New India Assurance CMD says growth is on a platter for insurer

NEW DELHI: New India Assurance Company, India's largest general insurance company, is all set to launch its Rs 9,600 crore IPO on Wednesday, November 1. This will be country's second-biggest IPO in the insurance sector after GIC Re’s Rs 11,370 crore issue launched earlier this month.

Addressing media ahead of its IPO, Chairman cum Managing Director G Srinivasan said New India Assurance is the market leader and has been a financially stronger company, which has been growing at a phenomenal rate of 15-17 per cent since last five years.

“It has got the widest reach in India in terms of distribution, has the largest number of offices, highest number of agents and is very strong in other intermediaries,” he said.

Speaking of the prospects of general insurance, Srinivasan said the industry is growing at a phenomenal pace in the country and has huge potential.

The company, which operates in 28 countries, is the only Indian direct insurance company to be rated as ‘A’ excellent by International Rating Agency, Srinivasan said.

Given its strong financials, it would be a good opportunity for investors to participate in the fortunes of this company, he said.