New India Assurance Company
NIACL NSE
New India Assurance Company
InsuranceNSE: NIACL BSE: 540769 General Insurance
Key Fundamentals
SmallcapGeneral InsuranceInsuranceMarket Cap
₹32,419 Cr
Volatility
Moderate
P/E Ratio
42.39
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 1.15 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
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
New India Assurance Company Ltd is a public sector general insurer with a market cap of ₹32,419 Cr trading at a P/E of 41.9x and P/B of 1.32x. The company is virtually debt-free and has grown sales at a 13% CAGR over 10 years, but profitability remains inconsistent with TTM profit declining 36% and ROE averaging just 3-5% over recent periods.
Bull Case 7
- Company is almost debt-free, providing financial stability uncommon among large insurers and reducing balance sheet risk
- Trading at 1.14x book value, which is relatively modest for an insurance company with a ₹32,419 Cr market cap
- 10-year compounded sales CAGR of 13% demonstrates consistent long-term premium growth in a structurally underpenetrated Indian insurance market
- 3-year compounded profit CAGR of 99% indicates a sharp recovery in underwriting and investment income from prior cyclical lows
- Healthy dividend payout ratio of 25.5% with a current dividend yield of 0.76%, offering some income return to shareholders
- TTM revenue growth of 11% suggests the top-line momentum is continuing in the current period
- Last year ROE improved to 5% from a 3-year average of 4% and a 5-year average of 3%, indicating a gradual upward trend in return ratios
Bear Case 8
- P/E of 41.9x is elevated for a PSU insurer with sub-5% ROE, implying the stock prices in significant earnings improvement that may not materialize
- ROE has averaged only 3% over the past 5 and 10 years, well below the cost of equity, indicating persistent value destruction for shareholders
- TTM compounded profit declined 36%, showing earnings remain volatile and vulnerable to claims cycles or reserve adjustments
- 5-year compounded profit CAGR is negative at -3%, meaning the company has not grown bottom-line over a medium-term horizon
- Earnings quality is questionable as other income of ₹717 Cr forms a significant portion of profits, masking weak core underwriting performance
- 5-year sales growth of only 8.52% is poor relative to the private sector general insurance peers growing at mid-to-high teens
- 5-year stock CAGR of just 4% has significantly underperformed broader market indices, reflecting weak investor confidence
- Low effective tax rate raises questions about the sustainability of reported earnings and whether one-off tax benefits are inflating profits
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18d ago Positives 2
- ₹1.50 dividend declared at AGM Jul 27
Shareholders approved ₹1.50 per share final dividend for FY26 at the 107th AGM, signaling healthy capital return to investors.
- CMD re-appointed, board strengthened Jul 27
Girija Subramanian re-appointed as CMD and new board members added, ensuring leadership continuity.
TL;DR: NIACL is returning capital to shareholders with a modest dividend and maintaining leadership stability through CMD re-appointment. No negative developments reported in this period. With only one news event available, the picture is limited but directionally positive on governance and shareholder returns. Watch for upcoming quarterly results to assess underwriting performance trends.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | 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 | 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 |
Cash Flow
| Particulars | 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 | 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 |
Ratios
| Particulars | 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 | -466 | -441 |
| ROCE % | 1% | -2% | 3% | 2% | -1% | 7% | 9% | 1% | -2% | 5% | 4% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view New India Assurance Company insights
51 extracted metrics + investor summaries across FY04–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Change in Directorate
11 Sep - S. Sivasankar given additional charge as CMD from 1 August 2026 for three months. 11 Sep - S. Sivasankar given additional charge as CMD from 1 August 2026 for three months.
2
Clarification sought from The New India Assurance Company Ltd
6 Aug - Exchange has sought clarification from The New India Assurance Company Ltd on August 06, 2026, with reference to Movement in Volume. 6 Aug - Exchange has sought clarification from The New India Assurance Company Ltd on August 06, 2026, with reference to Movement in Volume.
3
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.
4
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.
5
Announcement under Regulation 30 (LODR)-Investor Presentation
4h - Investors Presentation for the Quarter and Year ended on 31.03.2026 4h - Investors Presentation for the Quarter and Year ended on 31.03.2026
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 ₹32,419 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 42.39, 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 0.76%.
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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