New India Assurance Company Ltd

₹ 166 1.83%

21 May - close price

About

New India Assurance Company Ltd is India's largest non-life insurance company. It is promoted by the Government of India (GoI) holding ~86% stake.

It was established by Sir Dorabji Tata in 1919 and was nationalised in 1973. Post nationalisation, it became one of 4 subsidiaries of General Insurance Company of India (GIC) but gained autonomy after GIC became a re-insurance company in 1999.^[1]

Key Points

Leading Insurance Company^[1]
The company is the largest general insurer in India, consistently leading the market by gross direct premium. It held a 12.6% market share in FY25, which increased to 15.5% in Q1FY26. As of Q1FY26, the company’s AUM stood at 1,00,802 Crs, up from 98,045 Crs as of FY25.

Website BSE NSE

Market Cap ₹ 27,303 Cr.
Current Price ₹ 166
High / Low ₹ 215 / 117
Stock P/E 19.7
Book Value ₹ 167
Dividend Yield 1.08 %
ROCE 4.53 %
ROE 4.97 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Stock is trading at 0.99 times its book value
Company has been maintaining a healthy dividend payout of 27.2%

Cons

The company has delivered a poor sales growth of 8.60% over past five years.
Tax rate seems low
Company has a low return on equity of 4.25% over last 3 years.
Earnings include an other income of Rs.892 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Insurance General Insurance

Part of BSE 500 BSE PSU Nifty 500 BSE Financial Services BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE Enhanced Value Index Nifty LargeMidcap 250 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty Total Market BSE Capital Markets & Insurance Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	10,132	9,840	10,517	11,318	11,658	10,368	10,740	10,667	11,616	11,662	13,422	12,013	12,488
	10,013	9,504	10,777	10,449	11,173	10,115	10,608	10,559	11,167	11,475	13,451	11,812	12,477
Operating Profit	118	336	-260	869	486	253	132	107	450	187	-29	201	11
OPM %	1%	3%	-2%	8%	4%	2%	1%	1%	4%	2%	-0%	2%	0%
	41	-25	6	0	34	3	5	9	76	202	98	166	426
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	159	311	-254	869	520	255	137	116	526	389	69	367	437
Tax %	3%	16%	-21%	18%	32%	15%	48%	-204%	34%	-1%	8%	-1%	-28%
	155	260	-200	715	354	217	71	353	347	391	63	372	558
EPS in Rs	0.94	1.58	-1.21	4.34	2.15	1.32	0.43	2.14	2.10	2.37	0.38	2.25	3.38
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13,235	15,104	19,320	19,692	27,514	30,523	32,831	35,642	40,801	40,558	40,856	49,586
	15,516	18,062	19,844	24,464	27,832	28,852	30,797	35,489	39,539	39,244	39,952	49,216
Operating Profit	-2,281	-2,958	-524	-4,773	-318	1,671	2,034	153	1,262	1,314	904	370
OPM %	-17%	-20%	-3%	-24%	-1%	5%	6%	0%	3%	3%	2%	1%
	4,004	4,031	1,738	7,579	1,051	58	102	90	61	188	179	892
Interest	3	3	5	9	0	0	0	0	0	0	0	0
Depreciation	24	32	45	72	87	91	98	83	78	57	49	0
Profit before tax	1,695	1,037	1,164	2,725	645	1,639	2,037	160	1,245	1,445	1,034	1,261
Tax %	19%	10%	13%	19%	10%	13%	21%	-3%	15%	22%	4%	-10%
	1,374	935	1,008	2,201	580	1,418	1,605	164	1,055	1,129	988	1,384
EPS in Rs	34.36	23.36	25.20	13.36	3.52	8.60	9.74	1.00	6.40	6.85	6.00	8.40
Dividend Payout %	22%	27%	31%	33%	43%	0%	0%	30%	30%	30%	30%	21%

Compounded Sales Growth
10 Years:	13%
5 Years:	9%
3 Years:	7%
TTM:	21%

Compounded Profit Growth
10 Years:	20%
5 Years:	-3%
3 Years:	9%
TTM:	39%

Stock Price CAGR
10 Years:	%
5 Years:	0%
3 Years:	13%
1 Year:	-7%

Return on Equity
10 Years:	3%
5 Years:	4%
3 Years:	4%
Last Year:	5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	200	200	200	412	824	824	824	824	824	824	824	824
Reserves	19,557	18,910	19,951	23,738	22,639	20,013	23,921	24,139	24,821	27,159	27,298	26,694
	0	0	0	0	0	0	0	0	0	0	0	0
	42,383	44,495	49,180	50,756	56,195	55,503	66,675	70,387	71,369	78,523	80,762	81,456
Total Liabilities	62,140	63,605	69,331	74,906	79,658	76,340	91,420	95,350	97,013	106,506	108,884	108,974
	199	243	2,004	479	474	466	407	421	418	400	461	446
CWIP	0	15	57	33	45	25	16	17	13	18	3	0
Investments	44,958	44,546	49,734	55,538	59,190	51,379	66,358	70,559	73,511	81,311	80,053	77,054
	16,983	18,801	17,537	18,856	19,949	24,470	24,639	24,352	23,071	24,777	28,366	31,474
Total Assets	62,140	63,605	69,331	74,906	79,658	76,340	91,420	95,350	97,013	106,506	108,884	108,974

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	867	-1,558	-155	455	-1,274	-966	751	-4,065	-5,846	-4,678	-3,429	-4,562
	-1,324	751	1,393	-580	2,331	2,830	-250	4,870	5,672	7,252	4,954	1,854
	-257	-360	-302	1,128	-474	-298	10	0	-49	-318	-339	-297
Net Cash Flow	-715	-1,167	936	1,002	584	1,567	511	805	-223	2,256	1,186	-3,005
Free Cash Flow	818	-1,634	-308	240	-1,373	-1,030	703	-4,156	-5,915	-4,726	-3,534	-4,625
CFO/OP	-38%	53%	30%	-10%	258%	-42%	58%	-2,757%	-435%	-330%	-349%	-1,266%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	0	0	120	0	0	0	0	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	120	0	0	0	0	0	0	0	0	0
Working Capital Days	-554	-535	-466	-506	-422	-450	-473	-470	-437	-467	-496	-441
ROCE %	1%	-2%	3%	2%	-2%	7%	9%	1%	5%	5%	4%	5%

Insights

In beta

Mar 2014

Mar 2015

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Mar 2018

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Mar 2020

Mar 2021

Mar 2022

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Jun 2025

Solvency Ratio
ratio

x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
				xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx

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Market Share (Based on Gross Direct Premium Income)
%

Net Incurred Claims Ratio (ICR)
%

Number of Offices (India)
count

Combined Ratio
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%
	0.66%	0.69%	0.77%	0.81%	0.80%	0.86%	0.84%	0.91%	1.01%	1.01%	1.00%	1.01%
	11.93%	11.93%	11.71%	11.76%	11.64%	11.28%	11.18%	11.20%	11.18%	11.18%	11.15%	11.17%
	1.97%	1.94%	2.09%	1.98%	2.12%	2.43%	2.55%	2.45%	2.37%	2.37%	2.40%	2.39%
No. of Shareholders	1,29,691	1,27,031	1,26,366	1,41,734	1,50,983	1,56,767	1,62,803	1,62,144	1,58,078	1,61,809	1,58,818	1,55,586

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%	85.44%
	0.13%	0.09%	0.11%	0.03%	0.58%	0.65%	0.81%	0.91%	1.01%
	13.43%	13.50%	13.42%	13.19%	12.42%	11.93%	11.76%	11.20%	11.17%
	1.00%	0.98%	1.04%	1.34%	1.56%	1.98%	1.98%	2.45%	2.39%
No. of Shareholders	1,00,102	97,581	1,01,204	1,18,684	1,28,201	1,32,202	1,41,734	1,62,144	1,55,586

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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