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| Company type | Central Public Sector Undertaking |
|---|---|
| Industry | Insurance |
| Founded | 1906; 120 years ago (1906) |
| Founder | Gordhan Das Dutia |
| Headquarters | , India |
Area served | India andNepal |
Key people | Rajeshwari Singh Muni (Chairman & MD) |
| Products | |
| Revenue |  ₹17,385 crore (US$2.1 billion) (2022-23) |
 ₹−1,887 crore (US$−220 million) (2022-23) | |
| ₹−3,865 crore (US$−460 million) (2022-23) | |
| Total assets | ₹38,896 crore (US$4.6 billion) (2022-23) |
| Owner | Ministry of Finance,Government of India. |
Number of employees | 7,612 (2023-24) |
| Website | nationalinsurance |
National Insurance Company Limited (NICL) is an Indianpublic sector insurance company owned by theGovernment of India and administered by theMinistry of Finance. It is headquartered atKolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia. National Insurance company and Asian Insurance company was nationalised in 1972.[1][2] Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.[3] Apart from being a leading insurance provider inIndia, NICL also serves inNepal.[4]
After nationalisation in 1972, NICL operated as a subsidiary ofGeneral Insurance Corporation of India (GIC).National Insurance Company Limited was spun off as a distinct company under theGeneral Insurance Business (Nationalisation) Amendment Act in 2002.[5] In April 2004, NIC signed an agreement withNainital Bank for distribution of its general insurance products through the bank's branches inUttarakhand,Haryana andNew Delhi.[6]
National Insurance Company Limited was incorporated on 5 December 1906 with its registered office inKolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National has been de-linked from its holding company GIC and presently operates as an independent insurance company wholly owned by Govt of India.National Insurance Company Ltd (NIC) is one of the public sector insurance companies of India. It transacts a non-life insurance business. Headquartered in Kolkata, NIC's network of about 2000 offices is spread over the country. NIC's foreign operations are carried out from its branch offices in Nepal. The paid-up share capital of National is₹100 crores. Starting off with a premium base of₹50 crores in 1974, NIC's gross direct premium income has steadily grown to about₹16,766 crores rupees in the financial year 2024–25.National transacts general insurance business of Fire, Marine and Miscellaneous insurance.As of 2010, NICL has a AAA rating from Indian rating agency,CRISIL, a subsidiary ofStandard and Poor's Company.[7][8]The gross premiums from underwriting by the company grew by 32.22% to over₹6100 crore during theFinancial Year 2010–2011. And Gross Premium grew up to 10,000 crore during the financial year 2013–2014.[9] With this, the company was ranked second among general insurance companies operating in India, behindNew India Assurance, at the end of the 2014 Financial Year.[9]With about 2000 offices and approximately 11,000 employees and many more agents, the company operates in all of India, and neighbouringNepal.[1]In 2008, the company signed a deal withHCL Technologies worth almost₹400 crore to outsource the company's information technology requirements over 7 years.[10] On the 2nd of February 2018, theGovernment of India announced the merger ofNational Insurance Company Limited withUnited India Insurance Company andOriental Insurance.[11]
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