The Life Insurance Corporation (LIC), GIC Re. and New India Assurance continue to be identified as Domestic Systemically Important Insurers (D-SIIs), the insurance regulator said.

IRDAI names LIC, GIC Re and New India Assurance as domestic systemically important insurers

India’s Insurance Regulatory and Development Authority (Irdai) has declared three state-run insurers, Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), and New India Assurance, as Domestic Systemically Important Insurers (D-SIIs). Such insurers are deemed “too …

LIC, GIC Re, New India remain Domestic Systemically Important Insurers, says Irdai

The verdict came in a case of a car accident in which a man was killed after the car he was traveling in toppled following a tyre burst. However, the New India Assurance Co Ltd. refused to pay compensation, saying that the accident was an act of God.

‘Tyre burst is not an act of God’: Bombay High Court tells insurance company to pay compensation

Surety bonds are legally enforceable tripartite contracts that guarantee compliance, payment and/or performance. The issuing insurer provides guarantee, for a premium, in case of a default in execution of a project. It assures one party (obligee) that the entity (principal) responsible for the proje…

New India Assurance becomes second company to offer surety bonds

Surety bonds can help smaller infra developers compete with larger, more established ones for bigger contracts, the company said

After Bajaj Allianz, New India Assurance gets into surety bonds business

General Insurance Corporation of India, RattanIndia Enterprises Ltd, Gujarat Mineral Development Corporation Ltd and New India Assurance Company Ltd are among the other gainers in the BSE’s ‘A’ group today, 15 February 2023.

Torrent Power Ltd leads gainers in ‘A’ group

For the reporting quarter, the insurer posted profit after tax of ₹749 crore

New India Assurance’s April-Dec PAT up 27%, premium growth muted

The government has instructed state-run insurance firms to focus on improving incomes, even as the competition to boost market share spiked the amount of  consumer claims, risking a squeeze in profitability, a person familiar with the matter said.

The government thinking on the matter is that aiming for profits would help insurers cut unnecessary costs while dealing with settlement of claims raised by customers, the person said, asking not to be identified. A chase to bolster market share by adding more consumers has led to a spike in claims, which has narrowed the gain for insurance companies, the person said.

“We are not just fixated on the market share. The focus is to lower claim ratios, show more prudence on the underwriting front, and avoid the usual loss-making businesses of group-level medical and motor insurance, where the proportion of claims is high for amounts of premiums received by the insurer,” an official at a state-run insurer said. “We don’t have clearances to offer incentives to clients like private sector rivals. But there are limits to avoid losing business to private players.”
Publicly traded New India Assurance declined to about 14% of the non-life insurance business in India, compared with 20% last May, according to Insurance Regulatory Development Authority data.


Public sector general insurers recently cut the number of organization layers to two from three earlier. Life Insurance Corp of India, India’s biggest state life insurer, is also focusing to improve margins and increasing market share of non-participatory products
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Government Urges State Insurers To Focus On Profits: Sources

Castrol India, Nykaa, Godrej Industries, Hinduja Global Solutions, HeidelbergCement India, New India Assurance and Zee Entertainment will be among the stocks in focus as they declare their December quarter earnings today.

Stocks to Watch: Adani Group, BHEL, Kotak, Delhivery, Oil India, Inox Wind

“Your government has a track record of bailing out failing disinvestments such as IDBI Bank, New India Assurance and General Insurance Corporation using LIC funds. It’s one thing to bail out public sector companies and quite another to use savings of 30 crore loyal policy-holders to enrich your frie…

Who owns questionable offshore investments, asks Congress

Among state-owned insurers, only New India Assurance is in the green. The other three, United India Insurance, National Insurance Company, and Oriental Insurance Company, suffered losses of ₹6,926 crore in FY22.

More capital for state-owned insurance companies on way

Hasn't faired well - amongst the low performers

Performance

Seems to be overvalued vs the market average

Valuation

Lagging behind the market in financials growth

Growth

Average profitability - not good, not bad

Profitability

The stock is underpriced and is not in the overbought zone

Current price is less than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

The New India Assurance Co Ltd is an India-based government owned multinational general insurance company whose products include Personal Insurance, Commercial Insurance, Industrial Insurance, Liability Insurance and Social Insurance