New India Assurance Company Ltd
NIACL NSE
New India Assurance Company Ltd
Financial ServicesNSE: NIACL BSE: 540769 Insurance
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]
AI Verdict: HOLD Confidence: 5%
NIACL trades at an attractive 1.01x book value with strong recent profit growth of 36% TTM, but persistently low ROE of 4% and poor sales growth of 8.53% over 5 years limit re-rating potential. The stock deserves a hold until operational efficiency meaningfully improves.
Key Fundamentals
SmallcapGeneral InsuranceInsuranceMarket Cap
₹30,653 Cr
Volatility
Moderate
P/E Ratio
21.52
EBITDA
₹-10,769 Cr
Return on Equity
4.09%
Debt to Equity
0
Book Value
₹210.17
EPS
₹6.65
52W High
₹218
52W Low
₹116.97
Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Stock is trading at 0.90 times its book value
- Company has been maintaining a healthy dividend payout of 26.7%
Weaknesses
4- The company has delivered a poor sales growth of 8.53% over past five years.
- Tax rate seems low
- Company has a low return on equity of 4.08% over last 3 years.
- Earnings include an other income of Rs.892 Cr.
Growth Rate
Revenue Growth
-11.37% ↘
Net Income Growth
39.23% ↘
Cash Flow Change
27.44% ↗
ROE
-12.99% ↘
ROCE
-43.99% ↘
EBITDA Margin (Avg.)
-1206.50% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoHOLD
Risk medium
NIACL trades at an attractive 1.01x book value with strong recent profit growth of 36% TTM, but persistently low ROE of 4% and poor sales growth of 8.53% over 5 years limit re-rating potential. The stock deserves a hold until operational efficiency meaningfully improves.
Bull Case 8
- Stock trades at just 1.01x book value, offering deep value entry for a government-backed general insurer with Rs 33,182 Cr market cap
- Compounded profit growth of 99% over 3 years signals a strong earnings recovery cycle from prior underwriting losses
- TTM profit growth of 36% demonstrates continued earnings momentum in the current fiscal year
- Company is almost debt-free, providing financial flexibility and lower risk during insurance cycle downturns
- Healthy dividend payout of 26.7% with 0.85% dividend yield offers steady income in a low-yield environment
- Stock CAGR of 23% over 3 years shows improving market sentiment and re-rating has begun
- Compounded sales growth of 15% TTM indicates accelerating premium collection, well above the 5-year average of 9%
- PE of 24.7x is reasonable for a PSU insurer with improving profitability trajectory and negligible leverage
Bear Case 8
- Return on equity of just 4% over 3 years and 3% over 5 years is far below the 12-15% typically expected from financial services companies
- Poor sales growth of 8.53% over past 5 years suggests structural market share challenges against private insurers
- Earnings include other income of Rs 892 Cr, meaning core underwriting profitability is significantly overstated
- 5-year compounded profit CAGR of -3% reveals that the recent profit surge is a recovery from a deep trough, not organic growth
- Only 3 analyst ratings with 66.67% recommending hold indicates limited institutional conviction and coverage
- 10-year ROE of just 3% shows chronic inability to generate adequate shareholder returns across full insurance cycles
- Low tax rate raises concerns about sustainability of reported earnings and potential future tax normalization impact
- 1-year stock CAGR of 14% has moderated sharply from the 3-year CAGR of 23%, suggesting momentum is fading
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Headwinds 2
- ₹4.27 Cr tax penalty AY 2017-18 Jun 12
Income Tax Department imposed Rs 4.27 Cr penalty for AY 2017-18. Company plans to appeal the order.
- ₹6.86 lakh penalty foreign income Jun 19
Penalty of ₹6.86 lakh imposed for underreporting foreign dividend income for AY 2014-15. Company plans to appeal.
Neutral 2
- Board to review dividend record date Jun 22
Board meets on June 25, 2026, to consider changing the record date for FY 2025-26 dividend payment.
- Trading window closed for Q1FY27 Jun 22
Trading window closed from July 1, 2026, until 48 hours after Q1FY27 results are announced.
TL;DR: NIACL faces minor regulatory headwinds with two tax penalty orders totalling roughly Rs 4.34 Cr, though both are being appealed. No positive catalysts emerged in the period. The dividend record date review suggests shareholder returns are on track. Overall a quiet period with no material operational developments; watch for Q1FY27 results for directional clarity.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,182 | 9,900 | 10,567 | 11,366 | 11,686 | 10,418 | 10,786 | 10,703 | 11,664 | 11,719 | 13,450 | 12,069 | 12,544 |
| Expenses | 10,073 | 9,557 | 10,813 | 10,500 | 11,252 | 10,148 | 10,646 | 10,605 | 11,239 | 11,530 | 13,524 | 11,863 | 12,525 |
| Operating Profit | 109 | 343 | -246 | 866 | 434 | 270 | 140 | 98 | 426 | 189 | -74 | 206 | 19 |
| OPM % | 1% | 3% | -2% | 8% | 4% | 3% | 1% | 1% | 4% | 2% | -1% | 2% | 0% |
| Other Income | 41 | -25 | 4 | 0 | 36 | 2 | 1 | 9 | 77 | 202 | 98 | 166 | 427 |
| 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 |
| PBT | 150 | 318 | -242 | 866 | 470 | 272 | 141 | 107 | 502 | 391 | 23 | 372 | 446 |
| Tax % | 4% | 16% | -19% | 18% | 34% | 14% | 48% | -221% | 36% | 0% | 14% | -1% | -26% |
| Net Profit | 124 | 261 | -175 | 722 | 313 | 243 | 91 | 349 | 356 | 402 | 55 | 380 | 580 |
| EPS in Rs | 0.77 | 1.58 | -1.07 | 4.38 | 1.89 | 1.45 | 0.54 | 2.12 | 2.18 | 2.43 | 0.33 | 2.31 | 3.51 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 13,354 | 15,215 | 20,234 | 19,798 | 27,660 | 28,343 | 33,066 | 35,821 | 41,007 | 43,285 | 43,354 | 49,782 |
| Expenses | 17,107 | 18,195 | 20,692 | 24,590 | 27,944 | 29,406 | 30,931 | 35,644 | 39,728 | 42,017 | 42,552 | 49,441 |
| Operating Profit | -3,753 | -2,980 | -458 | -4,793 | -284 | -1,063 | 2,136 | 177 | 1,279 | 1,268 | 802 | 341 |
| OPM % | -28% | -20% | -2% | -24% | -1% | -4% | 6% | 0% | 3% | 3% | 2% | 1% |
| Other Income | 5,487 | 4,063 | 1,704 | 7,601 | 1,050 | 2,816 | 27 | 87 | 60 | 203 | 272 | 892 |
| Interest | 3 | 4 | 6 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 28 | 34 | 47 | 74 | 90 | 93 | 103 | 87 | 82 | 59 | 51 | 0 |
| PBT | 1,703 | 1,045 | 1,194 | 2,722 | 677 | 1,659 | 2,060 | 178 | 1,256 | 1,412 | 1,022 | 1,233 |
| Tax % | 19% | 11% | 14% | 20% | 11% | 13% | 21% | 0% | 16% | 23% | 5% | -10% |
| Net Profit | 1,412 | 959 | 1,050 | 2,190 | 610 | 1,447 | 1,645 | 198 | 1,050 | 1,120 | 1,038 | 1,417 |
| EPS in Rs | 35.4 | 24.03 | 26.15 | 13.29 | 3.67 | 8.75 | 9.95 | 1.18 | 6.36 | 6.77 | 6.29 | 8.57 |
| Div. Payout % | 21% | 26% | 30% | 33% | 41% | 0% | 0% | 25% | 5% | 30% | 29% | 21% |
Balance Sheet
| 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 | 20,035 | 19,426 | 20,484 | 24,228 | 23,303 | 20,721 | 24,732 | 24,981 | 25,040 | 27,472 | 28,171 | 33,812 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 42,726 | 44,780 | 49,473 | 51,094 | 56,426 | 55,707 | 66,914 | 70,691 | 72,359 | 79,150 | 80,776 | 75,713 |
| Total Liabilities | 62,961 | 64,407 | 70,157 | 75,734 | 80,553 | 77,252 | 92,470 | 96,496 | 98,223 | 1,07,446 | 1,09,771 | 1,10,349 |
| Fixed Assets | 302 | 350 | 399 | 560 | 561 | 558 | 547 | 563 | 564 | 471 | 533 | 526 |
| CWIP | 0 | 15 | 57 | 33 | 45 | 25 | 16 | 18 | 14 | 20 | 6 | 0 |
| Investments | 45,365 | 44,972 | 51,907 | 56,024 | 59,801 | 52,029 | 67,025 | 71,319 | 74,360 | 82,069 | 80,942 | 78,166 |
| Other Assets | 17,293 | 19,069 | 17,795 | 19,117 | 20,147 | 24,640 | 24,883 | 24,597 | 23,285 | 24,886 | 28,290 | 31,657 |
| Total Assets | 62,961 | 64,407 | 70,157 | 75,734 | 80,553 | 77,252 | 92,470 | 96,496 | 98,223 | 1,07,446 | 1,09,771 | 1,10,349 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 847 | -1,605 | -124 | 425 | -1,334 | -967 | 777 | -4,052 | -5,855 | -4,672 | -3,390 | -4,532 |
| Investing | -1,345 | 741 | 1,340 | -494 | 2,337 | 2,825 | -334 | 4,900 | 5,701 | 7,203 | 4,966 | 1,835 |
| Financing | -208 | -366 | -307 | 1,125 | -476 | -300 | 77 | -6 | -65 | -326 | -343 | -297 |
| Net Cash Flow | -706 | -1,229 | 910 | 1,056 | 527 | 1,558 | 520 | 842 | -219 | 2,206 | 1,234 | -2,994 |
| Free Cash Flow | 795 | -1,683 | -277 | 208 | -1,436 | -1,033 | 728 | -4,148 | -5,928 | -4,723 | -3,496 | -4,597 |
| CFO/OP | -23 | 54 | 27 | -9 | 310 | 66 | 57 | -2,381 | -430 | -341 | -388 | -1,364 |
Ratios
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -549 | -533 | -447 | -506 | -421 | -486 | -471 | -469 | -436 | -439 | -468 | -440 |
| ROCE % | 1% | -2% | 3% | 2% | -1% | 7% | 9% | 1% | -2% | 5% | 4% | 4% |
Documents
2
The Record Date For The Payment Of Dividend For FY 2025-26 Is 04Th September, 2026
5h - Board approved FY26 audited results, recommended Rs1.50 final dividend, and set 4 Sept 2026 record date. 5h - Board approved FY26 audited results, recommended Rs1.50 final dividend, and set 4 Sept 2026 record date.
3
Board Meeting Outcome for Outcome Of The Board Meeting Held On 11Th May, 2026
5h - Board approved FY26 audited results, recommended Rs1.50 final dividend, record date 4 September 2026. 5h - Board approved FY26 audited results, recommended Rs1.50 final dividend, record date 4 September 2026.
4
Cancellation Of Investors Meet Scheduled On 12Th May, 2026.
1d - Scheduled Q4 FY26 investor conference call on 12 May 2026 cancelled; revised schedule to be announced. 1d - Scheduled Q4 FY26 investor conference call on 12 May 2026 cancelled; revised schedule to be announced.
5
Announcement Under Regulation 30 Of SEBI LODR
30 Apr - Income Tax Department issued Rs. 612.34 crore refund for AY 2014-15 and 2017-18, including Rs. 180.52 crore interest. 30 Apr - Income Tax Department issued Rs. 612.34 crore refund for AY 2014-15 and 2017-18, including Rs. 180.52 crore interest.
Frequently Asked Questions about New India Assurance Company Ltd
What does New India Assurance Company Ltd do?
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 Insuranc...
Where is New India Assurance Company Ltd (NIACL) listed?
New India Assurance Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: NIACL and BSE: 540769. You can view its live share price, financials, and ratios on Tapetide.
Which sector does New India Assurance Company Ltd belong to?
New India Assurance Company Ltd operates in the Financial Services sector within the Insurance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of New India Assurance Company Ltd?
New India Assurance Company Ltd has a market capitalisation of approximately ₹30652.80 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of New India Assurance Company Ltd?
The Price-to-Earnings (PE) ratio of New India Assurance Company Ltd is 21.52. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of New India Assurance Company Ltd?
Over the past 52 weeks, New India Assurance Company Ltd has traded between a low of ₹116.97 and a high of ₹218. This range helps investors understand the stock's price volatility and recent trading levels.
Does New India Assurance Company Ltd pay dividends?
Yes, New India Assurance Company Ltd has a dividend yield of 0.95%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of New India Assurance Company Ltd?
New India Assurance Company Ltd has a Return on Equity (ROE) of 4.09%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research New India Assurance Company Ltd on Tapetide?
On Tapetide, you can view New India Assurance Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
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]
Website newindia.co.in
CEO Mr. James Day
Employees 10,949
Listed 2017-11-13
Face Value ₹ 5
Issued Size 1,64,80,00,000