New India Assurance Company Ltd Management Discussions.

Directors’ Report & Management Discussion & Analysis -2018-19

To the Members:

Your Directors have immense pleasure in presenting the Hundredth Annual Report of the Company together with the audited statement of accounts and balance sheetfor the year ended 31st March, 2019.

1. The snapshot of your Company Standalone financial performance is as below:

(? in crores)

Fire Marine Misc Total
Gross Direct Premium Income India CY 2224.75 708.89 20976.52 23910.16
PY 2082.57 600.01 20036.19 22718.76
(% Growth) CY 6.83 18.15 4.69 5.24
PY 14.16 -1.64 20.12 18.85
Outside India CY 752.46 52.77 1892.60 2697.83
PY 659.74 41.16 1739.65 2440.55
(% Growth) CY 14.05 28.23 8.79 10.54
PY -9.28 -23.86 2.22 -1.72
Global CY 2977.21 761.66 22869.12 26607.99
PY 2742.31 641.16 21775.84 25159.31
(% Growth) CY 8.57 18.79 5.02 5.76
PY 7.48 -3.45 18.46 16.49
Reinsurance Premium Accepted India CY 85.25 4.33 35.70 125.28
PY 90.72 5.19 137.68 233.59
Outside India CY 1037.82 44.81 201.19 1283.82
PY 954.47 38.44 168.58 1161.50
Reinsurance Premium Accepted Global CY 1123.08 49.15 236.89 1409.11
PY 1045.19 43.63 306.26 1395.08
Reinsurance Premium Ceded India CY 1436.04 348.71 3363.50 5148.25
PY 1315.11 263.99 3278.38 4857.48
Outside India CY 547.11 18.07 182.82 748.00
PY 512.42 11.29 216.84 740.55
Reinsurance Premium Ceded Global CY 1983.16 366.77 3546.32 5896.25
PY 1827.53 275.28 3495.23 5598.04
Global Net Premium CY 2117.13 444.04 19559.69 22120.86
PY 1959.96 409.52 18586.87 20956.35
Addition / Reduction in Un-expired Risks Reserves CY 226.23 24.73 382.30 633.26
PY -2.38 31.65 1202.48 1231.76
(% to Net Premium) CY 10.69 5.57 1.95 2.86
PY -0.12 7.73 6.47 5.88
Earned Premium CY 1890.90 419.31 19177.38 21487.59
PY 1962.34 377.87 17384.39 19724.60
Incurred Claims Net CY 2138.08 345.44 18013.18 20496.70
PY 1510.40 226.16 15159.90 16896.47
(% to Earned Premium) CY 113.07 82.38 93.93 95.39
PY 76.97 59.85 87.20 85.66
Fire Marine Misc Total
Commission Net CY 448.61 61.34 1689.03 2198.98
PY 288.74 56.62 1478.65 1824.01
(% to Net Premium) CY 21.19 13.81 8.64 9.94
PY 14.73 13.83 7.96 8.70
Operating Expenses CY 386.47 81.06 3570.51 4038.04
PY 330.40 68.95 3129.67 3529.02
(% to Net Premium) CY 18.25 18.25 18.25 18.25
PY 16.84 16.84 16.84 16.84
U/W Results CY -1082.27 -68.52 -4095.34 -5246.13
PY -166.86 26.14 -2384.17 -2524.90
Investment Income-Policy Holders CY 497.17 79.98 3207.64 3784.79
PY 596.57 84.51 2847.20 3528.28
Revenue (Policy Holder) Account Surplus CY -585.09 11.45 -887.70 -1461.34
PY 429.71 110.64 463.03 1003.38
Investment Income-Share Holders CY 2101.03
PY 1636.58
Other Income less Outgo CY 5.18
PY 85.09
Profit before Tax CY 644.87
PY 2725.05
Provision for Tax CY 65.08
PY 524.14
Profit after Tax CY 579.79
PY 2200.92
Interim Dividend CY 0
PY 309.00
Dividend Tax CY 0
PY 62.91
Transfer to Reserves CY 579.79
PY 1829.00


Your Directors are pleased to recommend a Final Dividend of 1.50 per Equity share of face value of 5 each. The total outgo for final dividend of ? 1.50 per Equity share is ? 298,01,27,016 including Dividend Distribution Tax of? 50,81,27,016 as against ? 868,59,29,745 including Dividend Distribution Tax of? 147,59,29,745.

In the FY 2017-18, the Company has paid a Final Dividend of 5 per Equity share of face value of 5 each and an interim Dividend of ? 3.75perEquityshareoffacevalueof 5 each

In terms of Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 ("Listing Regulations") the Dividend Distribution Policy of the Company has been hosted on Company’s website and can be viewed at the below mentioned link:



In accordance with the Listing Regulations, the Business Responsibility Report (BRR) forms part of the Annual Report


(? in crores)

2018-19 2017-18
A Gross Written Premium (India) 24035 22952
% change over previous year 4.70 17.50
Gross Written Premium (Foreign) 3982 3602
% change over previous year Gross 10.54 3.27
Global Premium 28017 26554
% change over previous year 5.50 15.35
Gross Written Premium (GWP) in India has increased from ? 22952 crore in 2017-18 to ? 24035 crore in 2018-19 recording a growth of 4.70% in 2018-19. The company continues to be the market leader in India.
B Net Premium 22120.86 20956.35
% change over previous year 5.56 12.72
The net premium income of the company grew by 1,165 crore from ?20,956 crore to 22,121 crore.
C Change in Unexpired Risk Reserve 633.26 1231.76
% change over previous year -48.60 58.70
D Earned Premium 21487.59 19724.60
% change over previous year 8.94 10.72
E Incurred Claims (Net) 20496.70 16896.47
Percentage to earned premium 95.39 85.66
F Commission (Net) 2198.98 1824.01
Percentage to Net premium 9.94 8.70
G Operating Expenses 4038.04 3529.02
Percentage to Net premium 18.25 16.84
H Underwriting Results (5246.13) (2524.90)
I Investment Income (Less Provision)
Apportioned to policyholders 3784.79 3528.28
Apportioned to Shareholders 2101.03 1636.58
Total 5885.82 5164.86
J Revenue (Policyholders) Account Results (1461.34) 1003.38
K Other Income/Outgo 5.18 85.09
L Profit Before Tax (PBT) 644.87 2725.06
M Profit After Tax (PAT) 579.79 2200.92
N Paid-up Capital 824.00 412.00
O Reserves and Surplus 15121.13 15277.22
P Total Assets 79507.97 74629.47
Q Solvency Margin
i. Required solvency margin under IRDA regulations 6331.96 5322.97
ii. Available solvency margin 13494.98 13738.87
The company’s Global solvency ratio is 2.13 times (PY 2.58 times)
R Compliance with Section 40C
i. Expenses prescribed under the act 7277.43 7225.88
ii. Actual expenses 5538.64 5004.81
iii. Difference 1738.79 2221.07

The board in its meeting dated 13th May, 2019 approved transfer of an amount of? 579.79 crore to General Reserve The Subsidiary Accounts can be viewed at


Name of the Director Qualification Directorship and Category of Directorship
MrAtuI Sahai M.A, D.C.M, A.I.I.I 1. GIC Housing Finance Ltd., Director
2. Health Insurance TPAof India Ltd., Director
3. National Insurance Academy, Pune, Member
4. Agriculture Insurance Company Ltd., Director
5. Insurance Institute of India, President
6. India International Insurance Pte. Singapore, Director
Neelam Damodharan B.Sc(Agr.), CAIIB, Diploma in Financial 1. Bank of India., Director
Management 2. Bank of India Merchant Bankers Ltd., Director
3. The New India Assurance Co. Ltd., Director
4. Bank of India (New Zealand)., Director
5. PT Bank of India Indonesia TBK, President Commissioner
P R Murthy B.Sc(Agr.), CAIIB 1. Central Bank of India, Director
2. Cent Bank Home Finance Ltd., Chairman
3. The New India Assurance Co. Ltd, Director
Papia Sengupta B.Sc, CFA(lndia), CAIIB 1. Bank of Baroda, Director
2. The New India Assurance Co. Ltd., Director
3. Bank of Baroda (Botswana) Ltd., Director
4. Bank of Baroda (Ghana) Ltd., Director
5. Baroda Sun Technologies Ltd., Director
6. Baroda Shared Services Ltd., Director
7. Bank of Baroda Capital Markets Ltd. Director
8. India Infradebt Ltd., Director
S K Banerjee Master of Commerce, Fellow ICAI 1. The New India Assurance Company Ltd., Director
Kuldip Singh B.Sc, Agr. (Hons), 1. The New India Assurance Company Ltd., Director
S K Chanana M.A, LLB, ACS 1. The New India Assurance Company Ltd., Director
2. NPS Trust of PFRDA, Member
Debasish Panda M. Phil 1. The New India Assurance Company Ltd., Director
2. IRDA-InsuranceAdvisoryCommittee, Member
3. Bank of Baroda, Director
4. National Investment & Infrastructure Fund Trustee (NIIFTL), Director


Indian economy

The Indian Economy grew at 7% in 2018-19.lndia has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India’s foreign exchange reserves were more than US$ 400 billion, according to data from the RBI. During this Financial Year, inflation has remained largely stable, and Macro-economic factors continue to be positive.

India’s gross domestic product (GDP) is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitisation, globalisation, favourable demographics, and reforms.

India’s revenue receipts are estimated to grow at good rate owing to Government of India’s measures to strengthen infrastructure and reforms like demonetization and Goods and Services Tax (GST).

India is expected to be the third largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to shift in consumer behaviorand expenditure pattern, according to a Boston Consulting Group (BCG) report; and is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040, according to a report by Price Waterhouse Coopers.

Indian general insurance industry

The Indian General Insurance Industry grew by nearly 13% in FY19 and the total gross direct premium of the industry crossed 1.7 lakh crore. Motor, Health and Crop were the primary growth drivers of the industry.

In September 2018, The Government of India launched Ayushman Bharat, the world’s largest National Health Protection Scheme,providing cover to 10 crore families(approximately 50 crore beneficiaries), with a defined benefit cover of ? 5 lakh per year, per family. The scheme is expected to increase penetration of health insurance in India from 34 per cent to 50 per cent. The Health Insurance segment will see transformation in the coming years. The impending amendment to the Motor Vehicle Act will be a game changer for the industry and can go a long way in speedier

settlement of third party claims, reducing the number of road accidents and decreasing the number of uninsured vehicles on the road.

Crop insurance business which saw a huge growth after the launch of Pradhan Mantri Fasal Bima Yojana will continue to grow as more and more farmers are brought under the ambit of insurance. Over 47.9 million famers were benefited under Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2018-19.

The traditional lines like Fire and Engineering where growth is closely linked to the general performance of the economy are also expected to fare better in the coming years with higher growth of Indian economy and revival of public and private sector investments.

Information Technology is an enabler, and disruptive technologies such as Block chain, Artificial Intelligence and Machine learning will be increasingly used going forward The Insurance industry will be in the forefront in the use of technology for settlement of claims, detection of fraud, targeted delivery etc. Underwriting pricing and marketing decisions will be increasingly data-driven.

The future looks promising for the general insurance industry with several changes in regulatory framework which will lead to further change in the way the industry conducts its business and engages with its customers. The Indian General Insurance industry continues to be underpenetrated compared to its global peers and there is significant opportunity for growth. The insurance penetration of the Indian non-life insurance sector has been low around 0.9 percent as compared to the Global average of 2.81%.Non-traditional lines like home owners’ insurance, shop-keepers’ insurance and various kinds of liability insurance have huge untapped potential and can provide the next leg of growth.

The Government’s vision of a "New India" is expected to create a transformative push over the next few years. The Insurance Industry as a whole is expected to be a major contributor towards this achievement, and the General Insurance industry is in a position to deliver unique solutions and benefit to all stakeholders.


• Gross direct premium in India has increased from ?22,719 crores in 2017-18 to ?23,910 crores in 2018-19 recording a growth of 5.24 % during 2018-19. The growth is observed in all geographical segments as well as all classes of business





(?in Crore) (%) (?in Crore) (%)
1 Gross Direct premium 23910.16 5.24 22718.76 18.85
2 Net premium 19281.76 4.36 18475.96 14.84
3 Change in unexpired risk reserve 289.65 1246.17
4 Net earned premium 18992.11 17229.80
5 Commission 1510.88 7.84 1203.11 6.51
6 Incurred claims 18366.87 95.25 15247.75 82.53
7 Management expenses 3817.39 19.80 3341.68 18.09
8 Other income (net of outgo) 1.02 0.01 87.66 0.47
9 Investment income 5736.77 29.75 5036.23 27.26

Note: Percentage shown in sr. no. 1 & 2 indicates the growth over previous year and the percentage shown in sr. no. 5 to 9 is percentage to ‘Net Premium.’


New India commenced its foreign operations shortly after its formation in 1919. The London branch was opened in 1920. After that the Company saw a steady increase in presence abroad with Manila, Port Louis and Japan. Today New India has presence in 28 countries.

Today the company operates in the following countries through Branches & Agency offices:

> United Kingdom

> Japan

> HongKong

> Philippines

> Thailand

> Australia

> NewZealand

> Mauritius

> Fiji

> Dubai

> AbuDhabi

> Bahrain

> Kuwait

> Oman

> Aruba

> Curacao.

Apart from these countries, the Company has subsidiaries in Nigeria (Prestige Assurance Pic.), Trinidad and Tobago (New India Assurance T &T) and Sierra Leone. The New India T &T also operates in countries such as St. Lucia, Dominica, St Maarten, Guyana and Anguilla. The Company has opened a Representative office in Myanmar and is planning to open an office in SEZ, Myanmar. The Company also has its presence in Saudi Arabia (WAFA Insurance), Singapore (India International Pte, Singapore) and Kenya (Ken India Assurance Co. Ltd.,Nairobi)

The Company’s foreign operations saw a gross written premium turnover in rupee equivalent of 3530.37 crores and a Net premium of 2839.09 crore in 2018-19. The foreign operations recorded an underwriting (loss) of (543.10) crore and Profit(loss) After Taxwas (389.90) crore.

New India Assurance has taken a license to operate in DIFC,Dubai through a Regional office.




Sr. No. Particulars (in Crore) (%) (in Crore) (%)
1 Gross premium (Gross Direct plus Accepted) 3530.37 10.22 3202.90 1.22
2 Net premium 2839.09 14.46 2480.40 (0.88)
3 Change in unexpired risk reserve 343.61 (14.41)
4 Net Earned Premium 2495.48 2494.81
5 Incurred claims 2129.83 75.02 1648.71 66.47
6 Commission 688.10 24.24 620.90 25.03
7 Expenses of management 220.65 7.77 187.34 7.55
8 Other outgo 4.16 0.14 (2.57) (0.10)
9 Investment income 149.04 5.25 128.64 5.19

Note: Percentage shown in Sr. No. 1 & 2 indicates the growth over previous year and percentage shown in Sr. no. 5 to 9 is percentage to net premium


• Domestic

Your Company has expanded its footprints by opening Micro Offices in remote areas and upgrading its Micro Offices to Branch Offices and Branch Offices to Divisional Offices becoming the cornerstone for better services to every length of the country.

The Company approved 67 New Micro Offices and opened 35 new Micro Offices. During the year, 10 micro offices were upgraded to Branch Offices and 18 Branch Offices were upgraded to Divisional Offices.

As on 31st March 2019, the Company has a network of 31 Regional Offices, 7 Large Corporate Offices, 1 Auto Hub, 1 IFSC, 477 Divisional Offices, 594 Branch Offices, 26 Direct Agent Branches and 1257 Micro Offices, totaling 2395 offices inclusive of Head Office.


The Company operates in 28 countries


The year 2018 was the second consecutive year of major Catastrophic events globally and New India was impacted both in India as well as foreign territories due to the various events. In India it was the Kerala floods in August, 2018 followed by Titli cyclone in October and Gaja Cyclone in November, 2018.Our foreign branches were affected by Typhoons in Hong Kong, Manila, floods in Middle East, Earth quakes and Typhoons in Japan spread over various dates during the year. However individual event losses were not very big and only few treaties were impacted. The Reinsurance cost at renewals increased though as a result of hardening of prices globally. The Company suffered large losses in operations in UK. Adverse development in earlier catastrophic events like IRMA at Curacao and Aruba, further impacted the results.

The IRDAI Reinsurance Regulations 2018 came into effect and our IFSC (GIFT City) is now underwriting proposals received as per the Order of preference provision.

Renewal of all proportional and non-proportional treaties of Indian as well as foreign offices was completed as per schedule.

Our continued effort is to have a optimum Reinsurance protection commensurate with the Company profile and Financial position.


Techno Marketing is a specialized Department Created at Corporate office to cater the needs of Corporate clients for their operational units and construction projects.The Company has expertise in devising Insurance solutions for corporate clients in the Indian market.

The company with its underwriting capacity, technical Expertise, Market Reputation and Market intelligence continues to lead the Market in the Large Risk segment of construction and Operational covers. With the support of National and International Reinsurer, company has been able to design Unique covers to fulfil the actual requirement of Corporate clients.

Seminars are organized to Large corporates to educate about the products being sold to the Concern corporate executives. In view of focus on the corporate strategy of Underwriting the risk with proper pricing, methods imparting the loss minimizing activity and find out the exposure of the Risk (PML assessment) Risk Engineering and Risk Inspection is arranged for such risks.

The company is equipped to face the challenges in this segment and aims to maintain the leadership in this Large risk segment for coming years as well.


The company continued its stellar performance in the Property insurance segment. The Fire premium rose to 2977 Crore and Engineering to ? 577Crore.

During the year the company adopted enhanced rating for catastrophic perils as a part of improvement in underwriting. The company also decentralized policy underwriting in a controlled manner at regional offices which improved the customer servicing and efficiency. The company conducted workshops on underwriting and claims management for the education of the technical teams in various offices. Apart from this, the company regularly conducted video conferences for better coordination with the technical teams.

The Company aspire to maintain our leadership in the years to come by utilizing our proactive approach, technical competence & innovative techniques towards better underwriting & claims management.


The Company has garnered a premium of ?8,397 crores as against the premium of ? 7,179 Crore last fiscal which amounts to a growth of 16.96% and remains the market leader.

The Company have launched a new policy for our senior citizens by name "New India Sixty Plus Policy" which has certain attractive features like attendant benefit, entry age upto 80 years and Sum insured of? 2,3 and 5 lakhs.

Recruitment of doctors to develop in-house medical expertise and strengthen the audit team for claims review and containment of ICR.

Constant audit and visit to the hospitals/TPAs is being carried outwhich has resulted in containing the ICR.


Your Company continues to maintain its leadership in Marine Line of Business with highest market share in Marine Cargo as well as Marine Hull in the Indian Market. The Company has approximately 37.70% of market share in Marine Hull and 15.80 % in Marine Cargo Insurance. Companyachieved a Marine Cargo Domestic premium of ? 393.69 Crores as against ? 349.92 Crores in the previous year. Despite a very soft market and reduction in premium rates at renewal, your Company has registered a growth of 12.51%. Company has launched a Protection & Indemnity cover for coastal vessels of Indian Ship owners in 2017-18 and it is gaining popularity amongst the target clients. Company achieved a Marine Hull Domestic premium of ? 315 Crores as against ? 250 Crores in the previous year. Marine business generated by Foreign Offices is ? 31 Crore in Cargo and ? 22 Crores in Hull. The total Marine Business globally is ? 762 Crores. As the leader in Marine Hull and Marine Cargo Insurance, the Company is committed to deliver best-in -the- business service to its clients. Initiatives are being undertaken for effective online marine solutions for issuance of Certificates/Policies through Customer/lntermediary Portals and also for faster claims handling. Effective claims management and risk management along with careful underwriting and vigorous recovery efforts have contributed in sustaining the profitability of these Portfolios. The Company’s focus in the coming year will be

faster disposal of claims, which will enable higher levels of customer satisfaction; boosting growth rates in marine lines of business using IT infrastructure and innovation; and maintaining a balanced and healthy portfolio with profitability.


The Company retained leadership position with a market share of31% and a Premium of? 168.74 Crores. New India has also been a preferred Insurer for Aircraft Manufacturers and R&D organizations and various other General Aviation Business.

The Company continues to be a preferred re-insurer in international market extending its support to around 100 odd Aviation Reinsurance Programs (after having pruned sizeable numbers of loss giving accounts from its erstwhile participation) across the Globe.

The Company has provided capacity as Quota Share Reinsurer to GIC Re London for their participation in Altitude Risk Partners Pool for enhancing its penetration in the Global Aviation Market.



Auto Tie-up has been a rich source of new motor vehicle business and New India has been able to tie up with motor dealers across India through partnership with major brands in the Indian market. This network through centralized tie up has enabled us to source business through more than 5000 dealers. Besides more than 2800 dealers (other than OEM Tie ups) of private cars,commercial vehicles and two wheelers have tied up with Company offices directly for sale of motor insurance policies to their customers. Auto tie up has empowered Company to create a brand image of leading motor insurer in India who has been delivering value added services like; instant delivery of insurance policies & endorsements, seamless settlement of claim, TAT based delivery of services & cashless facility at dealer points. This has been possible through intervention of IT enabling our partner dealers to execute all such activities on portals available at each dealer point.

The premium achieved by AutoTie-up Department in financial year2018-19is ? 2283.64 Crore.

Motor Own Damage (O.D.)

Overall Motor business has shown decline during 2018-19 with Motor OD premium showing negative accretion of 10.0% and meagre growth in Motor third party premium at1.6% which is mainly due to challenges faced by Public sector Insurance companies after introduction of Motor Insurance Service Provider (MISP) Channel and subdued growth in Automobile segment.

During the year twenty-two new products were introduced by

the company after their approval by the Regulator- IRDAI (5 new add on covers for motor two-wheeler policy, six covers for Private car, Five Covers for Passenger carrying taxis, Six New policies for Long term Two-wheeler and Private car and Standalone Compulsory Owner Driver PA for Motor vehicles) Further, company is in the process of filing New Products this year too to augment the product market

Claim settlement in Motor OD segment stands at 94.1%. There are 35 claims hub which handle the claims of 881 operating offices as on date. Company has tied up with over 1267 reputed motor workshop/garages to provide cashless service to retail customers.

• Motor TP Claims and Motor TP Claims Hubs

The Company focuses on improving the performance in TP claims handling. This has resulted into reduction of OS claims from 1,47,363 in previous year to 1,43,038 at the end of FY 2018-19. The Claims Settlement Ratio rests at 35.49%.

Efforts taken during the year resulted into considerable reduction in no. of OS Claims having age more than 5 years. Average Age of the OS claims also reduced.

Keeping the current judicial view of the Hon’ble Supreme Court and High Courts in mind, the company has adopted the strategy to minimize the further litigation and thus number of claims under appeal or SLP before the Higher Courts have been reduced. The company targeted to settle the maximum number of fit claims by way of compromise and settled nearly 36% of total settled claims by way of compromise through LokAdalatand other Conciliatory Mechanisms.

Information Technology aspect had remained the major area of focus during this year and considerable modifications were carried out in the system, which shall enable the user to monitor and manage the claims effectively.

2 legal Hubs at Mumbai and Delhi and 48 Motor TP Claims Hubs have been set up for efficient claim handling. Delhi Legal Hub works as the face of the company in Supreme Court Matters.


Your company has been able to achieve handsome premium accretion of 23.45% much ahead of industry trend in Miscellaneous Line of insurance by procuring Gross Written Premium ? 1785.23 crore. This is accompanied by industry leadership in Liability line of business for the ninth consecutive year with Gross Written Premium ? 426.10 crore.

Both the lines have been profitable as also the overall Miscellaneous business has been profitable.

Our visibility in the market as leader in sports insurance continues with substantial increase in premium rates thereby increasing the sustainability of the business in this line.

We have filed New India Solar Energy Insurance Policy during the year as a new product.

Your company is the most preferred insurer for cyber liability insurance as far as banking sector is concerned and we have provided cover to many major banks as also cooperative banks.

Miscellaneous Department continues to involve itself in direct interaction with the market including major clients and intermediaries in its efforts to augment the traditional line of business as also to innovate and introduce new and modified covers in line with emerging market requirements.


The Brokers channel is a significant distribution channel for the Company’s business contributing to a major chunk of the total premium income of the Company. Our Company deals with a large number of Brokers across the length and breadth of the country. Some of the Brokers, the Company does business with, are very reputed international Brokers. Most of our offices across the country deal with Brokers and at the corporate office level we have a Brokers department specifically tasked with the growth and development of Brokers which is a major channel partnership cluster of the Company across the country.

Bancassurance Channel is a business model which offers immense opportunities of business in the current scenario. Our Company has Bancassurance partnership with 38 Banks which includes 7 PSU Banks i.e. Corporation Bank, Union Bank of India, Bank of India, Canara Bank, Punjab National Bank, SIDBI and Central Bank of India.

Bancassurance channel contributed ? 321.13 crores of business in the year 2018-19, registering a growth of 10%. We have provided Portal access to several Banks and also devised co-branded policies as per the Bank’s requirement. The Bank Branches have also been mapped with our Offices throughout the country so that the channel potential can be fully utilized.


The Agency channel has the largest share of Premium income with favorable incurred claims ratio. The Premium procured during the year by Individual agents was ? 9780 Crores & by corporate Agents (other than Banks) ? 139.14 Crores.

Recruitment of 9223 agents during the year enhanced the strength of Agency. Various recognition and reward schemes implemented for motivating & recognizing agents were reviewed and revised keeping in mind the stiffer competition in the market.

The Company has one designated Officer in every operating office in the role of Agent manager for recruiting & training agents and providing them constant sales and service support. Training was imparted during the year, to 200 new Agent Managers in order to enhance their knowledge and skills for performing their role better in nurturing and supporting agents. Programs were also organized for CMD

club agents and champion Agent Managers for enhancing their skills. This year a record 8174 eligible agents were felicitated in Conventions held at RO & HO level under Agent Club Membership scheme based on 2018-19 performance.

Agent portal & App facilitate quick issuance of policies on 24x7 basis. Agent portal & App were improved further to make them more user friendly for enhancing penetration and thrust in retail business. The Agent App with new features available in smart phone enables agents to quickly renew policies and better manage their renewals and claims. The Company made constant efforts supported by training for encouraging and motivating agents for usage of agent portal and App. During the year, Portal access was enhanced to over 30300 agents and they issued 50.22 Lac policies generating Premium of Rupees 2667 Crores. The Premium through agent portal was 27% of total agency business as against 17% in previous year.


The Company is the pioneer Non-Life Insurance Company in insuring all types of assets and lives under Rural and Social sector in the country.

Company has been a major player in the Rural & Social sector Insurance Business in India with variety of products from Hut Insurance to Agriculture Solar Pump sets that are made to suit the needs of rural mass.

Rural Insurance products provided by the company are tailor made to suit the need of Rural/Social sectors.

The Company is participating in centrally sponsored Cattle/ Livestock Insurance schemes such as National Livestock Mission in various States which is found to be beneficial for remote areas of the country. We also participate in corporate dairy schemes on large scale which is beneficial to the farmer members ofthe Dairies.

The Company has provided special insurance products like farmer assets insurance, drip irrigation policy, Agriculture Solar Pump set Insurance policy, Horticulture & Floriculture Insurance Policy, KCC Master Policy etc.

With Govt. initiatives/Govt. sponsored schemes, the investments in agriculture and allied activities in Rural areas is expanding as a result, the awareness of insurance amongst rural mass/farmers is also expanding. The Company has more than 50 Rural Insurance Products catering to the needs of rural population of our Country.


The Company was implementing RSBY schemes in various states of India in FY 2018-19. After formal launch of Ayushman Bharat Scheme in Sept. 2018, many ofthe states are adopting the newly launched mass health insurance

scheme(i.e. Ayushman Bharat) replacing the existing RSBY Scheme. Under Ayushman Bharat Yojana approx. 10 Crore families will get Health insurance coverage of 5 Lakh per annum per family. The company is also implementing various other government sponsored mass health insurance schemes like ‘Bhamashah Swasthya Bima Yojna’ in Rajasthan, where in The Company is the sole insurer for fourth year in a row covering approx, more than 90 lakh Bhama Shah Card holders with the coverage of ?.30,000/- for secondary treatment and ?.3,00,000/- for critical illness treatment. The ‘RuPay Insurance program initiated in FY 2015-16 in association with NPCI, is providing Personal Accident cover to more than 55 Crore RuPay Cardholders currently and successfully implemented by the Company in the previous years.


Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a flagship scheme under the umbrella of Pradhan Mantri Jan Dhan Yojana (PMJDY) launched in 2015. To achieve the motto of financial inclusion of Govt, of India, The Company has conducted various enrolment and awareness campaigns for PMSBY. The Company has tied up with more than 291 banks for PMSBY and have settled more than 8267 claims keeping the disposal ratio consistently above 95%.


In line with the developments in insurance market, your company has forayed into the online space and has been contributing significantly in total premium. New intermediaries like Web Aggregators, CSC-SPV, POS, CMS, broker and corporate agent online portals are largely affecting the buyers behavior and changing the traditional way of doing business. In order to ensure deep penetration in retail market and also to help in wide spreading of risk, standard products with simplified underwriting process are being showcased for sale through these channels.

We are confident during the years ahead our sales through online channel will show a significant increase keeping in view the current market developments.


CSR Committee of the board was constituted in September 2014 with a mission to achieve our vision to strive to transform India into a "Risk Aware" society from being a "Risk-Averse" society and with a mission to "achieve our vision by integrating social, environmental and health concerns of the Indian society into Company’s overall CSR Policy and programmes". The Company’s CSR Policy strives to achieve a balance between the expectations of the stakeholder and its social obligation as a socially responsible corporate.

The thrust of the entire gamut of CSR initiatives is on capacity building, empowerment of communities, inclusive socio-economic growth, environment protection, promotion of green and energy efficient technologies, development of backward regions and upliftment of the marginalized and under-privileged sections of the society. Procedures were formulated, and guidelines were issued to facilitate CSR activities.

In this year, The Company has fully utilized its CSR budget with presence in areas spanning Government and other social sectors working for the targeted beneficiaries in accordance with the Company CSR objective.

On the Government front, CSR investment included Central Government-backed initiatives like Swachh Bharat Mission fora cleaner India, National Sports Development Fund for the promotion of sports and Armed Forces Flag Day fund for the benefit of our brave armed forces veterans, war widows and their dependents. Besides, we have adopted certain areas of a village in the state of Andhra Pradesh. The Company invested in Science and Technogy Park(STEP) for the promotion of green technology like distribution of Solar LED Home Lights in the state of Maharashtra.

Other social sector CSR activities cover a broad swathe of sectors across different states in India in areas ranging from health to education to eradication of hunger to women’s empowerment to environment protection to providing support to the specially-abled. To mention a few, The Company

(a) Invested in Cancer Patients’ Aid Association in Maharashtra and Tata Medical Trust in West Bengal for cancer detection and treatment.

(b) Rendered assistance to an NGO working specifically for the early detection of cancer in women in rural Maharashtra.

(c) Co-Sponsored Puducherry Kitchen of Akshaya Patra foundation which runs world’s largest NGO-led midday meal program providing 1.6 million hot lunches to governmentschool children.

(d) Contributed to skill-building, education and holistic development of underprivileged children in various institutions in states like Himachal Pradesh, Uttarakhand, Odisha, Maharashtra., Assam, Tripura and Manipur.

(e) Leprosy Mission Trust to implement projects in the states of West Bengal, Maharashtra, UP and Andhra Pradesh to ameliorate the conditions of leprosy- affected impoverished patients.

(f) Contributed to an organization in their efforts of making available solar power to a home for the aged in Maharashtra thus helping the elderly poor and contributing to the environment.


Customer Care Department is functioning well at Company’s Corporate Office as well as all Regional Offices. Dedicated Customer Care Nodal Officers are working in all the operating

offices throughout the country for extending quality service to the Policyholders and the prospects. Online information on the Company’s products are provided in the website https:// the benefit ofthe public.

The Company’s Call Centre established in 2010 forms an integral part of Customer Relationship Management Activity. The toll-free number of the company 1800-209-1415 is available to the customer 24*7 for enquiries on various Products, Claims and Grievances, both in Hindi and English. Service Requests for further follow up are replied/resolved by company’s operating offices. This initiative and endeavor of ‘Customer Service’ is a key and vital element of our business strategy for a continuous and progressive growth in the General Insurance Industry, with value added products matching the Customers’ needs and requirements.

The Board of Directors of the Company has approved the revised Grievance Redressal Policy which has been done with a view to make the grievance redressal machinery stronger and the grievance redressal procedure smoother. The Board of Directors has also approved the Policy for Protection of Policyholders’ Interests.

Grievances received orally, over telephone or in writing are registered by us in the CRM Module. Customers can register their grievance through our website https://www.newindia. Customer grievances received by IRDA gets registered in IGMS. Our CRM Module is integrated with IGMS on real time basis. We also receive customer grievances registered in Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal and National Consumer Helpline portal. We resolve the grievances, intimate the customers and post the resolution through the portal.

The Grievance Redressal position for the period 1.4.2018 to 31.3.2019 is as under:

Outstanding grievances as on 31/03/2018 0
Registered (From 01.04.2018 to 5179
Resolved (From 01.04.2018 to 5145
Outstanding as on 31.03.2019 34
Disposal Ratio 99.34%


Enterprise Risk Management department (ERM) is an emerging department established at Company’s Corporate office with its wings at all Regional Offices and Large Corporate Broker Offices represented by ERM Nodal Officers. Efforts are in full swing to complete the ERM Project by implementing a suitable ERM software system.

Business Continuity Management - Establishing Business Continuity Management process is a sub-part of ERM dept

that focuses on mitigating the business continuity risk during


1. Following the mandate of RMC & based on instruction of ERM Dept, all the RO’s & LCBO’s have conducted Fire Safety Audit of their offices to ensure safety of employees, systems and premises.

Fire Safety Training was conducted at Head Office for staffforfire demonstration and escape chute.

2. Recovery Procedure Document, a single pager guide during the emergency times, have been implemented across all the RO’s & LCBO’s. The RPD is also in the final stage of implementation at Head office.

The following functions were also performed under ERM framework: -

- The Revised Corporate Anti-Fraud Policy 2018 was approved by Board and adopted by our company

- The Outsourcing Policy was approved by Board on 12th November 2018 as per Outsourcing Regulations 2017 and it is displayed on the website of our company under the head ‘Information and help’.

- Information and Cyber Security is also a focal point in Riskmanagementand is being addressed by various measures at people, procedures and technology levels in coordination with IT dept.

- Cyber risk workshop was organized for Senior Executives of the Company

- The Chief Risk Officer reports to the Risk Management Committee of the Board periodically to update on the progress of the ERM departmental activities.


Your Company carried out the following activities in this

vertical during the F Y 2018-19:

• Regular monitoring of claims with an objective of discouraging the pile up of claims

• consistent improvement in settlement ratios

• Special focus on claims outstanding in the higher age bracket especially in the more than one year category .

• Training was imparted to Claims processing officials from various DO’s claim hubs, for improving technical knowledge, customer care skills and effective claims management at the College of Insurance. Total eight batches of training were held and 216 participants were imparted training.

Board adopted the Surveyors’ Management Policy (SMP) on 13.10.2018.

The process of Surveyors empanelment was initiated and completed as per the timelines set by General Insurers Public Sector Association. (GIPSA).

The policy is effective from 1st April, 2019.

Non Suit Suit Total
Number of Claims OS as on 01.04.2018 126212 158039 284251
Number of Claims Intimated during 2018-19 5069408 73728 5143136
Number of Claims Settled during 2018-19 5039930 77903 5117833
Number of Claims OS as on 31.03.2019 155690 153864 309554
Non Suit Suit Total
Claims OS for less than 3 months 126958 17111 144069
Claims OS for more than 3 months but less than 1 year 25991 19286 45277
Claims OS for more than 1 year 2741 117467 120208


Parameter 31.03.2017 31.03.2018 31.03.2019
No of claims O/s 137529 126212 155690
Amount of claims O/s (in cr) 4769 5097 6210
No of claim O/s for more than one year (Excl.GAand Coinsurance) 1261 786 2361
Non Suit Claim Settlement Ratio 97% 97.32% 97.00%


The Company continues to be a market leader with market share of 14.07%. Contributed to this triumph of New India with a remarkable share of premium by our development officers of ? 4546.19 Crore. Our business associates have successfully contributed more than ? 544.08 Crore premium for the FY-2018-19. In all total share of premium byAO (D), AM (D) from all over India is ? 1630.29 Crore.

CMD Club convention 2018-19 was held felicitating 395 star performers.


The Company made use of advertising on Digital platforms such as Value Research Online and India Today. Advertisements were also made on a combination of

traditional media (Malayalam Manorama, Asianet) as well as outdoor media (Hoardings at airports, and prominent location) to garner greater visibility. The Company also engaged in various activities as part of its centenary celebrations, such as "New India Centenary Neon Run" in association with Radio Mirchi.


The Right to Information Department set up at Head Office in 2005, processed the requests for information from Citizens from all over the country and adjudicated appeals promptly and efficiently. The Department continues to facilitate the principles of transparency and accountability, in conformity with the grand objectives of the RTI Act. The Central Public Information Officers’ (CPIOs’) of 31 Regional Offices and 12 LCBOs / HUBs also contributed to the promotion of the ideals of the Act, under the umbrella of RTI Department at Head Office.

With a view to maintaining uniformity, consistency and improved standard of approach, the function of FirstAppellate Authority is centralized at Head Office. In compliance with the directive of CIC, our Company has appointed Transparency Officer in the rank of General Manager.

As per the directives of Ministry of Personnel, Public Grievances and Pensions, DoPT, New Delhi,we have extended the facility of RTI Web Portal w.e.f. 20.07.2016 under the administrative control of Department of Financial Services (DFS). It is a citizen interface which facilitates Indian Citizens to file RTI applications and First Appeals online and also to make online payment of RTI fees.

During the year 2018-19 the total (including online) number of RTI Applications received is 2399 and First Appeals is 329.

In compliance with the CIC guidelines / RTI Act, the Company’s official website is updated from time to time disclosing and uploading maximum information under xvii points as mandated under the provisions of Section 4(1)(b) of the RTI Act, 2005.


The Company has been complying with the Prevention of Money Laundering Act (PMLA) 2002 since it has been made applicable to insurance companies w.e.f. 01.08.2006. Amendments issued by IRDAare adopted by the Board from time to time. The Principal Compliance Officer posted at Corporate Office monitors the compliance of AML guidelines.


Your Company has strived to impart massive Training on Conduct, Discipline & Appeal (CDA) Rules, 2014 across the board to bring about awareness on Misconducts, Prohibitions and Restrictions to ensure better IR climate in the Organization.

In order to ensure strict adherence to a climate of discipline, the Company has viewed all instances of Unauthorized Absences cases seriously and appropriate actions are taken.

The Board of your Company has approved the policy on

Prevention, Prohibition and Redressal of Sexual Harassment at Workplace. Internal Complaints Committee (ICC), which consists of Chairperson (Women employed at Senior Level), two members amongst the employee committed to cause of women and one member from NGO or Association at Head Office and all Regional offices has been set up to redress complaints received and to promote a work environment that is safe, secure and free of any form of harassment at Workplace.

Submission of On-line Annual Property Returns have been further streamlined and has since achieved optimum efficacy.

There has been no labour unrest nor and any severe IR problem during the Financial Year due to proactive approach of Senior Management at Head Office as well as the Regional Offices.


The year 2018-19 has been a year of consolidation for our state of the art IT infrastructure for augmenting the technology driven business environment. With this robust modern infrastructure in place we could garner a total Indian premium of ? 23,910 crore. Digital premium increased from 18.95% to 30%, growing to ?5,367 crore, an accretion of 24%, as compared to the previous year amount of ?4,302 crore. The giant strides made in technology were visible in the agent’s portal which doubled in the portal usage with increase in premium from ?1,691 crore to ?2,697 crore, and issuance of 30.09 MN policies and 5.04 MN claims settlements.

Focus going forward in technology is from the enterprise to the customer and Agents. We have enabled various features, eg for customer to login claims, to the Agents the option to send Payment link to customer, facilitated download of Renewal notice in portal, provided Motor Break in functionality, devices have been provided to agents to swipe cards of customers, Video tutorials are made available on how to use the Portal. A new portal, Tele marketing Portal has been launched to place business. A new mobile app was launched for customers. Google maps integration has been done in Customer and Intermediary Portals/Apps. Revision of Motor Policy document, fire policy document revision, Software version upgrade like document management system and content management system implemented. The look and feel of our website has been changed to make it more appealing and customer oriented.

In compliance of Regulator’s guidelines, we have successfully done the Planned Disaster Recovery (DR) Drill when our entire operation was moved to DR for a week, and back seamlessly. This year we have also moved to Cloud based Email solution with enhanced agility and security, catering to the growing needs of the customer as it always runs on Latest technology

During the year, the Company augmented Network Links Pan India, by increasing the bandwidth of both Links to minimum 2 MBPS. The year also included moving towards advanced Business Analytics from the traditional Bl with a Data Visualization tool an envisage extensive usage for better analytics and empowerment of Business Owners in their decision making, catering to the growing needs of the customer.

The year saw a major focus and direction towards improving security of our IT infrastructure in Pan India offices. We completed the Security Audit as envisaged by IRDAI. Other security measures include Implementation of IT Security Policy and Introduction of Bio Metric 2-Factor Authentication. The projects on hand are implementation of Network Access Control (NAC), Security Operation Center (SOC), APM tools (Application Performance Management), ISO Certification etc.

Keeping its focus on Technology as a prime mover for garnering business and delighting customers, the company climbed several ladders to IT upgradation, thus enabling stakeholders to receive, process and manage information with speed and alacrity.


In line with the tradition of keeping the interest of its employees foremost, the Company has continued to implement welfare schemes for its employees. Active as well as retired employees along with their dependent and non-dependent family members are covered under Group Staff Mediclaim Policy covering all kinds of diseases with minimal exclusions, Group Personal Accident Policy providing 24 hours cover to employees against accidental death or permanent disablement, Group Savings Linked Life Insurance, Group Term Life Insurance, Employees Deposit Linked Life Insurance, Lump sum payment for Domiciliary Medical Treatment ,Group Baggage Policy .Education Advance Scheme for children of employees to pursue quality education, Housing Loan at subsidized rate of interest, Medical Check-up facility to Manager and above cadres, Director’s Mediclaim Scheme for reimbursement of medical expenses of active as well as retired Directors along with their dependentfamily members etc.

The Company provides Ex-gratia relief scheme to its employees which provides for reimbursement of medical expenses beyond the Mediclaim cover. Special leave is sanctioned and medical expenses are reimbursed if employee meets with accident whilst on duty which is in addition to the 24 hours Personal Accident cover provided to employees. Special leave is also granted for participating in National & International sports events including

Mountaineering, Expedition and Trekking events. Employees are encouraged for pursuing higher post graduate academic courses forwhich financial assistance is provided.

Other welfare schemes like Vehicle Loans at subsidized rate of interest, Leased accommodation to all cadres Of employees, Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave

Travel Subsidy, Labour Welfare scheme are provided.

In order to facilitate more transparency and expeditious settlement, the Company has implemented online access for all its employees for availing the benefits and necessary training has also been imparted to them.


Employee strength as on 31st March 2019 is 17,330 RECRUITMENT AND RESERVATION Numberof employees recruited during 2018-19

Category of Employees SC ST OBC Total* Ex-Ser


Class-I 3 0 6 15 1 1
Class III 95 63 101 541 57 12
Class IV (Excluding Part Time Sweepers) 15 2 2 23
Part Time


TOTAL 111 65 109 577 58 13


Number and Percentage

Category/ Level Total Number SC % ST %
Class-I 7646 1584 20.72 641 8.38
Class-ll 836 79 9.45 38 4.55
Class III 7445 1520 20.42 594 7.98
Class IV (Excluding Part Time Sweepers) 1396 695 49.79 121 8.67
Part Time Sweepers 7 5 71.43 1 0.14
TOTAL 17330 3883 22.41 1395 8.05

Your Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/ OBC/PWD and Ex-servicemen.

Pre-promotional training programs were duly organised for all eligible SC/ST/OBC employees for promotion to various cadres. Similarly, for Class III and Class III to I promotional exercise, pre-promotional training is imparted to SC/ST/ OBC employees under Dr. B. R. Ambedkar Welfare Trust. Regular training programmes are conducted on personality development, stress management, motivation etc. for SC/ST employees of various cadres. Various benefits under Dr. B.R. Ambedkar Welfare Trust have been given to SC/ST/OBC employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis.

Pre-recruitment training programmes were also arranged for SC/ST/OBC candidates at various centres on all-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/PWD/Ex- servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office, whereas, Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on yearly basis, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back to the respective Regional Offices with necessary advices. Based on the inspection report, action is taken by the concerned Regional Offices in co- ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest possible time-frame.

Your Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/ OBC welfare activities. On the eve of Mahaparinirvan Day

i.e. December, 6th every year these welfare activities are supported to observe the death anniversary of Dr. B.R. Ambedkarat Chaitya Bhumi, Dadar.


Your Company has a strong women force and provides adequate opportunities for self and career development. A significant number of women Officers, as on 31.03.2019, are holding senior positions in our Offices:

Director 1
General Manager 3
Deputy General Manager 3
Chief Manager / Regional Manager 27
Divisional Manager/Sr. Divisional Manager 62
Branch Manager / Sr. Branch Manager 56

• Women executives are nominated for various programmes organized by Forum of Women in Public Sector (WIPS)

• Women Officers are also nominated in large numbers to the Programme for Women Managers conducted by National Insurance Academy, Pune

• Women’s Committees are constituted at Head Office and various Regional Offices and are actively involved in resolving all gender-related issues/cases referred to them

• The International Women’s Day was celebrated on

March 8th, 2019 in all Offices across the country. Seminars were organised at various centers on topics such as Women Entrepreneurship, Stress Management, Work-Life Balance, Mental & Physical Health, Nutritious diets, Rights of women under various laws of the country, and new law for protection of the women at work place etc.


In the competitive scenario of the insurance industry of present times, it is of utmost importance to keep our employees abreast of the changes and to develop their insurance skills both in underwriting and claims settlement. Keeping this in mind, the Company conducts regular training programs. Your Company also nominates employees for various training programs organized by external institutes from time to time. The focus of the trainings are on policy awareness, technical matters, specialized topics, marketing strategies, IT, personality development etc. Apart from emphasizing on mainstream training, the Company encourages the nominations in alternate training programs, as arranged for homogenous group of employees. Women employees are also nominated to specialized training programs like the Women Managers Training Programme. Pre-promotional training had been imparted to all eligible SC/ST/OBC employees of all cadres. Pre-recruitment training had been imparted to all SC/ST/OBC applicants. Based on our study of previous nominations, the system of Training Nominations have shifted from nomination-based to employees’ work profile based, i.e., the employee is nominated for training relevant to his line of working. Every effort is made to limit the training of an employee to two in a year, so that maximum number of employees get the opportunity to be trained

Apart from above, various Departments at HO conducted homogeneous training programmes to respective employees based on their work profile. Marketing Dept, HO arranged Training to the Operating Office Heads; Agency Dept, Rural Insurance and Claims HUB Departments, HO imparted Training to Agents Managers and respective Dept-Officials


The Official Language Department works as per the guidelines issued by the Official Language Department of Ministry of Home Affairs and Financial Services Deptt. According to these guidelines all the offices of the company make all possible efforts to increase Official Language Implementation work and explore in the area of Official Language. In these series Hindi workshops, Hindi Inspections and Official Language Implementation meetings are conducted at Head office as well as in the Regional Offices. Two days Training cum Worships programs were organized for the Hindi Representive of A B and C Regions. Employees were felicitated under Cash incentive scheme for working in Hindi and Original Book writing in Hindi. Two issues of Corporate House Magazine Arjan are published and Regional Offices also published their House magazine along with E-magazine. Total 72 Awards were received by our Official Language Team across India.

Your Company is constantly working to play a key role in spreading Regional Language along with the Official Language.


Internal Audit has been playing a vital role towards strengthening the Corporate Governance and complying with management objectives to improve and strengthen internal controls.

Internal Audit functions comprises of examining, evaluating and reporting to the Management on adequacy of internal controls, effective and efficient use of resources in the best possible manner to guard against the leakage of revenue. IAD has ensured that all operating offices are audited at least once in the financial year. The Department has also conducted regular audits of their Regional Offices, Claims Hubs, Broker DO, LCBOs, Auto tie-up offices& HO Departments and monitor financial transactions, quality underwriting and adequacy of provisions.

Internal Audit Dept, has been instrumental in detecting and reporting to the Management for rectification of systems and procedural lapses. IAD has also helped in enhancing the performance of Audit Compliance Cells at the various operating offices for speedy resolution of pending audit queries - both internal and Comptroller and Auditor General (CAG).

During the Financial Year, maximum stress was given towards resolving pending queries. At the end of the financial year, the observations of the IAD is consolidated in the form of Annual Report.

In addition to laying emphasis on adherence to various systems and procedural lapses, more stress has been given for strengthening the audit compliance mechanisms and initiating fresh interventions to ensure elimination of recurring system & procedural lapses. In addition to HO level Audit Workshops, Internal Audit Department at Regional Offices is conducting quarterly workshops for resolving maximum number of pending queries.

IAD has conducted 26 HO level audit workshops, 72 RO level workshops and 1 CAG workshop.


The Department handles legal matters other than T.P claims, pertaining to Consumer Fora cases/Supreme Court cases and Arbitration cases in coordination with respective Technical Departments at Head Office.

The procedure for handling Arbitration and consumer disputes has been streamlined to help proper defense and quicker resolution of cases. Delhi Legal Hub handles National Commission/Supreme Court cases and State Commission/ District Forum cases are handled by respective Regional Offices/Legal Hubs/Divisional Offices.

Encouraging and monitoring compromise in consumer disputes have resulted in suit claim disposal upto 26%. The Department has also sensitized handling officials on more effective handling of forum cases through personal visit, workshop in Regional offices and video conference.

The Department strives towards achieving the twin objective of minimizing fresh reporting of cases by handling claims, keeping in mind the trend of Consumer courts and faster disposal of pending cases which will improve the customer satisfaction index of the Company.


The vigilance department is headed by Chief Vigilance Officer. The focus of the department is to create a sound vigilance culture with emphasis upon the Preventive Vigilance Mechanism which will bring not only systemic improvement but also raise the standard of corporate governance. It aims at identifying corruption / malpractices inside the organization and transparent process to deal with the same. Robust preventive vigilance measures with a sound vigilance culture across the organization would help in achieving organizational excellence. Accordingly, new initiatives was undertaken during the year by setting up of Internal Advisory Committee on vigilance, the vigilance committee at HO and the Preventive Vigilance committees(PVC) at Regional Offices. Formation of these committees will ensure that there is fairness and justice in determining of vigilance angle and timely completion of disciplinary proceedings. During the year Preventive Vigilance Workshops were conducted at 185 offices and Surprise Inspections were conducted at 550 offices. Recommendations were also made for further improvement of the system. Vigilance awareness week was observed from 29th October 2018 to 03rd November 2018. The theme for the year was "Eradicate Corruption - build a New India". Various programs including gramsabhas, essays and quiz competitions were held across the country to spread the message of building a corruption free and strong India.









14,554,585 ACII 1.8.2011 62 Assicurazione Generali Spa LONDON
3 MAYANKKUMARJHA 17 CHIEF OPERATING OFFICER 9,200,442 M.B.A, Fill, LLB 25.02.2002 45 New India Assurance Co. Ltd HONG KONG
4 S RATNASABAPATHY 40 CHIEF ACCOUTANT 14,783,462 FIFA 01.04.1995 65 Henley Industries LONDON
5 JAMES BAKER 33 SENIOR UNDERWRITER 8,113,892 01.09.2011 51 Scan Re London LONDON
6 PANNASHAH 38 SENIOR ACCOUNTANT 8,343,096 Book Keeping 01.07.1993 64 P.S.J Alexander & Co. LONDON
7 P PATEL 39 CLAIMS MANAGER 7,621,094 Cll DEP 26.10.2009 60 Key International LONDON
8 DR PRAMOD WAHANE 28 Deputy CEO 8,178,039 B.V.SC&A.H.F.I.I.I 10.10.1990 56 New India Assurance Co. Ltd JAPAN


During FY 2019, the Company was in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.


There are no significant and/or material orders passed by the Regulators or Courts or Tribunals during FY2019 impacting the going concern status of future operations of the Company.

1. Fine under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 under Sec. 19(1) / 19(2) was levied for non-compliance with the constitution of nomination and remuneration committee.

2. The Holding Company received an order from Competition Commission of India (CCI) imposing a penalty of 25107 lakhs in 2015-16. The Holding Company contested against the order in Competition Appeal Tribunal and the Tribunal awarded penalty of ? 20 lakhs as against 25107 lakhs of CCI order. The penalty was paid in January 2017. CCI has appealed against the order of the Tribunal at the Apex Court and the case has been admitted in the Apex Court in March 2017.The case is not yet listed for hearing as on 31st March 2019


All Independent Directors have given declarations that meet the criteria of independence as laid down under Section 149(6) ofthe Companies Act 2013, SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 and ‘fit and proper’ declaration as laid down under Corporate Governance guidelines of IRDAI.


Increase in Authorized Share Capital from Rs. 600 Crore to 1000 Crore. Increase in paid-up share capital from ? 412 crore to ? 824 crore The above resolutions were passed vide postal ballot notice dated 11th May, 2018


During FY 2019, The Company passed a Resolution for Issue of Bonus Equity Shares of 5 each in the ratio of 1:1 to the existing shareholders of the Company following a Postal Ballot. Record date was 28 June 2018 and allotment date was 29 June 2018


Pursuant to the provisions of the Companies Act 2013 and guidelines for insurance companies issued by Insurance Regulatory and Development Authority of India (IRDAI), the Board has carried out an annual performance evaluation of its own performance. The Evaluation has been carried- out as per the criteria approved by the Nomination and Remuneration Committee.


The replies to the qualification made by the Statutory Auditors in their report is attached as Annexure to the Directors Report.


Pursuant to provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company had appointed Mehta & Mehta, Practising Company Secretary to conduct Secretarial Audit Report is annexed herewith as Annexure. There are no qualifications, reservation, adverse remark or disclaimer made by the auditor in the report save and except for observations disclaimer made by them in discharge of their professional obligation.


The Board has adopted policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention & detection of fraud, ever reporting mechanisms, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.


Your Company undertakes transactions with related parties in the ordinary course of business. The details of related party transactions are disclosed under Notes to Financial Statements for FY 2018.

Board approved policy on Related Party Transactions has been hosted on the website of the Company and can be viewed at the below link: " cms/755da005-5d81-4145-bfe3-43b8f82caecf/Related%20 party%20Policy.pdf?guest=true".

As required under section 134(3)(CA) of the companies act 2013, with regard to frauds reported by the auditors, the same has been mentioned under point no. 28 of notes forming part offinancial statementas on 31st March, 2019.


The Company being a General Insurance Company, its working and functions are governed by the regulations of Insurance Regulatory and Development Authority of India. The Accounts of the Company are drawn up according to the stipulations prescribed in the IRDA (preparation of Financial Statements and Auditor’s Report) Regulations 2002 and as amended from time to time.


AM Best Company has reaffirmed the Financial Strength Rating of A-(Excellent). The rating reflects the Company’s favorable investment results, strong solvency ratio and its strong presence in domestic and overseas markets.

CRISIL has reaffirmed its ‘AAA/Stable’ rating of The New India Assurance Company Ltd. indicating that the Company has the highest degree of financial strength to honour its policyholder’s obligations. The rating continues to reflect the Company’s leadership position in the Indian General Insurance industry, its healthy capitalization, sound asset quality and comfortable liquidity.


The particulars of Foreign Exchange earnings/outgo as required by the Companies Act under Section 217(1)(e) is given below :

Earnings: 624.62 crores (previous year ? 574.28 crores) Outgo :653.66 crores (previous year648.15 crores)

The earnings included all receipts denominated in foreign currencies in respect of premium, recovery of claims outward commission and investment earnings. The outgo comprised all payments in foreign currency in respect of outward premium, claims on reinsurance accepted, commission and expenses of management.

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to 1,04,40,855 (P.Y.1,11,69,220); 1,74,63,104 (P.Y. 2,37,85,462) and 63,09,71,503 (P.Y. 60,45,07,128) respectively.


Provisions regarding Financial Statements are laid down under Section 129 of the new Companies Act 2013. As per the provision of Section 129 (2) of the said Act, at every Annual General Meeting of a company, the Board of Directors of the Company shall lay before such meeting financial statements for the financial year. Section 129(3) of the Companies Act 2013 provides that where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2) of Section 129, prepare a Consolidated Financial Statements of the company and of the subsidiaries in the same form and manner as that of its own which shall also be laid before the Annual General Meeting of the company along with the laying of its financial statements under Sub Section (2) ofSection129.

As per the above section the Company is required to prepare financial statements as above.


Your Company is fully committed to follow sound corporate governance practices. The Company’s Board is constituted in compliance with CA2013,in accordance with SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 and IRDAI Corporate Governance guidelines 2015. The Board comprises of Corporate governance refers to the set of systems, principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfill its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. Stakeholders in this case would include everyone ranging from the board of directors, management, shareholders to customers, employees and society. The management of the company hence assumes the role of a trustee for all others.

The Board meets at least once a quarter to review the quarterly, financial, and operational and investment performance of the Company. The company’s philosophy on corporate Governance lays strong emphasis on transparency, accountability and integrity. Corporate governance is concerned with the establishment of a system where by the Directors are entrusted with responsibilities and duties in relation to the directions of corporate affairs. It is concerned with accountability of who are managing it. It is concerned with morals, ethics, values, parameters, conduct and behaviour ofthe company and its management.

The Board functions either as an entity per se, or through various committees constituted to oversee specific operational areas. There is an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the independence of the Board None of the Directors are related to any other Directors or employees of the Company.

Mr. Sharad S. Ramnarayanan Appointed Actuary of the Company is a permanent invitee to the Board meeting.


The composition of the Board of Directors as on 31.03.2019:

(i) Mr. Atul Sahai, Chairman-cum-Managing Director

(ii) Mr. Debasish Panda, Government Nominee Director

(iii) Mr. C Narambunathan, Whole Time Director

(iv) Mr. Neelam Damodaran, Director

(v) Mr. P Ramana Murthy, Director

(vi) Ms. Papia Sengupta, Director

(vii) Mr. S. Chanana,Director

(viii) Mr. Kuldip Singh,Director

(ix) Mr. S.K. Banerjee,Director

The Board under went the following changes in its composition

since the date of last directors’ report,i.e.,11th May 2018:

• Cessation of Directorship of Mr Lok Ranjan (Government Nominee Director) wef 24th May 2018

• Appointment of Mr. Debasish Panda as Government Nominee Director w.e.f. 24th May 2018

• Superannuation of Mr. G Srinivasan as Chairman-cum-Managing Director w.e.f. 31st July 2018

• Appointment of Mr. Hemant G Rokade

(Whole Time Director) and Mr. C Narambunathan (Whole Time Director) as Joint-Charge Chairman-cum-Managing Director for a period of Three months

•. Cessation of Directorship of Mr Hemant G Rokade (Whole Time Director)wef27th January, 2019

• Appointment of Mr. Atul Sahai as Chairman-cum- Managing Directorw.e.f. 4th December 2018

• Superannuation of Mr C Narambunathan (Whole Time Director) wef 31st May, 2019

• The Board placed on record it’s sincere thanks to Mr G Srinivasan , Mr Lok Ranjan , Mr. Hemant G Rokade and Mr C Narambunathan , Directors for their co-operation to the Board during their tenure. The Board also extended it’s warm appreciation to the above Directors for their timely guidance and support to the Board members.


Name Designation Qualifications
Atul Sahai1
DIN No. 07542308 Chairman cum Managing Director M.A, D.C.M, A.I.I.I
C Narambunathan 2
DIN No. 08101846 Director & General Manager M.Com, A.C.S., F.I.I.I.
Neelam Damodharan 3
DIN No.07759291 Non-Executive & Independent Director B.Sc(Agr.), CAIIB, Diploma in Financial Management
P R Murthy 4
DIN No. 07815852 Non-Executive & Independent Director B.Sc(Agr.), CAIIB
Papia Sengupta 5
DIN No. 07701564 Non-Executive & Independent Director B.Sc, CFA(lndia), CAIIB
S K Banerjee 6
DIN No. 01987541 Independent Director Master of Commerce, Fellow ICAI
Kuldip Singh 7
DIN No. 02905840 Independent Director B.Sc, Agr. (Hons),
S K Chanana 8
DIN No. 00112424 Independent Director M.A, LLB, ACS
Debasish Panda 9
DIN No. 06479085 Government Nominee Director M.Phil


1 Appointed on 04th December, 2018

5- Appointed on 27th September, 2017

2-Appointed on 2nd April, 2018 and superannuated

6- Appointed on 29th September, 2017

31st May 2019

7- Appointed on 29th September, 2017

3-Appointed on 14th August, 2017

8- Appointed on 29th September, 2017

4- Appointed on 14th August, 2017

9- Appointed on 24th May, 2018


Name of the Director Category 1 of directors No of Directorship in listed entities including the Company Number of memberships in Audit/ Stakeholder Committee(s) including the Company No of post of Chairperson in Audit/ Stakeholder Committee held in listed entities including the Company
Atul Sahai1 Executive Director 2 1 0
C Narambunathan2 Executive Director 1 2 0
N Damodharan3 Non-Executive - Independent Director 2 3 1
P Ramana Murthy4 Non-Executive - Independent Director 2 4 1
Papia Sengupta5 Non-Executive - Independent Director 2 0 0
S K Banerjee6 Non-Executive - Independent Director 1 1 0
Kuldip Singh7 Non-Executive - Independent Director 1 1 0
S K Chanana8 Non-Executive - Independent Director 1 0 0
Debasish Panda9 Govt. Nominee Director 2 1 0


1 Appointedon04thDecember, 2018 6- Appointed on 29th September, 2017
2- Appointed on 2nd April, 2018 7- Appointed on 29th September, 2017
3-Appointed on 14th August, 2017 8- Appointed on 29th September, 2017
4- Appointed on 14th August, 2017 9- Appointed on 24th May, 2018
5- Appointed on 27th September, 2017



During the year, the Board met six (6) times. The names of the Directors, their attendance at Board Meetings during the year and the number of directorships and board committee memberships held by them as on the date of the report are set out in the following table :

Director No. of Meetings attended/ held
Mr. G. Srinivasan 2/2
Mr. Atul Sahai 2/2
Mr. Hemant G Rokade 4/4
Mr. C Narambunathan 6/6
Mr. P. R. Murthy 3/6
Mr. N. Damaodharan 2/6
Ms. P. Sengupta 3/6
Mr. S.K.Banerjee 6/6
Mr. Kuldip Singh 6/6
Mr. S.K.Chanana 6/6
Mr. Lok Ranjan 0/1
Mr. Debasish Panda 1/5

Details of Equity Shares held by the non-executive director as on March 31 2019 :

Sr. Name of the Director No. of Equity

No. Shares

1 Mr. S.K. Banerjee 72


The detail of the familiarization programme have been hosted on the website of the Company and can be viewed at the below mentioned link : https://www.newindia. Familiarization.pdf?guest=true


The Code of Conduct for Directors/Senior management has been hosted on the website of the Company and can be viewed at the below mentioned link : https://www.newindia. Code%20of%20Conduct.pdf?guest=true,


The appointment of Directors & Senior Management are as per the relevant notifications issued by Government of India.


The remuneration to Whole Time Directors, Key Managerial

Personnel, Senior Management and other employees is as per relevant notifications issued by Government of India.


The Board has constituted the following committees:

i) Audit Committee

ii) Investment Committee

iii) Risk Management Committee

iv) Policyholders Protection Committee

v) Nomination & Remuneration Committee

vi) Corporate Social Responsibility Committee

vii) Stakeholders Relationship Committee

viii) Information Technology Committee

ix) Property Review Committee

The terms of reference, the composition along with the number of meetings held during FY 2019 and the attendance ofthe Committees ofthe Board are provided below:


Terms of Reference:

1. Over sight of the company’s financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible;

2. Taking on record the appointment of auditors of the company by the Comptroller and Auditor General of India;

3. Recommendation for remuneration and terms of appointment of auditors of the company;

4. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

5. Reviewing, with the management, the annual financial statements and auditor’s report thereon before submission to the Board for approval, with reference to:

(i) Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in terms of clause (c) of subsection 3 of section 134 of the Companies Act, 2013;

(ii) Changes, if any, in accounting policies and practices and reasons for the same;

(iii) Major accounting entries involving estimates based on the exercise of judgment by management;

(iv) Significant adjustments made in the financial statements arising out of audit findings;

(v) Compliance with listing and other legal requirements relating to financial statements;

(vi) Disclosure of any related party transactions; and

(vii) Modified opinion(s)/ qualifications in the draft audit report.

6. Reviewing, with the management, the quarterly financial statements before submission to the Board for approval;

7. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue,etc.),the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue (if applicable), and making appropriate recommendations to the Board to take up steps in this matter;

8. Reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;

9. Approval of any subsequent modification of transactions of the company with related parties; Explanation: The term "related party transactions" shall have the same meaning as provided in Clause2(zc) of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations) and/or the Accounting Standards.

10. Scrutiny of inter-corporate loans and investments;

11. Valuation of undertakings or assets of the company, wherever it is necessary;

12. Evaluation of internal financial controls and risk management systems;

13. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;

14. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

15. Discussion with internal auditors of any significant findings and follow up thereon;

16. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;

17. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

18. Looking into the reasons for substantial defaults in the payment to depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

19. Reviewing the functioning of the whistle blower mechanism and the chief risk officer of the Company;

20. Approval of appointment of CFO (i.e., the wholetime Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. ofthe candidate;

21. Oversee the vigil mechanism established by the Company and the chairman of audit committee shall directly hear grievances of victimization of employees and directors, who use vigil mechanism to report genuine concerns;and

22. Carry out any other function as is mentioned in the terms of reference of the Audit Committee and any other terms of reference as may be decided by the board of directors of the Company or specified/ provided under the Companies Act, 2013 or by the SEBI Listing Regulations or by any other regulatory authority.

23. Management discussion and analysis of financial condition and results ofoperations;

24. Statement of significant related party transactions (as defined by the Audit Committee), submitted by management;

25. Management letters / letters of internal control weaknesses issued by the statutory auditors;

26. Internal audit reports relating to internal control weaknesses;

27. The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to review by the Audit Committee.

28. To review statement of deviations:

a. quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1) of SEBI Listing Regulations, 2015.

b. annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus/notice in terms of Regulation 32(7) ofSEBI Listing Regulations, 2015.

29. To review compliance with the provisions of Regulation 9A of SEBI (Prohibition of Insider Trading Regulations, 2015 at least once in a financial year and verify that the systems for internal control are adequate and are operating effectively.

Attendance of Members of the Audit Committee:

Director No. of Meetings attended/ held
Mr. Neelam Damodharan 2/5
Mr. Kuldip Singh 5/5
Mr. Hemant G. Rokade 4/4
Mr P Ramana Murthy 3/5
Mr Samir Kumar Banerjee 5/5
Mr C Narambunathan 4/4


Terms of Reference:

1. Overseeing the implementation of the investment policy approved by our Board from time to time;

2. Reviewing the investment policy;

3. Periodical updating to our Board with regard to investment activities of the Company;

4. Reviewing the investment strategies adopted from time to time and giving suitable directions as needed in the best interest of the Company;

5. Reviewing the broker policy and making suitable amendments from time to time;

6. Reviewing counter party/intermediary exposure norms;

7. Supervising the asset allocation strategy to ensure financial liquidity, security and diversification through liquidity contingency plan and asset liability management policy;and

8. Overseeing the assessment, measurement and accounting for other than temporary impairment in investments in accordance with the policy adopted by the Company.

Attendance of the Members of the Investment Committee:

Director/Member No. of Meetings attended/ held
Mr. G. Srinivasan 2/2
Mr. Atul Sahai 2/2
Mr. P Ramana Murthy 3/4
Mr. Sanjeev Kumar Chanana 6/6
Ms. Papia Sengupta 2/6
Mr. Hemant G Rokade 4/4
Ms. S N Rajeswari 6/6
Mr. Shankar S 2/2
Mr. Sharad Ramnarayanan 6/6
Mr. M S Joshi 2/2
Mr. C Narambunathan 4/4
Ms. Gouri Rajan 4/4
Mr. S R Sheeram 4/4


Terms of Reference:

1. To review and assess the risk management system and policy of the Company from time to time and recommend for amendment or modification there of;

2. To frame and devise risk management plan and policy of the Company;

3. To review and recommend potential risk involved in any new business plans and processes;and

4. Establish effective Risk Management framework and recommend to the Board the Risk Management policy and processes for the organization.

5. Set the risk tolerance limits and assess the cost and benefits associated with risk exposure.

6. Review the Company’s risk- -reward performance to align with overall policy objectives.

7. Discuss and consider best practices in risk management in the market and advise the respective functions;

8. Assist the Board in effective operation of the risk management system by performing specialized analyses and quality reviews;

9. Maintain an aggregated view on the risk profile of the Company for all categories of risk including insurance risk, market risk, credit risk, liquidity risk, operational risk, compliance risk, legal risk, reputation risk,etc.

10. Advise the Board with regard to risk management decisions in relation to strategic and operational matters such as corporate strategy, mergers and acquisitions and related matters.

11. Report to the Board, details on the risk exposures and the actions taken to manage the exposures; review, monitor and challenge where necessary, risks undertaken by the Company

12. Review the solvency position of the Company on a regular basis.

13. Monitor and review regular updates on business continuity.

14. Formulation of a Fraud monitoring policy and framework for approval by the Board.

15. Monitor implementation of Anti-fraud policy for effective deterrence, prevention, detection and mitigation of frauds.

16. Review compliance with the guidelines on Insurance Fraud Monitoring Framework dt. 21st January 2013, issued by the Authority.

17. Any other similar or other functions as may be laid down by Board from time totime."

18. To perform such other functions as the Board may deem fit from time to time, which shall also cover cyber security.

Attendance of Members of the Risk Management Committee:

Director No. of Meetings attended/ held
Mr. G. Srinivasan 1/1
Mr. Atul Sahai 1/1
Mr. Hemant G Rokade 3/3
Mr C Narambunathan 3/4
Ms. P. Sengupta 2/4
Mr. S.K.Chanana 4/4
Mr. Kuldip Singh 4/4
Mr. S.K.Banerjee 4/4
Ms. Papia Sengupta 2/4
Mr. Neelam Damodharan 3/4

As per IRDAI guidelines, Mr. Sharad Ramnarayanan Appointed Actuary and Mr. S. Shankar Chief Risk Officer (till 27.07.2018) and Ms Gouri Rajan Chief Risk Officer (from 07.08.2018) were present in all meetings of the Risk Management committee held during the year.


Terms of Reference :

1. Putting in place proper procedures and effective mechanism to address complaints and grievances of Policyholders including mis-selling by intermediaries;

2. Ensuring compliance with the statutory requirements as laid down in the regulatory framework;

3. Reviewing the mechanism at periodic intervals;

4. Ensuring adequacy of "material information" to the policyholders to comply with the requirements laid down by the authority both at the point of sale and periodic intervals;

5. Reviewing the status of complaints at periodic intervals;

6. Providing the details of grievance at periodic intervals in such formats as may be prescribed by the authority;

7. Providing details of insurance ombudsman to the policyholders;

8. Monitoring of payments of dues to the policyholders and disclosure of unclaimed amount thereof;

9. Review of regulatory reports to be submitted to various authorities;

10. To review the standard operating procedures for treating the customer fairly including time-frames for

policy and claims servicing parameters and monitoring implementation thereof;

11. To review the framework for awards given by Insurance Ombudsman/ Consumer Forums. Analyse the root cause of customer complaints, identify market conduct issues and advise the management appropriately about rectifying systemic issues, if any;

12. To review all the awards given by Insurance Ombudsman/ Consumer Forums remaining unimplemented for more than three (3) months with reasons therefore and report the same to our Board for initiating remedial action, where necessary;

13. To review claim report including status of outstanding claims with ageing ofoutstanding claims;and

14. To review repudiated claims with analysis of reasons

15. Recommend a policy on customer education for approval of the Board, and ensure proper implementation of such policy;

16. Put in place systems to ensure that policy holders have access to redressal mechanisms and shall establish policies and procedures for the creation of a dedicated unit to deal with customer complaints and resolve disputes expeditiously;

17. Review of unclaimed amounts of policyholders, as required under the circulars and guidelines issued by the Authority.

Attendance of Members of the Policyholders Protection Committee :

Director No. of Meetings attended/ held
Mr. G. Srinivasan 1/1
Mr. Atul Sahai 1/1
Mr. Hemant G. Rokade 2/2
Mr. Kuldip Singh 3/3
Mr. C Narambunathan 2/3
Mr. N. Damodharan 3/3
Mr. S.K.Banerjee 3/3


Terms of Reference :

1. Recommend to the Board a policy relating to the remuneration of the key managerial personnel and other employees;

2. The Nomination and Remuneration Committee, while formulating the above policy, should ensure that—

(a) relationship of remuneration to performance is clear and meets appropriate performance benchmarks;and

(b) remuneration to key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its goals.

3. Taking on record the appointment and removal of directors, including independent directors, by the President of India, acting through respective ministries;

4. Taking on record the extension, if any, of the term of the independent directors of our Company, as may be directed by the President of India, acting through the respective ministries;

5. Taking on record the extension, if any, of the term of the independent directors of our Company, as may be directed by the President of India, acting through the respective ministries;

6. Taking on record the various policies, if any, promulgated by the Central Government including policy on diversity of board of the directors and criteria for evaluation of performance of the directors;

7. Framing suitable policies and systems to ensure that there is no violation,by an employee of any applicable laws in India oroverseas,including:

(a) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 or the Securities and Exchange Board of India (Prohibition of InsiderTrading) Regulations, 2015 to the extent each is applicable;or

(b) The Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations,2003.

(c) Performing such other activities as may be delegated by the Board of Directors and/ or are statutorily prescribed under any law to be attended to by the Nomination and Remuneration Committee.

Attendance of Members of the Nomination & Remuneration Committee:

Director No. of Meetings attended
Mr. Atul Sahai 1/1
Mr. Debasish Panda 2/2
Mr. Sanjeev K Chanana 2/2
Mr. P. Ramana Murthy 1/2
Mr. Hemant G Rokade 1/1
Mr. C Narambunathan 1/1


1. To formulate and recommend to the Board, a CSR policy which will indicate the activities to be undertaken

by the Company in accordance with Schedule VII of the Companies Act,2013;

2. To review and recommend the amount of expenditure to be incurred on the aforementioned activities to be undertaken by the Company;

3. To monitor the CSR policy of the Company from time to time.

Attendance of Members of the Corporate Social

Responsibility Committee :

Director No. of Meetings attended
Mr. G. Srinivasan 1/1
Mr. Atul Sahai 2/2
Mr. HemantG. Rokade 3/3
Mr C Narambunathan 4/5
Mr. P. Ramana Murthy 3/5
Ms Papia Sengupta 2/5
Mr. Kuldip Singh 5/5


Terms of Reference :

1. To resolve the grievances of the security holders of the Company including complaints related to transfer/ transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/ duplicate certificates, general meetings etc.

2. Review measures taken for effective exercise of voting rights by shareholders.

3. Review of adherence to the service standards adopted by the Company in respect of various services being rendered by the Registrar & Share Transfer Agent.

4. Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company.

5. To perform such other functions as the Board may deem fit from time to time or in order to comply with applicable laws, rules, regulations, as the case may be.

6. Carrying out any other function contained in the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as and when amended from time to time.

Attendance of Members of the Stakeholders Relationship Committee:

Director No. of Meetings attended
Mr. P. Ramana Murthy 1/1
Mr. Neelam Damodharan 1/1
Mr. Hemant G. Rokade 1/1
Mr. C Narambunathan 1/1

Number of Complaints :

During the year, the Company/its Registrar received the following complaints from SEBI/Stock Exchanges/ Depositories which were resolved within the time frame laid down by SEBI:

1 No. of Investors complaints pending as on 01.04.2018 0
2 No. of Investors complaints received during 01.04.2018 to 31.3.2019 5
3 No. of Investors complaints disposed during 01.04.2018 to 31.03.2019 5
4 No. of Investors complaints those remained unsolved as on 31.3.2019 0


Terms of Reference :

Evaluation of various IT proposals and after perusal recommending the same to the board for approval.

Attendance of Members of the Information Technology Committee :

Director No. of Meetings attended
Mr. Atul Sahai 1/1
Mr. Neelam Damodharan 1/1
Ms Papia Sengupta 1/1
Mr. S.K. Chanana 1/1
Mr. C Narambunathan 1/1


Terms of Reference :

To review the various matters with regard to the properties held by the Company.

In 2018-19, no meeting of the Property Review Committee was held.


Name of the Director

Sitting Fees (?)

Mr. S.K. Chanana 2,25,000
Mr. Kuldip Singh 2,61,000
Mr. S.K. Banerjee 2,25,000


As per Section 2(51) and Secton 203(1) of The Companies Act 2013 the following were the Key Managerial Personnel of the Company as on 31.3.2019 :

Chairman cum
Managing Director : Mr. Atul Sahai
Director, General Manager,

FA :

Mr. C. Narambunathan
General Manager & Chief Underwriting Officer : Mr. R.M. Singh
General Manager : Mr.HemantG.Rokade
General Manager : Mr Renjit Gangadharan
General Manager & Chief Financial Officer : MsS.N. Rajeswari
General Manager & Chief Marketing Officer : Mr. Anjan Dey
General Manager : Ms. J. Jayanthi
General Manager : Mr. J.K.Garg
General Manager & Chief Risk Officer : Mrs Gouri Rajan
Appointed Actuary : Mr. Sharad S. Ramnarayanan
Chief Investment Officer : Mr. S.R. Shreeram
Chief of Internal Audit : Mr. R.P. Joshi
Company Secretary &

Chief Compliance Officer :

Ms Jayashree Nair


1. During the year, there are no pecuniary relationships or transactions with the Non-Executive Directors.

2. Financial Statements accurately and fairly represent the financial condition ofthe Company.

3. There has not been any significant change in the accounting policies of the Company during the year.

4. The Company has Business Risk Management process which is periodically reviewed by the Board of Directors/Risk Management Committee to determine its effectiveness.

5. The Board of Directors and the Audit Committee periodically reviewed the status of compliances in

respect of applicable Laws and report thereon by the Internal Audit team.

6. Whistle Blower Policy - The Company has a Whistle Blower Policy and the same has been hosted on the website.

7. The Global solvency Margin of the company for the year 2018-19 is 2.13 times.


The Company has formulated an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act 2013 Internal complaints committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is the summary of Sexual harassment complaints received and disposed off during the year 201819 :

No. of Complaints received : 3

No. of complaints disposed off : 1


Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor General of lndia,appointed M/s. Mukund M. Chitale & Co. and M/s. NBS & Co. as the Central Statutory Auditors of the Company for the year

2018-19. Branch auditors for the various Regional Offices, Divisional Offices and claims hubs in India and for the foreign branch/agency offices were also appointed for the year. The Board of Directors expresses its gratitude for the directions and guidance given by the statutory auditors in drawing up the Company’s annual results.


Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies (Management and Administration) Rules2014,the extract of the Annual Return is annexed as Annexure


Section 3 A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the process of annual renewal of the certificate of Registration issued to insurers under Section 3 of the Insurance Act 1938. The insurers however, shall continue to pay such annual fee as may be prescribed by the Regulations. Thus w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers renewed in 2016 and which expired on 31st March 2019 shall continue to be in force from 1st April 2019, subject to the provisions of Section 3Aread with Section 3 of the Insurance Act 1938.The Certificate of License has been renewed by IRDAw.e.f.01.04.2019.

The Company has paid the renewal fees as prescribed by the above Regulations.


The Company has 3 Subsidiary Companies. The names and details of New India shareholding are as under:

S.No. Name of the subsidiary Total paid-up capital (no. of shares) New India’s shareholding (no. of shares) % holding of New India Assurance
1. The New India Assurance Company (Trinidad & Tobago) Limited 17,418,946 146,12,444 83.89
2. The New India Assurance Company (Sierra Leone) Limited 250,000 250,000 100.00
3. Prestige Assurance Plc. Nigeria 5,382,550,000 3,740,912,628 69.50

The performance ofsubsidiaries for the year ended 31st December 2018 is summarized below:

(Figures in ‘000)

Name of the subsidiary


U/w Profit/Loss

Investment Income

Other Income

Profit before tax


2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
NIA(T&T) Ltd. $ 16018 (21,142) 6082 6670 - - 22100 (14472) - -
NIA(S.Leone) Ltd. Le (22289) (18607) 12715 12680 - - (9574) (5927) - -
Prestige Assurance N (3,11,945) (3,48,538) 9,56,787 10,23,979 588 22548 6,45,430 6,97,989 - -

• All the subsidiary companies follow the calendar year for finalisation of accounts. Therefore, performance has been given for the year ended 31st December 2018.

• The New India Assurance Company (Sierra Leone) Limited has closed down business operations with effect from 1st January 2003 due to the civil disturbances prevailing in that country. The Company has not declared any dividend for the year 2018-19.

• In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies may be viewed at The Company’s website :


During the year, pursuant to Section 110 of the Act, read with the Companies (Management and Administration) Rules, 2014 (including any statutory amendment(s) or re-enactment(s) made thereunder), your Company passed the following resolutions through postal ballot as per the details below:

(i) The voting pattern ofvotes casted in favor/againstthe resolutions passed vide Postal Ballot Notice dated May 16, 2018 is as under

Particulars of the Resolution

Type of the Resolution

Number of Votes Polled

Votes cast in Favour

Votes cast against

Number of votes % Number of votes %
Increase in Authorized Share Capital from ? 600 Crore to 1000 Crore and consequential alteration to the Capital clause of Memorandum of Association Ordinary 77,76,48,324 77,76,46,066 99.99 2,258 0.01
Alteration of the Capital Clause of the Articles of Association Special 77,76,48,132 77,76,45,519 99.99 2,613 0.01
Issue of Bonus Shares Ordinary 77,76,48,829 77,76,48,381 99.99 448 0.01

(ii) The voting pattern ofvotes casted in favor/against the resolutions passed vide Postal Ballot Notice dated February 11, 2019 is as under

Particulars of the Resolution

Type of the Resolution

Number of Votes Polled

Votes cast in Favour

Votes cast against

Number of votes % Number of votes %
Approval for continuation of Mr. S K Banerjee (DIN 01987541) as a Non Executive Independent Director Special 155,27,93,299 155,27,72,022 100.00 21,277 0.00

S N Ananthasubramanian and Co, Practising Company Secretaries, Mumbai (Firm Reg. No.: P1991MH040400), was appointed as the Scrutinize^ for conducting the Postal Ballots and e-voting process in a fair and transparent manner.

None of the businesses proposed to be transacted at the ensuing AGM require passing a resolution through postal ballot


The details of the Annual General Meetings held in the previous three financial years are given below :

Annual General Meeting Day, Date Time Venue
Ninety Ninth AGM Monday, July 30th 2018 03:00 pm Walchand Hirachand Hall, Indian Merchant Chambers Bldg, IMC Marg, Churchgate, Mumbai 400020
Ninety Eighth AGM Wednesday, August2nd 2017 11.30 a.m. New India Assurance Building, 87, M.G. Road, Fort, Mumbai 400 001
Ninety Seventh AGM Thursday, August 25th 2016 11.30 a.m. New India Assurance Building, 87, M.G. Road, Fort, Mumbai 400 001

The details of the Resolutions passed in the Annual General Meetings held in the previous three financial years are given below :

General Body Meeting Day and Date Resolution
Annual General Meeting Monday, July 30th 2018 -
Annual General Meeting Wednesday, August 2nd 2017 1. Approval for adoption of new set of Articles of Association
2. Approval of sub-division of shares.
3. Increase in Authorised Share Capital of the Company and subsequent alteration in the Capital Clause of Memorandum of Association
4. Approval of issuance of Bonus Shares.
5. To consider and approve the Initial Public Offer
Annual General Meeting Thursday, August 25th 2016 -


The Ministry of Finance, Department of Financial Services,(lnsurance Division) has confirmed that the Annual Report of the Company for the Financial Year 2017-18 along with the Directors’ Report was placed before Lok Sabha on 21.12.2018 and Rajya Sabha on 18.12.2018 as per the requirement of the Companies Act,2013.


The Company’s website ( allows access to all the stakeholders of the Company to access information at their convenience. It provides comprehensive information of the Company.

The financial and other information and the various compliances as required/prescribed under the Listing Regulations are filed electronically with BSE and NSE. The financial results, official news releases, analyst call transcripts and presentations are also available on the Company’s website.


Registration Number 190
Corporate Identification L66000MH1919GOI
Number 000526
Financial Year 2018-19
Board Meeting for adoption of Audited Annual Accounts May 13, 2019
Day, Date and Time of 100th Friday, 30th August 2019 at
Annual General Meeting 4:30 pm
Venue Walchand Hirachand
Hall, Indian Merchant
Chambers Bldg, IMC Marg,
Churchgate, Mumbai
Financial Year April 1, 2018 - March 31,2019
Book Closure -
Date of Dividend Payment by 07th September, 2019
Company’s Website


Currently, the Equity shares ofthe company are listed at

Stock Exchange April 1,2018 - March 31,2019
BSE Limited (BSE) Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai 400001 540769
National Stock Exchange of India Limited (NSE)Exchange Plaza, 5th Floor, Plot C/1, G block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 NIACL

The Company has paid the annual listing fees for the relevant period to BSE and NSE.





High Low High Low
April 711.10 651.10 709.95 652.85
May 764.25 658.90 764.85 653.85
June 699.00 315.00 695.00 315.00
July 318.00 259.05 318.00 252.70
August 293.15 237.85 291.95 235.75
September 257.15 217.55 257.25 216.55
October 229.80 195.00 227.35 198.00
November 238.00 197.05 238.20 196.55
December 206.90 173.05 207.00 171.20
January 188.70 168.00 187.30 172.00
February 185.00 165.00 184.85 169.00
March 224.00 172.75 219.00 172.15


The Registrar and Transfer Agent of the Company is Link In Time India Pvt. Ltd. for Equity Shares. Investor services related queries/requests/complaints may be directed at the address as under:

Link In Time India Pvt. Ltd.

247 Park , C 101 IstFloor,

LBS Marg , Vikhroli (W ),

Mumbai -400 083

Phone No. : 022 49186000

Email id :


Sl. No. Category Number of Shares on March 31 2019 % total
1 Central Government (Promoter) 1408000000 85.44
2 Clearing Members 1013501 0.06
3 Financial Institutions 774691 0.05
4 Foreign Portfolio Investors (Corporate) 1546078 0.09
5 GIC & its subsidiaries 33029668 2.00
6 Hindu Undivided Family 355669 0.02
7 Insurance Companies 2172424 0.13
8 Life Insurance Corporation of India 142833188 8.67
9 Mutual Funds 7792398 0.47
10 Nationalised Banks 34776772 2.11
11 Non Nationalised Banks 997934 0.06
12 Non Resident (Non Repatriable) 85459 0.01
13 Non Resident Indians 549862 0.03
14 Other Bodies Corporate 4163974 0.25
15 Public 9895182 0.60
16 Trust 13200 0.00



Sr. No Name No. of Shares held Percentage (%) of total number of shares
1. Life Insurance Corporation of India 142833188 8.67
2. General Insurance Corporation of India 21667646 1.31
3. State Bank of India 20692884 1.26


Sr No.

Shareholding of Nominal Value (INR)

Number of Shareholders % OF TOTAL SHAREAMOUNT (INR)


From To
1 1 2500 94976 96.5645 35517030.00 0.4310
2 2501 5000 2530 2.5723 7801050.00 0.0947
3 5001 10000 510 0.5185 3595430.00 0.0436
4 10001 15000 107 0.1088 1303475.00 0.0158
5 15001 20000 36 0.0366 634995.00 0.0077
6 20001 25000 33 0.0336 774775.00 0.0094
7 25001 50000 61 0.062 2254975.00 0.0274
8 50001 Above 102 0.1037 8188118270.00 99.3704


The Company has approached the Statutory Auditors of the Company regarding Certificate for compliance of conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.The auditors are in process of issuing the compliance certificate of Corporate Governance.


There has been no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the balance sheet relates and the date of this report.


The Company has a policy for material subsidiaries. The same has been up loaded on the website of the Company.



• Matrix setting out the skills/expertise/competence of the board ofdirectors

The Company requires skills/expertise/competencies in the areas of strategy, understanding of financial issues, risk and compliance oversight, executive management, board experience, information technology strategy and governance, industry skills viz. expertise in the areas of the industry and depth of experience in the industry to efficiently carry on its core businesses of General Insurance. All the above required skills/expertise/competencies are available with the Board.

The Board is satisfied that the current composition reflects an appropriate mix of knowledge, skills, experience, expertise, diversity and independence. The Board provides leadership, strategic guidance, an objective and independent view to the Company’s management while discharging its fiduciary responsibilities, thereby ensuring that the management adheres to high standards of ethics, transparency and disclosure.


Pursuant to the requirements under Section 134(5) of the Companies Act, 2013,the Board of Directors of the Company has laid down Internal Financial Controls to followed by the Company and such Internal Financial Controls are adequate and were operating effectively. The Board confirms that:

(a) In the preparation of the annual accounts,the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) Appropriate accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the company at the end

of the financial year and of the profit and loss of the company for that period; of the Companies Act, 2013, the Board of Directors of the Company here by state and confirm that:

(c) Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts on a going concern basis;and

(e) Proper systems to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

(f) No Material Changes and commitments affecting the financial position of the Company has occurred between 31st March 2018 and the date of the Report.


Considering the nature of the operations of the Company, the provisions of Section 134(3)(m) of The Companies Act 2013 read with Companies (Accounts) Rules 2014 relating to information to be furnished on conservation of energy and technology absorption are not applicable.


The Board of directors thanks Government of India, Ministry of Finance, Department of Financial Services (Insurance Division), Insurance Regulatory & Development Authority (IRDA), General Insurers’ (Public Sector) Association of India (GIPSA), General Insurance Council, intermediaries and other government and regulatory agencies for their valuable guidelines and continuous support provided to the company throughout the year.

The Board of directors are also grateful to the valued customers, bankers, agents, surveyors, stakeholders and public at large for the patronage and confidence reposed in the company.

The Board of directors places on record their appreciation for the commitment, sense of involvement and dedication exhibited by each staff member in the overall development and growth of the company and look forward to the continued support and whole-hearted cooperation for the realization of the corporate goals in the year ahead.

For and on behalf of the Board
Chairman cum Managing Director
DIN No. 07542308
Place :Mumbai
Dated :13 May 2019


I confirm that all the Directors and members of the senior management have affirmed compliance with Code of Conduct for the year ended March 312019.

Atul Sahai
Chairman cum Managing Director
Place : Mumbai
Date : 13 May 2019


I, Jayashree Nair hereby certify that the company has complied with the Corporate Governance guidelines for Insurance Companies as amended from time to time and nothing has been concealed or suppressed.

Jayashree Nair
Company Secretary
ACS 28252
Place : Mumbai
Dated : 13 May2019


To the Members

The New India Assurance Co. Ltd.



1. This certificate is issued in accordance with the terms of our engagement with The New India Assurance Co. Ltd. (‘the Company’).

2. We have examined the compliance of conditions of Corporate Governance by the Company, for the year ended on 31 March 2019, as per Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2) and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations, 2015 (the ‘Listing Regulations’).


3. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate Governance stipulated in Listing Regulations.


4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

5. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.

6. We have carried out an examination of the relevant records

of the Company in accordance with the Guidance Note on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAO, the Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with e,ethical requirements of the Code of Ethics issued by the ICAI.

7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC), Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.


8. Based on our examination of the relevant records and according to the information and explanations provided to us and the representations provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Regulation 17 to 27, clauses (b) to (i) of Regulation 46(2) and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations, 2015 (the ‘Listing Regulations’) except for Regulation 23(2) and (3) which requires prior approval of audit committee for all the related party transactions wherein the Company has taken subsequent approval from audit

committee by placing the related party transaction in the subsequent meetings during the year.

9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company on and approval do not any false or mis leading statements or figures and do not omit any material fact which may make the statements or figures contained there in misleading contain.

For NBS & Co. For Mukund M. Chitale & Co.
Chartered Accountants Chartered Accountants
Firm Reg. No.: 110100W Firm Reg. No. 106655W
Devdas Bhatt Abhay V. Kamat
Partner Partner
Membership No.; 048904 M No. 039585
Place: Mumbai
Date: 30th May 2019
UDIN: 19039585AAAABW7487


This is to certify that the financial statements of the company for the year ended 31st March 2019 placed before the board of directors for adoption and approval do not contain any false or misleading statements or figures and do not omit any material fact which may make the statements or figures contained there in misleading

S. N. Rajeswari Atul Sahai
Chief Financial Officer Chairman cum Managing Director
Place : Mumbai
Dated 13th May 2019