Expenses of Management 6. Exchange Gain/Loss Other Income/Outgo 7. Underwriting Profit/Loss before Reserve Strain 8. Reserve Strain/Release 9. Underwriting Profit/Loss after Reserve Strain 10. Investment Income 11. Net Profit / Loss

2004-05 2003-04

Rs. In Percentage to Rs. In Percentage to Crores Net Premium Crores Net Premium

1077.55 994.34 8.4% 0.5% 867.74 794.22 9.3% (-) 2.4% 450.49 51.9 456.37 57.5 215.11 24.8 201.02 25.3 90.98 10.5 83.74 10.5 (-)1.87 (-)0.2 (-)4.14 (-)0.5 109.29 12.6 48.95 6.2 37.14 4.3 (-)7.19 (-)0.9 72.15 8.3 56.14 7.1 48.42 5.6 42.69 5.4 120.57 13.9 98.83 12.5

IV. PLANS FOR 2005-06

Domestic

The premium target for the year 2005-2006 is set at Rs. 4700 Crores against completion of Rs. 4211 Crores during 2004-05, with a targeted accretion of 11.61%.

With the sole objective of attaining better viability, the Company has started restructuring of its network in India. 58 offices out of 93 sanctioned so far have already been restructured. At the same time, the Company has also set up 26 extension counters to maintain the quality of services offered to the insuring public.

The Company has issued licenses to 106 corporate agents as on 31st March 2005. Training programmes for chief insurance executives and specified persons of corporate agencies, have been arranged at 51 of the Companys Agents Training Centres. Various product familiarisation programmes were also conducted for officers and executives of corporate agencies and the bancassurance partners at different centers. In the year 2004-05, 6403 agents were successfully trained at various training centers to generate premia from rural sector and also to provide coverage to the insureds from social sectors. The Companys total agency force as on 31.03.2005 is 52,189. It has empanelled 195 brokers duly licensed by Insurance Regulatory & Development Authority as on 31st March 2005.

Foreign

The premium objective for 2005-06 is aimed at Rs.1175 Crores (Gross) and Rs. 946 Crores (Net) against completion of Rs. 1077.55 Crores (Gross) and Rs. 867.74 Crores (Net) during 2004-05, with a targeted accretion of 9%.

V. ORGANISATION - STRUCTURE

A. Domestic

During the year under review, the Company operated in domestic market through a network of 26 Regional Offices, 393 Divisional Offices, 614 Branch Offices, 34 Direct Agents Branches and produced a premium of Rs. 4210.81 Crores as against Rs. 4045.68 Crores of 2003-04, registering an increase of 4.08%.

B. Foreign

New India operates through a network of 19 branches, 12 agencies, 2 associate companies and 2 subsidiary companies including one fully owned subsidiary.

A new overseas branch office was opened at Auckland, New Zealand extending the companys operations to 24 countries. The certificate for registration was received in March 2004 and branch commenced its operations in May 2005.

New India is opening a joint venture company in Saudi Arabia along with Life Insurance Corporation of India, Mumbai, LIC International, Bahrain and a local partner. The application for license to operate as a joint venture company was submitted to SAMA, the Regulatory Authority and the application is in advanced stage of processing. The license is expected in September 2005.

VI. MOTOR LOSS CONTROL MEASURES

Motor Insurance is the Companys largest business portfolio. The high Incurred Claims Ratio of this portfolio and consequent drain have always been a cause for concern. Over the years, sustained efforts have been made to contain the deteriorating trend and reverse it. The Company has achieved discernable success in turning around the situation in 2004-05, by reducing the overall Incurred Claims Ratio to 92.82% from 103.64% in 2003-04. The Own Damage Loss Ratio has been reduced from 56.22% to 45.13% and the Third Party Loss Ratio from 191.07% to 180.48% (after taking into account IBNR). The sustained measures which have brought about the comforting change are:

1. Good underwriting control on motor insurance acceptances enlarged the percentage of profitable private car segment in overall motor insurance business.

2. Regular monitoring of the performances of surveyors and advocates.

3. Emphasis on settlement of Third Party losses through Lok Adalats.

4. Review of systems and procedure of offices with high claims ratio (both Own Damage and Third Party) to take corrective steps.

5. Effective steps to ensure elimination of fraudulent Third Party claims. Offices have effectively pursued cases of fraudulent Third Party claims with police and judicial authorities, resulting in several hundred cases being withdrawn.

VII. CLAIMS SETTLEMENT AND AGEWISE ANALYSIS

The Company puts in constant efforts in speeding up claims settlements. Its claim settlement ratio has been above 75% for the last three years as is evident below:

2002-03 77.87%

2003-04 78.06%

2004-05 79.23%

The performance of the Company with regard to claims settlement during 2004-05 is:

Number of Claims Number of claims Number of claims outstanding as intimated settled during on 01.04.2004 during 2004-05 2004-05

387339 1450229 1455845

Number of claims Claims Corresponding outstanding as Settlement % for 2003-04 on 31.03.2005 Ratio

381723 79.23% 78.06%

Total number of claims outstanding as on 31.03.2005 was

Claims outstanding for more than 6 months (Gross Indian) 242475

Claims outstanding for less than 6 months (Gross Indian) 139248

Total 381723

VIII. RURAL INSURANCE, SOCIAL SECTOR INSURANCE AND SPECIAL SCHEMES

New India has been offering wide range of rural insurance products to meet the needs of the rural sector. The Company continued its efforts in providing benefits of general insurance through a number of products which have been developed over the years to cater to the needs of rural masses. Various new schemes were also introduced for farmers. With a view to enhance awareness of rural insurance covers, publicity campaigns were undertaken in various parts of the country through mass contact programs, cattle fairs, cattle health camps etc. The Company participated in several exhibitions conducted in rural areas. Leaflets and pamphlets in vernacular language containing information about rural insurance products were distributed in various fairs, camps and local festivals.

A. Bore well insurance

Keeping in view the hardships faced by farmers, the Company implemented a scheme for insurance of 15,000 bore wells to be drilled for agricultural purpose in the state of Andhra Pradesh, against failure to yield sufficient water. The group policy was issued in consultation with Ground Water Department of Andhra Pradesh Government which will be involved in scientific site selection, survey and yield testing. In the event of partial or total failure of bore well, the farmers will be compensated by payment of drilling cost upto Rs. 10,000/-.

B. Devi Rakshak

This personal accident insurance scheme was implemented in the State of Haryana for covering the earning head of 24 lakhs families, in the age group of 18 to 80 years. The scheme provides for payment of compensation of Rs. One lakh in the event of accident resulting in death/permanent total disablement of the earning head of the family. A premium of Rs. 6 Crores was collected under this Scheme during the year.

C. Personal Accident Insurance for Kisan Credit Card Holders

The agreement with National Bank for Agricultural Reconstruction & Development (NABARD) for Personal Accident Insurance Scheme for Kisan Credit Card holders was renewed and the Company continued the scheme in the Western Zone. The scheme provides for compensation to the Kisan Credit Card holder in the event of death or permanent disablement as a result of an accident. In the year 2004-05, about 21.19 lakh members have been covered under the scheme and a premium amount of Rs. 380.55 lakhs was collected. Under this scheme, 520 affected families were benefited by a payout of Rs. 134.87 lakh.

D. Universal Health Insurance Scheme

The Scheme was implemented in the year 2003 as per the directive of the Government of India for providing hospitalisation benefits to economically weaker sections of the society. The people living below poverty line were unable to pay the premium and the policy could not be marketed to the targeted population. As such the government enhanced the subsidy and directed to sell this policy exclusively to the families living below poverty line.

The Scheme provides for hospitalisation benefits upto Rs.30,000/- per person/family along with personal accident benefit of Rs.25,000/- for the earning head of the family during the period of insurance. There is a provision for cashless service through Third Party Administrators. During the year, 5311 policies were issued covering 15,641 persons and a premium of Rs. 21.82 lakhs was procured. 58 families were benefited by a pay out of Rs. 2,50,000/-.

E. Pandit Deendayal Upadhyay Jan Swasthya Bima Yojana

This is a Group Mediclaim policy issued to provide Health insurance cover to 15,000 senior citizens in the age group of 60 to 80 years residing in Indore Municipal Corporation area. The policy provides for reimbursement of hospitalisation expenses upto Rs. 20,000/- per person. There is a provision for cashless service through Third Party Administrators. The Scheme fetched a total premium of Rs. 72.75 lakhs during the year.

F. Swasthya Bima Policy

This policy was introduced during the current year to provide hospitalisation benefit for the members of Self Help Groups and other credit-linked groups. The policy provides for reimbursement of hospitalisation expenses up to Rs. 10,000/- (including transportation and meals) during the policy period on payment of annual premium of Rs. 120/-. There is a provision of cash less service through Third Party Administrators in this Scheme also.

Claims settlement in the sector during the year 2004-05 is as follows:

Number of Claims Number of claims Number of claims outstanding as intimated settled during on 01.04.2004 during 2004-05 2004-05

(1) (2) (3) 13,353 43,612 45,907

Number of claims Claims Corresponding outstanding as Settlement % for 2003-04 on 31.03.2005 Ratio (3)/[(1)+(2)]*100 (4) (5) (6) 11,058 80.59 82.72

Given below is age-wise analysis of pending claims as on 31.03.2005 in the sector:

Pending for Number of Claims (All are non-suit claims)

Less than 3 months 4,439 3 to 6 months 1,581 6 months to one year 1,444 One year to 3 years 2,143 More than 3 years 1,451 Total 11,058

The performance details of socially relevant schemes of the Company for the last five years are furnished along with this Report.

IX. CUSTOMER SERVICE

Customer Service Cell is functioning at Head Office and established in all Regional Offices. "May I help You" Counters have been provided in all Regional Offices and Operating Offices.

Printed brochures for all the popular insurance covers have been provided to the customers through operating offices.

Online information of the Companys products is made available on the website, for the benefit of the customers. About 75 seminars have been organised at various centers to educate the customers.

X. CITIZENS CHARTER

The Board modified the citizens charter during the year 2003. Citizens charter is displayed in prominent places in all Regional Offices, Divisional Offices and in the Head Office. Utmost attention is given to adhere to the assurances given in the Charter.

XI. GRIEVANCE REDRESSAL

The Company has a full-fledged Grievance Department at its Corporate Office headed by a Manager and supervised by General Manager. An officer not below the rank of Deputy Manager heads the Grievance Departments at Regional Offices. In Divisional Offices, the department is headed by an officer not below the rank of an Administrative Officer.

Grievance Cell at Head Office and Regional Offices provides information to customers on the status of the claim lodged by them within the shortest possible time. A new software, known as PGRAMS (Public Grievance Redressal and Monitoring Information System) software, is being implemented for efficient handling of grievances. It is an internet online programme facilitating accessibility to various authorities.

A Grievance Claim Review Committee has been set up at Regional Office level. One external judiciary member is present on the Committee. While reveiwing the grievances this committee will also examine the legal issues involved, so that litigations are minimised.

The grievance settlement made during the year is shown below:

General IRDA* DPG** Total

Outstanding as on 31.03.2004 570 441 21 1032 Number of cases received during the year 1316 433 64 1813 Number of cases resolved during the year 1455 749 65 2269 Outstanding as on 31.03.2005 431 125 20 576

* Insurance Regulatory & Development Authority. ** Directorate of Public Grievances

The outstanding balance has been reduced by 50% during the year.

XII. TECHNO MARKETING

Techno Marketing Department offers Risk Transfer Programmes (RTPs) to all major corporate clients, be it in the operational phase or in the construction phase. Large investors or asset owners demand customised solutions of international standard. Techno Marketing facilitates the process by providing such Bespoke Programmes by interfacing with the Reinsurance Markets. Currently, out of the 18 operational risks which are outside the tariff regime in India, 13 are in the books of New India. In the current year, Techno Marketing Department facilitated procurement of premium of Rs. 334.95 crores (100%) and Rs. 162.18 crores for New Indias share. Apart from this, the department provides business intelligence to various operating offices, both online and offline. Post sales, the department also aids in customer facilitation through interactive seminars.

XIII. PUBLICITY ACTIVITIES

During the year 2004-05, the following publicity activities were undertaken by the Company in rural, semi-urban and urban areas.

a. Electronic Media : The Company released commercial spots on Doordarshan, CNBC, BBC and NDTV channels to reach urban, semi-urban and rural areas.

b. Outdoor Media : The Companys hoardings and glowsigns have been put up at main road junctions, railway stations and at airports. Advertisements are also displayed on transit media like buses and trains. Wall paintings in rural areas and banner displays at local events are also done regularly to publicize the Companys name and its policies.

c. Print Media : Advertisements are being released in various national, regional and local publications. Literature on various personal insurances is being disseminated to a targeted segment of population.

d. Fairs and Exhibitions : Offices participate in fairs, exhibitions and cattle melas being held in various regions by setting up stalls and giving information on the different insurance schemes of the Company.

e. Sponsorships : The Company sponsors various events related to sports, culture, health and also seminars to gain publicity benefits associated therewith.

f. Customer service seminars : During the financial year 2004-05, a total of 75 customer seminars were held by the Regional Offices for executives of the valued clients to apprise them of the various insurance schemes.

XIV. REINSURANCE

For the financial year under review, the Company had its own reinsurance programme for the fourth consecutive year. Retentions, which were based on the Companys net worth continued to be the same as these were last year. However, to enable the Company to retain more from profitable risk, the net retention was increased in Fire and Miscellaneous portfolios. In respect of mega/package policies, net retention was increased from Rs. 50 Crores to Rs. 75 Crores in line with the fire retention. An additional second net retention of Rs. 75 Crores was also provided for Mega/Package risks and major fire risks which were protected under the Property Excess of Loss Cover. The profitable Public & Product Liability and Directors & Officers Liability retentions were increased to Rs. 10 Crores from Rs. 2 Crores which were to the Companys absolute net. All the treaties were placed with good securities.

In spite of the worst global catastrophic events in 2004 which included the disastrous tsunami that hit the Indian Coast on 26th December 2004, there was ample capacity in the international reinsurance market and the rates had softened. Our new reinsurance programme effective from 1st April 2005 has been finalised. Retentions in property have been increased to Rs. 100 Crores Probable Maximum Loss (PML) for Fire Risks and Rs. 200 Crores PML for Mega/Package risks. For major fire risk the Companys maximum retention can be scaled upto Rs. 200 Crores PML. The capacity of the Property Surplus Treaty has also been increased to Rs. 100 Crores.

XV. INFORMATION TECHNOLOGY

A. Genisys

The Companys front line computerisation drive powered by the customised software Genisys has increased the efficiency at the operating office level. It has simplified the regular operation of the front offices and helped the insured in getting the policy on time, thereby developing Information Technology awareness among user community. With the opening of General Insurance Industry to private players, the focus is on identification, codification, and profiling of the customers and analysing their specific needs.

B. Genisys Enterprise

The Company has procured the consolidation software by entering into a development and supply agreement with CMC Ltd. Implementation of this software will organise data at regional and corporate level allowing business analysis and providing information needed for reporting to the Regulatory Authority. It will also facilitate transactions over the Internet that will allow anywhere services for the customers and other stakeholders. After the successful implementation of Phase I of the Enterprise in pilot Regional Offices, it is proposed to be implemented in the remaining Regional Offices and Head Office without delay. The software enables operating office data exchange, data integration with lateral and higher office and enterprise wide data consolidation thus providing business intelligence and multidimensional analysis of data.

In the second phase, the software will be web-enabled to carry out transactions over the Internet. It will also enable anywhere operations for the customer like online payment of premium, settlement of claims and information about Companys products and services. It will also provide connectivity to intermediaries like brokers, corporate agents and other parties who are expected to enter the market for distribution of various insurance products.

The data center for housing the hardware for implementing the enterprise wide consolidation software has been set up. To meet the growing requirement of mail messaging, the Internet bandwidth is also expanded.

C. Payroll Software & Reinsurance Accounts Management Software

After the successful implementation of the payroll software in the Head Office & Regional Offices, other softwares for provident fund, pension and leave modules were successfully implemented at the Head Office. The reinsurance software, developed by TCS, has also been implemented at the Head Office.

D. Corporate Website

The corporate website is completely revamped with a simple user interface and interactive new look, enriched with lots of product information and general information relating to the Company. It is planned to host the website from the Companys data center on a new domain newindia.co.in.

E. Intranet

The Company has its own intranet serving as a central information source for its employees. It has other facilities such as corporate e-mail, chat and bulletin board for rapid exchange of information among the employees. Along with the essential infrastructure, the Information Technology Department is introducing a new look intranet called Postnuke. It is a Community, Content, Collaborative Management System (C3MS). It will include features like News Calendar, Downloads, Administration Menus, Frequently Asked Questions (FAQs), Polls, Surveys, Users Contributions, Advertising Management, Themes/Skins, Web Statistics, Contents, and Light Weight Directory Access Protocol (LDAP) Authentication.

XVI. VIGILANCE ACTIVITIES

The Company has a vigilance set up headed by Chief Vigilance Officer at Head Office, who is in the rank of Asst. General Manager and is on deputation from Life Insurance Corporation of India. The Chief Vigilance Officer is appointed by Central Vigilance Commission/Ministry of Finance. Besides, Vigilance Officers are also posted in the Regional Offices. They conduct investigations into complaints of corruption and malpractice and submit their reports to the Chief Vigilance Officer for further action.

Vigilance activities of the Department are directed at preventive, detective as well as punitive aspects of vigilance. By way of preventive vigilance, regular and surprise inspections of offices are carried out by the Department in a systematic manner. Whenever any serious irregularities having vigilance overtone are observed, necessary disciplinary actions are initiated against the staff concerned. System studies on various matters such as issue of covernotes, disposal of salvage, delivery/dispatch of claim cheques, etc. have been carried out and suitable remedial actions have been recommended to the authorities concerned.

As per the directive of the Central Vigilance Commission, Vigilance Awareness Week was observed from 1st November to 6th November 2004 in all the offices of the Company with a view to sensitising the staff about vigilance. Steps are taken to implement the instructions and guidelines issued by the Central Vigilance Commission and to complete the activities connected with the vigilance within the time-frame prescribed by the Central Vigilance Commission.

XVII. INTERNAL AUDIT

The Internal Audit Department of the Company in addition to laying emphasis on adherence to various systems (particularly, Genisys systems) and procedures, also directed its efforts towards systems improvement.

The department has endeavoured to discharge functions commensurate with the changing scenario in the industry, like conducting concurrent audits of Large Risks Policies, auditing of high loss making Divisional Offices by external auditors and second-time audit of premium accounting transactions. As per the Board directives, internal audit of all foreign branches are being carried out. It is also proposed to conduct Information Systems Audit through an external agency.

Newly evolved Audit Compliance Cell at each Regional Office conducted Audit Workshops in the presence and guidance of Head Office executives.

XVIII. HUMAN RESOURCE DEVELOPMENT

A. Particulars of Employees and Recruitment

The number of employees recruited during the year and the employee strength as on 31 March, 2005 is shown below:

Category Number of Employees Total Number of recruited Employees

Class! 26 4913 Class II (Development) - 2412 Class II (Administration) - 661 Class III 99 10050 Class IV (excluding PTS) 1 2238 Total 126 20274 Part Time Sweepers - 412 Grand Total 126 20686

Information as per Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, is appended to this report.

B. Training

Training of human resources plays an important role for success of an organisation in a competitive business environment. The Company believes in continuous upgradation of knowledge and skills of its employees. Towards this endeavour, training is imparted to the employees not only in the Companys own training centers but also in external institutions, both in India and abroad.

During the year 2004-05, Corporate Training College conducted 91 programmes and imparted training to 1589 employees. In addition, 550 employees were deputed to programmes organised by National Insurance Academy, Pune. National Insurance Academy organised some training programmes exclusively for the employees of New India. In order to equip them to meet the challenges posed by the opening up of the industry, 128 employees were deputed for programmes organised by selected external institutions. Fourteen officers were deputed for programmes/conferences organised by institutions abroad. Special care was taken to depute employees belonging to Scheduled Caste/Scheduled Tribe categories also for training.

With the up gradation of technology in the Company, a significant number of employees were trained in Information Technology. The Company, also imparted training for agents and for bank officials and bancassurance agencies in its training centers.

C. Scheduled Castes, Scheduled Tribes, other Backward Classes, Physically Handicapped and Ex-servicemen

The Government guidelines regarding reservations, concessions and safeguards to employees belonging to SC/ST/OBC/PHP & Ex-Servicemen are followed. Due care continues to be maintained in the matter of assigning development functions, foreign postings and training to employees belonging to SC/ST, OBC/ PHP & Ex-servicemen category.

The SC/ST & OBC Cells are functioning under the guidance of Chief Liaison Officer. The Liaison Officer for SC/ST/PHP & OBC is posted at Head Office and are assisted by Assistant Liaison Officers at Regional Offices.

The Liaison Officer from the Head Office visits Regional Offices annually to inspect the rosters pertaining to all the recruitments and promotions. The inspection reports with the observations of Liaison Officer are put up to the General Manager (Personnel) and Chief Liaison Officer for their directions and sent to the respective Regional Offices. Based on the inspection report, efforts are taken by the concerned Regional Offices in coordination with the Head Office, to clear the backlog and rectify the shortcomings in the procedure, if any, observed by the Liaison Officer.

Workshops on reservation policy were held for Assistant Liaison Officers. Training on reservation policy, personality development, communication skills, time management, motivation and behavioural science was held for office bearers of SC/ST welfare organisations as well as for SC/ST Officers. The workshops trained people to effectively implement the Government guidelines.

Special recruitment drive has been initiated as per the Government of India guidelines for clearance of backlog as on 1st July 2005 in the clerical cadre for SC/ST.

D. Industrial Relations

The employer-employee relations continued to be very cordial and smooth. Due to the introduction of check-off and resultant publication of the names of unions having representative strength in the Company, the problem of dealing with multiple unions has been reduced to a great extent.

The discussions with the unions were very positive and created an environment of better understanding.

E. Staff Welfare Schemes

The Company continued with its employee benefit schemes such as Mediclaim, Group Term Insurance for pension optees, Group Savings Linked Insurance Scheme, Group Personal Accident Policy, Group Baggage Policy, benefits to employees meeting with accident while on duty, ex-gratia reimbursement of uncovered hospitalisation expenses, Housing Loan, Lump sum benefit for domiciliary medical treatment, incentives for family planning, assistance to employees for study courses in Management and Group Insurance Scheme (EDLI), etc.

F. Gender Issues and Empowerment of Women

The Company believes in giving equal opportunity to women in different spheres of operations. Presently, women represent approximately 19% of the workforce. One Regional Office and thirty five Divisional/ Branch Offices are headed by women. The Company had posted three lady officers for foreign operations during 2004-05. 5 lady officers have been sent abroad for training during the year.

In accordance with the guidelines given by the Supreme Court in 1997 for prevention of sexual harassment of women at work place, a Womens Complaints Committee has been constituted at Head Office. Similar Committees are being set up by all Regional Offices.

G. Sports Activities

The Company has always professed a policy of encouraging sports activities of its employees through the aegis of New India Sports Club. New India has its team for Football, Table Tennis, Cricket and Kabbadi. All the teams have earned laurels by winning coveted trophies in various sporting activities.

H. Special Voluntary Retirement Scheme (Svrs) for Class I, III & IV Employees

SVRS was introduced by the Government of India vide Gazette Notification dated 1st January, 2004. Applications were received from 1237 class I officers and 1092 class III and IV supervisory, clerical and sub-ordinate staff under the scheme, of which 70 applications in class I category and 55 applications in class III and IV categories were withdrawn subsequently.

The company accepted the SVRS applications of 1110 class I officers. 911 class I officers were relieved by 31 March, 2004 and balance 199 were relieved by 31 March, 2005. 48 applications were rejected due to pending vigilance and IDD cases against the concerned employees.

In respect of class III and IV employees, 1019 applications were accepted and 984 employees were relieved by 31 March, 2004. The remaining 35 employees were relieved by May/June 2004, since, their services were required for closing of Companys accounts. 18 applications in class III and IV categories could not be accepted due to pending vigilance and IDD cases against the concerned employees.

XIX. OFFICIAL LANGUAGE IMPLEMENTATION

New India puts great emphasis on use of Hindi in day-to-day operations. Steps taken by the Company in this regard during the year are:

1. Highest number of Hindi workshops: 180 Hindi workshops were organized at various locations as against 81 in the previous year. Employees of all classes were trained in use of Hindi and motivated to work effectively in Hindi.

2. Training in Hindi: Our training centers located in Regions A & B impart training in the use of Hindi at work. Reference literature required for Agents Training are supplied in Hindi. An inhouse training programme has been started to impart training in Hindi stenography at Head Office.

3. All India Conference: The Hindi Officers All India Conference was held in Chennai during the first week of October 2004. Action Plan for official language implementation for the coming year was devised at the Conference.

4. Publication in Hindi: In order to create original literature in Hindi the Hind department at Head Office has introduced a scheme to encourage the employees to write original books in Hindi. Accordingly, a cash prize of Rs. 5,000/- was awarded for a book in Hindi during the year under the scheme. The Hindi Cell at Head Office publishes an Insurance Journal in Hindi called "Arjan", which is first of its kind. Four issues of the journal were brought out during the year.

5. Inspection Programme: 394 offices were visited for inspection regarding Hindi implementation. This includes inspections carried out by Third Sub Committee on Parliamentary Committee on Official Language at Kollam, Kottayam, Ooty and Baroda.

6. Use of Regional Language: A scheme was launched to provide proposal forms, policy documents etc. to public in regional language. Accordingly, documents of public use are being translated into regional languages like Kannada, Urdu, Punjabi, Telugu, Marathi etc.

7. Development of Technical Terminology: The Hindi Cell at Head Office is in the process of up dating the glossary on technical insurance.

8. Work force strengthened: The Company deployed seven more Hindi Officers at various locations including Head Office.

9. Prizes won: The Companys offices at Jaipur, Kolkata, Patna, Delhi, Bangalore, Hyderabad and Nagpur excelled in Hindi implementation efforts and were rewarded by the Government and other bodies for their performance.

Activities like celebrating Hindi Day, organising competitions and attending Town Official Language Implementation Committee (TOLIC) were carried out, as usual.

XX. DONATIONS AND CERTAIN EXPENSES OF MANAGEMENT

The Company joined hands with the Government in its tsunami rehabilitation efforts by contributing Rs. 50 lakhs to Prime Ministers National Relief Fund, Rs. 20 lakhs to Chief Ministers Relief Fund of Tamil Nadu, Rs. 10 lakhs each to the Chief Ministers Relief Funds of Andhra Pradesh and Kerala and Rs. 5 lakhs to the Chief Ministers Relief Fund of Pondicherry.

In addition, the Company contributed Rs. 5 lakhs for educational purposes to Shri Abhinava Vidya Theertha Seva Trust, Tamil Nadu.

The expenses of management for the year also include:

(a) Entertainment (Indian & Foreign) : Rs. 1,20,35,910/-

(b) Foreign Tours undertaken by the Executives : 68,00,018/-, and

(c) Publicity and Advertisement: Rs. 14,70,01,769/-

XXI. FOREIGN EXCHANGE EARNINGS & OUTGO

The foreign exchange earnings into India during 2004-05 amounted to Rs. 1,20,86,93,165.73 and outgo is Rs. 4,31,08,80,134.00.

XXII. FINANCIAL RATING

For the sixth consecutive year, the Company has been rated as A Excellent by M/s. A.M. Best Europe Ltd. The rating reflects Companys excellent risk adjusted capitalisation, prospective improvement in underwriting performance and its leading business profile in the direct insurance market in India. A partially off-setting factor is the Companys reliance on investment income which counter balances underwriting losses. But the outlook is stable. A.M. Best believes the Companys risk adjusted capitalisation is excellent and anticipates that it will remain sufficient to absorb the likely growth in the net premium. Further it also expects that there will be a reduction in the combined ratio in the years to come. The Company is likely to maintain its leading business position as the largest direct insurer in India, despite increased competition from private players.

XXIII. BOARD OF DIRECTORS

Currently, the Board of Directors of the Company consists of Mr. R Beri, Chairman-cum-Managing Director, Mr. G C Chaturvedi, Joint Secretary (Banking & Insurance), Ministry of Finance, Mr. R K Joshi, Chairman-cum-Managing Director, General Insurance Corporation of India, Dr. Anil K Khandelwal, Chairman & Managing Director, Bank of Baroda A. V. Muralidharan (w.e.f. 3rd August 2005) and J. K. Gupta (w.e.f. 24th August 2005).

General Managers, Mr. A V Purushothaman and Mr. Kumar Bakhru ceased to be directors w.e.f. 1st June 2005 and 1st July 2005 respectively, consequent to their retirement on attaining the age of superannuation. The Board places on record its deep gratitude and appreciation for the valuable contributions made by them during their tenure as Directors.

During the financial year 2004-05, five meetings of the Board of Directors were held. Number of Meetings attended by the Directors is as under:

Name/Category of Director Number of meetings attended by the Director during the year

Mr. R. Beri, Chairman-cum-Managing Director 5 Mr. G C Chaturvedi, Government Director 4 Dr. Anil K Khandelwal, Non-Executive Director 2 Mr. R.K. Joshi, Non-Executive Director 5 Mr. A.V. Purushothaman, Functional Director 5 Mr. Kumar Bakhru, Functional Director 4

XXIV. AUDIT COMMITTEE

Presently, the Audit Committee comprises of three directors Mr. G C Chaturvedi, Dr. Anil K Khandelwal and Mr. R K Joshi (appointed w.e.f. 21.05.2004). General Manager & Financial Advisor, Mr. V K Gupta (upto 29th July 2005) and Appointed Actuary, Mr. A R Prabhu attend the meetings of the Committee as invitees. Mr. A V Purushothaman, Director & General Manager, who was appointed as a member of Audit Committee w.e.f 21.05.2004 ceased to be a member w.e.f. 1st June 2005 consequent to his retirement on attaining the age of superannuation. Three Meetings of the Committee were held during the year. Number of Meetings attended by the members of the Committee is as under:

Name of the Member Number of meetings attended by the Member

Mr. G C Chaturvedi 3 Dr. Anil K Khandelwal 1 Mr. R K Joshi 3 Mr. A V Purushothaman 3

The Audit Committee regularly reviews the audit exercise carried out in all the offices of the Company throughout the year and makes suggestions and directions as to the conduct of the audit as well as the action to be taken to correct the irregularities. It considered the Annual Accounts of the Company for the year 2004-05, had discussions with Statutory Auditors and recommended its adoption to the Board.

XXV. INVESTMENT COMMITTEE

The Investment Committee presently comprises of Chairman-cum-Managing Director, Mr. R Beri, Directors Mr. G C Chaturvedi and Dr. Anil K Khandelwal, General Manager (Investments) Mr. A V Muralidharan, (appointed w.e.f 12.02.2005) and Appointed Actuary, Mr. A.R. Prabhu. Mr. M K Garg ceased to be a member of the Committee w.e.f. 04.12.2004 consequent to his appointment as Chairman-cum- Managing Director of United India Insurance Company Ltd., Chennai.

The Committee met four times during the year. Number of Meetings attended by the members is as under:

Name of the Member Number of meetings attended by the Member

Mr. R. Beri 4 Mr. G C Chaturvedi 4 Dr. Anil K Khandelwal 2 Mr. V K Gupta, (upto 29th July 2005) 4 Mr. M K Garg 2 Mr. A R Prabhu 4 Mr. A V Muralidharan - (He was appointed as a member of the Committee on 12.02.2005. Therefore, the number of meetings attended by him during the year is nil)

XXVI. AUDITORS

The Comptroller and Auditor General of India, under Section 619 of the Companies Act, 1956 appointed Khandetoval Jain & Co., Contractor, Nayak & Kishnadwala and Sharp &Tannan as central statutory auditors for the year 2004-05. Branch auditors for the various regional offices and divisional offices in India and for the foreign branch offices were also appointed for the year. The Board of Directors expresses its gratitude to all the Statutory Auditors for their valuable guidance and assistance.

XXVII. SUBSIDIARY COMPANIES

A. The New India Assurance Company (Sierra Leone) Limited

Pursuant to Section 212 of the Companies Act, 1956, the Report and Accounts of The New India Assurance Company (Sierra Leone) Limited for the year ended 31st December, 2004 are appended hereto.

The business operations of the Company had to be closed down with effect from 1st January 2003, due to severe civil disturbances which continue. The Subsidiary has not declared any dividend for the year 2004.

B. The New India Assurance Company (Trinidad & Tobago) Limited

Pursuant to Section 212 of the Companies Act, 1956, the Report and Accounts of the New India Assurance Company (Trinidad & Tobago) Limited for the year ended 31st December, 2004 are appended hereto. 83.9% of the capital of The New India Assurance Company (Trinidad & Tobago) Limited is held by the Company. The Authorised Capital of The New India Assurance Company (Trinidad & Tobago) Ltd. consists of 2,20,00,000 shares of no par value. The Issued and fully Paid-up Capital of the subsidiary consists of 1,74,18,945 shares of no par value i.e. TT$ 1,74,18,000. The subsidiary follows calendar year of accounting.

During the year the Company has made an underwriting profit of TT$ 30,77,000 as against a profit of TT$ 17,97,000 last year. Investment Income is TT$ 37,05,000 while Other Losses are TT$ 2,10,000. The Company has a Net Income of TT$ 88,72,000 before taxation. It has transferred an amount of TT$ 2,00,000 to a special Catastrophe Reserve Fund and has earned profit on revaluation of property to the extent of TT$ 25,00,000.

The subsidiary has declared a dividend at the rate of 5%.

XXVIII. SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT

As confirmed by the Ministry of Finance, Insurance Division, the Annual Report of the Company for the year 2003-04 along with the Directors Report were placed before Rajya Sabha on 21st December 2004 and before Lok Sabha on 23rd December 2004 under Section 619(A) read with 619(B) of the Companies Act, 1956.

XXIX. REVIEW OF ACCOUNTS

Information as required by the Comptroller and Auditor General for review of accounts of Insurance Companies are attached here with.

XXX. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

a) in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

b) the Directors have selected accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the Profit of the Company for the year under review.

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors have arranged preparation of the accounts for the financial year ended 31st March, 2005 on going concern basis.

XXXI. ADDITIONAL INFORMATION REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988

The Company is not engaged in any manufacturing activity and as such no particulars are required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 as regards Conservation of Energy or Technology Absorption.

XXXII. ACKNOWLEDGEMENT

Directors express deep gratitude to the valued customers and the large body of insuring public for reposing their confidence in the Company by extending steadfast support throughout.

Board places on record its deep appreciation for the agents (individual and corporate), surveyors, intermediaries, reinsurance brokers and also to all the employees of the Company working in India as well as abroad, whose dedication and commitment help the Company glide smoothly on the current transitional dynamics of the insurance industry.

The Directors convey their gratitude to the Ministry of Finance (Insurance Division), Insurance Regulatory and Development Authority (IRDA), General Insurers (Public Sector) Association of India (GIPSA), General Insurance Corporation of India (GIC), and the Principal Director of Commercial Audit & Ex-officio Member, Audit Board -1, Mumbai for their valuable guidance and support.

R. Beri Chairman-cum-Managing Director G. C. Chaturvedi } R. K. Joshi } Dr. Anil K. Khandelwal } Directors A. V. Muralidharan } J. K. Gupta }

Mumbai, Date : 10th September, 2005