General insurance company New India Assurance Company Ltd crossed the $60million gross written premium in its 2024 financial year.
Company Chief Operating Officer Madhu Elayath revealed this at the company’s celebration of its 75th year of insurance operations in Fiji that was held at the GPH in Suva on Wednesday night.
“New India has done well for the financial year January 2024 to December 2024 by completing gross premium of $64.32m, showing an accretion of 9 per cent over the previous year,” Mr Elayath said.
He said for the financial year ending March 31 this year, the company reported a gross premium of $11,700million.
He said with their dedicated leaders and team in its Fiji operations, the company was growing at a rate of 12 per cent during the present period up to April last year.
“The growth is unprecedented in New India’s history in Fiji, and with the continued dedication of the entire team, New India hopes to continue to keep its flag flying high in Fiji.
Mr Elayath added the company’s solvency margin was highest, which signified great financial strength of the company.
“It also exudes confidence in meeting any liabilities arising out of claims.”
The Indian Stock Exchange-listed company operating globally in 25 countries, and has the largest branch network and the largest general insurer in the country assets wise.
“As we reflect on 75 years of operations in Fiji, we are incredibly grateful for the trust the brokers, corporate agents, agents and clients have placed in New India Assurance and the dedication of our team members.”
Indian High Commissioner to Fiji Suneet Mehta said over the past 75 years, NIA had become a trusted partner to Fijians from all walks of life — offering not just financial protection, but also confidence, recovery, and continuity.
“As India’s largest general insurance company and a proud public sector undertaking, New India Assurance has always embodied a commitment to service beyond profits. Its presence in Fiji, spanning natural calamities, economic transitions, and societal changes, stands as a testament to this enduring ethos,” Mr Mehta said.
Deputy Prime Minister and Minister for Finance Prof Biman Prasad congratulated the company for its 75 years of operation in Fiji saying it was no mean feat.
“I am sure New India will continue to invest and expand its operations and will benefit from the strong economic performance experienced in Fiji at present,” Mr Prasad said.
Note: This article was first published on the print version of the Fiji Times dated June 6, 2025
