New India Assurance Company Ltd logo

New India Assurance Company Ltd

NIACL NSE

Key Fundamentals

SmallcapGeneral InsuranceInsurance
Market Cap
₹29,468 Cr
Volatility
Moderate
P/E Ratio
38.26
EBITDA
₹1,314 Cr
Return on Equity
4.74%
Debt to Equity
0
Book Value
₹149.43
EPS
₹6.65
52W High
₹218
52W Low
₹116.97

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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35 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 25.5%

Weaknesses

3
  • The company has delivered a poor sales growth of 8.52% over past five years.
  • Company has a low return on equity of 4.24% over last 3 years.
  • Earnings include an other income of Rs.717 Cr.

Growth Rate

Revenue Growth
16.08% ↗
Net Income Growth
39.23% ↗
Cash Flow Change
-33.70% ↘
ROE
41.49% ↗
ROCE
-22.50% ↗
EBITDA Margin (Avg.)
5.28% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

New India Assurance Company Ltd is a public sector general insurer with a market cap of Rs.28,898 Cr trading at a P/E of 37.6x and P/B of 1.19x. The company reported TTM sales growth of 11% but saw a 36% decline in TTM profits, with ROE remaining subdued at around 4-5% over recent years.

Bull Case 8
  • Company is virtually debt-free, providing financial stability uncommon in the insurance sector and reducing balance sheet risk
  • Stock trades at 1.02x book value, offering potential margin of safety relative to its asset base of approximately Rs.24,300 Cr implied book value
  • TTM revenue growth of 11% shows improving top-line momentum compared to 3-year compounded sales growth of 7%
  • 3-year compounded profit CAGR of 99% indicates a significant earnings recovery cycle from prior lows
  • Healthy dividend payout ratio of 25.5% with a current dividend yield of 0.85%, providing income to shareholders
  • 10-year compounded sales growth of 13% demonstrates long-term business scalability in a growing Indian insurance market
  • ROE improved to 5% last year from a 3-year average of 4%, signaling a potential turnaround in capital efficiency
  • 3-year stock CAGR of 12% shows medium-term value creation despite recent weakness
Bear Case 8
  • TTM profit declined 36%, indicating severe near-term earnings pressure despite top-line growth
  • ROE of 4-5% is well below cost of equity, destroying shareholder value — 3-year average ROE is only 4% and 5-year average is 3%
  • P/E of 37.6x is elevated for a company with such low return ratios, suggesting the stock prices in significant future improvement
  • 5-year compounded profit CAGR of -3% shows the company has failed to grow earnings over a meaningful period
  • Earnings quality is questionable with other income of Rs.717 Cr forming a significant portion of reported profits
  • 5-year sales growth of only 8.52% is poor for a general insurer operating in an underpenetrated Indian market
  • 1-year stock return of -7% reflects market skepticism about near-term earnings trajectory
  • Low tax rate raises concerns about sustainability of reported earnings and potential future tax normalization impact

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Q1 net loss of ₹257 crore Jul 27

    NIACL posted a net loss of ₹257 crore in Q1FY27, reversing a ₹391 crore profit YoY. Incurred claims ratio surged to 103.38% driven by Motor Third Party segment pressures.

  • Combined ratio worsens to 121% Jul 27

    Combined ratio deteriorated to 121.44% in Q1FY27, highlighting deep structural underwriting challenges that offset premium growth.

  • Investment income decline Jul 27

    Investment income fell to ₹2,146 crore in Q1FY27, reducing the buffer that typically compensates for underwriting losses.

Positives 3
  • FY26 PAT surged 40% Jul 26

    Global PAT for FY2025-26 surged 40% to ₹1,384 crore as per the revised Annual Report, with global GWP reaching ₹47,174 crore.

  • ₹1.50 dividend declared Jul 27

    Shareholders approved a ₹1.50 per share final dividend for FY26 at the 107th AGM, signaling confidence in full-year profitability.

  • GWP grew 2.9% in Q1 Jul 27

    Gross Written Premium grew 2.90% YoY to ₹13,720 crore in Q1FY27, indicating continued top-line expansion despite loss pressures.

Neutral 2
  • CMD re-appointed, board additions Jul 27

    CMD Girija Subramanian was re-appointed and new board members were added at the 107th AGM held on Jul 27.

  • Revised Annual Report uploaded Jul 26

    NIACL uploaded the revised FY2025-26 Annual Report incorporating BRSR disclosures and CAG comments.

TL;DR: NIACL delivered strong full-year FY26 results with 40% PAT growth and a ₹47,174 crore GWP, but Q1FY27 reveals a sharp reversal with a ₹257 crore net loss and a 121% combined ratio driven by motor claims. The dividend signals management confidence in the annual trajectory, yet quarterly underwriting deterioration is a clear risk. The trend is mixed — top-line growth continues but profitability hinges on controlling motor segment losses in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
9,900
10,567
11,366
11,686
10,418
10,786
10,703
11,664
11,719
13,450
12,069
12,544
11,900
Expenses
9,557
10,813
10,500
11,252
10,148
10,646
10,605
11,239
11,530
13,524
11,863
12,525
12,105
Operating Profit
343
-246
866
434
270
140
98
426
189
-74
206
19
-205
OPM %
3.5%
-2.3%
8%
3.7%
2.6%
1.3%
0.9%
3.6%
1.6%
-0.6%
1.7%
0.1%
-1.7%
Other Income
-25
4
0
36
2
1
9
77
202
98
166
427
27
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
318
-242
866
470
272
141
107
502
391
23
372
446
-179
Tax %
16%
-19%
18%
34%
14%
48%
-221%
36%
0%
14%
-1%
-26%
37%
Net Profit
261
-175
722
313
243
91
349
356
402
55
380
580
-239
EPS in Rs
1.58
-1.07
4.38
1.89
1.45
0.54
2.12
2.18
2.43
0.33
2.31
3.51
-1.47
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
13,354
15,215
20,234
19,798
27,660
28,343
33,066
35,821
41,007
43,285
43,541
49,758
49,962
Expenses
17,107
18,195
20,692
24,590
27,944
29,406
30,931
35,644
39,728
42,017
42,552
49,332
50,016
Operating Profit
-3,753
-2,980
-458
-4,793
-284
-1,063
2,136
177
1,279
1,268
989
426
-54
OPM %
-28%
-20%
-2.3%
-24%
-1%
-3.8%
6%
0.5%
3.1%
2.9%
2.3%
0.9%
-0.1%
Other Income
5,487
4,063
1,704
7,601
1,050
2,816
27
87
60
203
84
888
717
Interest
3
4
6
12
0
0
0
0
0
0
0
0
0
Depreciation
28
34
47
74
90
93
103
87
82
59
51
81
0
PBT
1,703
1,045
1,194
2,722
677
1,659
2,060
178
1,256
1,412
1,022
1,233
663
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
776
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
4.68
Div. Payout %
21%
26%
30%
33%
41%
0%
0%
25%
5%
30%
29%
18%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
27,707
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
81,817
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
520
CWIP
0
15
57
33
45
25
16
18
14
20
6
13
Investments
45,365
44,972
51,907
56,024
59,801
52,029
67,025
71,319
74,360
82,069
80,942
78,160
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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3,285
2,050
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
-448
-2,778
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
-314
-1,092
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-466
-441
ROCE %
1%
-2%
3%
2%
-1%
7%
9%
1%
-2%
5%
4%
4%

Shareholding Pattern

As of Jun 2026
Promoters 85.44%
DIIs 11.18%
Public 2.02%
FIIs 1.02%
Others 0.35%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
85.44%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.82%
0.80%
0.87%
0.84%
0.91%
1.01%
1.01%
1.00%
1.00%
1.02%
DIIs
13.19%
13.06%
12.81%
12.57%
12.42%
12.16%
11.90%
11.93%
11.93%
11.93%
11.94%
11.71%
11.76%
11.65%
11.27%
11.18%
11.20%
11.19%
11.18%
11.15%
11.17%
11.18%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
1.03%
1.15%
1.05%
1.12%
1.25%
1.44%
1.65%
1.55%
1.55%
1.54%
1.45%
1.33%
1.52%
1.72%
1.97%
2.15%
2.08%
1.98%
1.99%
2.06%
2.04%
2.02%
Others
0.34%
0.35%
0.71%
0.87%
0.90%
0.96%
1.02%
1.08%
1.08%
1.09%
1.18%
1.52%
0.46%
0.39%
0.45%
0.40%
0.38%
0.39%
0.39%
0.36%
0.35%
0.35%
No. of Shareholders
1,18,684
1,31,340
1,25,361
1,24,355
1,28,201
1,31,147
1,34,077
1,32,799
1,32,202
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
1,66,768

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - Nov 2018 Nov 2018
4
Concall - Feb 2019 Feb 2019
5
Concall - May 2019 May 2019

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 Insurance sector within the General 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 ₹29467.89 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 38.26. 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 0.83%. 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 4.74%. 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

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