Jan 17, 2022 03:59 PM
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The New India Assurance Company Limited is the largest general insurance company in India in terms of net worth, domestic gross direct premium, profit after tax and number of branches. As of March 31, 2017, The Company had issued 27.10 million policies across all its product segments, the highest among all general insurance companies in India. The Company`s operations are spread across 29 States and seven Union Territories in India and across 28 other countries globally through a number of international branches, agency offices and Subsidiaries including a desk at Lloyd`s, London. The Company`s insurance products can be broadly categorized into the following product verticals: fire insurance; marine insurance, motor insurance, crop insurance, health insurance and other insurance products. The Company is registered with IRDAI for carrying out the business of general insurance. The New India Assurance Company Limited was incorporated as a limited company on July 23, 1919 at Mumbai, Maharashtra, India. The Company obtained the certificate of commencement of business on October 14, 1919. In 1920, within one year of the incorporation of the company, New India Assurance Company opened an office in London. In 1956, New India Assurance Company transferred its life insurance business to the Life Insurance Corporation of India, which was formed under the Life Insurance Corporation Act, 1956, pursuant to which life insurance business in India was nationalised. In 1973, The General Insurance Corporation of India was formed under the General Insurance Business (Nationalisation) Act, 1972, which provided for nationalization of general insurance business in India. New India Assurance Company became a subsidiary of the General Insurance Corporation of India after the Government of India (GoI) transferred its entire shareholding in general insurance companies to the General Insurance Corporation of India. Pursuant to the 1973 Scheme, which came into force on January 1, 1974, New India Assurance Company was nationalized by the Government of India. In 2003, pursuant to the General Insurance Business (Nationalisation) Amendment Act, 2002, the General Insurance Corporation of India transferred its entire shareholding in New India Assurance Company to the GoI. New India Assurance Company crossed premium of Rs 10000 crore during 2011-12. In 2016, the company received the approval for opening an office at Gujrat International Finance Tec-City, Gandhinagar. The company crossed premium of Rs 20000 crore during 2016-17. In November 2017, New India Assurance Company came out with an initial public offer (IPO). The IPO was a combination of fresh issue of shares by the company and offer for sale of a portion of its stake by Government of India (GoI). The stock debuted at Rs 748.90 on BSE on 13 November 2017 compared with IPO price of Rs 800 per share. The Board of Directors of The New India Assurance Company Ltd at its meeting held on May 11, 2018, recommended issue of bonus shares in proportion of 1:1 (ie. 1 new bonus equity share of Rs. 5 each for every 1 equity shares of Rs. 5 each held), subject to approval of the shareholders.
|AGM Date (Month)||:||Oct|
|Face Value Equity Shares||:||5|
|Market Lot Equity Shares||:||1|
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