General insurance provider New India Assurance Company Ltd has achieved a significant milestone, surpassing $60 million in gross written premium for its 2024 financial year. This achievement was announced by Chief Operating Officer Madhu Elayath during a celebration marking the company’s 75 years of operations in Fiji, held at the Grand Pacific Hotel in Suva.
Elayath reported that New India Assurance completed a gross premium of $64.32 million for the financial year spanning January to December 2024, indicating a 9% increase from the previous year. He further noted the company reported a gross premium of $11.7 billion for the financial year ending March 31 this year, reflecting the firm’s robust financial performance.
The COO emphasized that New India was growing at a rate of 12% until April last year, and this unprecedented growth in Fiji marks a proud chapter in the company’s history. Coupled with a strong solvency margin, this reflects the firm’s financial strength and confidence in meeting claims liabilities.
The company is noted for its extensive reach, operating globally in 25 countries and boasting the largest branch network, establishing itself as the largest general insurer in India by assets. As part of the celebrations, Indian High Commissioner to Fiji Suneet Mehta commended New India’s contributions to the community, emphasizing that its presence has provided not just financial protection but also instilled confidence and stability among Fijians.
Deputy Prime Minister and Minister for Finance Prof. Biman Prasad also congratulated the company on 75 years of service, expressing optimism over its future investments and operations in Fiji amidst current economic growth.
Overall, the strong performance of New India Assurance reflects not only its operational success but also its enduring commitment to support the Fijian community, providing a promising outlook for continued growth and community engagement moving forward. The success story of New India Assurance stands as a testament to effective collaborations that benefit both the company and the region, inspiring hope for future partnerships in Fiji’s evolving economic landscape.
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