New India Assurance Company Ltd Directors Report

"To the Members: Your Directors have immense pleasure in presenting the Hundred and Sixth Annual Report of the Company together with the audited statement of accounts and balance sheet for the financial year ended 31st March, 2025."

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

CLASS-WISE PERFORMANCE SUMMARY:

Rs in Crores

			Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	3944.49	946.77	33733.50	38624.76
		PY	4393.58	983.98	31619.02	36996.58
	(% growth)	CY	-10.22	-3.78	6.69	4.40
		PY	3.67	0.63	8.03	7.29
	Outside India	CY	1328.10	42.50	1996.85	3367.45
		PY	1330.44	27.27	2009.54	3367.25
	(% growth)	CY	-0.18	55.85	-0.63	0.01
		PY	15.85	-42.30	11.50	12.32
	Global	CY	5272.59	989.27	35730.35	41992.21
		PY	5724.02	1011.25	33628.56	40363.83
	(% growth)	CY	-7.89	-2.17	6.25	4.03
		PY	6.27	-1.35	8.23	7.69
Reinsurance premium accepted		CY	952.53	20.38	653.28	1626.19
		PY	1019.67	20.81	592.15	1632.63
Global Gross written premium		CY	6225.12	1009.65	36383.63	43618.40
		PY	6743.69	1032.06	34220.71	41996.46
Growth in Global Gross Written Premium		CY	-7.69	-2.17	6.32	3.86
		PY	4.74	-2.20	9.34	8.26
Reinsurance premium ceded		CY	3330.53	429.20	3543.52	7303.25
		PY	3685.38	477.78	3425.90	7589.06
Global Net Premium		CY	2894.59	580.45	32840.11	36315.15
		PY	3058.31	554.28	30794.81	34407.40
	(% growth)	CY	-5.35	4.72	6.64	5.54
		PY	-1.48	-3.45	12.19	10.54
			Fire	Marine	Misc	Total
Addition/Reduction in Unexpired Risk Reserves		CY	14.03	0.15	-961.49	-947.31
		PY	220.65	-2.15	-597.63	-379.13
	(% to Net Pre- mium)	CY	0.48	0.03	-2.93	-2.61
		PY	7.21	-0.39	-1.94	-1.10
Earned Premium		CY	2908.62	580.60	31878.62	35367.84
		PY	3278.96	552.13	30197.18	34028.27
Incurred Claims Net		CY	2071.04	312.00	31784.85	34167.89
		PY	2625.78	265.77	30236.72	33128.27
	(% to Earned Premium)	CY	71.20	53.74	99.71	96.61
		PY	80.08	48.14	100.13	97.36
Commission Net		CY	689.59	90.81	2834.51	3614.91
		PY	561.53	84.30	2361.99	3007.82
	(% to Net Pre- mium)	CY	23.82	15.64	8.63	9.95
		PY	18.36	15.21	7.67	8.74
Operating Expenses		CY	293.04	58.76	3357.47	3709.27
		PY	420.18	76.15	4245.53	4741.86
	(% to Net Pre- mium)	CY	10.12	10.12	10.22	10.21
		PY	13.74	13.74	13.79	13.78
U/W Results		CY	-145.05	119.03	-6098.21	-6124.23
		PY	-328.53	125.91	-6647.06	-6849.68
	(% to Earned Premium)	CY	-4.99	20.50	-19.13	-17.32
		PY	-10.02	22.80	-22.01	-20.13
Investment Income Policyholders		CY	776.33	86.07	4835.86	5698.26
		PY	907.65	111.87	5544.63	6564.15
Contribution from Shareholders		CY	0.00	0.00	0.00	0.00
		PY	0.00	0.00	0.00	0.00
Revenue (Policyholder) Account Surplus		CY	631.28	205.10	-1262.35	-425.97
		PY	579.12	237.78	-1102.43	-285.53
Investment Income Shareholders		CY				2335.81
		PY				2676.81
Other Income less Outgo		CY				-875.36
		PY				-945.80
Profit before Tax		CY				1034.48
		PY				1445.48
Provision for Tax		CY				46.41
		PY				316.15
Profit after Tax		CY				988.07
		PY				1129.33

PERFORMANCE REVIEW (Global)

( Rs in Crores)

		2024-25	2023-24
A	Gross Written Premium (Indian)	39655.21	37989.41
	%change over previous year	4.38%	7.87%
	Gross Written Premium (Foreign)	3963.18	4007.05
	%change over previous year	(1.09)%	12.15%
	Global Premium	43618.40	41996.46
	%change over previous year	3.86%	9.79%
Gross Written Premium has increased from Rs. 37989 crores in 2023-24 to Rs. 39655 in 2024-25, recording a growth of 4% in 2024-25. The Company continues to be the market leader in India.
B.	Net Premium	36315.15	34407.40
	%change over previous year	5.54%	10.54
The net premium income of the Company grew by Rs. 1908 in 2024-25. That is, from Rs 34407 crores in 2023-24 to Rs. 36315 in 2024-25
C.	Change in Unexpired Risk Reserve	(947.31)	(379.13)
D.	Earned Premium	35367.84	34028.27
	%change over previous year	3.94%	12.51%
E	Incurred Claims (Net)	34167.89	33128.27
	% to Earned Premium	96.61%	97.36%
F	Commission	3614.91	3007.82
	% to Net Premium	9.95%	8.74%
G	Operating Expenses	3709.27	4741.86
	% to Net Premium	10.21%	13.78%
H	Underwriting Results	(6124.23)	(6849.68)
I	Investment Income (Less Provision)
	Apportioned to Policyholders	5698.26	6564.15
	Apportioned to Shareholders	2335.81	2676.81
	Total	8034.07	9240.96
J	Contribution from Shareholders	0.00	0.00
K	Revenue (Policyholders) Account	(425.97)	(285.53)
L	Other Income/Outgo	(875.36)	(945.80)
M	Profit Before Tax (PBT)	1034.48	1445.48
N	Profit After Tax (PAT)	988.07	1129.33
O	Paid Up Capital	824	824
P	Reserves and Surplus	21060	20311
Q	Total Assets	108883.95	106505.85
R	Investments (at cost)	58648	57742
S	Solvency Margin	1.91	1.81
	i. Required Solvency Margin under IRDAI Regulations	10475	10194
	ii. Available Solvency Margin	19956	18457
The Companys Global Solvency Ratio is 1.91 times (PY 1.81 times)
T	Compliance with Section 40C
	i. Expenses prescribed under the Act	12293	11839.08
	ii. Actual Expenses	6285.57	7548.74
	iii. Difference	6007.31	4290.34

General Insurance Industry Overview

Executive Summary

The general insurance industry continues to be a critical pillar of Indias economic framework, demonstrating resilience and growth despite global uncertainties. As India maintains its position among the worlds fastest-growing major economies, the insurance sector has emerged as both a beneficiary and contributor to this sustained economic expansion.

Indias Global Position

Indias general insurance market remains underpenetrated at 1% of GDP compared to global average of 4% of GDP., Indian general insurance industry is the fastest-growing among G20 nations, offering a high-growth trajectory unmatched by mature markets.

Economic Context and Performance National Economic Outlook

Indias economy demonstrates robust fundamentals with estimated average annual real GDP growth of 6.9% for the current and next year, representing an improvement from 6.5% in 2024. This growth trajectory positions India favorably compared to the historical average of 5.8% over the previous decade, and is supported by strong domestic consumption, private investment, rising per capita income, and ongoing economic reforms.

The services sector maintains its dominance as the largest GDP contributor, accounting for over 50% of economic output and serving as a significant driver of both exports and employment generation. Simultaneously, the manufacturing sector is experiencing renewed momentum through strategic government initiatives including the “Make in India” campaign and Production-Linked Incentive (PLI) schemes.

Industry Performance and Market Dynamics

Market Size and Growth

The general insurance industry achieved total premiums of Rs. 3.07 lakh crore during FY2024-25, representing less than 1% of Indias GDP and highlighting significant untapped market potential. Recent data indicates continued growth momentum with non-life premiums rising 8.85% in Q1 FY26 demonstrating sustained market expansion.

Health Insurance Health insurance has established itself as the dominant segment within non-life insurance, with its segmental share expanding significantly. The segments growth reflects increasing health awareness, rising medical costs, and expanded coverage requirements across demographic segments.

Motor Insurance Motor insurance maintains its position as a substantial contributor to the non-life insurance portfolio. Health and motor portfolios together comprise 70% of total premiums.

Regulatory Framework and Policy Initiatives

IRDAIs Vision 2047

The Insurance Regulatory and Development Authority of India (IRDAI) has established an ambitious framework through its "Insurance for All by 2047" vision, which aims to ensure every citizen has appropriate life, health and property insurance coverage while supporting enterprises with suitable insurance solutions. Expanding microinsurance and rural penetration remains critical to achieving Insurance for All by 2047. Customized bite-sized products and last-mile distribution channels, are pivotal in reaching these segments.

Bima Trinity Initiative

The IRDAI announced the Bima Trinity initiative during the 9th Bima Manthan meeting in February 2025, with implementation currently underway. This comprehensive framework consists of three integrated components:

1. Bima Sugam An electronic platform designed to facilitate the purchase, sale, claiming, and renewal of insurance plans, streamlining the entire insurance lifecycle for enhanced customer experience.

2. Bima Vistaar A bundled product solution offering comprehensive coverage including health, life, personal accident, and property risks, specifically designed for simplified access in rural and underserved markets.

3. Bima Vahaak Current Implementation Status: The building blocks of Bima Trinity are now falling into place, with soft launches planned for April 2025. The Bima Sugam India Federation (BSIF) has been established to oversee platform development and operations.

Regulatory Modernization

The regulatory environment has undergone significant modernization through:

• Streamlined Product Approval: Implementation of relaxed "Use and File" procedures enabling faster product launches and fostering innovation

• Product Simplification: The Master Circular on IRDAI (Insurance Products) Regulations, 2024, provides guidance for developing simplified, customer-friendly insurance products

• Enhanced Market Access: Expanded regulatory framework accommodating new intermediaries and distribution channels

Technology and Digital Transformation

Digital Infrastructure Integration

The industry is leveraging Indias Digital Public Infrastructure to reduce operational costs and extend market reach, particularly targeting underserved populations in remote areas.

Artificial Intelligence Implementation

Al-driven solutions are revolutionizing claims processing, particularly in motor own damage and health insurance segments, ensuring faster and more accurate claim resolution while improving customer satisfaction.

Platform Innovation

Enhanced digital platforms and mobile applications are improving accessibility and convenience for policyholders, supporting the broader digital transformation of financial services.

InsurTech Landscape

The rise of InsurTech firms is reshaping distribution, customer engagement, and underwriting models. Collaborations between traditional insurers and digital-first players are accelerating product innovation, microinsurance delivery, and AI-based underwriting.

Product Innovation and Market Evolution

Emerging Risk Coverage

The industry is actively developing innovative products to address contemporary challenges:

• Cyber Insurance: Growing demand for digital risk protection

• Electric Vehicle Insurance: Specialized coverage for the expanding EV market

• Climate Risk Insurance: Parametric insurance solutions for weather-related risks

• Micro-Insurance: Bite-size, affordable products for diverse customer segments

Future Outlook and Market Projections

Growth Projections

Indias insurance sector is projected to record the fastest growth among G20 countries, with total premiums expected to rise at an average rate of 7.1% in real terms during 2024-28, significantly outpacing the global insurance market growth rate of approximately 2.4%.

The general insurance sector is projected to reach $57.3 billion by 2028, driven by expanding coverage requirements and increased market penetration.

Market Opportunities

The substantial growth potential stems from:

• Low Penetration Rates: Current insurance penetration remains below 1% of GDP, indicating vast untapped market potential

• Rural Market Expansion: Significant opportunities in underserved rural populations

• Infrastructure Development: Governmentinfrastructure spending of $134 billion for fiscal year 2024-2025 supporting property insurance growth

Challenges

Profitability Concerns

The industry continues to navigate profitability challenges due to intense market competition, pricing pressures, and ongoing issues with claims management and fraud prevention.

Health Insurance Pressures

While health insurance represents a growth segment, managing rising medical inflation and increasing claim costs remains crucial for maintaining segment profitability.

Market Penetration Challenges

Despite growth momentum, extending insurance coverage to rural and underserved populations requires continued innovation in product design, distribution channels, and customer education.

Conclusion

The general insurance industry in India stands at a pivotal juncture, characterized by strong fundamentals, supportive regulatory environment, and significant growth potential. The convergence of economic expansion, demographic advantages, technological innovation, and progressive regulatory policies creates a favorable environment for sustained industry growth. The successful implementation of the "Insurance for All by 2047" vision will require continued collaboration between industry stakeholders, regulatory authorities, and technology partners to overcome existing challenges while capitalizing on emerging opportunities.

The industrys ability to leverage digital transformation, develop innovative products, and expand market reach will be critical determinants of success in achieving the ambitious goal of comprehensive insurance coverage and establishing India as a global insurance market leader.

OVERVIEW OF COMPANYS OPERATIONS:

Gross Written Premium has increased from Rs. 41996 crores in 2023-24 to Rs. 43618 crores in 2024-25, recording a growth of 4% in 2024-25. The Company continues to be the market leader in India.

? INDIAN OPERATIONAL RESULTS

Sr No	Particulars	2024-25		2023-24
		In INR Crores	%	In INR Crores	%
1	Gross Direct premium	38624.76	4.40%	36996.58	7.29%
2	Net premium	33189.44	6.38%	31200.24	10.41%
3	Change in unexpired risk reserve	(1038.90)	(343.33)%	(234.34)	72.08%
4	Net earned premium	32150.54	3.83%	30965.89	12.92%
5	Commission	2895.56	8.72%	2234.70	7.16%
6	Incurred claims	31896.67	99.21%	30525.75	98.58%
7	Management expenses	3430.43	10.34%	4537.69	14.54%
8	Other income (net of outgo)	(839.47)	11.58%	(949.43)	(75.81)
9	Investment income	7650.06	(15.11)%	9011.61	(12.24)%

? FOREIGN OPERATIONAL RESULTS

Sr No	PARTICULARS	2024-25		2023-24
		( Rs in Crore)	%	( Rs in Crore)	%
1	Gross Direct Premium	3367.45	0.01	3367.25	12.32
2	Net premium	3125.71	(2.54)	3207.17	11.96
3	Change in unexpired risk reserve	91.59	163.26	(144.79)	4.51
4	Net Earned Premium	3217.30	5.06	3062.38	(238.53)
5	Commission	719.35	23.01	773.12	24.11
6	Incurred Claims	2271.22	70.59	2602.52	84.98
7	Other income (net of outgo)	(35.89)	(1088.91)	3.63	(45.83)
8	Underwriting Profit/Loss	(52.11)	89.93	(517.43)	(96.22)

Note: Percentage shown in Sr No 1, 2 & 4 indicates the growth over previous year, percentage shown in Sr. No. 6 is percentage to Net Earned Premium and percentage shown in Sr. No. 5, 7 and 8 is percentage to Net premium

The Company initiated its international journey soon after its inception in 1919, with the opening of the London Branch in 1920. Since then, it has steadily expanded its global footprint, with early forays into the Philippines, Mauritius, and Japan. Today, The New India Assurance Company Ltd. operates across 24 countries, including its presence through associates in 2 countries, underscoring its long-standing commitment to global operations.

Geographical Spread

The Company has a direct presence through Branches and Agency Offices in the following countries:

• United Kingdom

• Japan

• Thailand

• Australia

• New Zealand

• Mauritius

• Fiji

• United Arab Emirates (including Abu Dhabi)

• Bahrain

• Kuwait

• Oman

• Aruba

• Curacao

• Hong Kong (under run-off effective 01.04.2022)

• Philippines (under run-off effective 01.01.2023) Subsidiaries and Associate Companies

The Company also operates through subsidiaries in:

• Nigeria - Prestige Assurance Pic.

• Trinidad & Tobago - New India Assurance T&T

• Sierra Leone

In addition, New India Assurance T&T maintains business operations in:

• St. Lucia

• Dominica

• St. Maarten

• Guyana

The Company also holds equity stakes in the following associates:

• Singapore - India International Insurance Pte. Ltd.

• Kenya - KenIndia Assurance Co. Ltd., Nairobi Operational Review

The Hong Kong and Philippines offices were placed under run-off with effect from 1st April 2022 and 1st January 2023 respectively. These decisions were made following strategic portfolio reviews and in consideration of evolving regulatory requirements and operational dynamics.

The Companys foreign operations saw a gross written premium turnover in rupee equivalent of Rs. 3789 and a Net Premium of Rs. 2976 Crores in 2024-25. The foreign operations recorded an underwriting loss of 0.34 Crores and Profit after Tax was 330.71 Crores.

• ORGANISATION STRUCTURE

• Domestic

Our Company has been consistently restructuring its various Offices after reviewing their performance and financial viability for continuation of business at their location.

During the year, we have opened 2 Corporate Business offices for better servicing and closed 59 non-viable offices during the year.

As on 31st March 2025, the Company has a network of 29

Regional Offices, 15 Corporate Business Offices, 3 Auto Hub, 1 RGBO,1 IFSC, 20 KBO, 199 LBO, 721 MBO, 606 SBO, 70 ATOO, totaling 1668 offices inclusive of Head Office.

• Foreign

The Company operates in 24 countries.

OVERVIEW OF COMPANYS OPERATIONS

? FIRE AND ENGINEERING

The Company has continued to maintain a strong presence in the Property Insurance domain during FY 2024-25, navigating a competitive market environment with strategic focus on underwriting quality, claims control, and operational efficiency. The performance of the Fire and Engineering segments is detailed below:

Segment	Premium (Rs in crores)	Growth %	ICR on Earned Premium %	Market Share %
Fire	3955.72	-9.97	67.85	16.29
Engineering	1078.46	-1.09	27.12	17.92

De- growth in the Property Segment is primarily attributed to aggressive discounting in the first nine months of the financial year to sustain a competitive market environment, which impacted average premium growth. Despite the de-growth, the company maintained a significant market share of 16.29% in the Fire Segment.

The company implemented strategic initiatives during the reporting period, such as decentralization of underwriting and empowering regional offices for quicker decision- making and improved client servicing.

Dynamic pricing based on risk profile and loss history to ensure profitability.

Tighter control on high-value claims, quicker claim settlement to reduce claim ratio.

Pruning unprofitable accounts and focusing on long-term retention of low-risk clients.

The Company remains committed to consolidating its leadership in the Property segment with sustained efforts towards underwriting excellence, technical soundness, and customer responsiveness.

? HEALTH INSURANCE

The Health LOB remains a dominant portfolio with the completion of a premium of Rs. 19,195 Crores in FY 2024-25 which includes Retail, Group and Government Business.

Some of the Initiatives taken are:

• Retail Health

Heres a concise summary of the “Retail Health” initiatives:

1. Product Repricing: Flagship health policies (New India Mediclaim & Floater) have been repriced based on age and zone.

2. New Top-Up Policy: Launched Arogya Pragati Plus (Top-Up reinvented), a enhanced top-up policy in addition to the existing product and the same was well-received in the market.

3. Specialized Policy: Introduced Vatsalya Health Policy for surrogate mothers and oocyte donors.

4. Regulatory Alignment: System updation and modification of all the products were carried out to comply with new IRDAI health insurance guidelines

- Master Circular on Health Insurance Business. Many customer centric benefits were introduced like reduced waiting periods for Pre-existing disease and specific waiting period from 48 months to 36 months, extended free-look period upto 30 days, reduction in Moratorium period from 8 years to 5 years , cancellations on pro-rata basis etc.

5. Yuva Bharat Policy Revision: Enhanced coverage up to ?1 crore with attractive pricing and added, attractive features.

6. Stakeholder Training: Continuous training for agents, brokers, and call center staff for skill enhancement for knowledge transfer and product updates.

7. Underwriting Improvements: Shared detailed SOPs and guidelines with operating offices for better and inclusive underwriting.

8. New Service Partner: On boarded Mayfair We Care

- an overseas service provider with good hospital networking abroad and also excellent customer support in order to improve services and sales for Overseas Mediclaim policyholders.

• Group Health

The noteworthy initiatives undertaken by us in the FY 2024-2025, which helped to curtail the overall ICR of the portfolios are as under:

1. Renewal retention at the right premium

2. Weed out the continuously loss-making stand-alone Group health policies and discourage New stand- alone Group Health policies.

3. Retain portfolio-based Corporates.

4. SOP for underwriting GMCs at RO/CBO level

Our thrust to improve the portfolio financials led to bringing about an overall correction in the Health Market which has stabilized over this FY and portfolio financials improved due to increase in the non-eb premium due to our efforts to centralize all the portfolio of Insured with us, as we were already servicing their GMC portfolio. In the current year also, we shall strive to work in the same direction but with a goal to further curtail our ICR.

Government Business: As insurers, we have in our books the Rajasthan State Health Assurance Agency and State Health Agency of UT of Lakshadweep (PMJAY) under Government Health Schemes.

• Health Claims

1. With the launch of “Cashless Everywhere”, an initiative by GI Council and IRDAI, our Cashless Facility to our Policyholders has improved to 62% which is an Industry average.

2. Hospital Network Expansion: Accelerated empanelment and strengthening of the PPN network for 100% cashless service.

3. During the FY 2024-25, we had increased the percentage of audit of claims to 30%.

• Other Online Initiatives

1. Open Network for Digital Commerce (ONDC), an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India, to create a facilitative model to revolutionize digital commerce, giving greater thrust to penetration of retail e-commerce in India. We are in the process of integration, post which it will provide us wider market access to sell our products across a wide gamut of platforms.

2. Ayushman Bharat Health Account (ABHA), an initiative of the National Health Authority (NHA) under Ayushman Bharat Digital Mission (ABDM). It provides numerous benefits, including streamlined access to digital health records, efficient tracking of medical history, and enabling healthcare professionals to make informed decisions. Going forward, it will also act as Health KYC. We are closely working with NHA on the same.

3. National Health Claim Exchange (NHCX): a digital health claims platform under Ayushman Bharat Digital Mission (ABDM). It will help us in faster claim processing and standardization of claims processing across healthcare and insurance industry.

• MOTOR OWN DAMAGE

The Companys Motor Insurance segment demonstrated a solid growth trajectory during the year 2024-25. Motor premiums experienced a remarkable increase of 10.25%, reaching a total premium of Rs. 10,494 crore, up from Rs. 9,518 crore in the previous year. This growth reflects the Companys strong position in the market, with its market share for Motor Insurance now standing at an impressive 10.6%. In terms of claims management, the Incurred Claims Ratio (ICR) for the year was 99.23% on Earned Premium.

A major highlight for the year was the introduction of several new and innovative Add-On Covers aimed at enhancing our product offerings. These included:

1. Consumable Items Add-On Cover under the Commercial Vehicle (Except E, F, & G) Package Policy.

2. Battery Protect Add-On Cover for Commercial Vehicles (Except E, F, & G) Package Policy.

3. Return to Invoice - Gold Add-On Cover for Private Car Policy.

In addition, the Department launched a new Long-Term Motor Private Car Package Policy, tailored specifically for private car owners. To continue meeting evolving market demands, the Company is in the process of filing additional new products for the coming year, ensuring that our offerings remain relevant and competitive.

The Company made significant strides in improving claims settlement efficiency. The Claim Settlement Ratio for Motor Own Damage (OD) claims stood at 94.13%, a notable improvement over the previous years 92.53%. This increase reflects the Companys ongoing commitment to providing timely and efficient services to its customers.

As of the end of the fiscal year 2024-25, the Company has built an extensive network of 1,764 reputed multibrand motor workshops and garages across the country. These facilities provide cashless service to our customers, ensuring convenience and satisfaction.

The Company has consistently focused on leveraging Information Technology to enhance service delivery. Several key initiatives introduced in the previous year have now been fully stabilized and further strengthened throughout 2024-25. One such initiative is the Fastrack Claim Settlement Module, which was introduced to expedite claims processing across India. This module enables faster settlement by reducing the time required to navigate the Claims Module in the CWISS platform from the Surveyor portal. As a result, the Turnaround Time (TAT) for claims handling has been significantly reduced, improving operational efficiency.

Further advancing the digital transformation, the Company has also empanelled Digital Service Providers (DSPs) for assessing Motor Own Damage claims using Artificial Intelligence (AI). Initially deployed for tie-up claims, these DSPs are now also involved in handling Non-Tie-Up claims. This approach leverages app-based technology to assess claims for losses up to Rs. 50,000, ensuring a faster and more accurate claims process.

Several strategic initiatives were undertaken to accelerate claims processing for Motor Insurance:

• Motor OD Claims Settlement for assessed and payable loss amounts up to Rs. 1 lakh based on soft copies of claim documents.

• Mandatory Use of Surveyor Portal for generating Digital Survey Reports (DSR), streamlining the claims verification process.

• Introduction of the IIB Claims Status Report for Motor Vehicles within CWISS, enhancing transparency and tracking.

• The launch of a new feature, “Vahan Status”, designed to further improve the Motor Own Damage claims processing system.

• Recruitment of AO (Automobile Engineers) and engaging them as In-house Surveyors. These automobile engineers were recruited with a vision to create inter alia a robust team of in-house surveyors by utilising their knowledge and expertise.

Additionally, the Motor Department implemented a pricing model for Motor SIP (Standard Insured Policies) specifically tailored for Commercial Goods Carrying Vehicles. This model considers several factors such as State Registration Code, Insured Declared Value (IDV), Cubic Capacity (CC), Vehicle Age, Make, and No-Claim Bonus (NCB%), ensuring competitive and customized pricing for our customers.

Recognizing the importance of continuous learning, the Motor Department conducted comprehensive training programs for various stakeholders across the Company. Training was provided to Auto Tie-Up Hub Operating Offices throughout India, enabling staff to handle Motor Own Damage claims with greater confidence and efficiency. Furthermore, a dedicated underwriters conference was held for all Regional Offices, and newly recruited automobile engineers received specialized training to enhance their technical expertise.

? AUTO TIE UP

New India continued to be a stable tie up partner for the major automobile brands in the Indian Market. The premium achieved by Auto tie up department in F Y 2024- 25 is Rs.3260 Crores against Rs.3045 Crores in the FY 2023-24 with growth rate of 7.08%. Growth in auto tie up department played a major role in the growth of motor LOB. Auto tie up business constitutes 31% of total motor LOB premium.

We are sourcing business at dealer points through centralized tie ups as well as direct tie-ups. This year we were more focused on digital initiatives in the claims servicing. Barring 2, all 12 tie-ups have claim integration in place, where the claims intimated at dealers end are pushed to our system on real time basis. Digital survey report submission has been implemented, where the surveyor can submit the report digitally and claim can be processes on the basis of soft copies of claim documents. For assessing the small value claims through AI , DSPs (Digital service providers) were engaged and their services are being used in various tie-ups. All these initiatives helped in reducing the TAT and claims costs.

We are also working on digital claims form submission and integration of dealers invoice with our system which will further help in reducing the TAT. These digital initiatives have further enhanced our Companys commitment to its customer centric approach.

? MOTOR THIRD PARTY CLAIMS AND MOTOR THIRD PARTY CLAIMS HUB

The Motor T.P. Department has remained committed in its dedication to the prompt resolution of claims. Recognizing the evolving demands of the present, the Department has refocused its approach toward facilitating quicker settlements through conciliatory methods, moving away from the traditional dependency on court-driven judicial processes.

The prioritization of swift settlements through Conciliatory Mechanisms is recognized in the Acts of Parliament, including the amended Motor Vehicles Act and the Central Motor Vehicle Rules, 1989. The real impact of these legal provisions will be felt gradually and is expected to further accelerate the pace of settlements in the coming years. Our internal mechanisms and guidelines have also been streamlined by laying more emphasis on settlements and compromise of TP claims. The Company has refrained from going for Appeal in cases where there are Supreme Court and High Court Judgments (state-specific cases) in our favour. In quantum appeals especially, endeavour is made to balance out the financial outgo vis-a-vis the chances of success in Appeal. Our Board Approved Compromise Manual and other external mechanisms like Lok Adalats, DAR, e-DAR, iRAD etc. are also useful mediums for expeditious settling of cases. The Supreme Court had also initiated and organized a special Lok Adalat in this Fiscal where our Company compromised the largest number of cases.

Digital transformation, technological progress and novel innovations are important at the present juncture and the department has harnessed these factors by bringing in the paperless work-flow based structure that has enabled tracking the movement and the stage in which a legal claim file is at. Judgment Store is another important feature which is guiding our claim handlers in effective handling of Motor TP claims.

In the way of significant challenges beyond our control by way of non-revision of TP Premium, higher compensation delivered by Courts, inflation, higher medical costs etc., the performance in this Financial Year has shown a remarkable improvement. With regard to our performance in the current Fiscal, our Throughput Ratio has increased to 104.89% as against the previous Fiscal. The Settlement Ratio has also shown an increase of 32.56 as against 29.33 in the previous Fiscal. Our total outstanding cases have reduced to 1,57,675 as compared to 1,61,862 in the previous Fiscal. Furthermore, the claims outstanding > 10 years has also shown a decline. The ICR on net earned premium has been 108.17.

Suit Hubs function as dedicated offices in handling legal claims including Motor TP cases. As of now, we have 25 Parent Suit Hubs and 138 Child Suit Hubs that are catering to TP claims and EC claims, arising out of Motor Vehicle accident amongst other legal cases. We also have 2 specialized Legal Hubs in Mumbai and Delhi.

Delhi Legal Hub works as the face of the Company in Supreme Court and NCDRC Matters.

? TECHNO MARKETING

Company has established Techno Marketing as a specialized department to cater to the needs of large corporate clients. This includes high-value operational business units and specialized erection and construction projects. The department issues various policies, including Stand Alone Terrorism coverage, ensuring comprehensive protection.

In the fiercely competitive Indian insurance market, corporate clients constantly seek customized insurance solutions tailored to their evolving business models. Techno Marketing meets this demand by leveraging its expertise to devise need-based insurance solutions.

With strong support from national and international reinsurers, the company offers unique insurance covers designed specifically for corporate clients. To enhance customer delight, seminars are organized directly at corporate client place. These sessions educate employees and executives about large risk and project policies, as well as claims processes. This approach is integral to the companys strategy of underwriting risks for profitability, emphasizing robust risk management practices and methods to minimize losses. Complex risks undergo thorough inspections by globally renowned risk engineers.

Moreover, the company conducts online training sessions on underwriting and claims management to facilitate effective coordination with technical teams across its offices. Through its proactive approach and technical expertise, the company is well-prepared to maintain its leadership in the market and effectively address future challenges.

? MARINE CARGO & HULL

We continue to maintain our leadership in the Marine Line of Business within the Indian market, achieving a consistent positive trend in the ICR for the Marine segment. With an ICR of 58.01% in Cargo and 0.37% in the Marine Hull segment, the success of our Companys strategy is evident, even amidst the challenges posed by the Russia-Ukraine conflict and the subsequent sanctions. Our overall marine cargo and hull premium has reached Rs.958.49 Crores, capturing approximately 17.31% of the market share.

The New India Assurance Co. Ltd. insures the major shipping lines in India, as well as the majority of inland and coastal vessels, sailing vessels, and fishing vessels operating in and around Indian waters. In the oil and energy segment, we have been the market leaders since inception. Notably, NIACL is the only insurer in India offering P&I cover for Indian coastal vessels. Additionally, we provide Delay in Start-up (DSU) cover for major construction projects initiated across the country, protecting against the loss of profits resulting from maritime perils.

The evolving geopolitical landscape, particularly following the Russia-Ukraine conflict and the subsequent array of sanctions on individuals and entities, has posed significant challenges for marine insurers. The market capacity was limited, particularly due to the exclusion of certain territories. The market has also seen the rise of Dark Fleet activity and increased risks from the war situation in the Red Sea, fuelled by the Israel-Hamas conflict.

To mitigate risks within our portfolio, we took proactive measures by forming the Marine Cargo Pool, making substantial contributions to its formation. Despite these challenges, we remain steadfast in our support of Indian enterprises.

We have adopted the OFAC checklist to screen sanctioned individuals, ensuring prudent underwriting practices and safeguarding our financial stability. In particular, we are keen to limit our exposure to the Red Sea War risks and have secured extensive Facultative Reinsurance support to minimize our potential liabilities in this region.

As a leader in Marine Insurance, our Company is committed to delivering best-in-class service to our clients. Our E-Marine portal has been upgraded to streamline the claims process, allowing customers to initiate claims, upload documents, and automatically notify WKW in the case of overseas claims. The portal has also been integrated with both Prudent and WTW brokers to improve operational efficiency. We have also introduced paperless cargo claim settlements for claims up to ?100,000*, simplifying the process for large accounts with smaller- value claims. Additionally, our upgraded vessel master database, in collaboration with an international service provider, allows surveyors to access marine claims through the surveyor portal.

We remain closely engaged with the IT Department to enhance the customer portal, ensuring it is user-friendly and adaptable to the evolving needs of our clients.

In line with the KPI restructuring, we have introduced simple insurance products to facilitate micro-level management and reduce the turnaround time (TAT) for claims. As the shipping industry continues to evolve, we are committed to providing innovative solutions for our clients.

? AVIATION

The Aviation Insurance Department of New India Assurance (NIA) continued to demonstrate strong performance during FY 2024-25, maintaining its leadership position in the domestic market with an impressive market share of 33%. NIA remains the preferred insurer for most major airline operators as well as a significant portion of the General Aviation sector in India. The Company is the highest capacity provider in the Indian Domestic Market and has consistently led the insurance placement for nearly all major domestic airlines.

In alignment with the Governments Regional Connectivity Scheme (UDAN), NIA has extended comprehensive insurance support to emerging and smaller airline operators, thereby contributing to the development of regional aviation infrastructure and connectivity. In addition to its leadership in airline coverage, NIA has underwritten key aerospace and Maintenance, Repair, and Overhaul (MRO) risks, further strengthening its position as a comprehensive risk solution provider for the aviation industry. Notably, during the year, NIA also provided insurance cover for the GSAT-N2 satellite launch, marking another milestone in the Companys space and satellite insurance portfolio. On the international front, New India continues to reinforce its presence as a preferred reinsurer, supporting 30 aviation reinsurance programmes globally. This reflects the Companys robust underwriting capabilities and its reputation for delivering consistent value in complex and high-value aviation risks.

Looking ahead to FY 2025-26, the Department aims to enhance its market position by adopting more refined risk selection and pricing strategies, expanding its footprint in the rapidly evolving unmanned aerial systems (“unmanned aerial systems”) and urban air mobility segments, and deepening engagements with aerospace and MRO clients. A sharper focus on innovation, reinsurance optimization, and operational efficiency will enable NIA to respond proactively to emerging aviation risks while continuing to support both domestic and international partners with insurance and reinsurance solutions.

? MISCELLANEOUS AND LIABILITY INSURANCE

The Company maintains its prominent position in the industry as pioneers in crafting Event Insurance, encompassing Sporting Events alongside other critical lines of business such as Liability Insurance and Film insurance. This enduring success is underpinned by amplified premium rates and robust reinsurance support from the international market also.

Our commitment extends to serving the insurance needs of telecommunication service providers, the film industry, and small to medium-sized entrepreneurs. Continuing our leadership streak, we proudly retained our position in the Nuclear Pool throughout 2024-2025, with intentions set on perpetuating this achievement in the forthcoming years.

We are steadfast in our mission to bolster the banking sector by furnishing tailored insurance solutions, including bankers and Cyber Liability Insurance. Given the paramount importance of cyber liability in todays tech- driven landscape, we remain dedicated to fortifying this sector that underpins our economys resilience. Strategic initiatives are underway to explore international markets, enabling us to introduce innovative products to the Indian market, aligning with evolving demands and ensuring sustainable, profitable growth.

Recognized as the preferred insurer by our esteemed clients, we consistently strive to enhance both underwriting standards and claims management processes.

Empowering our Regional Offices with decentralized policy underwriting authority has significantly enhanced turnaround times, client servicing, and operational efficiency.

Noteworthy additions to our product portfolio in the past year include New India Mahila Udyam Bima, New India Home safety Insurance, New India Griha Suvidha 2.0 and Pollution Legal Liability to cater to the market requirements for both retail and Corporate segment.

Additionally, we have exciting prospects on the horizon, including the launch of Nari sanman, New India Bima Sathi and several other offerings tailored for SMEs and the Corporate segment.

Conducting regular workshops on underwriting and claims management underscores our commitment to ensuring that our technical teams across various offices remain abreast of industry developments. With an unwavering focus on continual improvement, we are resolute in elevating our performance year on year.

? REINSURANCE

“The Companys reinsurance protection remains well- aligned with its overall risk appetite and financial strength. All proportional and non-proportional reinsurance treaties—covering both domestic and international operations—were successfully renewed on schedule and on favourable terms.

During the financial year, there were no major risk losses or catastrophic (CAT) events affecting the domestic portfolio, resulting in a claims-free experience under the domestic excess of loss (XOL) treaties.

The IFSC branch at GIFT City, which focuses on inward reinsurance business, continues to demonstrate steady and profitable growth.

Internationally, severe rainfall across the Gulf region in April 2024 impacted operations in Dubai, Abu Dhabi, Oman, and Kuwait. This triggered recovery under the GCC Risk-cum-CAT XL treaty for Property and Engineering lines, as well as under the Overseas Motor and Liability programs.”

? BROKER

The Insurance Industry is one of the fastest-growing sectors in India and across the globe. With Insurance products like Life, Health, Motor and more, the Industry figures speak volumes of the immense opportunities in the market. Brokers are the preferred channel of business in India in commercial line of business which includes marine, aviation, engineering risk and liability insurance.

Broker Channel is a Business model which offers immense opportunities for sourcing various lines of

Business in the field of non-life sector. It is a significant distribution channel, contributing a sizeable percentage of total premium income of the Company.

In this FY 2024-25, Broker Department has completed the target with Rs.12,986.39 Crs Premium with an accretion of 4.50%. ICR on earned premium is 86.48 % for the FY 2024-25.

We have also mobilized a premium of Rs. 57.13 Crores through IMF with 42.68 % growth.

Presently 718 Brokers are working with us. We have been successful in aligning with more than 96% of the Brokers operating in Indian Market.

We have announced attractive Reward Schemes w.e.f. April,2024.

In order to give stimulus to our online business, we have been issuing Portals to Brokers/IMFs, to facilitate quick issuance of policy and also to encourage them for more usage of portals. Also, we have integrated Brokers website with our system for issuance of policies through their website.

Insurance Broker Association of India has awarded our Company, The New India Assurance Co. Ltd. as “MOST BROKER FRIENDLY INSURER”.

In order to have regular interaction and communication with Brokers fraternity and updating them about national and international developments, we have launched a digital Magazine “ SANYOJAN” and we are in the process of launching 5th edition soon.

? BANCASSURANCE

Banks, due to their geographical spread and in terms of customer reach in all segments, is an important channel of distribution of Insurance products.

Currently New India Assurance has tie-up with Major Banks i.e. with Bank of India, Canara Bank, Punjab and Sind Bank, Central Bank of India, India Post Payment Bank, Jammu & Kashmir Bank, IDBI, South Indian Bank and Axis Bank, besides 32 Scheduled Cooperative Banks and 3 RRBs during FY 2024-2025. In FY 2024-2025 Bancassurance contributed Rs. 250.75 CR Premium income with an ICR of 80.15%.

Various campaigns like health check-up drives, training of bank officials, insurance awareness campaign, were launched during the course of the year, to increase the awareness & reach. Our Company has come up with attractive incentive schemes from April 2024 which resulted in a positive Accretion of 7%. New India Assurance has increased its focus on developing Technology platform as per the requirements of the partner Banks in order to improve efficiency, TAT, ease of doing business & providing service to customers.

We have taken pro-active steps to increase tie-ups with banks which enabled us to procure good business by this channel. In FY 2024-2025 we have entered into tie up with 8 new partners i.e. with Bank of India, Jammu And Kashmir Bank, The Himachal Pradesh State Cooperative Bank, Aryavart Gramm Bank, The Tamil Nadu State Apex Cooperative Bank, The Malad Sahakari Bank, Rajarshi Shahu Sahakari Bank and The Nav Jeevan Cooperative Bank.

Bancassurance Channel looks forward to achieving many milestones by strengthening existing partnerships with the corporate agents and constantly taking effort to tie- up with many other Public sector Banks, Private Banks, Scheduled Cooperative Banks & RRBs.

? AGENCY

Agency Department is a key intermediary channel for procuring business for our Company contributing substantial share of premium. In the FY 2024-25, the total Premium was procured Rs.11,107.59 Crs with 8.14% Accretion with an ICR of 80.87% contributing to 28.73 % of Companys domestic premium ( Individual Agents Rs.10938.37 Crore and Corporate Agents (Other than Banks) Rs.169.20 Crore ) We have enrolled 5125 Individual Agents and 10 Corporate Agents ( Other than Banks ) as on 31st March,2025 ,the total number of Agents are 120714.

Agency Department has implemented various reward schemes during the year to motivate agents & extended GPA Cover to All Club Members agents. Agency Department has arranged Training for CMD &GM Club Member Agents for enhancing their skills.

Agency Department had released Agent Manual with information on all retail marketable products. Also released the Agent Magazine ”Pragati” consisting of Agents articles, Poem, Agents & their Childrens Achievements, technical articles, Names of CMD Club Members and GM Club Members, National Level & RO level convention Photos , Agent Day Celebration Photos.

Necessary communications sent to Agents as and when required. Various other measures like texting messages to agents on Birthdays, festivals were initiated. Every Operating Office has been arranging Agents Meeting on 1st and 3rd Friday of each month and imparting product knowledge, soft Skill training and exchanging views on marketing strategies.

In the FY 2024-25 total 1609 Agents have became eligible for Agent Club Membership based on the performance year 2023-24. All India convention and Regional level conventions were held to felicitate the said esteemed Agents at various centers PAN India

Agency Department has been promoting Agents Portal to enable agents to issue policies quickly on 24x7 basis. Agent App with new features in smart phones enables agents to quickly renew policies and better manage their renewals and claims. The Company has made constant efforts by training for encouraging and motivating agents for usage of agent portal and App. Initiated short AVs in regional languages for popular products to help Agents.

During the year, Portal Access was enhanced by allotting the 4299 Portals to agents increasing the total number of portals to 60571 as on 31st March,2025. Rs.4943.91 crore premium was collected through the Agent Portal in the Year 2024-25.

Also EDM / FLASH / AT A GLANCE of newly launched products uploaded on Agent portal ,so that Agents can know about the product features readily . The Photo of the Top 10 Performing Agents for the month displayed on Agent portal . Regular Agent portal revision is done with technical department approval. More number of policies were added to the Portal with a target to increase portal usages.

Monthly “NEWS LETTER” introduced on Agent portal giving news on latest updates about newly launched products and important information pertaining to Our Company.

Agency Dept.s Vision is to increase the premium portfolio ensuring growth with profitability with focus on seamless journey through technology aided solutions.

? GOVERNMENT HEALTH BUSINESS

After providing efficient services since 2015 to the Rajasthan State Health Scheme, we have once again secured L1 bidder and are participating in providing the health insurance schemes as below:

1. Mukhyamantri Ayushman Arogya Yojana (MAA) in association with the Rajasthan State Health Assurance Agency (RSHAA).

Using specialized AI/ML based apps our Regional Government Business Office (RGBO) is enabled to deliver seamless and expeditious service. Approximately 1.34 crore families are covered under the current scheme, with furthermore addition of new families. The total sum insured per family is INR 25 lakh (5 lakh insurance mode and 20 lakh under trust mode), 50 thousand for secondary ailments and 4.50 Lakh for tertiary ailments. Claims above INR 5 Lakh are processed by the TPAs under trust mode. A wide range of beneficiaries are those below poverty line (BPL) families, socially and economically weaker section of society and also paid members. The policy enables cashless access for secondary and tertiary healthcare services, providing financial protection to the vulnerable families.

2. State Health Agency for the UT of Lakshadweep is managed by our Lakshadweep DO, under Ernakulam RO. The number of families covered are 13,128 for a sum insured of INR 5 lakh per family on floater basis, 50 thousand for secondary ailments and 4.50 Lakh for tertiary ailments.

I n addition to the above two health schemes, the company also extends its coverage to the vast number of individuals under the various other government schemes. The company covers 14.65 crore lives under Pradhan Mantri Jan Dhan Yojana (PMJDY) and 8.24 crore lives under Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme, a flagship initiative of Government of India.

Furthermore, the company also provides on- duty personal accident cover to volunteers of the National Disaster Management Authority (NDMA), demonstrating its commitment of safeguarding lives and promoting social welfare.

Our active participation in the government schemes represents our social responsiveness in providing accessible and specialized insurance solutions to the various sections of our society, thereby contributing in public welfare and sustainable development goals of our nation.

? RURAL AND SOCIAL SECTOR AND MICRO INSURANCE

As the premier Non-Life Insurance Company keeping with its rich traditions & strong social commitment of serving the rural masses has always been in the forefront of devising host of Rural Insurance Products. The Company is continuously striving to offer best possible products customized according to the needs & requirements of Rural population.

The company provides protection for various assets of rural community. A wide variety of covers are now available for the rural areas to meet the specific needs of the Rural masses e.g. Cattle Insurance, Sheep & Goat Insurance, Agriculture Solar pump sets, Poultry Insurance, Saral Sampurna Kisan Bima Yojana, Horticulture/Plantation Insurance, Personal Accident Insurance Cover to Kisan Credit Card Holders (KCC) etc. for the safety & security of the rural populations.

We have developed a new product named as “ New India Shrimp/Prawns Insurance Policy as per Pradhan Mantri Matsya Kisan Samridhi -Sah Yojana of Fisheries Dept.under the Ministry of Fisheries Animal Husbandry and Dairying, Government of India which can be sold to individual farmers as well as fishermens associations. Further, Integration with Government Portal is also under process.

The Objectives of the Scheme is to develop suitable aquaculture insurance products, to build trust and better uptake by the beneficiaries. The scheme will provide awareness programs, extension and knowledge support to aquaculture farmers. Department of Fisheries also provides ‘One-Time Incentive to beneficiaries to encourage purchasing aquaculture insurance products.

Insurance Requirement of the Scheme mentioned above is to provide a safety net for producers, ensuring resilience of the sector and supporting its continued growth and diversification beyond shrimp culture.

The Company has always shown keen interest in various Government sponsored Schemes for Cattle/ Livestock Insurance schemes under National Livestock Mission in various States as well as in Kashmir Region for the benefit of the rural population. The Company has opened up Operating Offices at remote & interior parts of the country to ensure smooth distribution of exclusive rural centric products. Our extensive network of rural Agency force has been provided with Portal for immediate issuance of policy even in remote corner of the country. It has always been the objective of the Company for growth & promotion of micro insurance products for the Rural & marginalized population. At present, the Company is providing 13 Micro Insurance Products such as Cattle Sukshma Bima, Sheep & Goat Sukshma Bima etc. to protect low-income people from financial losses with affordable products.

Cattle/Livestock Insurance : Our Delhi RO-I,

Chandigarh, Kanpur, Hyderabad, Vizag, Coimbatore, Chennai, Ernakulam, Pune, Nagpur, MRO-V ROs have participated in centrally sponsored Cattle Insurance schemes, Corporate Dairy Schemes and State/local based schemes. We have issued approximately 112207 policies and procured substantial premium of Rs.104.41crores.

The Company during 2024-25 underwritten a total Rural Insurance Premium of Rs. 119.02Crores with Incurred Claim Ratio of 93.06%.

The company has made the claim processing procedure simple & easy to popularize the micro products. The company has believed in the philosophy that right product design and right pricing are essential to make the rural insurance products more attractive and meaningful to rural community. With more than 50 Rural Insurance Products the Company has been doing its bit for sustained rural development which is a backbone of Indian Economy.

? PARAMETRIC INSURANCE

In an unprecedented bid to revolutionize risk protection in India and across the world, The New India Assurance Company Limited on 27th May 2025 launched its Parametric Insurance Cover, a pioneering insurance product that protects economic losses resulting from pre-specified natural or environmental incidents— typical exclusions under traditional insurance products. Parametric insurance employs objective, real-time data triggers (such as rain, temperature, or earthquakes) to immediately pay claims—no forms, no loss adjusters, no lag time.

What Sets Parametric Cover Apart?

• Automatic Triggers: Claims are triggered by objective parameters (e.g., rainfall > 50mm).

• Zero Paperwork: No paperwork or loss proof required.

• No Deductibles: Payment in full according to pre- agreed conditions.

• Custom made Fit: Insurance cover designed to the risk profile of corporates, governments, farmers, MSMEs, etc.

• Transparent Pay-out Model: Trigger and pay out terms are well specified at the outset.

Policyholder Benefits:

• Faster Recovery: Pay-outs made on the spot at trigger time, supporting immediate disaster recovery.

• Broader Access: Covers industries and communities that had no or little insurance.

• Operational Simplicity: No manual verification and disputes.

• Risk Inclusivity: Equips co-ops, Self Help Groups, farmers, NGOs, and small businesses with effective protection.

Who Can Benefit?

• Corporates, MSMEs, and Hospitality Sector

• Government Departments & State Agencies

• Farmers, Co-operatives, and SHGs

• NGOs, Microfinance Institutions, and Banks

• Travel Agencies and Community-Based Organizations

With its potential to reduce basis risk and improve risk management, parametric insurance is an attractive option for individuals and organizations seeking tailored coverage. Hence, carrying this forward we are in continuous follow-up with various state governments and organizations to provide them with an insurance proposal with a coverage customizable as per their needs. We aim to provide an innovative solution for customers to manage their climate related risks and uncertainities.

? STATE INSURANCE PLAN

Insurance Regulatory and Development Authority of India (IRDAI) has come up with the proposal of a Comprehensive State Insurance Plan involving State/UT administration and insurers alike, that aims to accelerate the process of implementation of last mile delivery of insurance services to the uninsured population of all the states. This is in line with the vision “Insurance for all by 2047” by the Government of India aimed at promoting financial inclusion and in increasing Insurance penetration.

In order to successfully implement the above plan, The New India Assurance Co. Ltd. has been appointed as lead insurer in the state of Gujarat and Lakshadweep. Accordingly, we have opened a purely dedicated office for State Insurance Plan situated in Ahmedabad which is aimed at identifying and addressing protection gaps for the insurance segments such as MSME, Motor, Agriculture, Retail Health, Home Insurance, Women Centric Initiatives and many more.

We have successfully identified 5407 Gram Panchayats in 91 Talukas under 13 districts of Gujarat state where we are constantly organizing Insurance Awareness Campaigns. Medical Camps were organized by us and policyholders were given provision of rice, jaggery and lentils. On 2nd April 2025, we have also organized Bima Jagruti Utsav at Dahod district where the first Naari Samman Bima policy was issued marking a positive start to our endeavour of Insurance for All by 2047.

In Lakshadweep, we have devised a specialized product aligned with specific needs of the territories. Also, with the help of Parivahan site, vehicles with long pending insurance renewals have been identified and a letter in association with and duly authorized by Motor Vehicle Dept. has been sent for ensuring 100% coverage for all motor vehicles.

We are continuously moving forward by creating Insurance Awareness activities at district level in co-ordination with district level authorities and by spreading awareness of State Insurance Plan through Agents, Brokers, Corporate Agents, IMFs etc. We are also coordinating with state governments, NGOs, Aaganwadi workers, SHGs to create awareness at grass root level and thereby increasing the insurance penetration through publicity of Insurance plan in media and Brochure distribution at District level.

We at The New India Assurance Co. Ltd. are fully committed to the Government of Indias Vision of “Insurance for all by 2047” and will play an instrumental role in promoting financial security and protecting citizens from unforeseen events by providing affordable and comprehensive coverage to improve the overall well- being of beneficiaries and contribute to the countrys economic growth.

? MSME

Micro, Small, and medium enterprises(MSMEs) are one of the driving forces propelling the Indian economy towards global greatness. As per the Udyam portal, MSMEs employ over two crore people, firmly establishing themselves as the bedrock of the Indian economy. Aided partly by supportive and reformatory government initiatives and technological innovations, the MSME sector has grown exponentially, accounting for ~46% of Indians total exports. MSMEs role in fostering sustainability and inclusivity in the Indian economy is irrefutable. 20.5% of the MSMEs registered on Udyam portal are led by women, accounting for 18.73% of the total employment generated by Udyam registered MSMEs.

In order to be a part in the growth of this exponentially growing sector The New India Assurance Co. Ltd. has taken several initiatives to support the MSME sector:

• Dedicated MSME cell: The company has established a dedicated MSME cell to focus on the specific needs of this sector and develop a customized insurance solutions to meet these needs.

• Specialized policies: New India Assurance has launched policies like Bima Udyam and Bima Sathi which provide affordable and comprehensive coverage for MSMEs. Also, to exclusively cater to the needs of women entrepreneurs we have also launched New India Mahila Udyam Bima policy.

• Awareness initiatives: We are collaborating with state governments, district industrial units, cooperative societies, rural banks, and CSE centers to increase awareness about insurance among MSMEs. We are also running digital campaigns and workshops.

• Partnerships: We are also partnering with industry associations, government agencies, and other organizations to leverage our reach and promote risk management solutions for MSMEs.

MSMEs and a focus on their growth are critical for the long-term prosperity of Indias economy. MSMEs play a crucial role in the GDP growth, industrial production, and job creation in the nations economy, and hence The New India Assurance Co. Ltd. through its initiatives for the MSME sector demonstrate its commitment to supporting small business and thus providing them with financial stability, increased creditworthiness, Business continuity even during disruptions and supporting business expansion by encouraging investments.

? ALTERNATE BUSINESS CHANNEL

New India has completed the premium of Rs 236.61 crore for the year 2024-2025 through Alternate channels such as Web Integration with Brokers, Corporate agents, CSC portals and G2C channels.

As of now 20+ integrations are active and procuring premium.

Along with this ABCD also manages payment gateways for online premium payment.

It is a constant endeavor of the Department to improve customer experience while making online payments

? CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

As a global leader in General Insurance Sector, we are proud to present our commitment to Corporate Social Responsibility (CSR) in this annual report FY 2024-25, showcasing our dedication to creating a positive impact on the communities at large. Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies are aware of how they impact aspects of society, including economic, social, and environmental.

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 Companys overall CSR Policy and programmes”. CSR has been a long-standing commitment in the Company and forms an integral part of our activities.

In this year, The Company has utilized 100% of the Budget (Rs. 8.03 Crore). From the stated Budget of the Company, 100% have been sanctioned towards various CSR Projects. The Company has utilized its CSR budget with presence in diversified areas including health, Sanitation, Skill Development, Hygiene, protection of arts and culture, etc.

IRDAI (Insurance Regulatory and Development Authority of India) focuses on the health segment under CSR activities by encouraging the insurers to contribute to community health and wellbeing, including initiatives like infrastructure development in hospitals and supporting health campaigns. Keeping the same in focus, the highest allocation to Health segment was made by our company, valuing to approx 67% of the total CSR Budget.

? CUSTOMER CARE

The Customer Care Department operates from the Companys Corporate Office, as well as from all Regional Offices, Corporate Business Offices and Auto Hubs. Dedicated Customer Care Officers are stationed across all business offices nationwide to provide quality service to policyholders and prospective customers. Additionally, comprehensive information about our products is available on our official website: www.newindia.co.in. for the benefit of the public.

Our toll-free number 1800-209-1415 is available 24/7 to assist customers with queries related to products, claims, and grievance procedures. Furthermore, a grievance redressal option has been added to the menu of our WhatsApp service (9833319191), which is linked directly to our grievance portal.

The Company has a Grievance Redressal Policy, approved by the Board of Directors, which outlines the framework for the timely and effective resolution of customer grievances while maintaining a high standard of service. We also follow a Policy for the Protection of Policyholders Interests, approved by the Board, which sets forth the quality of service. The Company aims to provide to both policyholders and prospective clients. These policies are available on our website for easy access by customers.

Additionally, the Company has adopted a Citizens Charter, approved by the Board of Directors, which establishes clear service benchmarks across all business operations. To further empower customers, a Customer Education Policy has been implemented to enhance awareness and understanding of insurance products and procedures.

Grievances received orally, over the telephone, or in writing are registered in the Grievance Module of our Customer Relationship Management. Customers can register their grievances through our website https:// www.newindia.co.in/portal/login/customer. For direct communication, customers may use our dedicated email address: customercare.ho@newindia.co.in. monitored by the Head Office.

In our continued commitment to inclusive service. a dedicated Telephone line : 022 22708348 and email ID— seniorcitizencare.ho@newindia.co.in—has been set up specifically to address grievances of senior citizens, and is also monitored by the Head Office.

Grievances submitted to IRDAI are recorded in the Bima Bharosa platform. and our CRM is integrated with Bima Bharosa in real time. We also handle customer grievances received through the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) and the Integrated Grievance Redressal Mechanism (INGRAM) via the National Consumer Helpline portal.

Once a grievance is resolved. customers are informed of the outcome. and the resolution details are posted on the portal. Also. we have provided a feedback option to the complainant on our portal so they may share their views on the grievance resolution process.

The Grievance Redressal position for the period 01.04.2024 to 31.03.2025:-

Source of Griev- ance	O/S as on 31/03/2024	Received from 01/04/2024 to 31.03.2025	Resolved from 01/04/2024 to 31.03.2025	O/S as on 31.03.2025	Disposal Ratio (in %)
ALL	3	8018	7994	27	99.66

? ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our companys governance and strategic decision- making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable growth. As our Company has also been identified as Domestic Systemically Important Insurer in India (D-SII), it becomes even more essential that the ERM structure of the Company is robust.

Our risk governance structure ensures clear roles. responsibilities. and accountabilities throughout the organization. The Board of Directors oversee the ERM program. ensuring alignment with our strategic objectives and regulatory compliance. All the policies and procedure under ERM are reviewed periodically.

Our ERM framework enables us to proactively identify. assess. and mitigate risks across our operations. By adopting a comprehensive approach. we analyse internal and external factors. conduct risk assessments. and engage with stakeholders to gain insights into emerging risks and to monitor the evolving risk landscape. This helps us prioritize risks based on their potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop and implement risk mitigation strategies tailored to each risk category.

We have identified key risks that we actively manage including market risk, operational risk, financial risk, and cybersecurity risk. Market risk is mitigated through market research. innovation. and strategic partnerships. Operational risk is addressed through robust controls. business continuity planning. and adherence to regulations. Financial risk is managed through prudent financial practices and appropriate insurance coverage. Cybersecurity risk is mitigated by investing in advanced security measures and providing ongoing training to our employees.

Regular risk reporting and communication provide valuable information to our Board of Directors and executive management. enabling them to make informed decisions and take necessary actions.

Our commitment to ERM helps us protect our stakeholders interests, enhance operational efficiency, and create sustainable value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the organization. By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term success and resilience of our company.

While ERM framework has been implemented. we are in process of deploying ERM tool which will automate ERM processes. such as Risk Control Self-Assessment (RCSA). enable monitoring and reporting for ERM.

Board approved ESG Policy of the Company has been adopted and circulated across all the Offices and is uploaded on Companys website. We are formulating a comprehensive ESG Framework and will finalise it shortly. However we are already implementing and are in compliance with many of the aspects of ESG.

? CORPORATE COMMUNICATIONS

Our corporate communication Department plays a pivotal role in maintaining strong relationship with stakeholders and effectively conveying our companys messages, values and achievements. By facilitating transparent and consistent communication, we enhance our reputation, build trust and promote understanding among our diverse audience.

Corporate Communication Department continued its branding activities vigorously to enhance visibility of the largest Non-Life Insurance Company of India through various promotional tools with impetus to improve visibility in all platforms of advertisement on Pan India basis and exploring new places of public confluence.

To imprint the Brand Image of our company into the mental spectrum of General Public and effective use of various Medias available and ever-changing environment, we have increased our campaigns on TV, Radio, FM, Print Media and Social Media in addition to the traditional outdoor media like hoardings, Glow signs, Digital Screens in and around PAN India locations. Displays have been placed at prominent Airports, Metro Stations, Railway stations & Trains, Road junctions Highways, Bus stands, New Electric Buses, Containers, Malls as well as various print and digital media channels.

The Company carried out the following activities in this vertical during the FY 2024-25.

• Review and monitoring of Non-Suit Claims with an objective of increase in Settlement Ratio and decrease in number of outstanding claims.

• Submission of Catastrophic Claims data to IRDAI, DFS and GI Council. RO wise/ Claims Hub wise monitoring of CAT Claims for early settlement of claims.

• Age wise monitoring of long pending Non Suit and Non-Health claims, and Health claims monitoring in coordination with Health department.

• Conducted all India Claims Workshop for Non-Suit Claims Hub In-charges on 30th and 31st May, 2024.

• Undertaken virtual & physical meetings with designated officials of all Regions on Non-Suit claims management & Motor OD claims automation including digital survey report.

• Organized training for Claims handling officials on PAN India basis at Insurance Institute of India, Mumbai.

• Announcement of Campaigns on various parameters like Settlement Ratio, clearing of long pending claims, etc., in each quarter to target the optimum non-suit claim settlement.

? CLAIMS MANAGEMENT

• Follow up with Regional Offices for monitoring of surveyors, based on the surveyor performance appraisal.

Parameter	Non-Suit Claims	Suit Claims	Total
Number of Claims OS as on 01.04.2024	6,79,396	1,75,646	8,55,042
Number of Claims Intimated during 2024-25	12,266,280	76,984	1,23,43,264
Number of Claims Settled during 2024-25	12,452,852	81,716	1,25,34,568
Number of Claims OS as on 31.03.2025	492,824	1,70,288	6,63,112
Claims OS for less than 3 months	4,52,416	8,510	4,60,926
Claims OS for more than 3 months but less than 1 year	30,270	27,879	58,149
Claims OS for more than 1 year	10,138	1,33,899	1,44,037

NON-SUIT CLAIMS:

Non-Suit Claims - Parameter	31.03.2023	31.03.2024	31.03.2025
No. of claims O/s	534,830	679,396	492,824
Amount of claims O/s (Amount in Rs. Crore)	9046	10845	11391
No. of claim O/s for more than one year (Excl.GA and Coinsurance)	20459	24,697	9617
Non Suit Claim Settlement Ratio	94.70%	94.45%	96.19%

SUIT CLAIMS

Suit Claims - Parameter	31.03.2023	31.03.2024	31.03.2025
No. of claims O/s	1,78,869	1,75,670	1,70,288
Amount of claims O/s (Amount in Rs. Crore)	11,190	11,543.88	12,261
No. of claim O/s for more than one year (Excl.GA and Coinsurance)	1,40,230	1,41,604	1,33,899
Suit Claim Settlement Ratio	29.76%	28.91%	32.35%

? MARKETING

New India has once again continued its supremacy in the insurance industry with a total of 12.57% market share. Our marketing team contributed to this triumph of New India with a remarkable share of premium by our Development Officers of Rs. 6693 Crores. Our Business Associates have successfully contributed more than Rs. 5495 Crores premium for the FY 2024-25. In all total share of premium by AO (D), AM (D) from all over India is Rs. 4247 Crores

? RIGHT TO INFORMATION ACT

As an insurance company committed to transparency and accountability, we recognize the importance of the Right to Information Act (RTI Act). The RTI Act empowers individual to access information held by public authorities, including our Company, ensuring greater openness and fostering a culture of trust.

At our Company, we are fully aligned with the principles of the RTI Act and actively encourage access to information. We believe it is the right of all stakeholders— policyholders, shareholders, and the general public—to obtain relevant information regarding our operations, financial performance, and governance practices.

The Central Public Information Officers (CPIOs) at our Regional Offices, Central Business Offices, Auto Hubs, and Legal Hubs play a vital role in upholding the spirit of the RTI Act, under the guidance of the RTI Department at our Head Office.

During the year 2024-25, we received a total of 2,171 RTI applications (including those submitted online) and 242 First Appeals.

In accordance with the Department of Financial Services guidelines, a Third-Party Transparency Audit of our RTI proactive disclosures for the year 2023-24 was conducted by the National Institute of Technical Teachers Training & Research, Chandigarh (Ministry of Education, Government of India).

To comply with the RTI Act and the guidelines issued by the Central Information Commission (CIC), our official website is regularly updated to ensure the timely disclosure of maximum information as mandated under Section 4(1)(b) of the RTI Act, 2005.

? INDUSTRIAL DISPUTES AND DISCIPLINE

To maintain peace and harmony in the Company, it is essential, to address the disputes efficiently & quickly. Therefore, the Company ensures implementation of a system of monitoring and evaluation for effective and efficient dispute redressal mechanism.

To achieve this objective, the Company provides training and education to employees on industrial dispute resolution mechanisms, Conduct Rules and promote a culture of industrial harmony and co-operation. In order to fulfill the same, the Company has imparted 4 zone wise interactive training sessions for the employees posted across the Country on The New India Assurance Company Ltd. (Conduct, Discipline & Appeal) Rules, 2014, (hereinafter referred as Companys CDA Rules). Also, the Company ensures that inquiries under the CDA should be cost-effective therefore, encourages virtual hearings.

The Company has also conducted 3 Review exercises, i.e. review of all the cases related to employer-employee disputes and also Non-vigilance cases pending at the Regional Office.

Further, in compliance with the CVC guidelines as well as Companys CDA Rules, the Company has ensured filing of Annual Property Return for the last financial year from every employee.

? INFORMATION TECHNOLOGY

At New India Assurance, we view Information Technology not just as an operational necessity but as a strategic enabler. Our commitment to digital innovation and data security continues to strengthen our market leadership and long-term sustainability. With our data centres certified under ISO 27001:2022, we reaffirm our dedication to safeguarding sensitive customer information and upholding the highest standards of information governance. Business Continuity and Risk Management remain central to our IT framework. We have successfully conducted Disaster Recovery (DR) and Near Disaster Recovery (NDR) drills to ensure resilience and operational continuity across all critical systems. These initiatives fortify our ability to operate securely and uninterrupted in an increasingly complex risk environment.

In line with global trends in the BFSI sector, we have adopted a cloud-based, AI-powered email platform, allowing improved analytics, collaboration, and smarter data handling. This is part of our broader initiative to embed Artificial Intelligence and Machine Learning into our business operations to drive efficiency, agility, and accuracy. To further enhance customer experience and support digital scalability, we have upgraded bandwidth across all branch offices and expanded capacity at both our primary and backup data centres. These improvements ensure that every customer interaction— whether physical or digital—is seamless and efficient.

Our tech-driven service enhancements span AI/ ML-powered claim processing and fraud analytics, multilingual customer support through NLP-enabled Chatbots and WhatsApp, next-generation call center infrastructure, and robust digital portals and mobile applications for both customers and intermediaries. We are also actively aligning with key government-led digital initiatives to strengthen integration and reach. These include the Account Aggregator framework, National Health Claim Exchange (NHCX), the Jan Suraksha Portal for PMSBY, among others—positioning us at the forefront of digital adoption in the insurance sector. These technology-led interventions have significantly enhanced service efficiency, accessibility, and regulatory alignment—translating directly into business growth. In a landmark achievement, our premium income has crossed ?43,600 crores, setting a new record in the Indian general insurance industry.

? HUMAN RESOURCE DEVELOPMENT AND PERSONNEL STAFF WELFARE SCHEMES

• STAFF WELFARE SCHEMES

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, Directors Mediclaim Scheme for reimbursement of medical expenses of active as well as retired Directors along with their dependent family 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 for which 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.

• HUMAN RESOURCES

Employee strength as on 31^st March 2025

Category of Employees	Male	Female	Total
Class I	4644	2477	7121
Class II	116	5	121
Class III	2285	732	3017
Class IV (Excluding Part Time Sweepers)	504	186	690
Part Time Sweepers	2	0	2
TOTAL	7551	3400	10951

• RECRUITMENT AND RESERVATION Number of employees recruited during 2024-25

Category of Employees	SC	ST	OBC	EWS	Total	Ex-Servicemen	PWD
Class-I	0	0	0	0	0	0	0
Class-II	-	-	-	-	-	-	-
Class III	66	39	11	23	271	20	13
Class IV (Excluding Part Time Sweepers)	10	0	0	0	12	0	0
Part Time Sweepers	-	-	-	-	-	-	-
TOTAL	76	39	11	23	283	20	13

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as on 31.03.2025

Category/Level	Total Number	Number and Percentage
		SC	%	ST	%	OBC#	%#	EWS	%
Class-I	7121	1376	19.32%	656	9.21%	1621	22.76%	95	1.33%
Class-II	121	19	15.70%	13	10.74%	14	11.57%	0	0.00%
Class III	3017	575	19.06%	300	9.94%	660	21.88%	23	0.76%
Class IV (Excluding Part Time Sweepers)	690	345	50.00%	76	11.01%	71	10.29%	0	0.00%
Part Time Sweepers	2	1	50.00%	1	50.00%	0	0.00%	0	0.00%
TOTAL	10951	2316	21.15%	1046	9.55%	2366	21.61%	118	1.08%

# OBC reservation was introduced in 1993. The prescribed OBC reservation % is being maintained in all direct recruitments since then.

The 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/ EWS/PwBD and Ex-servicemen.

Pre-promotional training programs are duly organised for all eligible SC/ST/OBC employees for promotion to various cadres. Regular training programs are conducted on personality development, stress management, motivation etc. for SC/ST/OBC 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 are 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/EWS/PwBD/ 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.

The 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. Ambedkar at Chaitya Bhumi, Dadar.

? GENDER ISSUES AND EMPOWERMENT OF WOMEN

The Company has a strong women force and provides adequate opportunities for self and career development. A significant number of women Officers, as on 31.03.2025, are holding senior positions in our Offices:

Chairman-cum-Managing Director	1
Executive Director	2
General Manager	4
Deputy General Manager	17
Chief Manager / Regional Manager	65
Divisional Manager / Sr. Divisional Manager	87
Branch Manager / Sr. Branch Manager	71

• 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

• Womens 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 Womens Day is celebrated on March 8th in all Offices across the country. Seminars are 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 workplace etc.

? TRAINING AND DEVELOPMENT

With a steadfast focus on excellence, innovation, and customer needs, our Company continues to move forward with confidence.

In todays dynamic environment, marked by relentless competition and rapid technological advancements, we recognize the critical importance of equipping our workforce with the knowledge and skills necessary to navigate emerging challenges and capitalize on opportunities. Staying true to our forward-thinking approach, we have proactively prepared our employees to meet future market demands and industry transformations.

We have placed significant focus on building capabilities in areas such as Computer Literacy, Cyber Risk Management, Digital Marketing, Data Analytics, Fraud Analytics, and most importantly, Artificial Intelligence — a fundamental pillar of future technology. These initiatives are vital to maintaining competitiveness and adapting seamlessly to the evolving business landscape.

Employee development remains a top priority. Our multifaceted training programs ensure that our workforce remains agile, motivated, and equipped to drive sustainable growth and create enduring value for all stakeholders.

In addition to core programs in Prudent Underwriting, Claims Management, Fraud Management, Human Resource Management, Vigilance, and Policy Awareness, we have actively promoted alternate and specialized training initiatives, including:

• Empowerment of Women Employees: Specialized trainings such as Women Managers Programs and Prevention of Sexual Harassment (POSH) workshops.

• Growth Initiatives: Pre-recruitment and pre-promotional training programs tailored for SC/ST/ OBC applicants and employees across all cadres.

• Leadership and Communication Excellence:

Programs aimed at enhancing leadership capabilities and effective communication skills for operating office in-charges, equipping them to face organizational and market challenges with resilience and vision.

• Marketing Force Development: Focused training for Marketing Officers and Agents to build a strong and competent frontline.

• Holistic Employee Wellness: Soft skills training such as Personality Development, Physical Fitness, Yoga Sessions, and Pre-retirement programs to foster mental, physical, and financial well-being.

• External Collaborations as Special Initiatives:

Encouragement of executive participation in prestigious programs conducted by premier institutes such as Indian Institute of Management (IIM)- Ahmedabad, IIM-Mumbai, IIM-Indore, Management Development Institute (MDI)- Gurgaon, ISTM (Institute of Secretariat Training and Management), IIRM - Institute of Insurance and Risk Management, IICA, FIMMDA, AJNIFM, CLC and V. V. Giri National Labour Institute, providing a rich learning experience through exposure to global best practices and cutting-edge research.

Our strategic approach of linking training nominations to employees specific job profiles ensures relevance and maximizes the impact on job performance and career progression. Furthermore, the policy of restricting nominations to one training program per employee per year promotes equitable access to development opportunities, enhancing organizational capability at all levels.

Through these robust training initiatives, we reaffirm our belief that a well-trained and inspired workforce is the cornerstone of enduring success and sustainable growth.

? OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is implemented on the basis of the guidelines issued by the Department of Official Languages and The Department of Financial Services, Ministry of Finance, Government of India. According to these guidelines, every effort is made to enhance the implementation and propagation of official language in all the offices and Departments of the company.

In order to make the employees capable and efficient in Hindi in their respective departments with ease and ease, the Department of Hindi is organizing workshops from time to time. In this financial year, Head Office Official Language Department organized 4 workshops and special workshops--training programs were organized for the personnel of A and C areas at “Rishikesh” and “Madurai” respectively.

In this financial year, the Head Office Official Language Department carried out hundred percent official language inspection i.e. of all 29 Regional offices. The third sub- committee of the Parliamentary Official Language Committee inspected Tirupati Operating Office and Bhuj Business Office. Parliamentary Alekh evam sakshya committee inspected Bhiwani Operating Office and Gaziabad Operating Office. In these inspections, the official language implementation in the company was found to be satisfactory.

Four Hindi quarterly meetings were held in each quarter during the year 2024-2025 at Head Office. Similarly, meetings of the Official Language Implementation Committee were held regularly in all the offices. In order to promote the Hindi official language, motivate and encourage the employees towards the official language Hindi, Hindi fortnight was organized in the Head Office from September 17, 2024 to September 30, 2024.

A total of 09 competitions were held during this period. Similarly, Hindi day/Hindi fortnight was also organized at each Regional Office/Operating Office. Employees were awarded under the ongoing cash incentive scheme for working in Hindi during the entire financial year.

In the year 2024-2025, the All India Hindi Conference was held on 24-25 February, 2025 at Tirupati under the Hyderabad Regional Office. Prizes were also given to the Regional Offices for their best performance in the conference. This year, two issues of the corporate house magazine Arjan were published, in which the employees working in various offices of the company participated through their articles. Along with this, its QR code was also made available. Similarly, Hindi inhouse magazines are also being published regularly from Regional Offices. This year, on the occasion of International Womens Day, a collection of poems “Srijana” dedicated to women power was also published in e-magazine and audio format. In this financial year, the Department of Official Language received a total of 113 awards all over India. On January 10, 2025 on the occasion of World Hindi Day, a Webinar on subject Role of Information Technology in Development of Hindi and Regional Languages was organized for the employees of New India located in the country and abroad.

More than 500 employees participated. A webinar on the Role of Information Technology in the development of Hindi and Regional Languages was organized on March 17, 2025 for the member offices of the Town Official Language Implementation Committee, Mumbai. A large number of personnel are being trained in the Hindi Training Scheme, Department of Official Language, Ministry of Home Affairs, Government of India in Prabodh, Praveen, Prajna and Parangat Training Programmes

The Department of Official Languages is constantly striving to play an important role in the promotion of Regional Languages along with Hindi.

? INTERNAL AUDIT

The Internal Audit department plays a crucial role in an organization by providing independent and objective based assurance designed to add value and improve operations. It helps in evaluating and improving the effectiveness of governance, risk management, and internal control processes.

The Internal Audit vertical at Head Office has assisted in enhancing the performance of Audit Compliance Cells at various Regional Offices for expediting the resolution of pending audit queries - both CAG and internal. At the end of the financial year, the audit activities and observation of Internal Audit department are consolidated in form of Annual Report and informed to the Audit Committee and the Board.

The Company through the Internal Audit Department 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.

Internal Audit Department, H.O controls the expenses of the company by preparing budget for revenue and capital expenses.

Timely Audit clearances of the employees are given for Retirees /VRS /Death/90% PF Withdrawal.

Audit department is also committed to digitalization process. The department have implemented audit module to conduct audit work and audit reports digitally & also to focus on quicker resolution and compliance monitoring. The department is also in process of Automating Audit functions like Employee Clearance module, Budget Review and Control process. The AML reports and triggers are also being digitized for seamless integration with Government entities.

The department is committed to continuous improvement in our internal audit function. Internal Audit Vertical keeps abreast of evolving regulatory requirements and industry best practices. This allows the department to enhance audit methodologies, adopt innovative technologies, and leverage data analytics to provide valuable insights to the organization.

? LEGAL & CONSUMER FORUM

The departments day to day working includes handling of legal matters pertaining to Arbitration cases and Consumer Fora cases/Supreme Court matters and Civil/ Commercial Suits arising out of suit claims other than T.P Claims. The departments primary goal is effective and efficient handling of such suit claims.

In adherence to the directives issued in the notification of the recent IRDAI Regulations on Corporate Governance, 2024 (notified on 01/04/2024) and subsequent Master Circular dated 22nd May, 2024, the department has put in place a framework for review of awards wherein the department diligently monitors the Awards given by consumer forums for decisions on awards to be taken within 30 days.

The departments settlement ratio has significantly increased, demonstrating a substantial rise in the number of cases settled in this financial year. An overall settlement ratio of 28% and throughput ratio of 121% has been achieved this year.

Settlement of the maximum number of cases through Lok Adalat has always been a priority for the department. In this regard, this year a total of 273 cases have been settled through Lok Adalat. As each consumer case stands on different merits on a case to case basis, achieving this number of settlements represents a substantial success this year. A new framework that has been introduced in CWISS this year is for reviewing pending litigation, wherein directives have been issued to Regional Offices to thoroughly review consumer cases and categorize them as fit or unfit for compromise settlement. This framework enables the Suit Hubs to identify cases for potential settlement, which can then be put before the Legal Services Authorities or Regional Office Committees for Compromise settlement.

To minimize the number of execution petitions filed against the Company, the department has been working closely in coordination with our Regional Offices offering professional guidance to the Suit Hubs for effective resolution of such cases.

In order to promote digitization and streamline operations, daily notices received by the department are sent to the respective Regional Offices (ROs) on an urgent basis. Due care is taken to ensure these notices are promptly attended to, with ROs specifically instructed to file Written Statements (WS) within the specified time period. To further expedite the process and save time, we have been actively promoting electronic transfer of documents, including the electronic filing of WS/defences before the Court/Fora.

This year, the department implemented a new framework to facilitate root cause analysis of consumer cases in CWISS. This framework aims to identify deficiencies in the claim handling process and service-related issues impacting customer satisfaction. It is implemented with an objective to promote internal departmental growth by highlighting key areas requiring process improvements to enhance customer satisfaction.

? VIGILANCE

The Vigilance Department is overseen by the Chief Vigilance Officer and comprises two Chief Managers along with Desk Officers who handle matters related to various Regional Offices. Each Regional Office Vigilance Officer reports directly to the Head Office Vigilance Department.

The department is primarily focused on fostering a strong vigilance culture, placing special emphasis on Preventive Vigilance Mechanisms. This approach not only promotes systemic improvements but also enhances standards of Corporate Governance. A robust preventive vigilance framework helps in cultivating an organizational culture that supports excellence and integrity.

Preventive Vigilance Committees (PVC) at both the Head Office and Regional Offices actively contribute to raising awareness and promoting preventive vigilance. Additionally, the Internal Advisory Committee plays a crucial role in ensuring fairness in identifying vigilance issues and in the timely resolution of Disciplinary Proceedings.

The department carries out unannounced inspections of offices. Findings from these surprise inspections are shared with the respective Region-in-Charges, and any observations requiring further vigilance investigation are pursued accordingly.

During the year 2024-25, the department conducted surprise inspections at 780 locations, including Large, Medium and Small Business Offices, Corporate & Broker Offices, Claim Hubs (Suit and Non-Suit), as well as RO/ TP/OD HUBs. Preventive Vigilance Workshops were regularly organized at various offices and Head Office to educate and sensitize employees about the significance of vigilance in both public and personal spheres. These sessions also led to actionable recommendations for system enhancements.

Vigilance Awareness Week was observed from October 28 to November 3, 2024, with the theme “Culture of Integrity for Nations Prosperity.” A range of activities, events, and competitions were held within and outside the organization to spread awareness and encourage a corruption-free and robust national ethos.

As part of the departments capacity-building initiatives, training programs were organized on topics like ethics and governance, organizational systems and procedures, cyber hygiene, and IT security. Sessions also covered CDA Rules, underwriting safeguards, and internal checks and balances in accounts, conducted by various subject experts. Special awareness drives were also held to educate employees about the provisions of the Public Interest Disclosure and Protection of Informers (PIDPI) Resolution.

? PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXCESS OF RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT LAKH FIFTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR

TABLE OF REMUNERATION

S. No	Name of the employee	Service (In Yrs)	Designation	Remuneration	Qualification	Date of Joining	Age	Last employment held	Place
1	Mr James Day	42 Years	Chief Underwriter (Treaty business)	14397428	ACII	19.09.2011	62 Years	Brit Insurance	London
2	Mrs. Panna Shah	36 Years	Senior Accountant (Treaty business)	13550390	Book-Keeping	01.07.1993	70 years	P S J Alexander	London
3	Mr. James Baker	40 Years	Underwriter- Facultative	18774175	NA	01.09.2011	57 Years	Ecclestiastcical underwriting management	London
4	Mr. David Griffiths	37 Years	CEO, London	13256061	Bsc( Hons)	19.06.2023	49 Years	Funding options ltd.	London
5	Mr. Hemendra Swaroop	33Years and 8 Months	CHIEF EXECU- TIVE	13276153	B.TECH, FIII	12.09.1991	59 Years	Indo Gulf Fertiliz- ers & Chemicals Corp. Ltd.	London

? SECRETARIAL STANDARDS

During FY 2024-25, the Company was compliant with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.

? SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There were significant penalties imposed on the Company under the applicable Acts during the period under review by BSE and National Stock Exchange of India Limited under Regulation 17(1) of SEBI (LODR) for non-compliance with the requirements pertaining to the composition of the Board including failure to appoint Independent director and maintain six directors on the Board. The same are listed below:

BSE and NSE issued penalties for quarter ended 30th September, 2024 and quarter ended 31st December, 2024 for non- compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosures Requirements), 2015 pertaining to the composition of the Board of Directors defaults on account of the following observations:

The New India Assurance Company Ltd does not have proper composition of the Board including non- appointment of Independent Director.

The Companys point-wise to the replies were as follows:

The Directors on the Board are appointed by Government of India. After the cessation of 2 Independent Director from the Board from 20th December, 2024 the composition of the Board is not as per SEBI (LODR), 2015 regulations.

The Company has approached the Exchanges to waive the penalties imposed.

? EVALUATION OF BOARD COMMITTEES & DIRECTORS

The Evaluation criteria for evaluation of the Board, Directors and the Committees was approved by the Nomination and Remuneration Committee. Subsequently, evaluation of the Board, Directors and the Committees were carried-out for FY 2024-25.

? DIRECTORS AND OFFICERS INSURANCE

As per the requirements of Regulation 25(10) of the Listing Regulations, the Company has taken “Directors and Officers Insurance” for all its Directors.

? AUDITORS RESPONSE TO REMARKS

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

? SECRETARIAL AUDITORS

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 M/s Ragini Chokshi & Co. Practicing 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 and disclaimer made by them in discharge of their professional obligation.

? INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Board has adopted policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the Companys 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

? IMPLEMENTATION OF INDIAN ACCOUNTING STANDARD (IND AS)

Insurance Regulatory and Development Authority of India vide their letter Ref No. 100/2/Ind AS-Mission Mode/2022- 23/1 dated 14th July, 2022, advised the insurers to set up a Steering Committee to initiate the Implementation process. The Company has accordingly constituted a Steering Committee in FY 2022-23 comprising members from cross functional areas such as Finance & Accounts, Actuarial, Investment, Taxation, Information Technology and Reinsurance to oversee the implementation of Ind AS. Periodic meetings of the Steering Committee are being held to review the progress made towards implementation, Issues/ Challenges and course of action to mitigate the same. The Steering Committee is also updating the Audit Committee of the Board on the progress in preparedness towards the Ind AS implementation process.

The Company has appointed a knowledge partner in FY 2023-24 who is assisting the Company in implementation of Ind AS. The Steering Committee has detailed out phase wise approach for implementation. Gap Assessment (Phase I) has been completed in May 2024 and as a part of Phase II, we have an on boarded technology partner and are in the process of onboarding Implementation Partner to assist in Ind AS convergence. We are working on the gaps identified to address them within timelines.

? RELATED PARTY TRANSACTIONS

The 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 2024-25.

Board approved policy on Related Party Transactions is uploaded on the website of the company in this link https:// www.newindia.co.in/cms/c443766f-0ecc48b9-94dc-
c62da7d3be37/Related%20Party%0Transaction%2.

? REPORTING OF FRAUDS

Board approved policy on Related Party Transactions is uploaded on the website of the Company.

? INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

The Company being an 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 Auditors Report) Regulations 2002 and as amended from time to time.

? CREDIT RATING

AM Best Company has affirmed the Financial Strength Rating of B++(Good) (Stable Outlook) and Issuer Credit Rating: bbb+ (Good)(Stable Outlook). CRISIL has assigned its Corporate Credit Rating (CCR) of CCR AAA/ Stable (Re-affirmed).

? FOREIGN EXCHANGE EARNING & OUTGO & INFORMATION

The particulars of Foreign Exchange earnings/outgo as required by the Companies Act under Section 134(3)(m) is given below:

Earnings: Rs. 718.08 Crores (Previous Year Rs. 829.57 Crores)

Outgo: Rs. 839.44 Crores (Previous Year Rs. 990.70 Crores)

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to Rs. 72,62,407 (P.Y. Rs. 66,23,000), Rs. 2,48,08,645 (PY Rs. 1,78,47,472) and Rs. 41,87,32,210.88 (PY Rs. 19,29,40,443) respectively.

? DIVIDEND & DIVIDEND DISTIRBUTION POLICY

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 is uploaded on Companys website and can be viewed at the below mentioned link : https://www.newindia.co.in/cms/c52d520f-6589-4772-bcc8-e214657297ec/Dividend%20 DistributionPolicy.pdf?guest=true

? CONSOLIDATED FINANCIAL STATEMENTS

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 Statement 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) of Section 129.

The Company prepares Standalone Financial Statements and Consolidated Statements which are available in the Annual Report.

? BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report (BRSR) forms part of the Annual Report.

? SHARE CAPITAL

The issued and paid-up equity share capital of the Company as on March 31, 2025 is Rs. 824 crores. The solvency margin position of the Company as at March 31, 2025 is 1.91 times as against the minimum solvency margin requirement of 1.50 times as prescribed by IRDAI.

? PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The provisions of Section 186(4) of the Companies Act, 2013 (“the Act”) requiring disclosure in the financial statements of full particulars of the loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security is not applicable to the Company.

? INDEPENDENT DIRECTORS

All Independent Directors of the Company have given declarations that they meet the criteria of Independence as laid down under Section 149 (6) & (7) of the Act, the Companies (Appointment and Qualification of Directors) Rules, 2014 as amended from time to time and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015(“Listing Regulations”).

All the Independent Directors of the Company have also confirmed that they have complied with Schedule IV of the Act and the Companys Code of Conduct for Directors and Senior Management.

A certificate complying with Regulation 25(9) of SEBI (Listing Obligations and Disclosure Requirements) issued by the Practicing Company Secretary has been attached as “Annexure”

Independent Directors Meeting of the Company was held during the Financial Year.

? DEPOSITS

During the year under review, the Company has not accepted any deposits under Section 73 of the Act.

? MAINTENANCE OF COST RECORDS

Being an Insurance Company, the Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Act.

? PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions with Related Parties were in the ordinary course of business and on arms length basis and there were no material contracts or arrangement or transactions entered with related parties during the FY 2024-25.

? UNPAID/UNCLAIMED DIVIDEND

Pursuant to Section 124 & 125 of the Act read with the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company transferred the unpaid and unclaimed amount of interim dividend for the FY 2017-18 along with underlying shares were transferred to the Investor Education and Protection Fund in FY 2024-25.

? CODE OF CONDUCT AS PRESCRIBED UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF INSIDER TRADING) REGULATIONS,2015

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 (“Insider Trading Regulations”), the Company has in place a code of conduct to regulate, monitor and report trading by its Designated Persons (“the Insider Trading Code”) to the extent specified in the Insider Trading Code of the Company. The Insider Trading Code of the Company has been revised in line with the amendments in the Insider Trading Regulations, as amended from time to time.

The Company also has in place Code of Conduct to Regulate, Monitor and Report Trading by Insiders which is hosted on the website of the Company and can be viewed at: https://www.newindia.co.in/cms/83cd316d-91ce-4783-
8322-2772fd6dc87/Code_of_Conduct.pdf?guest=true

? CEO/CFO CERTIFICATION

Pursuant to Regulation 17(8) of the Listing Regulations, Certification by the Managing Director & CEO and the Chief Financial Officer of the Company on the financial statements and the Internal Financial Controls relating to financial reporting for FY 2024-25 has been obtained.

? CORPORATE GOVERNANCE:

The Company is fully committed to following sound corporate governance practices. The Companys Board is constituted in compliance with Companies Act, 2013, in accordance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and IRDAI Corporate Governance Regulations 2024. Our Board of Directors comprises highly experienced and diverse professionals who bring a wealth of expertise to the table. The Board provides strategic guidance, oversees the implementation of our business objectives and ensures compliance with legal and regulatory requirements.

We place strong emphasis on ethical conduct and integrity in all our business activities. Our Code of Conduct sets out the standards of behavior expected from our employees, directors, and business partners. We promote a culture of transparency, honesty, and fairness, where ethical decision-making is upheld and any potential conflicts of interest are appropriately managed.

Board Committees and Oversight: To ensure effective governance and oversight, we have established various Board Committees, including Audit, Risk Management, Nomination and Remuneration, and Corporate Social Responsibility. These committees comprise independent directors who provide specialized expertise and oversight in key areas, ensuring rigorous scrutiny, accountability, and compliance with regulatory requirements.

Transparency and Reporting: Transparency is a cornerstone of our corporate governance practices. We are committed to providing accurate and comprehensive information to our stakeholders. Our annual reports, financial statements, and other disclosures adhere to applicable accounting standards, regulatory requirements, and best practices. We continuously strive to enhance the transparency and clarity of our reporting, enabling stakeholders to make well-informed decisions.

The Board meets at regular intervals to review the quarterly, financial, and operational and investment performance of the Company. The companys philosophy on corporate Governance lays strong emphasis on transparency, accountability, and integrity. Corporate governance is concerned with the establishment of a system whereby the Directors are entrusted with responsibilities and duties in relation to the direction of corporate affairs. It is concerned with the accountability of who are managing it. It is concerned with morals, ethics, values, parameters, conduct and behavior of the 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.

? BOARD OF DIRECTORS:

The composition of the Board of Directors as on 31.03.2025

• Ms. Girija Subramanian, Chairman-cum-Managing Director

• Ms. Smita Srivastava, Executive Director

• Ms. Kasturi Sengupta, Executive Director

• Dr. Parshant Kumar Goyal, Government Nominee Director

• Ms. Akani Devi, Independent Director

• Mr. Nidhu Saxena, Independent Director

The Board underwent the following changes in its composition since the date of the last Directors Report, i.e, 22nd May 2024

1. Superannuation of Ms. Neerja Kapur as Chairman cum Managing Director w.e.f 30th April, 2024.

2. Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024

3. Appointment of Dr. Parshant Kumar Goyal as Government nominee Director w.e.f 16th August, 2024.

4. Cessation of Ms. Mandakini Balodhi as Government nominee Director w.e.f 16th August, 2024.

5. Appointment of Mr. Nidhu Saxena as Non-Executive Independent Director w.e.f 19th September, 2024

6. Superannuation of Mr. Titus Francis Maliakkel as Executive Director w.e.f 31st October, 2024.

7. Cessation of Mr. Surender Kumar Agarwal as Non-Executive Independent Director w.e.f 20th December, 2024.

8. Cessation of Mr. Ratan Kumar Das as Non-Executive Independent Director w.e.f 20th December, 2024

9. Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025.

The Board placed on record its thanks to Ms. Neerja Kapur, Ms. Mandakini Balodhi, Mr. Titus Francis Maliakkel, Mr. Surender Kumar Agarwal and Mr. Ratan Kumar Das for their co-operation to the Board during their tenure. The Board also extended its warm appreciation to the Directors for their timely guidance and support to the Board members.

? DETAILS OF BOARD OF DIRECTORS AS ON 31.03.2025

Name	Designation	Qualification	Field of Specializa- tion/Existing Skills/ Expertise/Compe- tence
Ms. Girija Subramanian1 DIN: 09196957	Chairman-cum-Managing Director	Graduate in Statistics, F.III, As- sociate member of the Chartered Insurance Institute, London	Insurance
Ms. Smita Srivastava DIN: 09250237	Executive Director	Graduate, AIII	Insurance
Ms. Kasturi Sengupta2 DIN:11017873	Executive Director	M.Sc., FIII	Insurance
Dr. Parshant Kumar Goyal3 DIN: 08652921	Government Nominee Director	MBBS	IAS
Ms. Akani Devi DIN:10110267	Woman Independent Di- rector	Triple MA in Political Science, M.Phil in Political Science	Teaching
Mr Nidhu Saxena4 DIN: 09691292	Independent Director	MBA, B.Com	Banking

1 Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

2 Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

3. Appointment of Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

4. Appointment of Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

The Board meets at regular intervals to discuss and decide on business policy and strategy apart from other board businesses. The Board of the Company met Twelve (12) times during the year under review 26th April 2024, 14th May 2024, 22nd May 2024, 25th June 2024, 26th July 2024, 08th August 2024, 07th October 2024, 30th October 2024, 11th December 2024, 27th January 2025, 21st March 2025 and 25th March, 2025.

The maximum gap between any two Board meetings was less than one hundred and twenty days.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Listing Regulations and are Independent of the management. There were no inter-se relationships between any of the Directors.

The names of the Directors, their attendance at Board Meetings during the year, attendance at the last AGM and the number of other Directorships and Board Committee memberships/chairpersonships held by them on March 31, 2025 are set out in the following tables:

Name of the Director	Board Meetings attended/held during the Financial Year	Attendance of last AGM, held on Tuesday, 24th September 2024
Ms. Neerja Kapur1	1/1	NA
Ms. Girija Subramanian2	9/9	Present
Mr. Titus Francis Maliakkel3	8/8	Present
Ms. Smita Srivastava	12/12	Present
Ms.. Kasturi Sengupta4	NA	NA
Ms. Mandakini Balodhi5	3/6	NA
Dr. Parshant Kumar Goyal6	5/6	Present
Ms. Akani Devi	12/12	Present
Mr. Nidhu Saxena7	3/6	Absent
Mr. Surender Kumar Agarwal8	9/9	Present
Mr. Ratan Kumar Das9	9/9	Present

1 Superannuation of Ms. Neerja Kapur as Chairman cum Managing Director w.e.f 30th April, 2024.

2 Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024

3 Superannuation of Mr. Titus Francis Maliakkel as Executive Director w.e.f 31st October, 2024.

4. Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025.

5. Cessation of Ms. Mandakini Balodhi as Government nominee Director w.e.f 16th August, 2024.

6. Appointment of Dr. Parshant Kumar Goyal as Government nominee Director w.e.f 16th August, 2024.

7. Appointment of Mr. Nidhu Saxena as Non-Executive Independent Director w.e.f 19th September, 2024

8. Cessation of Mr. Surender Kumar Agarwal as Non-Executive Independent Director w.e.f 20th December, 2024.

9. Cessation of Mr. Ratan Kumar Das as Non-Executive Independent Director w.e.f 20th December, 2024

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

BOARD MEETINGS

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 14.05.2024	Meeting Dated 22.05.2024	Meeting Dated 25.06.2024	Meeting Dated 26.07.2024	Meeting Dated 08.08.2024
Ms. Girija Subramanian	Chairman cum Managing Director	Chairman	N.A.	N.A.	N.A.	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.	N.A.	N.A.	N.A.	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	Absent	Absent	Present	Present	Absent	Present
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member/Chairman for Meeting dtd. 14.05.2024	Present	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Member /Chairman for Meeting dtd. 22.05.2024	Present	Present	Present	Present	Present	Present
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present	Present
Dr. PK. Goyal	Government Nominee Director	Member	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.

BOARD MEETINGS

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025	Meeting Dated 25.03.2025
Ms. Girija Subramanian	Chairman cum Managing Director	Chairman	Present	Present	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	N.A.	NA	N.A.	N.A.	N.A.	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member/Chairman for Meeting dtd. 14.05.2024	Present	Present	Present	N.A.	N.A.	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	N.A.	N.A.	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member /Chairman for Meeting dtd. 22.05.2024	Present	Present	N.A	N.A.	N.A.	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present	Present
Dr. PK. Goyal	Government Nominee Director	Member	Present	Present	Absent	Present	Present	Present
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	Absent	Present	Present	Absent	Absent	Present

The details of “Directorships held in other companies” and “Chairpersonships/Memberships of Committees in other companies” other than the Company as on March 31, 2025 are as follows:

Name of Director	No of other Directorships **	Name of Indian listed Companies where he/she is Director		No of Committees of other Companies *
		Company	Category of Directorship	Member	Chairman
Ms. Girija Subramanian1 DIN: 09196957	1	GIC Housing Fi- nance	Non-Executive Director	0	0
Ms. Smita Srivastava DIN: 09250237	2	NA	NA	0	0
Ms. Kasturi Sengupta2 DIN: 11017873	1	NA	NA	0	0
Dr. Parshant Kumar Goyal3 DIN: 08652921	1	Canara Bank	Government Nominee Director	0	0
Ms. Akani Devi DIN: 10110267	0	NA	NA	0	0
Mr Nidhu Saxena4 DIN: 09691292	1	Bank of Maharashtra	MD- CEO	0	0

* Memberships/Chairpersonships in Audit Committee and Stakeholders Relationship Committee of Indian public limited companies; number of Memberships includes Chairpersonships.

** Directorship in private and foreign subsidiary company.

1 Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

2 Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

3. Appointment of Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

4 Appointment of Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

In terms of Listing Regulations, the number of Committees (Audit Committee and Stakeholders Relationship Committee) of public limited companies in which a Director is a member/ chairman/chairperson were within the limits prescribed under the Listing Regulations, for all the Directors of the Company. The number of directorships of each Non-executive, Independent Director is also within the limits prescribed under the Listing Regulations as amended from time to time.

The Board has identified the following skill sets with reference to its business and industry which are available with the Board viz. Finance, Accountancy & Law, Administration, Corporate Governance, Corporate Planning and Strategy.

The Members of the Board of Directors of the Company has the necessary Skills/Expertise/Competence in the above- mentioned areas.

Details of Equity Shares held by Non-Executive Directors as on March 31, 2025:

Nil

Recommendations of Mandatory Committees

During the year under review, all the recommendations made by the Committees of the Board mandatorily required to be constituted by the Company under the Act, Listing Regulations and IRDAI Guidelines were accepted by the Board.

? COMMITTEES OF THE BOARD:

The Board has constituted the following committees:

i. Audit Committee

ii. Investment Committee

iii. Risk Management Committee

iv. Protection & Grievance Redressal & Claims Monitoring Committee

v. Nomination & Remuneration Committee

vi. Corporate Social Responsibility Committee

vii. Stakeholders Relationship Committee

viii. Information Technology Committee

ix. Board Sub-Committee (HR)

x. Property Review Committee

The terms of reference, the composition along with the number of meetings held during FY 2024-25 and the attendance of the Committees of the Board are provided below:

? AUDIT COMMITTEE:

Terms of Reference:

A. The role of the audit committee shall include the following:

1. Oversight of the companys financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

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

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

4. Reviewing, with the management, the annual financial statements and auditors report thereon before submission to the board for approval, with particular reference to:

a. Matters required to be included in the Directors Responsibility Statement to be included in the Boards report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013

b. Changes, if any, in accounting policies and practices and reasons for the same.

c. Major accounting entries involving estimates based on the exercise of judgment by management

d. Significant adjustments made in the financial statements arising out of audit findings

e. Compliance with listing and other legal requirements relating to financial statements

f. Disclosure of any related party transactions

g. Qualifications/ modified opinion(s) in the draft audit report

5. Reviewing, with the management, the quarterly financial statements before submission to the board for approval including the financial statements, in particular, the investments made by unlisted subsidiary(ies); ⁶

6. 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 utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;

7. Review and monitor the auditors independence and performance, and effectiveness of audit process;

8. Approval or any subsequent modification of transactions of the company with related parties;

9. Scrutiny of inter-corporate loans and investments;

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

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

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

13. 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;

14. Discussion with internal auditors of any significant findings and follow up there on;

15. 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;

16. 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;

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

18. To review the functioning of the Whistle Blower mechanism;

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

20. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

21. To review the utilization of loans and/or advances from/ investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing, loans / advances / investments.

22. To review Management discussion and analysis of financial condition and results of operations;

23. To review and approve Statement of significant related party transactions (as defined by the Audit Committee), submitted by management;

24. To review Management letters / letters of internal control weaknesses issued by the statutory auditors;

25. To review Internal audit reports relating to internal control weaknesses;

26. To review the appointment, removal and terms of remuneration of the Chief internal auditor.

27. 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) of SEBI Listing Regulations, 2015.

28. 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.

B. The audit committee shall mandatorily review the following information:

(1) management discussion and analysis of financial condition and results of operations;

(2) management letters / letters of internal control weaknesses issued by the statutory auditors;

(3) internal audit reports relating to internal control weaknesses;

(4) t he appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.

(5) 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).

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

The following additional terms shall be as per

“Master Circular on Corporate Governance for Insurers, 2024” :

1. The Audit Committee will oversee the efficient functioning of the internal audit department and review its reports. The Committee will additionally monitor the progress made in rectification of irregularities and changes in processes wherever deficiencies have come to notice.

2. The Audit Committee shall be directly responsible for the recommendation of the appointment, remuneration, performance and oversight of the work of the auditors (including internal/statutory/Concurrent/ Secretarial /Forensic / Systems Audit). In case of statutory audit, the independence of the external auditors shall be ensured (although the approval of appointment, remuneration and removal of the statutory auditors shall be done by the shareholders at the general body meeting).

3. The Audit Committee shall have the oversight on the procedures and processes established to attend to issues relating to maintenance of books of account, administration procedures, transactions and other matters having a bearing on the financial position of the insurer, whether raised by the auditors or by any other person.

4. The Audit Committee shall act as a “compliance” Committee to discuss the level of compliance in the insurer and any associated risks and to monitor and report to the Board on any significant compliance breaches.

5. Any additional work other than statutory/internal audit that is entrusted to the auditor or any of its associated persons or companies shall be specifically approved by the Audit Committee keeping in mind the necessity to maintain the independence and integrity of the audit relationship.

6. All such other work entrusted to the auditor or its associates shall be specifically disclosed in the Notes to Accounts forming part of the annual accounts of the insurer. However, it may be ensured that insurer comply with Section 144 of the Companies Act before deciding to provide any additional work to the Statutory Auditors.

Composition: In terms of provisions of the Act and Listing Regulations, the Audit Committee comprises of Three (3) Members, out of which three (2) are Independent Directors and one (1) is Government Nominee Director. The Audit Committee is chaired by Ms. Akani Devi (Non- Executive Independent Director) of the Company.

As per the Regulation, the Audit Committee is required to meet at-least 4 times in a year and not more than 120 days shall elapse between 2 meetings. The Audit Committee met Nine (9) times on 26th April 2024, 22nd May 2024, 25th June 2024, 08th August 2024, 07th October 2024, 30th October 2024, 11th December 2024, 27th January 2025 and 21st March 2025.

Attendance of Members of the Audit Committee:

Directors	Category	Number of Meetings Attended/Held
Ms. Akani Devi1	Independent Director	2/2
Dr. Parshant Kumar Goyal2	Government Nominee Director	4/5
Mr. Nidhu Saxena3	Independent Director	0/2
Mr Surender Kumar Agarwal4	Independent Director	7/7
Mr Ratan Kumar Das5 *	Independent Director	7/7
Ms Mandakini Balodhi6	Government Nominee Director	3/4

1 Ms. Akani Devi became chairman and member of the committee on 16th January, 2025

2 Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024

3. Mr. Nidhu Saxena became member of the committee on 16th January, 2025.

4 Mr. Surender Kumar Agarwal ceased to be member & chairman of the committee w.e.f 20th December, 2024.

5. Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024.

6. Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024.

AUDIT COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2026	Meeting dated 21.03.2025
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Chairman	Present	Present	Present	Present	Present	Present	Present	N.A.
Ms. Akani Devi	Non - Executive & Independent Director	Chairman wef 27.01.2025	N.A.							Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	Present	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	Absent	Present	Present	Present	N.A.	N.A.	N.A.	N.A.	N.A.
Dr. P.K. Goyal	Government Nominee Director	Member	N.A.				Present	Present	Absent	Present	Present
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	N.A.							Absent	Absent

? INVESTMENT COMMITTEE:

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; ⁸

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

9. Reviewing the stewardship policy of the Company.

The following additional terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024”:

1. The Committee shall formulate an effective reporting system to ensure compliance with the policy set out by it apart from Internal /Concurrent Audit mechanisms for a sustained and on- going monitoring of Investment Operations.

2. For assessment of credit risk and market risk, the members of the Committee should not be influenced only by the credit rating. The committee should independently review their investment decisions and ensure that support by the internal due diligence process is an input in making appropriate investment decisions.

3. The Committee shall approve the Standard Operating Procedures (SOPs) of Investment Operations of the insurer.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Investment Committee comprises of Seven (7) members, out of which one is the Chairman-cum-Managing Director, one is the Independent Directors, one is the Government Nominee Director, one is the Chief Investment Officer, Chief Financial Officer, Appointed Actuary & Chief Risk Officer each.

The composition of the Investment Committee is given below along with the attendance of the members. The Investment Committee met Seven (7) times during the year under review on 26th April 2024, 22nd May 2024, 08th August 2024, 30th October 2024, 11th December 2024, 27th January 2025 and 21st March 2025.

Attendance of the Members of the Investment Committee Directors Ms. Girija Subramanian1	Category	Number of Meetings Attended/Held
	Chairman - cum- Managing Director	5/5
Dr. Parshant Kumar Goyal2	Government Nominee Director	2/2
Ms. Akani Devi	Independent Director	7/7
Mr Sharad S Ramna- rayanan	Member	7/7
Mr. Vimal Kumar Jain3	Member	6/6
Mr. Pooran Kumar Tulsiani4	Member	6/6
Ms Neerja Kapur5	Chair- man-cum-Man- aging Director	1/1
Mr Titus Francis Ma- liakkel6	Executive Director	4/4
Ms. Smita Srivastava7	Executive Director	1/1
Mr Surender Kumar Agarwal8	Independent Director	5/5
Mr Ratan Kumar Das9	Independent Director	5/5
Mr Amit Misra10	Member	2/2
Ms. Anjana Saxena11	Member	1/1
Mr. C. S. Ayyappan12	Member	5/5

I Ms. Girija Subramanian became member and chairman of the committee on 25th June, 2024

2. Dr. Parshant Kumar Goyal became member of the committee on 16th January, 2025

3. Mr. Vimal Kumar Jain became member of the committee from 17th May, 2024

4. Mr. Pooran Kumar Tulsiani became member of the committee from 17th May, 2024

5. Ms. Neerja Kapur ceased to be chairman of the committee w.e.f 30th April, 2024

6. Mr. Titus F Maliakkel ceased to be member w.e.f 31st October, 2024

7. Ms. Smita Srivastava became member & chairman of the committee on 14th May, 2024 and ceased to be member & chairman w.e.f 25th June, 2024

8 Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024.

9. Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024.

10. Mr. Amit Misra ceased to be member w.e.f 25th June, 2024.

II Ms. Anjana Saxena ceased to be member w.e.f 14th May, 2024

12. Mr. C. S. Ayyapan became member of the committee on 25th June, 2024 and ceased to be a member of the committee w.e.f 21st March, 2025.

Investment Committee

Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 08.08.2024	eeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025
Ms. Girija Subramanian	Chairman- cum-Managing Director	Chairman	N.A.		Present	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman- cum-Managing Director	Chairman	Present	N.A.
Ms. Smita Srivastava	Executive Director	Chairman	N.A.	Present	N.A.
Mr. Sharad S. Ramnarayanan	Appointed Actuary	Member	Present	Present	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Chief Financial Officer	Member	Present	Present	Present	Present	N.A.
Mr. C.S. Ayyappan	Chief Risk Officer	Member	N.A.		Present	Present	Present	Present	Present
Mr. Amit Misra	Chief Risk Officer	Member	Present	Present	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.
Ms. Anjana Saxena	Chief Investment Officer	Member	Present	N.A.
Mr. Pooran Kumar Tulsiani	Chief Investment Officer	Member	N.A.	Present	Present	Present	Present	Present	Present
Mr. Vimal Kumar Jain	Chief Financial Officer	Member	N.A.	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	Present
Dr.P.K. Goyal	Government Nominee Director	Member	N.A.					Present	Present

? RISK MANAGEMENT COMMITTEE:

Terms of Reference:

1. To formulate a detailed risk management policy which shall include:

(a) A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.

(b) Measures for risk mitigation including systems and processes for internal control of identified risks.

(c) Business continuity plan.

(2) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;

(3) To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;

(4) To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;

(5) To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken;

(6) The appointment and removal cessation of the Chief Risk Officer (if any) shall be subject to review by the Risk Management Committee.

(7) The Risk Management Committee shall coordinate its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the board of directors.

(8) . To carry out any other function, if any, as prescribed in the terms of reference of the Risk Management Committee and any other terms of reference as may be decided by the Board and/or specified/provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, or by any other regulatory authority.

The following additional terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024”:

1. Asset Liability Management (ALM)

(i) ALM is an ongoing process of formulating, implementing, monitoring and revising strategies related to assets and liabilities to achieve an organizations financial objectives, given the organizations risk appetite, risk tolerances and business profile.

(ii) ALM lays down the framework to ensure that the insurer invests in a manner which would enable it to meet its cash flow needs and capital requirements at a future date to mitigate liquidity risk and solvency stipulations.

(iii) The functions of the Risk Management Committee in respect of ALM shall include:

(a) Setting the insurers risk/reward objectives and assessing policyholder expectations.

(b) Quantifying the level of risk exposure (eg. market, credit and liquidity) and assessing the expected rewards and costs associated with the risk exposure.

(c) Formulating and implementing optimal ALM strategies and meeting risk-reward objectives at both product and enterprise level.

(d) Ensuring that liabilities are backed by appropriate assets and manage mismatches between assets and liabilities to ensure they remain within acceptable monitored tolerances for liquidity, solvency and the risk profile of the entity.

(e) Monitoring risk exposures at periodic intervals and revising ALM strategies where required. Reviewing, approving and monitoring14 systems, controls and reporting used to manage balance sheet risks including any mitigation strategies.

(f) Regular review and monitoring of mismatch between assets and liabilities and the acceptable tolerance limits for mismatch, if any.

(g) Ensuring that management and valuation of all assets and liabilities comply with standards, prevailing legislation and internal and external reporting requirements.

(h) Submitting the ALM information before the Board at periodic intervals. Annual review of strategic asset allocation.

(i) Reviewing key methodologies and assumptions including actuarial assumptions, used to value assets and liabilities

(j) Managing capital requirements at the insurer level using the regulatory solvency requirements

(k) Reviewing, approving and monitoring capital plans and related decisions over capital transactions (e.g. dividend payments, acquisitions, disposals, etc).

2. Reviewing the reinvestment decisions of matured investments considering the duration of liabilities.

Composition: In terms of the provisions of the Act, the Risk Management Committee shall have minimum three members with majority of them being members of the board of Directors, including at least One Independent Director. The quorum for a meeting of the Risk Management Committee shall be either two members or one third of the members of the committee, whichever is higher, including at-least one member of the board of Directors in attendance.

The meetings of the Risk Management Committee shall be conducted in such a manner that on a continuous basis not more than one hundred and eighty days shall elapse between any two consecutive meetings.

The Risk Management Committee met six (6) times during the year under review on 26th April 2024, 22nd May 2024, 26th July 2024, 07th October 2024, 30th October 2024 and 21st March 2025.

Attendance of Members of the Risk Management Committee:

Directors	Category	Number of Meetings At- tended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	4/4
Mr. Nidhu Sax- ena2	Independent Director	0/1
Dr. Parshant Kumar Goyal3	Government Nominee Director	1/1
Ms. Smita Srivastava	Executive Director	6/6
Ms. Akani Devi	Independent Director	6/6
Mr. Sharad S. Ramnarayanan4	Member	5/5
Mr. Vimal Kumar Jain5	Member	5/5
Mr. C. S. Ayyappan6	Member	4/4
Ms Neerja Kapur7	Chairman-cum-Man- aging Director	1/1
Mr Surender Kumar Agarwal8	Independent Director	5/5
Mr Ratan Kumar Das9	Independent Director	5/5
Mr Titus Francis Maliakkel10	Executive Director	5/5
Mr. Amit Misra11	Member	1/1

1. Ms. Girija Subramanian became member of the committee on 25th June, 2024

2. Mr. Nidhu Saxena became member & chairman of the committee on 16th January,.2025

3. Dr. Parshant Kumar Goyal became member of the committee on 16th January, 2025

4. Mr. Sharad S. Ramnarayanan became member of the committee on 14th May, 2024

5. Mr. Vimal Kumar Jain became member of the committee on 17th May, 2024

6. Mr. C. S. Ayyappan became member of the committee on 25th June, 2024 and ceased to be member w.e.f 21st March, 2025

7. Ms. Neerja Kapur ceased to be member & chairman of the committee w.e.f 30th April , 2024

8. Mr. Surender Kumar Agarwal ceased to be member w.e.f 20th December, 2024

9. Mr. Ratan Kumar Das became chairman of the committee on 14th May, 2024 and ceased to be chairman & member of the committee w.e.f 20th December, 2024

10. Mr. Titus Francis Maliakkel ceased to be member of the committee w.e.f 31st October, 2024

11. Mr. Amit Misra became member of the committee on 14th May, 2024 and ceased to be member on 25th June,2024

RISK MANAGEMENT COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 26.07.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Mr. R.K. Das	Non - Executive & Independent Director	Member & Chairman wef 22.05.2024	Present	Present	Present	Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.		Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	N.A.
Ms. Akani Devi	Independent Director	Member / Chairman for meeting dtd. 21.03.2025	Present	Present	Present	Present	Present	Present
Mr. Vimal Kumar Jain	Chief Financial Officer	Member	N.A.	Present	Present	Present	Present	Present
Mr. Amit Misra	Chief Risk Officer	Member	N.A.	Present	N.A.
Mr. C.S. Ayyappan	Chief Risk Officer	Member	N.A.		Present	Present	Present	Present
Mr. Sharad Ramnarayanan	Appointed Actuary	Member	N.A.	Present	Present	Present	Present	Present
Mr. Nidhu Saxena	Non - Executive & Independent Director	Member	N.A.					Absent
DR. PK. Goyal	Government Nominee Director	Member	N.A.					Present

? POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE:

Terms of Reference:

The following terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024” :

1. The functions and responsibilities of the PPGR&CM

Committee, at the minimum, is to:

a) Adopt standard operating procedures to treat the customer fairly including time frames for policy and claims servicing parameters and monitoring implementation thereof.

(b) Establish effective mechanism to address complaints and grievances of policyholders including mis-selling by intermediaries.

(c) Put in place a framework for review of 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.

(d) Review all the awards given by Insurance Ombudsman/Consumer Forums remaining unimplemented for more than Thirty (30) days with reasons therefor and report the same to the Board for initiating remedial action, where necessary.

(e) Review the measures and take steps to reduce customer complaints at periodic intervals.

(f) Ensure compliance with the statutory requirements as laid down in the regulatory framework.

(g) Provide details of grievances at periodic intervals in such formats as may be prescribed by the Authority.

(h) Ensure that details of insurance ombudsmen are provided to the policyholders.

(i) Ensure that there is a Grievance Redressal officer in place who shall be responsible for grievance redressal and whose details are shall be made available at the website.

(j) Review of Claims Report, including status of Outstanding Claims with ageing of outstanding claims.

(k) Review Repudiated claims with analysis of reasons.

(l) Review status of settlement of other customer benefit pay-outs like Surrenders, Loan, Partial withdrawal requests etc.

(m) Review the settlement of unclaimed amounts on quarterly basis, including the number and amounts of claims. Also, review the steps taken to reduce unclaimed amounts by identifying policyholders or beneficiaries and creating awareness in accordance with the Standard operating procedure/policy approved by the committee.

(n) The Board shall review the status report on policyholders protection issues, submitted by the Committee, in each of its meeting.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee comprises of five (5) Members, out of which two (2) are Non-Executive Independent Directors, one (1) is Whole- Time Director, one (1) is Executive Directors and one (1) is Policyholder Representative. The committee is chaired by Mr. Nidhu Saxena, Non- Executive Independent Director. The Policyholders Protection Committee met six (6) times during the year under review on 22nd May 2024, 25th June 2024, 08th August 2024, 30th October 2024, 27th January 2025 and 21st March 2025.

Attendance of Members of the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee:

Directors	Category	Number of Meetings Attended/ Held
Mr. Nidhu Saxena1	Independent Director	0/2
Ms. Girija Subrama- nian2	Chairman-cum- Man- aging Director	4/4
Ms. Akani Devi3	Independent Director	2/2
Ms Smita Srivas- tava	Executive Director	6/6
Mr Surinder Kumar Kanwar	Policyholder Representative	6/6
Ms Neerja Kapur4	Chairman-cum-Man- aging Director	NA
Mr Surender Kumar Agarwal5	Independent Director	4/4
Mr Ratan Kumar Das6	Independent Director	4/4
Mr Titus Francis Maliakkel7	Executive Director	4/4

1

Mr. Nidhu Saxena became member and chairman of the committee on 16th January, 2025

2

Ms. Girija Subramanian became member of the committee on 25th June 2024

3

Ms. Akani Devi became member of the committee on 16th January, 2025

4

Ms. Neerja Kapur ceased to be member of the committee w.e.f 30th April, 2024

5

Mr. Surender Kumar Agarwal ceased to be chairman & member of the committee w.e.f 20th December, 2024

6. Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024

7 Mr. Titus Francis Maliakkel ceased to be member of the committee w.e.f 31st October, 2024

POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 22.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025
Ms. Akani Devi	Non-Executive Independent Director	Chairman wef 27.01.2025	N.A.				Present	Present
Mr. Nidhu Saxena	Non-Executive Independent Director	Member	N.A.				Absent	Absent
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Chairman	Present	Present	Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.		Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. Surinder Kumar Kanwar	Policyholder Representative	Member	Resent	Present	Present	Present	Present	Present
Mr.Titus Francis Maliakkel	Executive Director	Member	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present

? NOMINATION & REMUNERATION COMMITTEE:

Terms of Reference:

(1) formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;

(1A). For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description. For the purpose of identifying suitable candidates, the Committee may:

a. use the services of an external agency, if required ;

b. consider candidates from a wide range of backgrounds, having due regard to diversity; and

c. consider the time commitments of the candidates.

(2) formulation of criteria for evaluation of performance of independent directors and the board of directors;

(3) devising a policy on diversity of board of directors;

(4) identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.

(5) whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.

(6) fecommend to the board, all remuneration, in whatever form, payable to senior management.

The following additional terms shall be as per “Master Circular on Corporate Governance for Insurers, 2024” :

1. The Nomination and Remuneration Committee shall scrutinize the declarations of intending applicants before the appointment/ reappointment/ election of directors by the shareholders at the General Meetings.

I n case of insurers, where the appointment of Directors and KMPs is governed by the specific acts/rules/ regulations/instructions of the Government of India, such insurers shall comply with the same.

Composition: In terms of provisions of the Act and Listing Regulations the NRC Committee shall constitute of atleast 3 Directors. All shall be non-executive Directors and at least 50% shall be independent Directors. In case

of entity having outstanding SR Equity shares, it shall consist of 2/3rd Independent Directors. The Chairperson of the Committee shall be Independent Director. The Chairperson of Listed Entity whether Executive or non- executive can be member but cant be Chairperson of this Committee.

In terms of provisions of the Act and Listing Regulations, the Board Nomination and Remuneration Committee comprises of three (3) Members, out of which two (2) are Non-Executive Independent Director, one (1) is Government Nominee Director. The Board Nomination and Remuneration Committee is chaired by Ms. Akani Devi, Non-Executive Independent Director. The composition of the Board Nomination and Remuneration Committee is given below along with the attendance of the Members. The Board Nomination and Remuneration Committee met seven (7) times during the year under review on 14th May 2024, 25th June 2024, 08th August 2024, 30th October 2024, 27th January 2025, 21st March 2025 and 25th March 2025.

Attendance of Members of the Nomination & Remuneration Committee:

Directors	Category	Number of Meetings Attended/Held
Ms Akani Devi1	Independent Director	7/7
Dr. Parshant Kumar Goyal2	Government Nominee Director	4/4
Mr. Nidhu Saxena3	Independent Director	1/3
Mr. Ratan Kumar Das4	Independent Director	4/4
Mr. Surender Ku- mar Agarwal5	Independent Director	4/4
Ms Mandakini Balodhi6	Government Nomi- nee Director	1/3

1. Ms. Akani Devi became chairman of the committee on 16th January,.2025

2. Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024

3. Mr. Nidhu Saxena became member of the committee on 16th January,.2025

4. Mr. Ratan Kumar Das ceased to be chairman & member of the committee w.e.f 20th December, 2024

5. Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024

6. Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024.

NOMINATION & REMUNERATION COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 14.05.2024	Meeting Dated 25.06.2024	Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 27.01.2025	Meeting Dated 21.03.2025	Meeting Dated 25.03.2025
Ms. Akani Devi	Independent Director	Member / Chairman wef 27.01.2025	Present	Present	Present	Present	Present	Present	Present
Mr. R.K. Das	Non - Executive & Independent Director	Chairman	Present	Present	Present	Present	N.A.	N.A.
Mr. Surender Kumar Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.	N.A.
Ms. Mandakini Balodhi	Government Nominee Director	Member	Absent	Absent	Present	N.A.	N.A.	N.A.
Mr. P.K. Goyal	Government Nominee Director	Member	N.A.	Present	Present	Present	Present
Mr. Nidhu Saxena	Non-Executive Independent Director	Member	N.A.	Absent	Absent	Present

? CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Terms of Reference:

1. To formulate and recommend to the Board, a Corporate Social Responsibility Policy (CSR Policy), which shall indicate a list of CSR projects or programs which a Company plans to undertake falling within the purview of the Schedule VII of the Companies Act, 2013, as may be amended.

2. To recommend the amount of expenditure to be incurred on each of the activities to be undertaken by the Company, while ensuring that it does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act, 2013.

3. To approve the Annual Report on CSR activities to be included in the Directors Report forming part of the Companys Annual Report and Attribute reasons for short comings in incurring expenditures.

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

5. To institute a transparent monitoring mechanism for implementation of the CSR Projects or programs or activities under taken by the Company.

6. The CSR Committee shall formulate and recommend to the Board, an annual action plan in cpursuance of its CSR policy.

7. To oversee and monitor Sustainability activities including ESG and BRSR initiatives undertaken by the Company, related disclosures, review its performance thereon and advice on related matters.

8. To review and monitor matters related to Sustainability such as the ESG Report Business Responsibility and Sustainability Report (BRSR), Policy on Environment Management.

Composition: As per Section 135 of the Companies Act, 2013, the Corporate Social Responsibility Committee of the Board shall comprise of 3 or more Directors, out of which 1 Director shall be Independent Director. The Committee met eight (8) times during the year on 26th April 2024, 22nd May 2024, 08th August 2024, 07th October 2024, 30th October 2024, 11th December 2024, 27th January 2025 and 21st March 2025. The names of the Directors and their attendance at Meetings during the year are set out in the following table: In terms of provisions of the Act, CSR Committee comprises of four (4) Members, out of which, one (1) is CMD, one (1) is Non-Executive Independent Director, one (1) is Executive Director and one (1) is Government Nominee Director. The composition of CSR Committee is given below along with the attendance of the Members.

Directors	Category	Number of Meetings Attended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	6/6
Ms Smita Srivas- tava	Executive Director	8/8
Dr. Parshant Kumar Goyal2	Government Nominee Director	2/2
Ms Akani Devi	Independent Director	8/8
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1
Mr. Titus Francis Maliakkel4	Executive Director	1/1
Mr Surender Kumar Agarwal5	Independent Director	6/6
Mr Ratan Kumar Das6	Independent Director	6/6

1. Ms. Girija Subramanian became member of the committee on 25th June, 2024.

2. Dr. Parshant Kumar Goyal became member of the committee on 16th January, 2025

3. Ms. Neerja Kapur ceased to be chairman & member of the committee w.e.f 30th April, 2024

4. Mr. Titus Francis Maliakkel became chairman & member of the committee on 14th May, 2024 and ceased to be chairman & member of the committee w.e.f 25th June, 2024.

5. Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024

6. Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/ Board	Meeting Dated 26.04.2024	Meeting Dated 22.05.2024	Meeting Dated 08.08.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 11.12.2024	Meeting Dated 27.01.2026	Meeting Dated 21.03.2025
Ms. Girija Subramanian	Chairman cum Managing Director	Chairman	N.A.		Present	Present	Present	Present	Present	Present
Mr. Titus Francis Maliakkel	Executive Director	Chairman wef 22.05.2024	N.A.	Present	N.A.
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	N.A.
Mr. R.K. Das	Non - Executive & Independent Director	Member	Present	Present	Present	Present	Present	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present	Present	Present	Present
Dr. P.K. Goyal	Government Nominee Director	Member	N.A.						Present	Present

? STAKEHOLDERS RELATIONSHIP COMMITTEE:

Terms of Reference:

1. The Committee shall consider and resolve the grievances of the security holders of the listed entity including complaints related to transfer of shares, non-receipt of annual report and non-receipt of declared dividends.

2. I nvestigating complaints relating to allotment of shares, approval of transfer or transmission of shares, debentures or any other securities;

3. Listing of securities on the stock exchanges and redemption of securities;

4. To review shareholding pattern of the Company;

5. Allotment of shares and securities, approval of transfer or transmission of shares, debentures or any other securities;

6. Approve consolidation, split/sub-division of share certificates, transfer of shares, transmission of shares, issue of duplicate share certificates, rematerialization of shares, etc.

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

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

9. 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.

10. To appoint/remove Registrars and Transfer Agents;

11. Review and take on record the internal audit reports of the Registrar and Transfer Agents, if any, from time to time.

12. Carrying out any other function as may be decided by the Board or prescribed under the Companies Act, 2013, SEBI (LODR) 2015, or by any other regulatory authority.

Composition: In terms of provisions of the Act and Listing Regulations, the Stakeholders Relationship Committee comprises of four (4) Members, out of which one (1) is Non- Executive Independent Director, one (1) is a Chairman cum Managing Director, one (1) is Executive Director and one (1) is Government Nominee Director. The Stakeholders Relationship Committee is chaired by Dr. Parshant Kumar Goyal, Government

Nominee Director of the Company. The composition of the Stakeholders Relationship Committee is given below along with the attendance of the Members. The Stakeholders Relationship Committee met five (5) times during the year under review on 26th April 2024, 22nd May 2024, 08th August 2024, 30th October 2024 and 21st March 2025.

Attendance of Members of the Stakeholders Relationship Committee:

Directors	Category	Number of Meetings Attended/Held
Dr. Parshant Kumar Goyal1	Government Nominee Director	1/1
Ms. Girija Subramanian2	Chairman-cum- Managing Director	3/3
Ms. Smita Srivastava	Executive Director	5/5
Ms. Akani Devi	Independent Director	5/5
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1
Mr. Ratan Kumar	Non-Executive	4/4
Das4	Independent Director
Mr. Surender	Non-Executive	4/4
Kumar Agarwal5	Independent Director
Mr. Titus Francis Maliakkel6	Executive Director	2/2

1 Dr. Parshant Kumar Goyal became member & chairman of the committee on 16th January, 2025

2. Ms. Girija Subramanian became member of the committee on 25th June, 2024.

3. Ms. Neerja Kapur ceased to be member of the committee w.e.f 30th April, 2024

4. Mr. Ratan Kumar Das ceased to be chairman & member of the committee w.e.f 20th December, 2024

5. Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024

6. Mr. Titus Francis Maliakkel ceased to be member of the committee w.e.f 25th June, 2024.

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:

Sr No	Particulars	No
1	No. of Investors complaints pending as on 01.04.2024	0
2	No. of Investors complaints received during 01.04.2024 to 31.3.2025	1
3	No. of Investors complaints disposed during 01.04.2024 to 31.03.2025	1
4	No. of Investors complaints those remained unsolved as on 31.3.2025	0

Mr. Abhishek Pagaria, Company Secretary acts as the Compliance Officer of the Company.

STAKEHOLDERS RELATIONSHIP COMMITTEE

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024		Meeting Dated 22.05.2024		Meeting Dated 08.08.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Mr. R.K. Das	Non - Executive & Independent Director	Chairman	Present		Present		Present	Present	N.A.
Ms. Girija Subramanian	Chairman cum Managing Director	Member	N.A.				Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Member	Present		N.A.
Mr. Surender Kumar Agarwal	Non - Executive & Independent Director	Member	Present		Present		Present	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present		Present		N.A.
Ms. Smita Srivastava	Executive Director	Member	Present		Present		Present	Present	Present
Ms. Akani Devi	Independent Director	Member		Present		Present	Present	Present		Present
Dr. P.K. Goyal	Government Nominee Director	Member		N.A.						Present

? INFORMATION TECHNOLOGY COMMITTEE:

Terms of Reference:

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

Composition: The Committee members are - one (1) Non- Executive Independent Director, one (1) Chairman cum Managing Director, one (1) Executive Director and one (1) Government Nominee Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. The Committee met five (5) times in the year on 26th April 2024, 26th July 2024, 07th October 2024, 30th October 2024 and 21st March 2025.

Attendance of Members of the Information Technology Committee:

Directors	Category	Number of Meetings Attended/Held
Ms. Girija Subramanian1	Chairman-cum- Managing Director	4/4
Ms. Smita Srivastava	Executive Director	5/5
Dr. Parshant Kumar Goyal2	Government Nominee Director	1/1
Ms. Akani Devi	Independent Director	5/5
Ms Neerja Kapur3	Chairman-cum- Managing Director	1/1
Mr. Ratan Kumar Das4	Non-Executive Independent Director	4/4
Mr. Surender Kumar Agarwal5	Non-Executive Independent Director	4/4
Mr. Titus Francis Maliakkel6	Executive Director	1/1

1 Ms. Girija Subramanian became member & chairman of the committee on 25th June, 2024

2. Dr. Parshant Kumar Goyal became member of the committee on 16th January, 2025

3. Ms. Neerja Kapur ceased to be member of the committee w.e.f 30th April, 2024

4 Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024

5. Mr. Surender Kumar Agarwal ceased to be member of the committee w.e.f 20th December, 2024

6. Mr. Titus Francis Maliakkel became chairman of the committee on 14th May, 2024 and ceased to be chairman & member of the committee w.e.f 25th June, 2024

INFORMATION TECHNOLOGY COMMITTEE MEETING

Name of the Director	Nature of Directorship	Designation In the committee/Board	Meeting Dated 26.04.2024	Meeting Dated 26.07.2024	Meeting Dated 07.10.2024	Meeting Dated 30.10.2024	Meeting Dated 21.03.2025
Ms.Girija Subramanian	Chairman cum Managing Director	Chairman	N.A.	Present	Present	Present	Present
Ms. Neerja Kapur	Chairman cum Managing Director	Chairman	Present	N.A.
Mr. Surender Agarwal	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. R.K.Das	Non-Executive Independent Director	Member	Present	Present	Present	Present	N.A.
Mr. Titus Francis Maliakkel	Executive Director	Member	Present	N.A.
Ms. Smita Srivastava	Executive Director	Member	Present	Present	Present	Present	Present
Ms. Akani Devi	Independent Director	Member	Present	Present	Present	Present	Present
Dr. PK. Goyal	Government Nominee Director	Member	N.A.				Present

? BOARD SUB-COMMITTEE (HR):

This Committee was formed as per the CDA Rules of the Company, page no.27, Memorials of Officers in Scale IV & Vis to be placed to this Committee. Appellate Authority for Scale VI & VII is also this Committee.

Composition: The Committee comprises of one (1) Chairman cum Managing Director, one (1) Executive Director and one (1) Government Nominee Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. There was no meeting scheduled in the Financial Year 2024-25

Attendance of Members of the Board-Sub Committee HR

Directors	Category
Ms. Girija Subramanian1	Chairman cum Managing Director
Ms. Smita Srivastava2	Executive Director
Dr. Parshant Kumar Goyal3	Government Nominee Director
Ms Neerja Kapur4	Chairman cum Managing Director
Mr Ratan Kumar Das5	Independent Director
Ms Mandakini Balodhi6	Government Nominee Director
Mr. Titus Francis Mali- akkel7	Executive Director
Ms. Akani Devi8	Independent Director

1. Ms. Girija Subramanian became member & chairman of the committee on 25th June, 2024

2. Ms. Smita Srivastava became member of the committee on 25th June,2024

3. Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024

4. Ms. Neerja Kapur ceased to be member & chairman of the committee w.e.f 30th April, 2024

5. Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024

6. Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024

7. Mr. Titus Francis Maliakkel became chairman of the committee on 14th May, 2024 and ceased to be chairman & member of the committee w.e.f 25th June, 2024

8 Ms. Akani Devi ceased to be member of the committee w.e.f 16th January. 2025

? PROPERTY REVIEW COMMITTEE:

Terms of Reference:

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

In 2024-25 no meeting of the Property Review was held.

? FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The detail of the familiarization programme has been hosted on the website of the Company and can be viewed at the below mentioned link : https://www.newindia.co.in/ assets/docs/investors/Familiarisation.PDF

? CODE OF CONDUCT FOR DIRECTORS / SENIOR MANAGEMENT

A Code of Conduct as required to be formulated in terms of Regulation 17(5)of SEBI (LODR), 2015 in parlance with Schedule IV of the Companies Act, 2013 provides for an evaluation mechanism of all the Directors, to be done at a separate meeting. 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 https://www.newindia.co.in/assets/docs/investors/ New%20Code%20of%20Conduct.pdf

? CRITERIA FOR APPOINTMENT OF DIRECTORS AND SENIOR MANAGEMENT:

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

? REMUNERATION POLICY

The remuneration to Whole Time Directors, Key Managerial Personnel, Senior Management and other employees is as per relevant notifications issued by Government of India.

? SITTING FEES PAID TO INDEPENDENT DIRECTORS DURING THE FINANCIAL YEAR ENDED MARCH 31 2025:

Name of the Director	Sitting Fees
Mr. Surender Kumar Agarwal	Rs. 5,13,000/-
Mr. Ratan Kumar Das	Rs. 5,13,000/-
Ms. Akani Devi	Rs. 6,03,000/-

? KEY MANAGERIALPERSONNEL:

As per Section 2(51) and Section 203(1) of The Companies Act 2013 the following were the Key Managerial Personne of the Company as on 31.03.2025:

Chairman-cum-Managing Director	Ms. Girija Subramanian
Executive Director & Financial Advisor	Ms Smita Srivastava
Executive Director	Ms. Kasturi Sengupta
General Manager & Chief Marketing Officer	Ms Sushama Anupam
General Manager & Chief Risk Officer	Mr K. V. Raman
Appointed Actuary	Mr Sharad S Ramnarayanan
General Manager & Chief Underwriting Officer	Ms. Mukta Sharma
Chief of Internal Audit, Head of AML Compliance	Mr Santosh Chavan
Company Secretary & Chief Compliance Officer:	Ms Jyoti Rawat
Chief Financial Officer	Mr. Vimal Kumar Jain
Chief Investment Officer	Mr. Pooran Kumar Tulsiani
General Managers	Ms. Chandra Iyer

The management underwent the following changes after the end of financial year i.e 31st March, 2025 -

1. Ms. Mukta Sharma ceased to be General Manager & Chief Underwriting Officer from the end of office hour on 30th April, 2025 due to her attaining superannuation.

2. The below mentioned were appointed as the General Managers of the company w.e.f 14th May, 2025:

a) Ms. V Rema Devi

b) Mr. S. Dinakaran

c) Mr. Prashant Kumar Biswas

d) Ms. Jayashree Nair

e) Ms. Mary Abraham

f) Ms. S. Jayasree

g) Mr. K. Ramesh

3. Ms. V Rema Devi was appointed as the Chief Underwriting Officer w.e.f 19th May, 2025 vice Ms. Mukta Sharma

4. Mr. Prashant Kumar Biswas was appointed as the Chief Marketing Officer w.e.f 19th May, 2025 vice Ms. Sushama Anupam

5. Ms. Jayashree Nair was appointed as the Chief Compliance Officer w.e.f 19th May 2025 ⁶

6. Mr. Abhishek Pagaria was appointed as the Company Secretary & Compliance Officer w.e.f 19th May, 2025 vice Ms. Jyoti Rawat.

The management extends its warm appreciation to the members for their timely guidance and support.

Disclosures:

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 of the 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 review 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 2024- 25 is 1.91 times.

8. A certificate from M/s Ragini Chokshi & Co., Company Secretaries in Practice has been obtained certifying that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as Directors of the Company by SEBI/Ministry of Corporate Affairs or any such statutory authority as on March 31, 2025.

? DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION, AND REDRESSAL ACT, 2013)

The Board approved Companys Policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at the Workplace, 2020, (hereinafter referred as Companys Policy) formulated on the line of The Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013, is uploaded on the Companys website.

The Company has imparted 4 zone wise interactive training sessions for the employees posted across the Country on the Companys Policy. Employees irrespective of gender were called to participate in the training to spread awareness among all.

Further, in compliance with the instructions of Ministry of Women and Child Development, POSH week-2024 was celebrated in the Company from 23rd December, 2024 to 29th December, 2025. In the said week, different activities were conducted to educate on provisions of the Companys Policy as well as the Act, 2013 in an easier manner.

The summary of complaints related to sexual harassment received and disposed of during the F.Y 2024-25 is as under:

Number of Complaints pending as of 1st April 2024	03
Number of Complaints filed during the F.Y 2024-25	04
Number of Complaints disposed of during F.Y 2024-25	04
Number of Complaints pending as of 31st March 2025	03

? AUDITORS AND AUDIT REPORT

Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor General of India, appointed M/s. R. Devendra Kumar & Associates and M/s Chokshi & Chokshi as the Central Statutory Auditors of the Company for the year 2024-25. 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 Companys annual results.

The remuneration payable to the Joint Statutory Auditors for FY 2025, has been determined by the Board of Directors of the Company in their meeting held on October 07, 2024 based on recommendation of the Audit Committee of the Company.

Statutory Audit and other fees paid to Joint Auditors:

Statutory audit fees paid 2024-25 :	Rs. 1,20,50,000
Expenses reimbursed for 2024-25 :	Rs. 1,23,000
Total inclusive of Fees and expenses :	Rs. 1,21,73,000

? EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return is can be viewed at the https://www.newindia. co.in/investors

? RENEWAL OF LICENCE BY THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

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 2025 shall continue to be in force from 1st April 2025, subject to the provisions of Section 3A read with Section 3 of the Insurance Act 1938.The Company has paid the renewal fees as prescribed by the above Regulations and the Certificate of License has been renewed by IRDAI w.e.f. 01.04.2025

? SUBSIDIARY COMPANIES

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

Sr No	Name of the Subsidiary	Total paid-up capital (no. of shares)	New Indias shareholding (no. of shares)	% holding of The New India Assurance
1	The New India Assurance Company (Trinidad & Tobago) Limited	1,74,18,946	1,46,12,444	83.89
2	The New India Assurance Company (Sierra Leone) Limited	2,50,000	2,50,000	100
3	Prestige Assurance Plc. Nigeria	1,325,25,61,888	1,037,95,22,933	78.32

The performance of subsidiaries for the year ended 31st December 2024 is summarized below:

Name of the Subsidiary	Currency	U/W Profit/Loss		Investment Income		Other Income		Profit before Tax		Dividend
		2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
NIA (T&T) Ltd.	$	-86,53,000	14,89,000	94,18,000	87,46,000	-46,90,000	-46,68,000	-39,25,000	55,67,000	17,42,000	34,84,000
NIA (S.Leone) Ltd.	Le	-1,47,37,000	0	0	3178.75	0	-23,742.75	-1,47,37,000	-20,564	0	0
Prestige Assurance	N	62,14,40,000	61,85,99,000	2,70,86,52,000	1,14,18,28,000	23,86,35,000	-35,65,83,000	3,09,14,57,000	1,40,38,44,000	26,51,36,000	19,87,88,000

All the subsidiary companies follow the calendar year for finalization of accounts. Therefore, performance has been given for the year ended 31^st December 2024.

The New India Assurance (Sierra Leone) Limited has closed down business operations with effect from 1^st January 2003 due to the civil disturbances prevailing in that country and has not declared any dividend for the year 2024.

In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies are uploaded on the Companys website at www.newindia.co.in

? POSTAL BALLOT

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), the Company passed no resolutions through postal ballot.

? GENERAL MEETINGS HELD:

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

Annual General Meeting	Day and Date	Time	Venue
105th AGM	Tuesday 24th September, 2024	11:30 AM	Head Office, Mumbai, through Video Conferencing
104th AGM	Friday, 22nd September, 2023	11:30 AM	Head Office, Mumbai, through Video Conferencing
103rd AGM	Wednesday, 28th September, 2022	11:00 AM	Head Office, Mumbai, through Video Conferencing

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

Annual General Meeting	Day and Date	Special Resolution
105th AGM	Tuesday 24th September, 2024	No Special resolution was passed
104th AGM	Friday, 22nd September, 2023	Yes Appointment of Ms. Akani Devi as part time non-official Director (Woman Independent Director)
103rd AGM	Wednesday, 28th September 2022	No Special resolution was passed

? SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT:

Annual Report of the Company for the Financial Year 2023-24 was placed before Lok Sabha on 02nd December, 2024 and Rajya Sabha on 10th December, 2024.

? MEANS OF COMMUNICATION:

The Companys website (www.newindia.co.in) 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 Companys website.

The Companys quarterly financial results are published in the Financial Express (Mumbai, Pune, Ahmedabad, Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Kochi, Bangalore, Hyderabad), Jansatta (Delhi, Chandigarh, Kolkata, Lucknow) and Loksatta (Mumbai, Pune, Nagpur, Ahmednagar, Aurangabad, Delhi).

? GENERAL SHAREHOLDER INFORMATION:

IRDAI Registration Number	190
Corporate Identification Number	L66000MH1919GOI000526
Financial Year	2024-25
Board Meeting for adoption of Audited Annual Accounts	19th May, 2025
Day, Date and Time of 106th Annual General Meeting	Wednesday, 24th September, 2025 at 11:30 a.m.
Venue	Through Audio-Video/OAVM
Financial Year	April 01, 2024- March 31, 2025
Record Date	04th September, 2025
Date of Dividend Payment	26th September, 2025
Companys Website	www.newindia.co.in

? DIVIDEND HISTORY

Dividend Type	Dividend per share	%age	Date of declara- tion	Date of transfer to IEPF
Interim Divi- dend 2017-18	3.75	75%	December 6, 2017	30/11/2024
Final Dividend 2017-18	5.00	100%	August 7, 2018	31/07/2025
Final Dividend 2018-19	1.50	30%	August 5, 2019	31/07/2026
Final Dividend 2021-22	0.30	6%	October 6, 2022	30/09/2029
Final Dividend 2022-23	1.93	38%	Septem- ber 23, 2023	31/08/2030
Final Dividend 2023-24	2.06	41.2%	October 1, 2024	30/09/2031

? LISTING OF EQUITY SHARES:

Currently, the Equity shares of the company are listed at

Stock Exchange	1st April 2023 - 31s1 March 2024
BSE Limited (BSE) Phiroze Jeejeeb- hoy Towers, Dalal Street, Mumbai 400001	540769
National Stock Exchange of India Lim- ited (NSE)Exchange Plaza, 5th Floor, Plot C/1, G block, Bandra-Kurla Com- plex, Bandra (East), Mumbai 400051	NIACL

The Company has paid the annual listing fees for the relevant period to the Bombay Stock Exchange and the National Stock Exchange

? MARKET PRICE INFORMATION:

Month	BSE		NSE
	High	Low	High	Low
2024
April	263.75	205.70	263.30	212.70
May	257.05	213.95	257.00	214.00
June	263.25	192.50	263.25	192.45
July	309.90	236.05	310.11	236.05
August	302.20	230.30	301.95	230.20
September	271.25	226.70	271.35	226.65
October	234.40	187.20	234.20	187.16
November	200.80	168.95	200.90	168.80
December	221.85	192.40	221.80	192.11
2025
January	210.95	167.35	211.00	167.50
February	193.30	140.40	193.85	141.00
March	170.25	135.85	170.57	135.60

Disclosures with respect to Demat suspense account/

unclaimed suspense account - NIL

? SHARE TRANSFER SYSTEM

Pursuant to SEBI Notification No. SEBI/LAD- NRO/ GN/2018/24 dated June 8, 2018 and further amendment vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated November 30, 2018, request for effecting transfer of securities in physical form (except in case of transmission or transposition of securities) is restricted w.e.f. April 1, 2020. In case of shares in electronic form, the transfers are processed.by NSDL/CDSL through respective Depository Participants. In compliance with the Listing Regulations, a Practicing Company Secretary carries out audit of the System of Transfer and a certificate to that effect is issued. Therefore, Members holding shares in physical form are requested to take action to dematerialise the Equity Shares of the Company, promptly.

The Members can contact the Company or Companys RTA M/s MUFG Intime India Private Limited (Previously Link Intime India Private Limited) for assistance in this regard.

Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments, conversion date and likely impact on equity

This is not applicable to the company since the Company has not issued Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments.

Commodity price risk or foreign exchange risk and hedging activities.

This is not applicable to the Company, since the Company does not have any derivatives or liabilities denominated in foreign currency.

Details of utilization of funds

During FY 2024-25, the Company has not raised any funds through Preferential Allotment or Qualified Institutions Placement as specified under Regulation 32(7)(A) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 and the Companies Act 2013.

Plant Locations

This is not applicable to the Company, since it is not a manufacturing entity.

Correspondence Address

Correspondence address relating to the Financial Performance of the Company may be addressed to:

Mr. Vimal Kumar Jain

The New India Assurance Co. Ltd.,

New India Assurance Bldg.,

87, M.G. Road, Fort, Mumbai 400 001 Tel No.: 022 22708100 Email id: cfo@newindia.co.in

? DISCLOSURES

Related party transactions

There is no materially significant related party transaction that may have potential conflict with the interest of the Company.

Details of Non - Compliance by the Company, penalty, strictures imposed on the Company by the stock exchange or SEBI or any statutory authority on any matter related to capital markets

BSE and NSE issued penalties for quarter ended 30th September, 2024 and quarter ended 31st December, 2024 for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosures Requirements), 2015 pertaining to the composition of the Board of Directors defaults on account of the following observations:

The New India Assurance Company Ltd does not have proper composition of the Board including non- appointment of Independent Director.

The Companys point-wise to the replies were as follows: The Directors on the Board are appointed by Government of India. After the cessation of 2 Independent Director from the Board from 20th December, 2024 the composition of the Board is not as per SEBI (LODR), 2015 regulations.

The Company has approached the Exchanges to waive the penalties imposed.

? ADOPTION OF MANDATORY AND NON- MANDATORY REQUIREMENTS

The Company has complied with all mandatory requirements specified in Regulations 17 to 27 and clauses (b) to (i) of sub- regulation 2 of Regulation 46 of Listing Regulations.

The Company has complied with the non-mandatory requirement of reporting of Chief of Internal Audit who is heading the Internal Audit department of the Company directly to the Audit Committee of the Company. The Internal Auditor presents the key audit findings of internal audit department of the Company to the Audit Committee on a quarterly basis along with compliance status of previous Audit Committee

? REGISTRAR AND TRANSFER AGENTS

The Registrar and Transfer Agent of the Company is M/s MUFG Intime India Private Limited (Previously Link Intime India Private Limited) for Equity Shares. Investor services related queries/requests/complaints may be directed at the address as under:

MUFG Intime India Private Limited

(Previously Link Intime India Private Limited).

247 Park, C 101 1st Floor, LBS Marg, Vikhroli (W),

Mumbai - 400 083

Phone No.: 022 49186000

Email id: rnt.helpdesk@linkintime.co.in

? INFORMATION ON SHAREHOLDING:

SHAREHOLDERS OF THE COMPANY WITH MORE THAN 1% HOLDING AS ON MARCH 31 2025 (OTHER THAN PROMOTER OF THE COMPANY:

Sr. No	Name	No. of Shares held	Percentage (%) of total number of shares
1.	Life Insurance Corporation of India	14,28,33,188	8.6671
2.	General Insurance Corporation of India	2,16,67,646	1.3148

DISTRIBUTION OF THE SHAREHOLDING OF THE COMPANY AS ON MARCH 31 2025:

THE NEW INDIA ASSURANCE COMPANY LIMITED

DISTRIBUTION OF SHAREHOLDING (SHARES)

SR. NO.	SHAREHOLDING OF SHARES	SHAREHOLDER	PERCENTAGE OF TOTAL	TOTALSHARES	PERCENTAGE OF TOTAL.
1	1 to 2500	163273	98.9533	22793853	1.3831
2	2501 to 5000	969	0.5873	3525919	0.2140
3	5001 to 10000	410	0.2485	3016536	0.1830
4	10001 to 20000	170	0.103	2459833	0.1493
5	20001 to 25000	34	0.0206	770144	0.0467
6	25001 to 50000	66	0.04	2360939	0.1433
7	50001 to **********	78	0.0473	1613072776	97.8806
Total		165000	100	1648000000	100

Shareholding Distribution as on 31st March 2025

Category	Total Shares	Total Value
Central Government	1408000000	7040000000
Clearing Members	1071	5355
Other Bodies Corporate	3796961	18984805
Financial Institutions	100	500
Government Companies	10	50
Hindu Undivided Family	1208810	6044050
Mutual Funds	1543315	7716575
Nationalised Banks	4983524	24917620
Non Nationalised Banks	67454	337270
Non Resident Indians	752639	3763195
Non Resident (Non Repatriable)	251518	1257590
Public	34199112	170995560
Trusts	9517	47585
G I C & Its Subsidiaries	33029668	165148340
Insurance Companies	144953052	724765260
Body Corporate - Ltd Liability Partnership	170517	852585
Unclaimed Shares	6	30
FPI (Corporate) - I	14507037	72535185
NBFCs registered with RBI	50000	250000
Investor Education And Protection Fund	4114	20570
Alternate Invst Funds - III	220	1100
FPI (Individual) - II	1245	6225
FPI (Corporate) - II	470110	2350550
TOTAL:	1648000000	8240000000

? COMPLIANCE CERTIFICATE OF AUDITORS:

The Statutory Auditors of the Company, M/s. R. Devendra Kumar & Associates and M/s. Chokshi & Chokshi have issued the Certificate for compliance of conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and forms part of the Annual Report.

? EVENTS AFTER BALANCE SHEET DATE:

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

? POLICY FOR MATERIAL SUBSIDIARIES:

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

Link to access the same - https://www.newindia.co.in/ assets/docs/investors/Material%20Subsidiary%20Policy. pdf

? CONSERVATION OF ENERGY:

Considering the nature of 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.

? DIRECTORS RESPONSIBILITY STATEMENT:

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 be followed by the Company and such Internal Financial Controls are adequate and were operating effectively. The Board confirms that:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same.

2 t hat they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

3 that they have taken proper and sufficient care for the maintenance of adequate accounting records, in accordance with the IRDAI (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 and provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4 t hat they have prepared the annual accounts on a going concern basis;

5 that they have laid down internal financial controls to be followed by the Company and that such internal financial controls were adequate and were operating effectively and;

6 t hat they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

? ACKNOWLEDGEMENT:

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

Girija Subramanian

Chairman cum Managing Director

DIN - 09196957

Date - 19.05.2025