US based A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of the state owned New India Assurance Company, the largest general insurer in India. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect New India’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
“The A rating by A M Best an international agency is a reiteration of the financial strength of NIA and its dominance in the Indian Market. No other indian direct insurer has this rating and we are proud of this, We are expecting a rating upgrade during 2018.'' said G Srinivasan, CMD, New India Assurance
New India’s balance sheet strength reflects solid risk-adjusted capitalization that is supported by low underwriting leverage. Its capital and surplus is by far the largest among all non-life insurers in India, standing at Rs 359 billion (USD 5.5 billion) as of March 31, 2017. The favorable business profile reflects the company’s solid market position; New India is the largest non-life insurer in India, with a clear lead in almost every line of business. In addition, the company’s business is diversified by geography and line of business, both within India and overseas,said AM Best.