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NIC (National Insurance Company Ltd.)
is India’s oldest general insurance Company. It was incorporated in Kolkata on
5th December, 1906 to fulfil the nationalist aspiration for Swaraj. 66 years
later, after nationalisation it was merged along with 21 foreign and 11 Indian
companies to form National Insurance Company Ltd, one of the 4 subsidiaries of
the Govt. owned General Insurance Corporation of India. The only PSGIC with
Headquarters in Kolkata, National Insurance has several Firsts to its credit –
it was the first to introduce Product customisation both Corporate and rural -
an extension of which is the specialised Techno Marketing Project Cells for
insuring mega projects and the Farmers Package Policy to suit the agrarian
customer. It was also the first Indian insurance Company to enter into Strategic
Alliances with the country’s largest Automobile manufacturer M/s Maruti and Two
Wheeler major M/s. Hero Moto Corp and many others. These Tie ups ushered in a
paradigm shift in Service Delivery method for Motor insurance. NIC also
pioneered Bancassurance in India, by forging tie-ups with the country’s largest
Banks. With a work force of 14902 skilled personnel and 1998 offices all over
India including operations in Nepal, National Insurance stands tall today as
India’s 2nd largest non lifeinsureras measured by its gross direct written
premiums (GDWP). Motor insurance is the market's largest segment, and National
had the largest market share in motor business among India's insurers in terms
of GDWP in FY 15.Leader in 2 zones ie North and East, NIC recorded a premium of
Rs 11282.64 crore in FY 15 recording its highest PBT of Rs 1196.74 crore as
against 1007.82 crore in the previous year. Investment Income increased to Rs
2654 crs from the earlier 2263 crs. NIC contributed a handsome Dividend of Rs
165 crs to the National Exchequer in 2013 -14, the Dividend for FY 15 is Rs 194
crs . National Insurance enjoys A.M. Best financial strength rating of B++
(Good) and issuer credit rating of "bbb+". The ratings reflect the Company’s
strong risk adjusted capitalization, consistent investment performance and
strong presence in India's insurance market.