New India Assurance Company logo

New India Assurance Company

NIACL NSE

Key Fundamentals

SmallcapGeneral InsuranceInsurance
Market Cap
₹26,942 Cr
Volatility
Moderate
P/E Ratio
34.23
EBITDA
₹1,314 Cr
Return on Equity
4.74%
Debt to Equity
0
Book Value
₹149.43
EPS
₹6.65
52W High
₹242.6
52W Low
₹116.97

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is trading at 0.93 times its book value
  • Company has been maintaining a healthy dividend payout of 25.5%

Weaknesses

4
  • The company has delivered a poor sales growth of 8.52% over past five years.
  • Tax rate seems low
  • 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% higher than 3Y
Net Income Growth
39.23% lower than 3Y
Cash Flow Change
-33.7% lower than 3Y
ROE
41.49% higher than 3Y
ROCE
-22.5% higher than 3Y
EBITDA Margin (Avg.)
5.28% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

New India Assurance has a market capitalisation of about Rs 29,100 Cr and trades at 38.3x earnings and 1.21x book value. Revenue has grown steadily, with a 10-year sales CAGR of 13% and TTM sales growth of 11%. Profitability is weak: TTM profit fell 36%, 3-year average ROE is 4.24%, and the stock has returned 2% CAGR over 5 years and -6% over the last year.

Bull Case 7
  • The stock trades at 1.21x book value (1.02x by an alternate calculation). For a balance-sheet-heavy insurer with a large investment book, that is close to book value.
  • The company is almost debt free, so there is little financial leverage risk and no meaningful interest burden on the balance sheet.
  • Top-line growth has held up over the long run, with a 10-year compounded sales growth of 13%. TTM sales growth of 11% is faster than the 3-year (7%) and 5-year (9%) rates, suggesting premium growth is picking up.
  • Compounded profit growth is 99% over 3 years and 21% over 10 years, which shows earnings can recover sharply from a low base.
  • ROE for the last year was 5%, up from the 3-year average of 4% and the 5-year and 10-year averages of 3%. Returns are low but have edged up.
  • The company has kept a dividend payout of 25.5%, giving a dividend yield of 0.83%. That points to a consistent policy of returning cash to shareholders.
  • The stock has returned 8% CAGR over 3 years, so medium-term holders have seen some price gains despite weak 1-year and 5-year returns.
Bear Case 8
  • Return on equity is structurally low: 4.24% over 3 years and 3% over both 5 and 10 years. This is well below a typical cost of equity, which may explain why the stock trades near book value.
  • TTM profit fell 36% and 5-year compounded profit growth is -3%. Earnings are volatile and have not compounded over the medium term.
  • A P/E of 38.3 is high for a company with a 5% ROE and shrinking TTM earnings. The valuation on earnings looks stretched relative to profitability, even though price-to-book looks low.
  • Earnings include other income of Rs 717 Cr, so a meaningful share of reported profit may come from non-core or investment sources rather than underwriting.
  • The tax rate looks low. If the effective tax rate normalises, reported earnings could come under further pressure.
  • 5-year sales growth of 8.52% is flagged as poor, and 3-year sales growth is only 7%. The company may be losing ground in a growing general insurance market.
  • Shareholder returns have been weak: -6% over 1 year and 2% CAGR over 5 years, which lags broader Indian equity indices over the same periods.
  • The dividend yield of 0.83% is modest and does not make up much for the low ROE and weak price returns.

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

AI News Digest

1d ago
Positives 1
  • August premium up 6.48% YoY Sep 15

    New India Assurance reported gross premium of Rs 23.39 billion for August, up 6.48% year over year. The growth shows steady underwriting scale for one of India's largest general insurers.

TL;DR: The only update in this news set is August premium of Rs 23.39 billion, up 6.48% YoY. That points to steady but moderate growth, with no specific risks reported. Without industry-wide growth figures, market-share trends or claims and combined ratio data, it is hard to say whether NIACL is gaining or losing ground against peers. Going forward, watch whether monthly premium growth speeds up and how underwriting profitability holds up in the coming quarterly results.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others0.35%Promot.85.44%FIIs1.02%Public2.02%DIIs11.18%As ofJun 2026

Documents

Frequently Asked Questions about New India Assurance Company

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 trades as NIACL on the NSE and under code 540769 on the BSE.
Which sector does New India Assurance Company Ltd belong to?
New India Assurance Company Ltd is classified under the Insurance sector, in the General Insurance industry.
What is the market capitalisation of New India Assurance Company Ltd?
New India Assurance Company Ltd has a market capitalisation of ₹26,942 Cr, which places it in the Large Cap band.
What is the PE ratio of New India Assurance Company Ltd?
New India Assurance Company Ltd trades at a PE ratio of 34.23, on earnings per share of ₹6.65, against a book value of ₹149.43 per share.
What is the 52-week high and low of New India Assurance Company Ltd?
Over the last 52 weeks New India Assurance Company Ltd has traded between ₹116.97 and ₹242.6.
Does New India Assurance Company Ltd pay dividends?
New India Assurance Company Ltd has a dividend yield of 0.90%.
What is the Return on Equity (ROE) of New India Assurance Company Ltd?
New India Assurance Company Ltd reported a return on equity of 4.74%. Its debt-to-equity ratio is 0.00.

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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