The New India Assurance Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1919 - The Company was incorporated at Mumbai.

- The Company transacts all classes of insurance business.

1920 - The Company operates abroad through the network of 16 branches,
12 agencies, 3 associates companies and 1 fully owned subsidiary.

- The New India Assurance Co. (Sierra Leone), Ltd., is a wholly owned
subsidiary of the company.

1958 - 2,37,369 Bonus `A' equity shares issued in the proportion 1:3.

1963 - 1,89,895 Bonus `A' equity shares issued in the proportion 1:5 (equity and
or `A' equity)

1966 - Authorised capital reclassified. 3,79,790 bonus `A' equity shares issued inthe proportion 1:3. (equity and or `A' equity).

1969 - 455,748 bonus equity shares issued in the proportion 3:10.

1973 - The Company became a Government company and a subsidiary of the General
Insurance Corporation of India.

1974 - Capital increased under the New India Assurance Co. Ltd. (Merger) Scheme, 1973.

1976 - 77,01,268 Bonus equity shares issued in prop. 1:1.

1977 - The GIC and its four subsidiaries and the LIC joined hands with local interest in
Malaysia to form a new insurance company in Malaysia viz., "The United Oriental
Assurance Sendirian Behand".

1979 - 65,97,564 bonus equity shares issued in prop. 1:2.

1982 - 1,50,00,000 Bonus equity shares issued in proportion 2:5.

1991 - 2,82,00,000 Bonus equity shares issued in prop. 2.722:5.

2001 - K N Bhandari has taken charge as chairman-cum-managing director of New India
Asurance Company from 5th March.

- New India Assurance (NIA), the largest domestic non-life company independently has effected five promotions to the post of general managers and 11 promotions to the post of assistant general managers in the company for 2000-2001.

2004

-New India Assurance offers healthcare sops to Andhra Bank card holders

-New India Assurance ties up with global major Atradius

-State Bank of India, Bangalore Circle, has announced its tie-up with New India Assurance Company Ltd (NIAC), for distribution of NIAC's general insurance products in Karnataka

- New India Assurance ties up with Central Bank of India for distribution of non-life insurance covers

-Toyota Kirloskar Motor Company and New India Assurance has announced a near cashless insurance service and point of sale insurance for all Toyota vehicles

-New India, AMP Sanmar joins hands for cross-selling products

-Corporation Bank jointly with New India Assurance launches a mediclaim scheme with a cashless facility for the bank's ATM and debit cardholders, called "Corp Mediclaim"

2005

- New India Assurance, as part of a bancassurance tie-up with United Western Bank (UWB), launches a bank specific floater group mediclaim policy known as New Uniwest Mediclaim policy. The product will be available to the family unit - a maximum of four members constituting self, spouse and two dependent children.

2018

-The Company has issued Bonus Shares in the Ratio of 1:1.

2023

-The New India Assurance got the 'Stars Of The Industry For Excellence & Leadership in BFSI for FY 2022-23'

-The New India Assurance receives the 'Most Preferred Workplace Award For FY 2022-23 from BFSI'

-The New India Assurance bagged the 'General Insurance Company Of The Year For FY 2022-23 from BFSI'

-The New India Assurance Co Ltd won the Title of 1st MCA Corporate Trophy at Parsee Gymkhana Mumbai

-The New India Assurance Company Limited has won the Skoch Challenger Award for Segment Leadership

2025

-The New India Assurance Company Limited Launching India's most comprehensive 'Drone Insurance'

-The New India Assurance Company Limited Launching Yuva Bharat Health Policy

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