New India Assurance Co.Ltd.,The

Incorporated on July 23, 1919 at Mumbai, The New India Assurance Co. Ltd (NIA) is the oldest (in operation for almost a century) and largest general insurance company in India. The company was nationalized by the GoI on January 1, 1974. The President of India, acting through the MoF is the promoter of the company and holds 100% of the pre-Offer paid-up Equity Share capital of the company.NIA offers insurance in categories including fire insurance; marine insurance, motor insurance, crop insurance, health insurance and other insurance products.NIA is the market leadership in the general insurance industry in India across the segments except crop insurance.Company has built an multi-channel distribution network that includes individual and corporate agents, brokers, bancassurance partners and other intermediaries, as well as direct sales and sales through online channels. Company's distribution network includes 68,389 individual agents and 16 corporate agents, 25 banks, and a large number of OEM and automotive dealer.New India Assurance is rated A-(Excellent) by AM Best Company since 2007 and have been rated AAA/Stable by CRISIL since 2014.Competitive Strengths1. Market leadership and established brand for around 100 years.2. International operations since 1920. Presence in UK with a desk at Lloyd‘s, London. Also have operations in Japan and Australia for over 50 years.3. Diversified product offering.4. Strong relationship with reputed reinsurers.5. Expansive multi-channel distribution network.6. Robust IT infrastructure

New India Assurance Co.Ltd.,The proposes to utilise the net proceeds from the Issue for the following objects: