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New India Assurance Company Ltd			Industry : Finance & Investments


BSE Code:	540769	NSE Symbol:	NIACL	P/E(TTM):	43.72

ISIN Demat:	INE470Y01017	Div & Yield %:	0.78	EPS(TTM):	5.65

Book Value(Rs):	159.5441141	Market Cap ( Cr.):	40705.6	Face Value(Rs):	5

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"To the Members: Your Directors have immense pleasure in presenting the Hundred and Fourth Annual Report of the Company together with the audited statement of accounts and balance sheet for the year ended 31st March, 2023."

1. The snapshot of your Company's financial performance is as below:

I. CLASS-WISE PERFORMANCE SUMMARY:

						Rs. in Crores
			Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	4238.05	977.83	29268.17	34484.05
		PY	3959.27	871.78	27741.85	32572.90
	(% growth)	CY	7.04	12.17	5.50	5.87
		PY	4.98	2.45	15.95	14.10
	Outside India	CY	1148.37	47.26	1802.36	2997.99
		PY	1084.16	38.79	1819.10	2942.05
	(% growth)	CY	5.92	21.85	-0.92	1.90
		PY	13.25	-0.39	-10.33	-2.74
	Global	CY	5386.42	1025.09	31070.54	37482.04
		PY	5043.42	910.56	29560.96	35514.95
	(% growth)	CY	6.80	12.58	5.11	5.54
		PY	6.66	2.32	13.89	12.48
Reinsurance premium accepted		CY	1052.34	30.24	226.86	1309.44
		PY	1009.13	49.65	260.88	1319.67
Global Gross written premium		CY	6438.75	1055.33	31297.39	38791.48
		PY	6052.56	960.21	29821.84	36834.61
Growth in Global Gross Written Premium	% growth	CY	6.38	9.91	4.95	5.31
		PY	2.96	2.10	13.70	11.46
Reinsurance premium ceded		CY	3334.64	481.24	3849.03	7664.91
		PY	3232.01	438.78	3403.59	7074.38
Global Net Premium		CY	3104.11	574.09	27448.37	31126.57
		PY	2820.55	521.43	26418.25	29760.23
	(% growth)	CY	10.05	10.10	3.90	4.59
		PY	-8.19	21.04	12.60	10.36
Addition/Reduction in Unexpired Risk Reserves		CY	-79.29	-46.88	-756.01	-882.18
		PY	11.53	-35.90	-830.59	-854.96
	(% to Net Premium)	CY	-2.55	-8.17	-2.75	-2.83
		PY	0.41	-6.88	-3.14	-2.87
Earned Premium		CY	3024.82	527.21	26692.36	30244.39
		PY	2832.08	485.53	25587.66	28905.28
Incurred Claims Net		CY	2157.99	343.94	26407.18	28909.10
		PY	2114.80	372.10	26263.24	28750.14
	(% to Earned Premium)	CY	71.34	65.24	98.93	95.59
		PY	74.67	76.64	102.64	99.46
Commission Net		CY	400.10	77.17	1934.96	2412.24
		PY	452.82	81.73	1758.39	2292.95
	(% to Net Premium)	CY	12.89	13.44	7.05	7.75
		PY	16.05	15.67	6.66	7.70
Operating Expenses		CY	421.64	77.98	3801.04	4300.66
		PY	377.82	69.85	3566.11	4013.78
	(% to Net Premium)	CY	13.58	13.58	13.85	13.82
		PY	13.40	13.40	13.50	13.49
Under Writing Results		CY	45.09	28.11	-5450.82	-5377.62
		PY	-113.37	-38.14	-6000.08	-6151.59
	(% to Earned Premium)	CY	1.49	5.33	-20.42	-17.78
		PY	-4.00	-7.86	-23.45	-21.28
Investment Income Policyholders		CY	987.63	132.89	6354.61	7475.12
		PY	622.97	73.78	3983.59	4680.34
Contribution from Shareholders		CY	0	0	0	0
		PY	0	0	0	0
Revenue (Policyholder) Account Surplus		CY	1032.72	161.00	903.79	2097.51
		PY	509.60	35.64	-2016.49	-1471.25
Investment Income Shareholders		CY				2966.68
		PY				1985.19
Other Income less Outgo		CY				-3818.97
		PY				-354.04
Profit before Tax		CY				1245.22
		PY				159.91
Provision for Tax		CY				189.83
		PY				-4.36
Profit after Tax		CY				1055.39
		PY				164.27

1. PERFORMANCE REVIEW (Global)

			(Rs. in crores)
		2022-23	2021-22
A	Gross Written Premium (Indian)	34800.67	32837.08
	%change over previous year	5.98	14.56
	Gross Written Premium (Foreign)	3990.81	3997.52
	%change over previous year	-0.17	-8.80
	Global Premium	38791.48	36834.61
	%change over previous year	5.31	11.46
Gro of 5 Global Written Premium has increased to Rs. 38791.48 crore in 2022-23 from Rs. 36834.61 crore in 2021-22, recording a growth 31% in 2022-23. The Company continues to be the market leader in India.
B.	Net Premium	31126.57	29760.23
	%change over previous year	4.59	10.36
The crore net premium income of the Company grew by Rs. 1366.34 crore in 2022-23 i.e. from Rs. 29760.23 crore 2021-22 to Rs. 31126.57 e in 2022-23.
C.	Change in Unexpired Risk Reserve	882.18	854.96
D.	Earned Premium	30244.39	28905.28
	%change over previous year	4.63	10.18
E	Incurred Claims (Net)	28909.10	28750.14
	% to Earned Premium	95.59	99.46
F	Commision	2412.24	2292.95
	% to Net Premium	7.75	7.70
G	Operating Expenses	4300.66	4013.78
	% to Net Premium	13.82	13.49
H	Underwriting Results	-5377.62	-6151.59
I	Investment Income (Less Provision)
	Apportioned to Policyholders	7475.12	4680
	Apportioned to Shareholders	2966.68	1985
	Total	10441.80	6666
J	Contribution from Shareholders	0	0
K	Revenue (Policyholders) Account	2097.51	-1471.25
L	Other Income/Outgo	-3818.97	-354.04
M	Profit Before Tax (PBT)	1245.22	159.91
N	Profit After Tax (PAT)	1055.39	164.27
O	Paid Up Capital	824	824
P	Reserves and Surplus	19505.38	18228.00
Q	Total Assets	96603	94530
R	Investments (at cost)	55472	50599
S	Solvency Margin
	i. Required Solvency Margin under IRDAI Regulations	8964.48	8842.44
	ii. Available Solvency Margin	16736.91	14646.88
The	Company's Global Solvency Ratio is 1.87 times (PY 1.66 times)
T	Compliance with Section 40C
	i. Expenses prescribed under the Act	10327	9829
	ii. Actual Expenses	6431	5980
	iii. Difference	3896	3849

General Insurance Industry Vis-a-vis Indian Economy

The Indian economy has been growing steadily over time, and the general insurance industry has played a significant role in supporting this growth. The Indian GDP grew at 7.2% in FY 2023 from the 7% estimated by the Government of India. India's growth continues to be resilient despite some signs of moderation in growth, (World Bank in its India Development Update dated 4th April 2023). The recovery of private consumption, which has boosted production activity, higher capital expenditure (Capex), nearly universal vaccination coverage that allows people to spend money on contact- based services like restaurants, hotels, shopping centers, and theatres, as well as the return of migrant workers to cities to work on construction sites, the strengthening of the U.S. dollar, and the strengthening of the global economy, has enabled the healthy growth of the Indian Economy.

India has demonstrated its economic resilience by successfully overcoming the task of reducing external imbalances brought on by the Russian-Ukrainian conflict without losing impetus for growth. Compared to other advanced countries and regions, India's inflation rate did not become too high. According to the Reserve Bank of India (RBI) forecast, the real GDP is expected to grow by 6.5% in FY2023-24.

In FY 23, Non life insurers (comprising general insurers, standalone health insurers and specialized insurers) recorded a growth of 16.41%, with the total Gross Direct Premium of INR 2.57 trillion. With numerous legislative improvements to promote insurance penetration in the nation, FY 23 turned out to be a game-changing year for the general insurance business.

With the automobile industry resuming its growth, the Indian motor insurance market has emerged as one of the fastest- growing business segments within the General Insurance space. The motor insurance market in India accounted for 32% of all non-life insurance premiums collected in Financial Year 2023.

Increased awareness about the need of Health Insurance, rising medical inflation and high out of pocket expenses for Medical treatments, Medical insurance is likely to remain a high growth segment in the coming years. The non-life Insurance Industry has offered quality health insurance products with an aim of serving the general populace at a fair and reasonable price.

Today, insurance is no longer seen as an industry where goods are sold by insurance consultants via an archaic administrative process. With the advent of technology, the industry underwent a significant transformation recently, and the sector is now incredibly vibrant and innovative. Insurance careers offer an attractive option for those working in IT, finance, products, marketing, and other related fields as well.

IRDAI's goal of 'Insurance for All' by 2047, announced in November 2022, would also help the business growth. The regulator put out a number of measures as part of this strategy, including easing the burden of compliance on insurance businesses, encouraging the entry of new specialty insurers, developing new cost-effective products, and bolstering distribution channels. The penetration of insurance in India will dramatically rise as a result of these measures.

Bima Sugam is a recently approved excellent initiative by the Insurance Regulatory and Development Authority of India (IRDAI) that aims to provide a comprehensive platform for all insurance needs. It will serve as a one-stop solution, facilitating the entire insurance process from policy purchase to claim settlement and more. One of the key features of Bima Sugam is the introduction of E-BIMA or E-IA accounts for policyholders in a Dematerialized format, eliminating the need for physical documents and paperwork during renewal.

By opting for Bima Sugam, policyholders and their families can consolidate their insurance policies by a single repository of their choice. This centralized storage of information will streamline claim settlement for nominees and beneficiaries and help curb fraudulent activities. The platform will cover various insurance categories, including life, health, motor and travel insurance.

Bima Sugam aims to enhance the ease of doing business in the insurance industry and make life and health insurance more accessible to all at subsidized premiums. It will benefit insurers, agents, intermediaries and customers by providing a common platform for their interactions. The initiative will be closely monitored by IRDAI and involve key stakeholders such as the Life Insurance Council, General Insurance Council, public sector banks and brokers associations.

Some of the important changes also include the revised Expenses of Management Regulations, which will come into effect from April 1,2023. The revised regulations aim to improve the transparency and governance of insurance companies by putting a cap on the expenses that can be incurred on management.

Shift to INDAS Accounting standards: The insurance industry in India is in the process of shifting to the Indian Accounting Standards (INDAS) from the Insurance Accounting Standards (IAS). The INDAS are based on the International Financial Reporting Standards (IFRS), which are the globally accepted accounting standards. This shift will help to improve the transparency and comparability of financial statements of insurance companies.

To summarise, the development of India's insurance industry will be aided by significant government initiatives, robust demographic factors, a favourable regulatory environment, increased mergers and acquisitions, increased foreign direct investment limits in insurance companies, the emergence of digital platforms for insurance products, global technology, processes, increased awareness, vibrant distribution channels, and international best practices.

OVERVIEW OF COMPANY'S OPERATIONS:

Gross Written Premium has increased from Rs. 36,835 crores in 2021-22 to Rs. 38,791 crores in 2022-23, recording a growth of 5.31% in 2022-23. The Company continues to be the market leader in India.

• INDIAN OPERATIONAL RESULTS

Sr. No	PARTICULARS	2022-23		2021-22
		(Rs. in Crore)	%	(Rs. in Crore)	%
1	Gross Written premium	34800.67	5.98	32837.09	14.56
2	Net premium	27880.82	4.86	26587.78	13.35
3	Change in unexpired risk reserve	839.41	4.33	804.55	3.60
4	Net earned premium	27041.41	4.88	25783.23	12.61
5	Commission	1634.85	7.92	1514.81	(9.57)
6	Incurred claims	26,446.32	1.33	26100.34	33.26
7	Management expenses	4087.85	6.75	3829.39	13.95
8	Underwriting Profit/Loss	(5114)	13.98	(5945)	(1.33)

* Change in other income is due to one-time Wage Revision Arrears due to employees w.e.f August 2017

B. FOREIGN OPERATIONAL RESULTS:

Sr. No	PARTICULARS	2022-23		2021-22
		(Rs. in Crore)	% change	(Rs. in Crore)	% change
1	Gross Written premium	3990.81	(0.17)	3997.52	(8.80)
2	Net premium	3245.75	2.31	3172.45	(10)
3	Change in unexpired risk reserve	-42.77	(15.15)	50.41	3.79
4	Net earned premium	3202.98	3.00	3122.04	(6.44)
5	Commission	777.39	(0.10)	778.13	(1.69)
6	Incurred claims	2462.79	(7.06)	2649.80	5.98
7	Other income (net of outgo)	212.81	(13.54)	184.39	(6.68)
8	Underwriting Profit/Loss	(264)	(28.16)	(206)	0.14

The Company commenced its foreign operations shortly after its formation in 1919. The London branch was opened in 1920. Subsequently, the Company saw a steady increase in presence abroad with Manila, Port Louis, and Japan. Today New India has presence in 25 countries including presence in 2 countries with Associates.

The company operates in the following countries:

Branches & Agency offices:

• United Kingdom

• Japan

• Hong Kong

• Philippines

• Thailand

• Australia

• New Zealand

• Mauritius

• Fiji

• Dubai

• Abu Dhabi

• Bahrain

• Kuwait

• Oman

• Aruba

• Curacao

Apart from these countries, the Company has subsidiaries in

Nigeria (Prestige Assurance PIc.), Trinidad and Tobago (New India Assurance T&T) and Sierra Leone. The New India T&T also operates in countries such as St. Lucia, Dominica, St. Maarten, and Guyana.

The Company has its presence in Singapore (India International Pte. Singapore) and Kenya (Ken India Assurance Co. Ltd., Nairobi).

The Hong Kong Office and Philippines Office has been put in run off w.e.f. 1st April 2022 and 1st January 2023 respectively after review in view of increased regulatory requirements and business portfolio.

The Company's foreign operations saw a gross written premium turnover in rupee equivalent of Rs 3,990.81 crores and a Net Premium of Rs 3,245.75 crores in 2022-23.

The foreign operations recorded an underwriting loss of Rs 263.71 crores and Loss after Tax was Rs 107.14 crores.

• ORGANISATION STRUCTURE

• Domestic

Our Company has been consistently restructuring its various Offices after reviewing their performance and financial viability for continuation of business at their location.

During the year, 1 Micro Office has been opened for better servicing and 4 Divisional Offices, 21 Branch offices and 232 Micro Offices were closed, after review..

As on 31st March 2023, the Company has a network of 31 Regional Offices, 7 Large Corporate Offices, 1 Auto Hub, 1 RGBO, 1 IFSC, 1 Digital Hub, 469 Divisional Offices, 564 Branch Offices, 23 Direct Agent Branches and 816 Micro Offices, totaling 1915 offices inclusive of Head Office.

• Foreign

The Company operates in 25 countries.

OVERVIEW OF COMPANY'S OPERATIONS

• FIRE AND ENGINEERING

The Company performed well in the Property Insurance segment despite the fierce competition prevailing in the market. The Company continued to maintain its leadership position in this segment of the General Insurance Market. The results of the Fire & Engineering segment are summarized below:

Segment	Premium (in Crore)	Growth (%)	ICR on Earned Premium (%)	Market Share (%)
Fire	4512.02	8.79	59.30	17.70
Engineering	944.03	18.67%	60.97	21.57

During the year, the company continued with occupancy based approach for rating as a part of improvement in underwriting. The Company decentralized policy underwriting in a controlled manner at regional offices, which improved the customer servicing and efficiency. Workshops on underwriting and claims management were conducted for the technical teams in various offices

Strict claims control was achieved by optimum utilization of the resources, careful selection of risks and thrust on quicker claims settlement. This resulted in reducing the cost of claims and increased profitability.

We aspire to maintain our leadership in this segment in the years to come.

• HEALTH INSURANCE

The health portfolio remains a dominant portfolio with the completion of a premium of Rs 16,682 crores in FY 2022-23.

Some of the initiatives taken for growth in Retail Health to fuel growth and enhance retail penetration are as under:

• Yuva Bharat Health Insurance, an exclusive and very comprehensive policy targeting the youth up to 45 years of age, was launched as a niche product for this segment. The coverage includes suitable benefits for this age group such as vaccination and infertility. The product has been competitively priced to incentivize the youth to enter the insurance at a young age. The installment facility for payment of premium has been given here as an incentive to enhance penetration.

• Credit Guard Health Insurance Policy was launched for Bancassurance partners, covering 18 critical illnesses listed as well as Personal Accident coverage for bank loanees This policy has reinsurance support and acts as collateral for the bank to protect their financing.

• Atmanirbhar policy was launched for differently abled people.

INITIATIVES to BOOST HEALTH INSURANCE

1. Ongoing interaction with policyholders, periodic notifications sent to them about their policy coverage, accrued bonuses and claim payment notifications.

2. Several interactive sessions were held with agents, health officials and APEP officials to disseminate product knowledge and guidance and encourage retail health penetration.

3. Interactive sessions held with the call center teams to handle enable them to handle the customer grievances in a better and knowledgeable manner.

4. Utmost care is taken to ensure prompt handling of Customer Grievances.

• GROUP HEALTH:

With a view to ensure growth with profitability, we have consciously weeded out loss making standalone accounts, rightly priced the policies on renewals and weeded out accounts where premium is inadequate, thereby ensuring self-correction of the portfolio.

• MOTOR OWN DAMAGE

The Company's overall Motor Premium showed a growth by 20.75% and achieved a total premium of Rs. 3,153 cr. for the year 2022-23 as compared to Rs. 2,611 cr. of the previous year and market share for Motor has increased to 11.04% with No. 1 position.

During the year, Department has launched two products viz. (1) Pay As You Drive Motor Policy for Private Cars & Two Wheelers, (2) Hybrid Protect Add On Cover for Hybrid Vehicles under Private Car Insurance. .The endeavour of the company is to launch new products in the coming year as well, to suit the market requirements.

Claim Settlement in Motor Own Damage segment stands at 92.88% in comparison with 92.22% of the previous Financial Year. Company has ties-up with reputed motor workshop/garages spread across the country, for providing cashless service to all our customers.

The focus of the Company is to be more digital, with an objective of facilitating efficient service for our customers. A few significant initiatives commenced in the previous year have got stabilized and further strengthened during the year. Digital Survey Report is introduced assisting our offices for faster settlement of claims Pan India. The

Department had taken up the initiative of assessment of Motor OD claims using Artificial intelligence and Live/ Video streaming on pilot basis. Vahan integration has been implemented in the system for validation of vehicle details and for auto population of vahan data in all New India Portals.

Periodic training to our claims handling officials are conducted to enable them to handle the Motor OD claims quickly and fairly.

• AUTO TIE-UP

The Company has tied-up with Motor Dealers and major brands across India The Government initiative given for electric vehicles, has encouraged the Company to approach various OEMs, manufacturing Electric vehicles. With new tie-ups in the pipeline the Company's penetration in this important channel will become deeper / stronger.

We are sourcing business at dealer points through centralized tie ups as well as direct tie-ups.

The growth in Auto Tie-up has played a major role in the growth of Motor LOB of the Company and cement its position as the market leader in Motor Insurance Segment. Auto Tie-up, as a provider of seamless services to the customer, such as instant policy, cashless claims and best in market products has enhanced the Company's commitment to its customer centric approach.

• MOTOR THIRD PARTY CLAIMS AND MOTOR THIRD PARTY CLAIMS HUB

In Motor Third Party the focus was on expeditious settlement of claims. In the present context and scenario, the Department has taken cognizance of the fact that the need of the hour is a focused shift towards expeditious settlement, in addition to usual Court-driven judicial mechanism(s), as was the trend in the past. Settlement of claims through conciliatory mechanisms has been a practice which we have been following in recent years and the same is expected to be the new norm in light of the new Motor Vehicle Amendment Act.

It is imminent that the future of Insurance Industry is going to be more oriented towards digitalization as well as work automation. In view of the same, the Department had initiated steps for implementation of technologically driven aspects, which have been operationalized during the current fiscal.

Movement of physical files have been dispensed in majority of the cases, and documents are now uploaded online. This has facilitated quick decision making as well as the flexibility to access the files from any location, without the need or overt reliance on physical files.

Similarly, paperless work-flow based structure has been implemented in a full-fledged manner which enables tracking the movement and the stage in which a legal claim file is at. The dashboard to have a comprehensive view are also under development.

Advocate Portal, Advocate App, Investigator Portal as well as Judgment Store are other features which are a major step towards Digitization of Motor TP Claims Processing and Tracking.

With regard to the performance in the previous Fiscal, our Settlement Ratio increased to 30.21%, against 25.43 % in the last FY and the Throughput Ratio was 104.5% against 93.48% in the previous FY. The ICR on net earned premium is 88.76% Company has 2 Legal Hubs at Mumbai and Delhi and 49 Motor TP Claims Hubs which are effectively and efficiently handling legal TP claims. Delhi Legal Hub works as the face of the Company in Supreme Court and NCDRC Matters.

• TECHNO MARKETING

Techno Marketing is a specialized department created at the Corporate office to cater to the needs of Large Corporate clients for their high value operational business units as well as normal and specialized erection and construction projects of high value. The Operational business units and projects are insured either situated in India or outside India for Indian companies. Stand Alone Terrorism is also issued.

Corporate clients with newer and newer business models are always looking for customized covers which is being addressed by the department by devising need-based Insurance solutions with the expertise available in the department.

With the support of national and international reinsurers, company is able to provide unique covers to fulfil the requirement of Corporate clients. With the aim of providing the best customer service, Seminars are organized for Large corporates at their workplaces to educate their employees and executives about the Large risk and Large Project policies along with the claims modalities. In line with the corporate strategy of Underwriting the risk with profitability, clients are educated about the Risk Management practices and Loss Minimizing activities. Risk inspections for complex risks are conducted by globally reputed risk engineers. Moreover, the company conducted online training sessions on underwriting and claims management for the education and better coordination with the technical teams in various offices. The company is well prepared to face the challenges in this segment and aims to maintain the leadership in coming years as well with our proactive approach and technical competence.

• MARINE CARGO & MARINE HULL

Company continue to maintain leadership in the Marine Line of Business in the Indian market. Marine portfolio has shown growth of 15.45% with ICR of 72.90% in Marine Hull and 9.04% with ICR of 66.96% in Marine Cargo segment, despite challenging situation. At a portfolio level, Marine line of business has registered an overall premium of Rs. 977.83 crores with market share of 19.34%. The New India Assurance Co Ltd insures major shipping lines of India, majority of Inland and Coastal vessels, sailing vessels and fishing vessels navigating in and around Indian waters. In the oil and energy segment, we have consistently been the market leaders since inception. We are also the only insurance company in India which offers P&I cover to the Indian coastal vessels. We also provide Delay in Startup (DSU) cover for major construction projects initiated in the country to cover loss of profits resulting from marine transit perils.

Popularity of our products and services in the maritime domain helped the company to become 'Insurer of the year' by the coveted International Samudra Manthan Awards-2022.

Changing geopolitical scenario, especially after the recent Russia-Ukraine war and resultant spree of vide ranging sanctions imposed on individuals and entities has brought huge challenges before marine insurers. Market capacity wasn't abundant due to the exclusion of specified territories. We took initiative in formation of Marine Cargo Excluded Territory Pool (MCET) and participated in the same. Despite various challenges, we continue to provide unhindered support to Indian enterprises. We have purchased a comprehensive sanctions compliance check facility Compliance Assist for prudent underwriting as well as protecting our financials.

As the leader in Marine Insurance, the Company is committed to delivering best-in-class service to its clients. We have upgraded our E-Marine portal which allows it to initiate claims, upload documents, and auto intimation to WKW in case of overseas claims.

As the dynamics of the shipping industry is changing, we are committed to bring 'out of the box solutions' for our clients.

• AVIATION

New India continues to be preferred Insurer of most major airline operators and General Aviation business.

With the advent of Government sponsored Regional Connectivity scheme, New India has been extending insurance support to smaller airlines/ new entrants under UDAN scheme.

New India continues to be a preferred re-insurer in international market extending its support to around 60 Aviation Reinsurance Programme across the Globe.

• MISCELLANEOUS AND LIABILITY INSURANCE

The Company's visibility in the industry as pioneers in writing Event Insurance which includes Sporting Events and other Lines of Business such as Liability Insurance and Film insurance continues, and these lines of business have been sustained due to increase in premium rates and reinsurance support from international market. The company also caters to the insurance needs of the telecommunication service providers, film industry and small and medium sized entrepreneurs.

It has been our endeavour to continuously support our banking sector by providing them with Cyber Liability Insurance and Commercial Crime insurance which are the most critical cover in the existing scenario. Cyber liability has special significance in the current working environment where technology-based working has proved to be the mainstay of our economy.

Efforts are being made to approach International Markets to bring newer products to Indian Market depending on market needs to ensure sustainable and stable growth with profitability. Our Regional Offices have been empowered in respect of policy underwriting, which has been decentralized to a greater extent and has contributed towards improving the turn-around time, client servicing and efficiency. We have introduced two new products in the year viz, New India Pension Protect PA and MyCyber Insurance. Workshops on underwriting and reviews of claims management were conducted to ensure that the technical teams in various offices are constantly updated. We are focused on improving our performance year after year.

• REINSURANCE

"The Company's Reinsurance protection continues to be optimal and commensurate with its risk profile and financial position. Renewal of all proportional and non-proportional treaties for domestic business and foreign operations, at good terms, was completed as per schedule. The IFSC office of the Company in GIFT city, doing foreign Inward business, continues to grow profitably. The year has not seen any major CAT event exceeding the deductible in the domestic excess of loss treaties. However, there was one major Risk loss which impacted the Fire Surplus Treaty. On the global front there were losses due to Cyclone Gabrielle in New Zealand, and a few other minor Cat and Risk losses."

• BROKER

Brokers are the preferred channel of business in India in commercial line of business which includes marine, aviation, engineering risk and liability insurance.

Broker Channel is a business model which offers immense opportunities for sourcing various lines of Business in the field of non-life sector. It is a significant distribution channel, contributing a sizeable percentage of the total premium income of the Company.

As of March 2023, 594 Insurance Brokers have been licensed by IRDAI. Presently 588 out of the said 594 Brokers are working with us. We have been successful in aligning with more than 98 % of the brokers operating in Indian Market.

To give stimulus to our online business, we have been issuing Portals to Brokers/Insurance Marketing Firms (IMFs), to facilitate quick issuance of policy and also to encourage them for more usage of portals. Also, we have integrated the Brokers' website with our system for issuance of policies through their website.

Insurance Broker Association of India has awarded our Company, "The New India Assurance Co. Ltd." as the 'Most Broker Friendly Insurer'.

In order to have seamless interaction and communication with Brokers' fraternity and updating them about national and international developments, the Company has launched a digital Magazine "SANYOJAN".

• BANCASSURANCE

Banks, due to their geographical spread and penetration in terms of customer reach in all segments, have emerged as an important channel of distribution of Insurance products. New India Assurance has tie-up with Canara Bank, Punjab and Sind Bank, Central Bank of India, India Post Payment Bank and IDBI, South Indian Bank, Axis Bank, etc. besides 30 Scheduled Co-operative Banks and 2 RRB. In FY 20222023 Bancassurance contributed Rs 248.12 cr. premium income.

Various campaigns were launched during the year, to increase the awareness & reach. New India Assurance has increased its focus on developing world class Technology platform. To improve availability, efficiency, TAT, ease of doing business & providing service to customers, this is the core requirement. Portal integration with various Banks has been implemented. New India is constantly in effort to tie-up with more Banks.

• AGENCY

Agency Department has been a key channel for procuring business for our Company contributing substantial share of premium income with a favorable claim ratio. In the FY 2022-23, premium procured by Agents was Rs. 9685.49 Crore. 3716 New Agents were added in FY 2022-23 to make a total of 111029 Agents.

The Agency Department has implemented various reward schemes during the year to incentiwise agents.

Agency Department has been promoting Agents Portal to enable agents to issue policies quickly on 24x7 basis. Agent App with new features which are available in smart phones enables agents to quickly renew policies and better manage their renewals and claims. The Company has made constant efforts by training for encouraging and motivating agents for usage of agent portal and App. Electronic Data Media / FLASH / AT A GLANCE of newly launched products uploaded on Agent portal, so that Agents can know about the product features readily. Regular Agent portal revision is done with technical department approval. A total of 53,096 portals to agents have been issued as on 31st March,2023.

• RURAL AND SOCIAL SECTOR AND MICRO INSURANCE

The Company is continuously striving to offer best possible products customized according to the needs & requirements of Rural population.

The company provides protection for various assets of rural communities. A wide variety of covers are now available for the rural areas to meet the specific needs of the Rural mass e.g. Cattle Insurance, Sheep & Goat Insurance, Agriculture Solar pump sets, Poultry Insurance, Janata Personal Accident, Horticulture/Plantation Insurance, Personal Accident Insurance Cover to Kisan Credit Card Holders (KCC) etc. for the safety & security of the rural populations.

We have also devised a new product named as "Saral Sampurna Kisan Bima Yojana" which is a comprehensive product for Indian Farmers covering all their insurance needs under one Umbrella i.e. their House & Contents, Personal Accident (JPA), Cattle, Agriculture Pump set, Animal Driven Cart & Pedal Cycle.

The Company has always shown keen interest in various Government sponsored Schemes for Cattle/ Livestock Insurance schemes under National Livestock Mission in various States, Raj Rajeshwari Mahila Kalyan Yojana etc. for benefit of the rural population. The Company has opened up Operating Offices at remote & interior parts of the country to ensure smooth distribution of exclusive rural centric products. Our extensive network of rural Agency force has been provided with Portal for immediate issuance of policy even in remote corner of the country. It has always been the objective of the Company for growth & promotion of micro insurance products for the Rural & marginalized population.

The company has made the claim processing procedure simple & easy to popularize the micro products. The company has believed in the philosophy that right product design and right pricing are essential to make the rural insurance products more attractive and meaningful to rural community. With more than 50 Rural Insurance Products, the Company has been doing its bit for sustained Rural development which is a backbone of Indian Economy.

• GOVERNMENT HEALTH BUSINESS

The New India Assurance company ltd. participate in Govt. schemes, and reaches out to masses with insurance solutions.

We are insuring Mukhyamantri Chiranjeevi Swasthya Bima Yojana scheme of Government of Rajasthan which is helping us to reach out to Below Poverty Line / Needy / Employee Welfare Scheme families. The Rajasthan scheme is a unique universal health scheme in India, covering nearly 1.4 crore families including BPL, Socially and economically weaker sections of the society besides other paid group. The sum insured of Rs 5 lacs per family. A dedicated office Regional Government Business Office (RGBO) was created to provide technology-based service upfront to take forward the mission of mass health scheme. We have introduced AI/ML based apps for monitoring the scheme.

The company also covers a total of 17 Crore lives under RuPay Card Personal Accident scheme and 5.6 Crore lives under the Government's flagship Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme.

• ALTERNATE BUSINESS CHANNEL

Alternative business channel department is a separate vertical to manage various digital channels that address a gamut of business requirements, streamlines the operations, and supports our nodal offices for effective handling of routine issues. In the new normal, the acceptance of digital channels has rapidly increased, creating a wide range of opportunities to address new challenges, transformation of existing processes and sustainable growth in the future.

For instance, a few digital channels whereby the business and operations are streamlined to a large extent are now excluded from our department and handed over to a dedicated nodal office e.g. Customer Portal, Mobile apps etc.

In FY 2022-23, the vertical contributed Rs. 271 Crores of domestic premium with selected digital channels. This has been achieved through Web Aggregators, Brokers, Corporate Agents, CPSC, Akshaya, corporate customer portals. The end-to-end implementation and management of Payment Gateways (PGs) & the state-of-the-art "Contact Centre" are other projects whereby the company focuses on improving the overall payment experience of stakeholders of NIA. The "Contact Centre" remains a one stop solution for all customer grievances.

• CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR)

As a responsible Corporate entity, New India recognizes its roles in contributing to the well being of society and sustainable development. In line with this commitment, the Company has continues it's focus on CSR initiatives that address key social, environmental, and economic challenges, aiming to make a positive and lasting impact on the communities in which we operate.

During FY 2022-23, the Company was allocated a budget of Rs. 23.06 crore for CSR. New India has fully utilized the allocated funds in various activities that align with the Company's CSR Policy, its objectives and Schedule VII of the Companies Act 2013.

To ensure the effectiveness of our CSR initiatives, New India has implemented a robust impact assessment and monitoring system. Regular evaluations and stakeholder feedback help us gauge the outcomes of our initiatives, identify areas for improvement, and enhance the overall impact of our CSR activities.

We remain committed to upholding our CSR responsibilities and will continue to work towards sustainable development and creating a positive difference in society. Our efforts align with our core values, and we strive to set new benchmarks in CSR practices in the years to come.

• CUSTOMER CARE

Customer Care Department functions well at Company's Corporate Office as well as all Regional Offices. Dedicated Customer Care Officers are working in all the operating offices throughout the country for extending quality service to the Policyholders and the prospects. Online information on the Company's products is provided on the website www.newindia.co.in for the benefit of the public. The company's Call Center was transformed into a Contact Center on 1st October 2022 for customer service. It is Fully Integrated Multi-channel, Multilingual Contact Centre. The toll-free number of the company 1800-2091415 is available to the customer 24*7 for enquiries on various Products, Claims and Grievances.

The Company has a Grievance Redressal Policy approved by the Board of Directors of the Company which lays down the guidelines for timely redressal of customer grievances maintaining a high level of quality. The Company also has a Policy for the Protection of Policyholders' Interests approved by the Board of Directors which formulates the high standard of service the Company aspires to extend to its Policyholders and the prospects. Both these Policies are made available in English and Hindi in our website for easy access by customers.

Grievances received orally, over telephone or in writing are registered in the CRM Module. Customers can register their grievance through our website https://www. newindia.co.in/portal/login/customer. The Company has a dedicated e-mail ID customercare.ho@newindia.co.in for getting customer grievances and service-related issues and this is monitored by the Head Office. With a view to give special attention to the grievances and service- related issues of the senior citizens, the Company has a dedicated e-mail address seniorcitizencare.ho@ newindia.co.in which is also monitored by the Head Office. Customer grievances received by IRDAI gets registered in Bima Bharosa. Our CRM Module is integrated with Bima Bharosa on a real time basis. We also receive customer grievances registered in Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal and National Consumer Helpline portal. We resolve grievances, intimate the customers and post the resolution through the portal. The Grievance Redressal position for the period 1.4.2022 to 31.3.2023 is as under:

Source	Outstanding as on31/03/2022	Received From 01/04/2022 To 31/03/2023	Resolved From 01/04/2022To 31/03/2023	Outstanding as on 31/03/2023	Disposal Ratio
ALL	11	5567	5576	2	99.96%

• ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our company's governance and strategic decision-making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable growth. As our Company has also been identified as Domestic Systematically Important Insurer in India (D-SII), it becomes even more essential that the ERM structure of the Company is robust.

Our ERM framework enables us to proactively identify, assess, and mitigate risks across our operations. By adopting a comprehensive approach, we analyze internal and external factors, conduct risk assessments, and engage with stakeholders to gain insights into emerging risks. This helps us prioritize risks based on their potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop and implement risk mitigation strategies tailored to each risk category. Our strategies involve risk avoidance, risk transfer, risk reduction, or risk acceptance, depending on the nature and severity of the risks.

We continuously monitor the evolving risk landscape to ensure the effectiveness of our risk management practices. Regular risk reporting and communication provide valuable information to our Board of Directors and executive management, enabling them to make informed decisions and take necessary actions.

Our risk governance structure ensures clear roles, responsibilities, and accountabilities throughout the organization. The Board of Directors oversees the ERM program, ensuring alignment with our strategic objectives and regulatory compliance.

Key risks we actively manage include market risk, operational risk, financial risk, and cybersecurity risk. Market risk is mitigated through market research, innovation, and strategic partnerships. Operational risk is addressed through robust controls, business continuity planning, and adherence to regulations. Financial risk is managed through prudent financial practices and appropriate insurance coverage. Cybersecurity risk is mitigated by investing in advanced security measures and providing ongoing training to our employees.

Our commitment to ERM helps us protect our stakeholders' interests, enhance operational efficiency, and create sustainable value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the organization.

By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term success and resilience of our company.

• CLAIMS MANAGEMENT

Effective claims management is vital for our company's success and reputation. We are committed to handling claims with integrity, fairness, and efficiency, ensuring the best outcomes for all parties involved. Our robust claims management process allows us to mitigate potential risks, protect our assets, and maintain the trust of our stakeholders.

• Towards this goal, the Company carried out the following activities in this vertical during the FY 2022-23.

• Close monitoring of Non-Suit claims with a target to increase settlement ratio and reduce outstanding claims and monitoring of Incurred Claims Ratio.

• Review and Monitor Catastrophe claims to enable faster claim settlement.

• Monitoring of long pending claims.

• Implementation of the guidelines enumerated under the Surveyors' Management Policy adopted by Board and completion of surveyors screening exercise under Surveyors Management Policy for 2022-23.

• Focus on claim automation under Motor OD Twowheeler and Private car segment. Roll out of digital survey report functionality in claim processing offices.

• Undertaken virtual & physical meetings with designated officials of all Regions on non-suit claims management & motor OD claims automation including digital survey report.

Parameter	Non-Suit	Suit	Total
Number of Claims OS as on 01.04.2022	3,42,995	1,81,598	5,24,593
Number of Claims Intimated during 2022-23	97,47,934	73,070	98,21,004
Number of Claims Settled during 2022-23	95,56,099	75,799	96,31,898
Number of Claims OS as on 31.03.2023	5,34,830	1,78,869	7,13,699
Claims OS for less than 3 months	4,10,023	8,019	4,18,042
Claims OS for more than 3 months but less than 1 year	1,03,747	30,620	1,34,377
Claims OS for more than 1 year	21,060	1,40,230	1,61,290

Non-Suit Claims - Parameter	31.03.2023	31.03.2022	31.03.2021
No of claims O/s	5,34,830	3,42,995	1,97,025
Amount of claims O/s (Amount in Rs Crores)	9046	9,436	8,990
No of claim O/s for more than one year (Excl.GA and Coinsurance)	20,459	14,437	7,976
Non Suit Claim Settlement Ratio	94.70%	95.27%	95.26%

Suit Claims - Parameter	31.03.2023	31.03.2022	31.03.2021
No of claims O/s	1,78,869	1,81,598	1,76,596
Amount of claims O/s (Amount in Rs Crores)	11,190	11,134	10,149
No of claim O/s for more than one year (Excl.GA and Coinsurance)	1,40,230	1,49,836	1,48,718
Suit Claim Settlement Ratio	29.76%	24.88%	21.75%

• CORPORATE COMMUNICATION

Our Corporate Communication Department plays a pivotal role in maintaining strong relationships with stakeholders and effectively conveying our company's messages, values, and achievements. By facilitating transparent and consistent communication, we enhance our reputation, build trust, and promote understanding among our diverse audience.

Corporate Communication Department continued its branding activities vigorously to enhance visibility of the Largest Non-Life Insurance Company of India through various promotional tools with impetus to improve visibility in all platforms of advertisement on Pan India basis and exploring new places of public confluence.

To imprint the Brand Image of our company into the mental spectrum of General Public, effective use of outdoor media like hoardings, Glow Signs, Digital Screens in and around PAN India locations. Displays have been placed at prominent Airports, Metro Stations, Railway Stations & Trains, Road junctions, Highways, Bus Stands, New Electric Buses, Containers, Malls as well as various print and digital media channels.

• RIGHT TO INFORMATION ACT

As an insurance company committed to transparency and accountability, we recognize the importance of the Right to Information Act (RTI Act). The RTI Act empowers individuals to access information held by public authorities, including our company, ensuring greater openness and fostering a culture of trust.

At our company, we adhere to the principles of the RTI Act and proactively promote access to information. We believe in the right of our stakeholders, including policyholders, shareholders, and the general public, to access relevant information about our operations, financial performance, and governance practices.

The Central Public Information Officers' (CPIOs') of Regional Offices and LCBOs / HUBs contributed to the promotion of the ideals of the Act, under the umbrella of RTI vertical at the Corporate office.

To improve efficiency & speedy disposal, the functions of First Appellate Authority has been decentralized at Regional Offices/ BO (Business Office) level.

Company has appointed Transparency Officer in the rank of General Manager.

During the year 2022-23 the total number of RTI Applications and First Appeals (including online) received were 1808 and 276 respectively.

As per DOPT Guidelines Third Party Transparency Audit of RTI Proactive Disclosure of the New India Assurance Co. Ltd., was conducted during the year by the National Insurance Academy, Pune for the year 2022-23.

In compliance with the CIC guidelines / RTI Act, the Company's official website is updated from time to time disclosing and uploading maximum information under xvii points as mandated under the provisions of Section 4(1) (b) of the RTI Act, 2005.

• INDUSTRIAL DISPUTES AND DISCIPLINE

The Company acknowledges that the employees are its best asset and discipline among employees plays vital role not only in Company's growth but also in physical and mental health of its employees. Therefore, the Company educates the employees to maintain a disciplined, comfortable and worry-free environment at the workplace. The Company imparted interactive zone- wise training sessions throughout the Country on The New India Assurance Company Ltd. (Conduct, Discipline & Appeal) Rules, 2014, and on the policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at the Workplace, 2020 to ensure maintaining the peaceful & congenial atmosphere at the workplace.

Furthermore, the Company made efforts to review legal matters of employees. It resulted in updating status of pending court cases and approaching the Hon'ble Courts to vacate stay, wherever ordered, so that the cases may be disposed of timely.

By effectively managing industrial disputes and maintaining discipline, we foster a positive work environment that promotes employee engagement, productivity, and ultimately enhances our ability to serve our customers and stakeholders. Our commitment to fair and transparent practices demonstrates our dedication to upholding high ethical standards and creating a culture of respect and accountability.

• INFORMATION TECHNOLOGY

Financial Year 2022-23 had seen the enhancement of initiatives propelled in the previous year to achieve the Goal of a fully Automated Organisation. This includes launching of Digital enabled Retail Insurance Products like Yuva Bharat in Health. The utility value of FWA (Fraud, Waste and Abuse) tool had been fully consumed by the Company thus identifying the Claim leakages and arresting the same in Government Health Scheme of Rajasthan administered by the Company.

While the Company continues to use strong database enabled by TCS Bancs, new features in the Portals drew appreciation from Intermediaries like Agents for its seamless navigation facilities and empowering the end mile user. Value Additions like auto upload of Vaahan details in Motor Proposals has made the customer journey more interesting.

Constant upgrade on IT Security systems and focussed efforts of IT Security Team enabled the Company to be Certified as ISO 27001-2013 compliant and placing in the league of highest IT security compliant insurance Companies in the Country. This is more important from Data Protection perspective.

Know Your Customer (KYC) process has been implemented as per Regulatory guidelines on Anti Money Laundering Act., Company has been registered with CERSAI for CKYC. The alternative mode of e-kyc through Aadhaar is also provided to the customers.

The Digital Surveyor Portal for Motor Own Damage Claims has been enabled to capture Harmonised System Nomenclature (HSN) codes to enable the Analytical approach on Risk exposures and chart the course of action. A unique feature of this portal is reduction of claim processing time as the data auto populates for Claim Managers thus reducing Turnaround Time on Claims processing.

Business Continuity and Seamless scale up are the important elements of Risk Management touching Information Technology Department. The drills for DR and NDR have been completed successfully to check and maintain the backup facilities of Data Centre in a robust manner.

The Employee Portal and Mobile Application has been enhanced with new features thus making Employee Benefit related requirements more digitalised. The projects on digital allotment of Company Quarters, digitalised travel bill submission are under work in progress.

The New initiatives on Website, Chatbot enabled by Natural Language Processing are under development. The Contact centre has been enabled to do Telemarketing through a dedicated portal thus making call centre as a customer service and revenue generation model.

As part of using Artificial Intelligence more into business communication, Company plans to have an E-mail solution facility that suits the Organisation in the days to come and the process of identifying new facilities are in progress.

The Company is already using latest facilities of Payment Gateways thus reducing leakages in using physical currency. Alternative Business Channel Department of the Company keeps the Research and Development efforts to identify emerging technologies and augment the business with right partners to bring the fusion of Technology related efforts.

The Company continues to scale up on Digital innovations with the promise to have the Information Technology and Data Security as functional and ethical eyes of the Organisation.

• HUMAN RESOURCE DEVELOPMENT AND PERSONNEL STAFF WELFARE SCHEMES

• STAFF WELFARE SCHEMES

In line with the tradition of keeping the interest of its employees foremost, the Company has continued to implement welfare schemes for its employees. Active as well as retired employees along with their dependent and non-dependent family members are covered under Group Staff Mediclaim Policy covering all kinds of diseases with minimal exclusions, Group Personal Accident Policy providing 24 hours cover to employees against accidental death or permanent disablement, Group Savings Linked Life Insurance, Group Term Life Insurance, Employees Deposit Linked Life Insurance, Lump sum payment for Domiciliary Medical Treatment, Group Baggage Policy, Education Advance Scheme for children of employees to pursue quality education, Housing Loan at subsidized rate of interest, Medical Check-up facility to Manager and above cadres, Director's Mediclaim Scheme for reimbursement of medical expenses of active as well as retired Directors along with their dependent family members etc.

The Company provides Ex-gratia relief scheme to its employees which provides for reimbursement of medical expenses beyond the Mediclaim cover. Special leave is sanctioned and medical expenses are reimbursed if an employee meets with accident whilst on duty which is in addition to the 24 hours Personal Accident cover provided to employees. Special leave is also granted for participating in National & International sports events including Mountaineering, Expedition and Trekking events. Employees are encouraged to pursue higher post graduate academic courses for which financial assistance is provided.

Other welfare schemes like Vehicle Loans at subsidized rate of interest, Leased accommodation to all cadres of employees, Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave Travel Subsidy, Labour Welfare scheme are provided.

To facilitate more transparency and expeditious settlement, the Company has implemented online access for all its employees for availing the benefits and necessary training has also been imparted to them.

HUMAN RESOURCES

Employee strength as on 31st March 2023

Category of Employees	Male	Female	Total
Class I	4861	2499	7360
Class II	248	17	265
Class III	3256	1082	4338
Class IV (Excluding Part Time Sweepers)	610	240	850
Part Time Sweepers	3	0	3
TOTAL	8978	3838	12816

RECRUITMENT AND RESERVATION

Number of employees recruited during 2022-23

Category of Employees	SC	ST	OBC	EWS	Total	Ex Servicemen	PWD
Class-I	46	23	81	30	296	0	11
Class-II	-	-	-	-	-	-	-
Class III	12	5	3	0	31	0	0
Class IV (Excluding Part Time Sweepers)	7	2	6	0	23	0	0
Part Time Sweepers	-	-	-	-	-	-	-
TOTAL	65	30	90	30	350	0	11

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as on 31.03.2023

Category/Level	Total			Number and Percentage
	Number	SC	%	ST	%	OBC#	%
Class-I	7360	1470	19.97%	671	9.12%	1270	17.26%	39	0.53%
Class-II	265	33	12.45%	24	9.06%	21	7.92%	0	0.00%
Class III	4338	801	18.46%	368	8.48%	847	19.53%	0	0.00%
Class IV (Excluding Part Time Sweepers)	850	423	49.76%	97	11.41%	76	8.94%	0	0.00%
Part Time Sweepers	3	2	66.67%	1	33.33%	0	0.00%	0	0.00%
TOTAL	12816	2729	21.29%	1161	9.06%	2214	17.28%	39	0.30%

# OBC reservation was introduced in 1993. The prescribed OBC reservation % is being maintained in all direct recruitments since then.

The Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/ OBC/EWS/PwBD and Ex-servicemen.

Pre-promotional training programs are duly organized for all eligible SC/ST/OBC employees for promotion to various cadres. Regular training programs are conducted on personality development, stress management, motivation etc. for SC/ST/ OBC employees of various cadres. Various benefits under Dr. B. R. Ambedkar Welfare Trust have been given to SC/ST/OBC employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis. Prerecruitment training programmes are also arranged for SC/ST/ OBC candidates at various centres on all-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/EWS/PwBD/ Ex-servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office, whereas Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on a yearly basis, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back to the respective Regional Offices with necessary advice. Based on the inspection report, action is being taken by the concerned Regional Offices in co-ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest possible timeframe.

The Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/OBC welfare activities. On the eve of Mahaparinirvan Day i.e. December, 6th every year these welfare activities are supported to observe the death anniversary of Dr. B.R. Ambedkar at Chaitya Bhumi, Dadar.

• GENDER ISSUES AND EMPOWERMENT OF WOMEN

The Company has a strong women force and provides adequate opportunities for self and career development. A significant number of women Officers, as on 31.03.2023, are holding senior positions in our Offices:

Chairman-cum-Managing Director	1
General Manager	1
Deputy General Manager	15
Chief Manager / Regional Manager	45
Divisional Manager / Sr. Divisional Manager	84
Branch Manager / Sr. Branch Manager	62

• Women executives are nominated for various programmes organized by Forum of Women in Public Sector (WIPS)

• Women Officers are also nominated in large numbers to the Programme for Women Managers conducted by National Insurance Academy, Pune

• Women's Committees are constituted at Head Office and various Regional Offices and are actively involved in resolving all gender-related issues/cases referred to them.

• International Women's Day is celebrated on March 8th in all Offices across the country. Seminars are organised at various centers on topics such as Women Entrepreneurship, Stress Management, Work-Life Balance, Mental & Physical Health, Nutritious diets, Rights of women under various laws of the country, and new law for protection of the women at workplace etc.

• TRAINING

In the present competitive scenario of the insurance industry, it is of utmost importance to our employees to be abreast of the changes and to develop their insurance skills both in underwriting and claims settlement. Keeping this in mind, the Company conducts regular training programs. The Company also nominates employees for various training programs organized by External Institutes from time to time. The focus of the training is on policy awareness, technical matters, specialized topics, and marketing strategies.

Keeping an eye on future market prospects, we also focus on Computer Literacy, Cyber Risk Management, Advanced IT, Artificial Intelligence and Digital Marketing Training programmes.

Apart from emphasizing on mainstream training, the Company encourages nominations in alternate training programs, as arranged for homogenous group of employees such as.

• Women employees are nominated for specialized trainings like Women Managers Training, Prevention of Sexual Harassment (POSH) training Programmes etc.

• Pre-promotional training to all eligible SC/ST/ OBC employees of all cadres.

• Pre-recruitment training to all SC/ST/OBC applicants desirous of availing the same.

• To build the strong, competent marketing force, the more emphasis is being given on training of Marketing Officers & Agents.

• Along with development of Technical Skills, taking into consideration employees' mental and physical health, we also focus on soft skills trainings like Personality Development, Physical Fitness Trainings, Yoga Sessions etc. and for betterment of employees' post-superannuation life, we conduct

Pre-retirement trainings.

Based on our study of previous nominations, the system of Training Nominations has shifted from nomination-based to employees' work profile based, i.e., the employee is nominated for training relevant to his line of working. It is our endeavor to provide an opportunity to train maximum number of employees. For achieving this goal, we are restricting nomination of an employee for a single training programme in a year.

• OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is implemented based on the guidelines issued by the Department of Official Languages and The Department of Financial Services, Ministry of Finance, Government of India.

According to these guidelines, every effort is made to increase the implementation and propagation of official language in all the offices and Departments of the company.

Hindi workshops are organized by the Department of Official Language from time to time to enable and skill the Employees to work in hindi with ease in their respective Departments. In this financial year, the Head Office, Department of Official Language organized 4 workshops and a special workshop cum training program was organized in Hyderabad for the Employees of the "C" Region.

In this financial year, the Head Office Official Language Department conducted a hundred percent i.e. official language inspection of all 31 Regional offices. The third sub-committee of the Parliamentary Official Language Committee inspected Srinagar divisional office, Udaipur Divisional office, Rohtak Divisional office, Head Office and Ernakulam Regional office. Parliamentary Alekhevamsakshay committee inspected gurugram Divisional office and Meerut Divisional office. In these inspections, the official language implementation in the company was found to be satisfactory.

Four Hindi quarterly meetings were held in each quarter during the year 2022-2023 at Head Office. Similarly, meetings of the Official Language Implementation Committee were held regularly in all the offices. In order to promote the Hindi official language and to increase interest, motivate and encourage the employees towards the official language Hindi, Hindi fortnight was organized in the Head Office from September 14, 2022 to September 29, 2022.

A total of 7 competitions were held during this period. Similarly, Hindi Day was also organized at each Regional Office, Divisional Office and Branch Office.

In the year 2022-2023, All India Hindi Officers Conference was organized in Varanasi from 03rd to 04th February under Kanpur Regional Office. Regional offices were also rewarded for the best performance in the conference. This year, two issues of corporate inhouse magazine 'Arjan' were published, in which employees working in various offices of the company participated through their articles. Similarly, in-house Hindi magazines are regularly published by the Regional offices. In this financial year, the Department of Official Language all over India received a total of 35 awards. On World Hindi Day, an online global official language seminar was organized by the Department of Official Language, in which representatives of offices located abroad also participated. The employes are being trained in large numbers in prabodh, praveen, Pragya and Parangat training programmes organized by Hindi Training Scheme, Department of Official Language, Ministry of Home Affairs, Government of India.

The Department of Official Languages is constantly striving to play an important role in the promotion of regional languages along with Hindi.

• INTERNAL AUDIT

Internal Audit has been playing a vital role in strengthening the Corporate Governance and complying with the management objectives to improve and strengthen the internal controls.

Internal Audit functions through Audit teams stationed at various regional offices and supervised by IAD, Head Office. An Annual Audit Plan is drawn up to ensure that all operating offices (including Branches and Micro Offices) are audited atleast once in the financial year. Regular audits of their Regional Offices, Claims Hub, Broker DO, LCBOs, Auto Tie-up Offices & HO departments are conducted to ensure proper implementation of corporate guidelines.

The Internal Audit vertical at Head Office has assisted in enhancing the performance of Audit Compliance Cells at various Regional Offices for expediting the resolution of pending audit queries - both CAG and internal. At the end of the financial year, of the yearly performance of this vertical is placed to the Audit Committee and the Board. The Company has been complying with the Prevention of Money Laundering Act (PMLA) 2002 since it has been made applicable to insurance companies w.e.f 01.08.2006. IRDAI has issued Master Guidelines on AntiMoney Laundering/ Counter Financing of Terrorism (AML/ CFT), dt. 01.08.2022. The Principal Compliance Officer posted at the Corporate Office monitors the compliance of AML guidelines.

We are committed to continuous improvement in our internal audit function. Our Internal Audit Vertical keeps abreast of evolving regulatory requirements and industry best practices. This allows us to enhance our audit methodologies, adopt innovative technologies, and leverage data analytics to provide valuable insights to the organization.

• LEGAL & CONSUMER FORUM

The legal and consumer forum vertical at the Head Office primarily handles legal matters pertaining to Arbitration cases and Consumer fora cases/ Supreme Court matters and civil/commercial suits other than T.P claims. All court notices received from various fora/courts in the country are properly monitored on an urgent basis and due care is taken to ensure that the same are attended to by Regional Offices.

263 consumer cases have been settled in FY 2023, through the mechanism of Lok AdalatAn overall settlement of 4534 cases in dispute with a settlement ratio of 24.23 % and throughput ratio of 92.77 % was achieved.

With the influx of high value cases being filed at District forums, a hand-holding practice of HO approval in selection of advocate and forming best strategy/line of defense, has been introduced (in respect of high exposure consumer cases exceeding Rs. 1 crore). This helps the ROs to put their best foot forward in defending/ resolving such matters from the beginning. Towards shift to digitization, steps are also being taken to make our offices compliant with the handling of electronic court notices and filing appeals/defenses electronically before the Courts.

At New India Assurance, we place great importance on legal compliance and consumer protection. Our engagement with the legal system and consumer forums reflects our dedication to maintaining ethical business practices and ensuring positive customer experiences. By upholding legal standards and actively addressing consumer concerns, we strengthen our position as a trusted insurance provider in the market.

• VIGILANCE

The Vigilance Unit is responsible for vigilance administration in the organization under the general superintendence of Central Vigilance Commission. It is headed by the Chief Vigilance Officer who is assisted by the Chief Manager, Desk Officers at H.O & field Vigilance Officers at Regional Offices.

This vertical is in constant pursuit of creating a sound vigilance culture in the Organization with a focus predominantly on preventive vigilance mechanism which will bring about a safe environment conducive of doing good business. It i committed to maintain integrity, transparency & efficiency in the organization which will ultimately lead to highest standards of corporate governance, and help in achieving organizational excellence.

During the Financial year 2022-23, surprise Inspections were conducted at 610 offices, comprising of Divisional Offices, Branch Offices, Micro Offices, LCBOs and Regional Office TP/ OD Claim Hubs. Regular Preventive Vigilance Workshops were conducted at various offices to educate and sensitize the staff with an objective of creating a Vigilant Workforce which is the most desired asset of any Organization.

Vigilance Awareness Week was observed from 31.10.2022 to 06.11.2022 with the theme of the year - "Corruption Free India for a Developed Nation". During the Vigilance Awareness Week various activities / events / competitions within and outside the organization were organized to generate awareness in the public at large about the ill effects of corruption.

By upholding the principles of vigilance, we safeguard the interests of our policyholders, shareholders, and other stakeholders. Our commitment to integrity, transparency, and ethical conduct differentiates us in the marketplace and strengthens our reputation as a trusted insurance provider.

We remain steadfast in our commitment to maintaining a culture of vigilance and ethical behavior, continuously reviewing and enhancing our vigilance practices to adapt to emerging risks. By doing so, we ensure the long-term sustainability and success of our company.

• PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXCESS OF RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT LAKH FIFTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR

TABLE OF REMUNERATION

Sr No	Name of the Employee	Service (IN YRS)	Designation	Remuneration	Qualification	Date of joining	Age	Last employment held	Place
1	Mr Phillip Scott	46	Chief Under writer (Facultative)	13,026,069	ACII	1/8/2011	66	Assicurazione Generali SPA	London
2	Mr James Day	40	Chief Under writer (Treaty)	17,771,626	ACII	19/9/2011	60	Brit Insurance	London
3	Mrs Panna Shah	34	Senior Accountant	11,331,228	Book-keeping	01/07/1993	68	PSJ Alexander	London
4	Mr Toby Stubb	32	Senior Treaty Underwriter	10,478,964	MA	06/01/2020	64	Acappelia Syndicate	London
5	Mr James Baker	38	Underwriter- Facultative	11,137,532	MA	01/09/2011	55	Ecclesiastical underwriting Management	London
6	MsMukta Sharma	35	CEO, London	10,941,914	Post Graduate,AIII	13/07/1987	58	N.A	London
7	Mr Sanjay Bhatt	38	COO, Sydney	11,089,698	M.Sc. (PHYSICS ), FIII	24/08/1985	58	N.A	Sydney

• SECRETARIAL STANDARDS

During FY 2022-23, the Company was compliant with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.

• SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING STATUS OF THE COMPANY AND ITS FUTURE OPERATIONS

There were penalties imposed on the Company under the applicable Acts during the period under review by BSE and National Stock Exchange of India Limited under Regulation 17(1) of SEBI (LODR) for non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman Independent director. The same are listed below:

BSE and NSE issued penalties on 20th May 2022, 22nd August 2022, 21st November 2022 and 21st February 2023 for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosures Requirements), 2015 pertaining to the composition of the Board of Directors defaults on account of the following observations:

1. Chairperson of Board of The New India Assurance Company Ltd is not a non-executive director but the number of independent directors is 3 which is less than half of the BoD strength. The total number of directors are 7 on board.

2. The New India Assurance Company Ltd does not have Independent Woman Director on the board.

The Company's pointwise to the replies were as follows:

The Directors on the Board of the Company are appointed by Government of India. Hence the Company awaits the vacancies to be filled.

As on 13th April 2023, Government of India has appointed w.e.f. 20th April 2023, an Independent Woman Director Ms Akani Devi on the Board of the Company.

Subsequent to the above appointment, the Company has approached the Exchanges to waive the penalties imposed.

• EVALUATION OF BOARD COMMITTEES & DIRECTORS

The Evaluation criteria for evaluation of the Board, Directors and the Committees was approved by the Nomination and Remuneration Committee. Subsequently, evaluation of the Board, Directors and the Committees was carried-out for FY 2022-23.

• DIRECTORS AND OFFICERS INSURANCE

As per the requirements of Regulation 25(10) of the Listing Regulations, the Company has taken "Directors and Officers Liability Insurance" for all its Directors.

• AUDITORS RESPONSE TO REMARKS

The replies to the qualification made by the Statutory Auditors in their report is attached as Annexure to the Directors Report.

• SECRETARIAL AUDITORS

Pursuant to provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company had appointed M/s S N Ananthasubramanian & Co, Practicing Company Secretary to conduct Secretarial Audit Report is annexed herewith as Annexure. There are no qualifications, reservation, adverse remark, or disclaimer made by the auditor in the report save and except for observations and disclaimer made by them in discharge of their professional obligation.

• INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Board has adopted policies & procedures for ensuring the orderly & efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets, the prevention & detection of fraud, ever reporting mechanisms, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.

• RELATED PARTY TRANSACTIONS

The Company undertakes transactions with related parties in the ordinary course of business. The details of related party transactions are disclosed under Notes to Financial Statements for FY 2022-23.

Board approved policy on Related Party Transactions has been hosted on the website of the Company and can be viewed at the below link: https://www.newindia.co.in/cms/c443766f-0ecc-48b9-94dc- c62da7d3be37/Related%20Party%20Transaction%20 Policy%20(2).PDF Rs.guest=true

• REPORTING OF FRAUDS:

During the year under review, there were no instances of fraud reported by the Statutory auditors and secretarial auditor under section 143(12) of the Act to the Audit Committee or the Board of Directors of the Company.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

The Company being an Insurance Company, its working and functions are governed by the regulations of Insurance Regulatory and Development Authority of India. The Accounts of the Company are drawn up according to the stipulations prescribed in the IRDA (preparation of Financial Statements and Auditor's Report) Regulations 2002 and as amended from time to time.

• CREDIT RATING

CRISIL has assigned its Corporate Credit Rating (CCR) of 'CCR AAA/Stable' (Re-affirmed). AM Best Company has affirmed the Financial Strength Rating of B++(Good) (Stable Outlook) and Issuer Credit Rating: bbb+ (good) (Stable Outlook).

• FOREIGN EXCHANGE EARNING & OUTGO & INFORMATION

The particulars of Foreign Exchange earnings/outgo as required by the Companies Act under Section 134(3)(m) is given below:

Earnings Rs. 576.59 Crores (Previous Year Rs 726.3 Crores)

Outgo Rs. 1,054.93 Crores (Previous Year Rs 1374.83 Crores)

Expenses on (a) Entertainment (b) Foreign tours and (c) Publicity and Advertisement amounted to Rs. 54,97,585 (P.Y. Rs. 30,67,550), Rs. 1,59,11,089 (P.Y. Rs. 56,32,203) and Rs. 27,21,14,052 (P.Y. Rs. 10,49,96,458) respectively

The earnings included all receipts denominated in foreign currencies in respect of premium, recovery of claims, outward commission and investment earnings. The outgo comprised all payments in foreign currencies in respect of outward premium, claims on reinsurance accepted, commission and expenses on management.

• DIVIDEND & DIVIDEND DISTRIBUTION POLICY

In terms of Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 ("Listing Regulations") the Dividend Distribution Policy of the Company has been hosted on Company's website and can be viewed at the below mentioned link:

https://www.newindia.co.in/assets/docs/aboutus/

investors/DividendDistributionPolicy.pdf

• CONSOLIDATED FINANCIAL STATEMENTS

Provisions regarding Financial Statements are laid down under Section 129 of the new Companies Act 2013. As per the provision of Section 129 (2) of the said Act, at every Annual General Meeting of a company, the Board of Directors of the Company shall lay before such meeting financial statements for the financial year. Section 129 (3) of the Companies Act 2013 provides that where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2) of Section 129, prepare a Consolidated Financial Statement of the company and of the subsidiaries in the same form and manner as that of its own which shall also be laid before the Annual General Meeting of the Company along with the laying of its financial statements under Sub Section (2) of Section 129.

The Company prepares Standalone Financial Statements and Consolidated Statements which are available in the Annual Report.

• BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report (BRSR) forms part of the Annual Report.

• SHARE CAPITAL

The issued and paid-up equity share capital of the Company as on March 31, 2023 is Rs. 824 crores. The solvency margin position of the Company as at March 31, 2023 is 1.87 times as against the minimum solvency margin requirement of 1.50 times as prescribed by IRDAI.

• PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The provisions of Section 186(4) of the Companies Act, 2013 ("the Act") requiring disclosure in the financial statements of full particulars of the loans given, investment made, or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security is not applicable to the Company.

• INDEPENDENT DIRECTORS

All Independent Directors of the Company have given declarations that they meet the criteria of Independence as laid down under Section 149 (6) & (7) of the Act, the Companies (Appointment and Qualification of Directors) Rules, 2014 as amended from time to time and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

All the Independent Directors of the Company have also confirmed that they have complied with Schedule IV of the Act and the Company's Code of Conduct for Directors and Senior Management.

A certificate complying with Regulation 25(9) of SEBI (Listing Obligations and Disclosure Requirements) issued by the Practicing Company Secretary has been attached as Annexure.

The Independent Directors Meeting of the Company was held during the Financial Year.

• DEPOSITS

During the year under review, the Company has not accepted any deposits under Section 73 of the Act

• MAINTENANCE OF COST RECORDS

Being an Insurance Company, the Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Act.

• PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions with Related Parties were in the ordinary course of business and on arm's length basis and there were no material contracts or arrangement, or transactions entered with related parties during the FY 2022-23.

• UNPAID/UNCLAIMED DIVIDEND

Pursuant to Section 124 & 125 of the Act read with the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company was not required to transfer any unpaid/unclaimed dividend amount to the Investor Education and Protection Fund in FY 2022-23.

• CODE OF CONDUCT AS PRESCRIBED UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 ("Insider Trading Regulations"), the Company has in place a code of conduct to regulate, monitor and report trading by its Designated Persons ("the Insider Trading Code") to the extent specified in the Insider Trading Code of the Company. The Insider Trading Code of the Company has been revised in line with the amendments in the Insider Trading Regulations, as amended from time to time.

The Company also has in place Code of Conduct to Regulate, Monitor and Report Trading by Insiders which is hosted on the website of the Company and can be viewed at: https://www.newindia.co.in/cms/83cd316d-91ce-4783- 8322-e2772fd6dc87/Code_of_Conduct.pdf Rs.guest=true

• CEO/CFO CERTIFICATION

Pursuant to Regulation 17(8) of the Listing Regulations, Certification by the Managing Director & CEO and the Chief Financial Officer & Director of the Company on the financial statements and the Internal Financial Controls relating to financial reporting for FY 2022-23 has been obtained.

• MYCYBERINSURANCE

Focus	Retail Segment
Customer	Persons who use internet for transactions and shopping
Product Category	Retail Cyber Policy
Policy Period	Annual

Who are covered

Individuals who use internet. This Policy provides protection to Insured against loss or damage which arises directly from personal use of computer system and internet and results in the occurrence of the specified events defined in the policy, viz. Unauthorised transactions and/or online purchase transactions during the Policy Period.

Coverages :

Section I: Unauthorized Transaction	Section II: Online purchase transactions
Insurer shall pay Insured, up to the limit mentioned in the Policy Schedule, for Insured's direct financial loss arising out of:	Insurer will reimburse Insured for his/her Direct and Pure Financial Loss due to transactions on the internet via payment card or Mobile Wallet that he/she has been dishonestly induced to enter by a Third Party by electronic means to make a purchase of goods or services which are not delivered or rendered; provided that:
a) theft of funds due to an Unauthorized Transaction, and first occurring during the Policy Period and reported to Bank / debit or credit card issuer/mobile or digital wallet, as the case may be, and Insurer, within 48hours upon discovery (and in any case during the Policy Period) of such transaction. And;
b) as a consequence of Insured being a victim of a Cyber	Insured can show that he/she has made reasonable attempts to seek a recovery or refund from the Third Party and/or seller of the goods and services to indemnify him/ her for his/her financial loss; and
Incident or Hacking, provided that the Insured report to the issuing bank or the Mobile Wallet company within 48 hours after discovery of the Theft of Funds.	The fraud event is reported by insured to his/her card issuer or bank or other relevant entity within 48 hours of discovery by him/her; and
c) Theft of funds arising due to unauthorized access, malicious act or malware phishing, spoofing stand covered	Insured card issuer or bank or other relevant entity refuses in writing to reimburse his/her for transactions made by him/her as a result of the fraud.

Option	Sum Insured & Premium	Deductible
I	SI Rs. 15,000 & Rs. 375 + GST	5% of claim amount subject to minimum of Rs. 500/-.
II	SI Rs. 25,000 & Rs. 500 + GST	5% of claim amount subject to minimum of Rs. 500/-.
III	SI Rs. 50,000 & Rs. 750 + GST	5% of claim amount subject to minimum of Rs. 1,000
IV	SI Rs. 1,00,000 & Rs. 1,000 + GST	5% of claim amount subject to minimum of Rs. 1,000

• CORPORATE GOVERNANCE:

The Company is fully committed to following sound corporate governance practices. The Company's Board is constituted in compliance with Companies Act, 2013, in accordance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and IRDAI Corporate Governance guidelines 2016. Our Board of Directors comprises highly experienced and diverse professionals who bring a wealth of expertise to the table. The Board provides strategic guidance, oversees the implementation of our business objectives, and ensures compliance with legal and regulatory requirements.

We place strong emphasis on ethical conduct and integrity in all our business activities. Our Code of Conduct sets out the standards of behavior expected from our employees, directors, and business partners. We promote a culture of transparency, honesty, and fairness, where ethical decision-making is upheld and any potential conflicts of interest are appropriately managed.

Board Committees and Oversight: To ensure effective governance and oversight, we have established various Board Committees, including Audit, Risk Management, Nomination and Remuneration, and Corporate Social Responsibility. These committees comprise independent directors who provide specialized expertise and oversight in key areas, ensuring rigorous scrutiny, accountability, and compliance with regulatory requirements.

Transparency and Reporting: Transparency is a cornerstone of our corporate governance practices. We are committed to providing accurate and comprehensive information to our stakeholders. Our annual reports, financial statements, and other disclosures adhere to applicable accounting standards, regulatory requirements, and best practices. We continuously strive to enhance the transparency and clarity of our reporting, enabling stakeholders to make well-informed decisions.

The Board meets at least once a quarter to review the quarterly, financial, and operational and investment performance of the Company. The company's philosophy on corporate Governance lays strong emphasis on transparency, accountability, and integrity. Corporate governance is concerned with the establishment of a system whereby the Directors are entrusted with responsibilities and duties in relation to the direction of corporate affairs. It is concerned with the accountability of who are managing it. It is concerned with morals, ethics, values, parameters, conduct and behavior of the Company and its Management.

The Board functions either as an entity per se, or through various committees constituted to oversee specific operational areas. There is an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the Independence of the Board. None of the Directors are related to any other Directors or employees of the Company.

• BOARD OF DIRECTORS:

The composition of the Board of Directors as on 31.03.2023

• Ms Neerja Kapur, Chairman-cum-Managing Director

• Ms Mandakini Balodhi, Government Nominee Director

• Mr A S Rajeev, Non-Executive & Independent Director

• Mr Surender Kumar Agarwal, Independent Director

• Mr Ratan Kumar Das, Independent Director

The Board underwent the following changes in its composition since the date of the last Directors' Report, i.e, 23rd May 2022

1. Cessation of Ms Madhulika Bhaskar as Chairman cum Managing Director (Additional Charge) w.e.f. end of office hours on 11h September 2022.

2. Appointment of Ms. Neerja Kapur as Chairman- cum-Managing Director of the Company w.e.f 12th September 2022

3. Appointment of Mr. Arvind Kumar Longani as Director & General Manager w.e.f 31st October 2022

4. Appointment of Mr. Yangmaso K Shimray as Director & General Manager w.e.f 10th November 2022

5. Superannuation of Mr. Arvind Kumar Longani as Director & General Manager w.e.f 31st January 2023

6. Superannuation of Mr Mr. Yangmaso K Shimray as Director & General Manager w.e.f 31st March 2023

7. Appointment of Ms. Akani Devi as Independent Director w.e.f 20th April 2023

8. Appointment of Mr. Titus Maliakkel Francis as General Manager & Director w.e.f 20th April 2023

9. Appointment of Ms. Smita Srivastava as General Manager & Director w.e.f 24th April, 2023

The Board placed on record its thanks to Mr Arvind Kumar Longani and Mr Yangmaso K Shimray for their cooperation to the Board during their tenure. The Board also extended its warm appreciation to the Directors for their timely guidance and support to the Board members.

• PROFILE OF BOARD OF DIRECTORS AS ON 30.04.2023

Name	Designation	Qualifications	Field of Specialisation/ Existing skills/expertise/ competence
Ms. Neerja Kapur DIN 09733917	Chairman-cum-Managing Director	M.Com, F.III	Insurance
Ms. Mandakini Balodhi DIN 09571410	Government Nominee Director	M.A, F.I.I.I	Insurance
Mr A S Rajeev DIN:07478424	Non-Executive & Independent Director	B.Sc Maths, FCA, MBA	Banking, Investments & Finance
Mr Titus Maliakkel Francis DIN:10124446	General Manager & Director	CA	Insurance
Ms. Smita Srivastava DIN:09250237	General Manager & Director	Graduate, AIII	Insurance
Mr Surender Kumar Agarwal DIN 09447076	Independent Director	B.Com, M.Com, CA	Finance
Mr Ratan Kumar Das DIN 01647104	Independent Director	B.Com, M.Com, CA	Finance
Ms. Akani Devi DIN: 10110267	Non-Official Director (Woman Independent Director)	Triple MA in Political Science, M.Phil in Political Science	Teaching & All India Radio Grade A Announcer

The Board meets at regular intervals to discuss and decide on business policy and strategy apart from other board businesses. The Board of the Company met twelve (12) times during the year under review on May 23 2022, July 13 2022, August 10 2022, August 22 2022, September 12 2022, October 18 2022, November 1 2022, November 11 2022, 13 December 2022, 13 February 2023, March 21 2023 and March 31 2023. The maximum gap between any two Board meetings was less than one hundred and twenty days.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the Listing Regulations and are Independent of the management. There were no inter-se relationships between any of the Directors.

The names of the Directors, their attendance at Board Meetings during the year, attendance at the last AGM and the number of other Directorships and Board Committee memberships/ chairpersonships held by them on March 31, 2023, are set out in the following tables:

Name of the Director	Board Meetings attended/held during the Financial Year	Attendance of last AGM, held on Wednesday, 28th September 2022
Ms Neerja Kapur¹	7/7	Present
Mr. Sanjeev Kaushik²	0/1	N/A
Mr Arvind K Longani³	2/2	N/A
Mr Yangmaso K Shimray⁴	4/4	N/A
Ms Mandakini Balodhi	12/12	Absent
Mr A S Rajeev	10/12	Present
Ms Madhulika Bhaskar⁵	2/3	N/A
Mr Surender Kumar Agarwal	12/12	Present
Mr Ratan Kumar Das	12/12	Absent
Ms Vandita Kaul⁶	0/0	Absent

^{1 Appointed as Chairman-cum-Managing Director w.e.f 12th September 2022
^{2 Cessation as Government Nominee Director w.e.f 24th May 2022
^{3 Appointed as General Manager & Director w.e.f 31st October 2022 and
Cessation as General Manager & Director w.e.f. 31st January 2023
^{4 Appointed as Director & General Manager w.e.f 10th November 2022 and
Cessation as General Manager & Director w.e.f. 31st March, 2023
^{5 Appointment as Chairman-cum-Managing Director (Additional Charge) w.e.f 12th
July 2022, and Cessation as Chairman-cum- Managing Director (Additional Charge) w.e.f end
of office hours on 11th September 2022
^{6 Cessation as Government Nominee Director w.e.f 4th April 2022

Mr Sharad S Ramnarayanan, Appointed Actuary of the Company, is a permanent invitee to
the Board meetings.

The details of "Directorships held in other companies" and
"Chairpersonships /Memberships of Committees in other companies" other than the
Company, as on March 31,2023 are as follows:

No. of other directorships
Name of other listed companies where he/she is
Director
Number of Committees of other Companies*

Name of Director

Company
Category of Directorship
In which a member
Chairman

Ms Neerja Kapur
1
GIC Housing Finance
Non-Executive Director
0
0

Mr A S Rajeev
1
Bank of Maharashtra
Managing Director & CEO
1
9

Mr. Surender Kumar Agarwal
0
N/A
N/A
N/A
N/A

Mr. Ratan Kumar Das
0
N/A
N/A
N/A
N/A

Ms Mandakini Balodhi
0
N/A
N/A
N/A
N/A

* Memberships/Chairman in Audit Committee and Stakeholders Relationship Committee of
Indian public limited companies; number of Memberships includes Chairman post

In terms of Listing Regulations, the number of Committees (Audit Committee and
Stakeholders Relationship Committee) of public limited companies in which a Director is a
member/ chairman/chairperson were within the limits prescribed under the Listing
Regulations, for all the Directors of the Company. The number of directorships of each
Non-executive, Independent Director is also within the limits prescribed under the Listing
Regulations as amended from time to time.

The Board has identified the following skill sets with reference to its business and
industry which are available from the Board viz. Finance, Accountancy & Law,
Administration, Corporate Governance, Corporate Planning and Strategy.

The Members of the Board of Directors of the Company has the necessary
Skills/Expertise/Competence in the above- mentioned areas.

Details of Equity Shares held by Non-Executive Directors as on March 31, 2023:

NIL

Recommendations of mandatory Committees

During the year under review, all the recommendations made by the Committees of the
Board mandatorily required to be constituted by the Company under the Act, Listing
Regulations and IRDAI Guidelines were accepted by the Board.

• COMMITTEES OF THE BOARD:

The Board has constituted the following committees:

i. Audit Committee

ii. Investment Committee

iii. Risk Management Committee

iv. Policyholders Protection Committee

v. Nomination & Remuneration Committee

vi. Corporate Social Responsibility Committee

vii. Stakeholders Relationship Committee

viii. Information Technology Committee

ix. Board Sub-Committee (HR)

x. Property Review Committee

The terms of reference, the composition along with the number of meetings held during
FY 2022-23 and the attendance of the Committees of the Board are provided below:

• AUDIT COMMITTEE:

Terms of Reference:

1. Oversight of the Company's financial reporting process and the disclosure of its
financial information to ensure that the financial statement is correct, sufficient and
credible.

2. Recommendation for appointment, remuneration and terms of appointment of auditors of
the company.

3. Approval of payment to statutory auditors for any other services rendered by the
statutory auditors.

4. Reviewing, with the management, the annual financial statements and auditor's report
there on before submission to the board for approval, with reference to:

a. Matters required to be included in the Director's Responsibility Statement to be
included in the Board's report in terms of clause(c)ofsub-section3 of section 134 of the
Companies Act,2013

b. Changes, if any, in accounting policies and practices and reasons for the same.

c. Major accounting entries involving estimates based on the exercise of judgment by
management.

d. Significant adjustments made in the financial statements arising out of audit
findings.

e. Compliance with listing and other legal requirements relating to financial
statements.

f. Disclosure of any related party transactions

g. Qualifications/ modified opinion(s) in the draft audit report

5. Reviewing, with the management, the quarterly financial statements before submission
to the board for approval including the financial statements, in particular, the
investments made by unlisted subsidiary (ies);

6. Reviewing, with the management, the statement of uses/ application of funds raised
through an issue (public issue, rights issue, preferential issue, etc.), the statement of
funds utilized for purposes other than those stated in the offer document /prospectus
/notice and the report submitted by the monitoring agency monitoring the utilisation of
proceeds of a public or rights issue, and making appropriate recommendations to the Board
to take up steps in this matter;

7. Review and monitor the auditor's independence and performance, and effectiveness of
audit process.

8. Approval or any subsequent modification of transactions of the company with related
parties.

9. Scrutiny of inter-corporate loans and investments.

10. Valuation of undertakings or assets of the wherever it is necessary.

11. Evaluation of internal financial controls and risk management systems

12. Reviewing, with the management, performance of statutory and internal auditors,
adequacy of the internal control systems.

13. Reviewing the adequacy of internal audit function, if any, including the structure
of the internal audit department, staffing and seniority of the official heading the
department, reporting structure coverage and frequency of internal audit.

14. Discussion with Internal Auditors of any significant findings and follow up there
on.

15. Reviewing the findings of any internal investigations by the internal auditors into
matters where there is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the Board.

16. Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern.

17. To look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors.

18. To review the functioning of the Whistle Blower mechanism.

19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other
person heading the finance function or discharging that function) after assessing the
qualifications, experience and background, etc. of the candidate.

20. Carrying out any other function as is mentioned in the terms of reference of the
Audit Committee.

21. To review the utilization of loans and/or advances from/ investment by the holding
company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the
subsidiary, whichever is lower including existing loans / advances / investments existing
as on 31st March

22. To review Management discussion and analysis of financial condition and results of
operations;

23. To review and approve Statement of significant related party transactions (as
defined by the Audit Committee), submitted by management;

24. To review Management letters / letters of internal control weaknesses issued by the
statutory auditors;

25. To review Internal audit reports relating to internal control weaknesses;

26. To review the appointment, removal and terms of remuneration of the Chief internal
auditor.

27. To review statement of deviations:

a. Quarterly statement of deviation(s) including report of monitoring agency, if
applicable, submitted to stock exchange(s) in terms of Regulation 32(1) of SEBI Listing
Regulations, 2015.

b. Annual statement of funds utilized for purposes other than those stated in the offer
document/prospectus/ notice in terms of Regulation 32(7) of SEBI Listing Regulations,
2015.

28. To review compliance with the provisions of Regulation 9A of SEBI (Prohibition of
Insider Trading) Regulations, 2015 at least once in a financial year and verify that the
systems for internal control are adequate and are operating effectively.

Composition: In terms of provisions of the Act and Listing Regulations, the Audit
Committee comprises of Four (4) Members, out of which three (3) are Independent Directors
and one (1) is Government Nominee Director. The Chairperson of the Audit Committee is Mr.
A S Rajeev (Non-Executive Independent Director) of the Company.

As per the Regulation, the Audit Committee is required to meet at least 4 times in a
year and not more than 120 days shall elapse between 2 meetings. The Audit Committee met
seven (7) times on 23rd May 2022, 5th August 2022, 10th August 2022, 18th October 2022,
11th November 2022, 13th February 2023 and 21st March 2023.

Attendance of Members of the Audit Committee:

Directors
Category
Number of Meetings Attended/Held

Mr A S Rajeev
Non-Executive Independent Director
6/7

Mr Sanjeev Kaushik¹
Government Nominee Director
0/1

Mr Surender Kumar Agarwal
Independent Director
7/7

Mr Ratan Kumar Das
Independent Director
7/7

Ms Mandakini Balodhi²
Government Nominee Director
6/6

^{1 Mr Sanjeev Kaushik ceased to be a member of the Committee w.e.f 24th May 2022
^{2 Ms Mandakini Balodhi was appointed as a member of the Committee w.e.f 29th July
2022

AUDIT COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee /Board
Meeting Dated 23.05.2022
Meeting Dated 05-08-2022
Meeting Dated 10-08-2022
Meeting Dated 18-10-2022
Meeting Dated 11-11-2022
Meeting Dated 13-02-2023
Meeting Dated 21-03-2023

Mr. A.S. Rajeev
Non-Executive Independent Director
Chairman
Present
Present
Present
Present
Present
Present
Absent

Mr. Sanjeev Kaushik
Government Nominee Director
Member
Absent

N.A.

Mr. Surender Kumar Agarwal
Non-Executive & Independent Director
Member
Present
Present
Present
Present
Present
Present
Present

Mr. R.K. Das
Non-Executive & Independent Director
Member
Present
Present
Present
Present
Present
Present
Present

Ms. Mandakini Balodhi
Government Nominee Director
Member
N.A.
Present
Present
Present
Present
Present
Present

• INVESTMENT COMMITTEE:

Terms of Reference:

1. Overseeing the implementation of the investment policy approved by our Board from
time to time;

2. Reviewing the investment policy;

3. Periodical updating to our Board with regard to Investment activities of the
Company;

4. Reviewing the Investment strategies adopted from time to time and giving suitable
directions as needed in the best interest of the Company;

5. Reviewing the broker policy and making suitable amendments from time to time;

6. Reviewing counter party/intermediary exposure norms;

7. Supervising the asset allocation strategy to ensure financial liquidity, security
and diversification through liquidity contingency plan and asset liability management
policy; and

8. Overseeing the assessment, measurement and accounting for other than temporary
impairment in Investments in accordance with the policy adopted by the Company.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the
Investment Committee comprises of eight (8) Members, out of which one is the
Chairman-cum-Managing Director, three (3) are Independent Directors, one is the Chief
Investment Officer, Chief Financial Officer & Director, Appointed Actuary & Chief
Risk Officer.

The composition of the Investment Committee is given below along with the attendance of
the members. The Investment Committee met seven (7) times during the year under review on
23rd May 2022, 5th August 2022, 22nd August 2022, 18th October 2022, 11th November 2022,
13th February 2023 and 21st March 2023.

Attendance of the Members of the Investment Committee:

Directors/ Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman-cum- Managing Director
4/4

Ms Madhulika Bhaskar²
Chairman-cum- Managing Director (Additional Charge)
2/2

Mr A S Rajeev
Non-Executive Independent Director
5/7

Mr Surender Kumar Agarwal
Independent Director
7/7

Mr Ratan Kumar Das
Independent Director
7/7

Mr Sharad S Ramnarayanan
Member
7/7

Mr Francis Titus
Member
7/7

Mr C S Ayyappan³
Member
4/4

Mr Amit Misra⁴
Member
2/2

Mr Pankaj Kumar Agarwal⁵
Member
6/7

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022
^{3 Mr C S Ayyappan ceased to be a Member of the Committee w.e.f 10th February 2023
^{4 Mr Amit Misra became a member of the Committee w.e.f 10th February 2023
^{5 Mr. Pankaj Kumar Agarwal became a member of the Committee w.e.f. 12th May 2022

INVESTMENT COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee / Board
Meeting Dated 23.05.2022
Meeting Dated 05-08-2022
Meeting Dated 10-08-2022
Meeting Dated 18-10-2022
Meeting Dated 11-11-2022
Meeting Dated 13-02-2023
Meeting Dated 21-03-2023

Ms. Neerja Kapur
Chairman-cum-Managing Director
Chairman

N.A.

Present
Present
Present
Present

Ms. Madhulika Bhaskar
Additional Charge - Chairman cum Managing Director
Chairman

Present
Present

N.A.

Mr. A.S. Rajeev
Non-Executive Independent Director
Member
Present
Present
Present
Present
Present
Absent
Absent

Mr. Sharad S. Ramnarayanan
Appointed Actuary
Member
Present
Present
Present
Present
Present
Present
Present

Mr. Titus Francis
Chief Financial Officer & Director
Member
Present
Present
Present
Present
Present
Present
Present

Mr. C.S. Ayyappan
Chief Risk Officer
Member
Present
Present
Present
Present
N.A
N.A.
N.A

Mr. Amit Misra
Chief Risk Officer
Member

N.A.

N.A.
Present
Present

Mr. Pankaj Agarwal
Chief Investment Officer
Member
Present
Present
Present
Absent
Present
Present
Present

Mr. Surender Kumar Agarwal
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present
Present
present

Mr. R.K. Das
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present
Present
Present

• RISK MANAGEMENT COMMITTEE:

Terms of Reference:

1. To review and assess the risk management system and policy of the Company from time
to time and recommend for amendment or modification there of;

2. To frame and devise risk management plan and policy of the Company;

3. To review and recommend potential risk involved in any new business plans and
processes;

4. Establish effective Risk Management framework and recommend to the Board the Risk
Management policy and processes for the organization;

5. Set the risk tolerance limits and assess the cost and benefits associated with risk
exposure;

6. Review the Company's risk-reward performance to align with overall policy
objectives;

7. Discuss and consider best practices in risk management in the market and advise the
respective functions;

8. Assist the Board in effective operation of the risk management system by performing
specialized analyses and quality reviews;

9. Maintain an aggregated view on the risk profile of the Company for all categories of
risk including insurance risk, market risk, credit risk, liquidity risk, operational risk,
compliance risk, legal risk, reputation risk;

10. Advise the Board with regard to risk management decisions in relation to strategic
and operational matters such as Corporate strategy, mergers and acquisitions and related
matters;

11. Report to the Board, details on the risk exposures and the actions taken to manage
the exposures; review, monitor and challenge where necessary, risks undertaken by the
Company;

12. Review the Solvency position of the Company on a regular basis;

13. Monitor and review regular updates on business continuity;

14. Formulation of a Fraud monitoring policy and framework for approval by the Board;

15. Monitor implementation of Anti-fraud policy for effective deterrence, prevention,
detection and mitigation of frauds;

16. Review compliance with the guidelines on Insurance Fraud Monitoring Framework,
issued by the Authority;

17. Any other similar or other functions as may be laid down by Board from time to
time;

18. To perform such other functions as the Board may deem fit from time to time, which
shall also cover Cyber Security.

Composition : In terms of the provisions of the Act, the Risk Management Committee
shall have minimum three members with majority of them being members of the board of
Directors, including at least One Independent Director. The quorum for a meeting of the
Risk Management Committee shall be either two members or one third of the members of the
committee, whichever is higher, including at least one member of the board of Directors in
attendance.

The meetings of the Risk Management Committee shall be conducted in such a manner that
on a continuous basis not more than one hundred and eighty days shall elapse between any
two consecutive meetings. The Risk Management Committee met five (5) times during the year
under review on 23rd May 2022, 5th August 2022, 18th October 2022, 13th February 2022, and
21st March 2023.

Attendance of Members of the Risk Management Committee:

Directors/ Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman-cum- Managing Director
3/3

Ms Madhulika Bhaskar²
Chairman-cum- Managing Director (Additional Charge)
1/1

Mr A S Rajeev
Non-Executive Independent Director
3/5

Mr Surender Kumar Agarwal
Independent Director
5/5

Mr Ratan Kumar Das
Independent Director
5/5

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022 As per IRDAI Guidelines, Mr Sharad S Ramnarayanan,

Appointed Actuary and Mr C S Ayyappan, Chief Risk Officer (upto 1st November 2022) and
Mr Amit Misra, Chief Risk Officer (from 1st November 2022) were present in all meetings of
the Risk Management Committee held during the year.

RISK MANAGEMENT COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee/ Board
Meeting Dated 23-05-2022
Meeting Dated 05-08-2022
Meeting Dated 18.10.2022
Meeting Dated 13.02.2023
Meeting Dated 21.03.2023

Ms. Neerja Kapur
Chairman-cum-Managing Director
Chairman
N.A
Present
Present
Present

Ms. Madhulika Bhaskar
Additional Charge - Chairman cum Managing Director
Chairman
N.A
Present

N.A

Mr. A.S. Rajeev
Non-Executive Independent Director
Member
Present
Present
Present
Absent
Absent

Mr. Surender Kumar Agarwal
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present

Mr. R.K. Das
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present

• POLICYHOLDERS PROTECTION COMMITTEE:

Terms of Reference :

1. Putting in place proper procedures and effective mechanism to address complaints and
grievances of Policyholders including mis-selling by intermediaries;

2. Ensuring compliance with the statutory requirements as laid down in the regulatory
framework;

3. Reviewing the mechanism at periodic intervals;

4. Ensuring adequacy of "material information" to the policyholders to comply
with the requirements laid down by the authority both at the point of sale and periodic
intervals;

5. Reviewing the status of complaints at periodic intervals;

6. Providing the details of grievance at periodic intervals in such formats as may be
prescribed by the authority;

7. Providing details of insurance ombudsman to the policyholders;

8. Monitoring of payments of dues to the policyholders and disclosure of unclaimed
amount thereof;

9. Review of regulatory reports to be submitted to various authorities;

10. To review the standard operating procedures for treating the customer fairly
including time-frames for policy and claims servicing parameters and monitoring
implementation thereof;

11. To review the framework for awards given by Insurance Ombudsman/ Consumer Forums.
Analyze the root cause of customer complaints, identify market conduct issues and advise
the management appropriately about rectifying systemic issues, if any;

12. To review all the awards given by Insurance Ombudsman/ Consumer Forums remaining
unimplemented for more than three (3) months with reasons therefore and report the same to
our Board for initiating remedial action, where necessary;

13. To review claim report including status of outstanding claims with ageing of
outstanding claims; and

14. To review repudiated claims with analysis of reasons;

15. Recommend a policy on customer education for approval of the Board, and ensure
proper implementation of such policy;

16. Put in place systems to ensure that policy holders have access to redressal
mechanisms and shall establish policies and procedures for the creation of a dedicated
unit to deal with customer complaints and resolve disputes expeditiously;

17. Review of unclaimed amounts of policyholders, as required under the circulars and
guidelines issued by the Authority.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the
Policyholders Protection Committee comprises of five (5) Members, out of which three (3)
are Non-Executive Independent Directors, One (1) is WholeTime Director and one (1) is
Policyholder Representative. The committee is chaired by Mr A S Rajeev, Non- Executive
Independent Director. The Policyholders Protection Committee met four (4) times during the
year under review on 23rd May 2022, 5th August 2022, 11th November 2022, 13th February
2023.

Attendance of Members of the Policyholders Protection Committee:

Directors/ Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman-cum- Managing Director
2/2

Ms Madhulika Bhaskar²
Chairman-cum- Managing Director (Additional Charge)
1/1

Mr A S Rajeev
Non-Executive Independent Director
3/4

Mr Surender Kumar Agarwal
Independent Director
4/4

Mr Ratan Kumar Das
Independent Director
4/4

Mr Surinder Kanwar
Policyholder Representative
3/4

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022

POLICYHOLDERS PROTECTION COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee/Board
Meeting Dated 23.05.2022
Meeting Dated 05-08-2022
Meeting Dated 11-11-2022
:Meeting Dated 13.02.2023

Mr. A.S. Rajeev
Non - Executive & Independent Director
Chairman
Present
Present
Present
Absent

Ms. Neerja Kapur
Chairman - cum- Managing Director
Member
N.A.
Present
Present

Ms. Madhulika Bhaskar
Additional Charge-Chairman cum Managing Director
Chairman
N.A.
Present
N.A.

Mr. Surinder Kumar Kanwar
Policyholder Representative
Member
Absent
Present
Present
Present

Mr. Surender Kumar Agarwal
Non-Executive Independent Director
Member
Present
Present
Present
Present

Mr. R.K. Das
Non - Executive & Independent Director
Member
Present
Present
Present
Present

* NOMINATION & REMUNERATION COMMITTEE:

Terms of Reference :

1. To formulate a criterion for determining qualifications, positive attributes and
independence of a director.

2. Formulate criteria for evaluation of Independent Directors and the Board.

3. To recommend to the Board policy relating to remuneration for Directors, Key
Managerial Personnel and Senior Management

4. Ensure that the level and composition of remuneration is reasonable and sufficient,
relationship of remuneration to performance is clear and meets appropriate performance
benchmarks & to devise a policy on Board diversity.

5. Recommend to the Board that remuneration including salary, perquisite and commission
to be paid to the Company's Executive Directors on an annual basis or as may be
permissible by laws applicable.

6. Recommend to the Board, the Sitting Fees payable for attending the meetings of the
Board/Committee thereof, and any other benefits such as Commission, if any, payable to the
Non- Executive Directors.

7. To carry out any other function as is mandated by the Board from time to time and/or
enforced by any statutory notification, amendment, or modification, as may be applicable.

8. To perform such other functions as may be necessary or appropriate for the
performance of its duties.

Composition: In terms of provisions of the Act and Listing Regulations the NRC
Committee shall constitute of atleast 3 Directors. All shall be non-executive Directors
and at least 50% shall be independent Directors. In the case of entity having outstanding
SR Equity shares, it shall consist of 2/3rd Independent Directors. The Chairperson of the
Committee shall be the Independent Director.

The Chairperson of Listed Entity whether Executive or non-executive can be member but
can't be Chairperson of this Committee. In terms of provisions of the Act and Listing
Regulations, the Board Nomination and Remuneration Committee comprises of Four (4)
Members, out of which Three (3) are Non-Executive Independent Director, one (1) is
Government Nominee Director. The Board Nomination and Remuneration Committee is chaired by
Mr. A.S. Rajeev, Non-Executive Independent Director. The composition of the Board
Nomination and Remuneration Committee is given below along with the attendance of the
Members.

The Board Nomination and Remuneration Committee met Five (5) times during the year
under review on 23rd May 2022, 5th August 2022, 12th September 2022, 18th October 2022,
and 11th November 2022.

Attendance of Members of the Nomination & Remuneration Committee:

Directors/Member
Category
Number of Meetings Attended/Held

Mr. A.S. Rajeev
Non-Executive Independent Director
4/5

Mr. Ratan Kumar Das
Independent Director
5/5

Mr. Surender Kumar Agarwal
Independent Director
5/5

Mr Sanjeev Kaushik¹
Government Nominee Director
0/1

Ms Mandakini Balodhi²
Government Nominee Director
4/4

w.e.f 24th May 2022
^{2 Ms Mandakini Balodhi was appointed as a member of the Committee w.e.f 29th July
2022
^{1 Mr Sanjeev Kaushik ceased to be a member of the Committee

NOMINATION & REMUNERATION COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee/Board
Meeting Dated 23-05-2022
Meeting Dated 05-08-2022
Meeting Dated 12-09-2022
Meeting Dated 18-10-2022
Meeting Dated 11-11-2022

Mr. A.S. Rajeev
Non-Executive Independent Director
Chairman
Present
Present
Absent
Present
Present

Mr. Sanjeev Kaushik
Government Nominee Director
Member
Absent

N.A.

Mr. Surender Kumar Agarwal
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present

Mr. R.K. Das
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present

Ms. Mandakini Balodhi
Government Nominee Director
Member
N.A.
Present
Present
Present
Present

• CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Terms of Reference:

1. To formulate and recommend to the Board, a Corporate Social Responsibility Policy
(CSR Policy), which shall indicate a list of CSR projects or programs which a Company
plans to undertake falling within the purview of the Schedule VII of the Companies Act,
2013, as may be amended.

2. To recommend the amount of expenditure to be incurred one each of the activities to
be undertaken by the Company, while ensuring that it does not include any expenditure on
an item not in conformity or not in line with activities which fall within the purview of
Schedule VII of the Companies Act,2013.

3. To approve the Annual Report on CSR activities to be included in the Director's
Report forming part of the Company's Annual Report and Attribute reasons for short comings
in incurring expenditures.

4. To monitor the CSR policy of the Company from time to time; and

5. To institute a transparent monitoring mechanism for implementation of the CSR
Projects or programs or activities undertaken by the Company.

6. The CSR Committee shall formulate and recommend to the Board an annual action plan
in pursuance of its CSR policy.

Composition: As per Section 135 of the Companies Act, 2013, the Corporate Social
Responsibility Committee of the Board shall comprise of 3 or more Directors, out of which
1 Director shall be Independent Director. The constitution of the Committee as per the Act
stands as 3 or more Directors out of which at least 1 shall be independent Director. The
Committee met Five (5) times during the year on 23rd May 2022, 5th August 2022, 11th
November 2022, 13th February 2023 and 21st March 2023. The names of the Directors and
their attendance at Meetings during the year are set out in the following table: In terms
of provisions of the Act, CSR Committee comprises of four (4) Members, out of which, One
(1) is Whole Time Director, One (1) is a Non-Executive Independent Director and Two (2)
are Independent Directors. The CSR Committee is chaired by Ms Neerja Kapur Chairman cum
Managing Director. The composition of CSR Committee is given below along with the
attendance of the Members.

Directors/ Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman-cum-Managing Director
3/3

Ms Madhulika Bhaskar²
Chairman-cum-Managing Director (Additional Charge)
1/1

Mr A S Rajeev
Non-Executive &Independent Director
3/5

Mr Surender Kumar Agarwal
Independent Director
5/5

Mr Ratan Kumar Das³
Independent Director
4/4

Mr Sanjeev Kaushik⁴
Government Nominee Director
0/1

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022
^{3 Mr Ratan Kumar Das became a member of the Committee w.e.f. 29th July 2022
^{4 Mr Sanjeev Kaushik ceased to be a member of the Committee w.e.f 24th May 2022

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee/Board
Meeting Dated 23-05-2022
Meeting Dated 05-08-2022
Meeting Dated 11-11-2022
Meeting Dated 13-02-2022
Meeting Dated 21-03-2023

Ms. Neerja Kapur
Chairman cum Managing Director
Chairman
N.A.
Present
Present
Present

Ms. Madhulka Bhaskar
Additional Charge-Chairman- cum-Managing Director
Chairman
N.A.
Present

N.A.

Mr. A.S. Rajeev
Non-Executive Independent Director
Member
Present
Present
Present
Absent
Absent

Mr. Sanjeev Kaushik
Government Nominee Director
Member
Absent

N.A

Mr. Surender Kumar Agarwal
Non - Executive & Independent Director
Member
Present
Present
Present
Present
Present

Mr. R.K. Das
Non - Executive & Independent Director
Member
N.A.
Present
Present
Present
Present

STAKEHOLDERS RELATIONSHIP COMMITTEE:

Terms of Reference :

1. To resolve the grievances of the security holders of the Company including
complaints related to transfer/ transmission of shares, non-receipt of annual report,
non-receipt of declared dividends, issue of new/duplicate certificates, general meetings
etc.

2. Review measures taken for effective exercise of voting rights by shareholders.

3. Review of adherence to the service standards adopted by the Company in respect of
various services being rendered by the Registrar & Share Transfer Agent.

4. Review of the various measures and initiatives taken by the Company for reducing the
quantum of unclaimed dividends and ensuring timely receipt of Dividend Warrants/ annual
reports/statutory notices by the shareholders of the Company.

5. To perform such other functions as the Board may deem fit from time to time or in
order to comply with applicable laws, rules, regulations, as the case may be.

Composition: In terms of provisions of the Act and Listing Regulations, the
Stakeholders Relationship Committee comprises of four (4) Members, out of which three (3)
are NonExecutive Independent Director and one (1) is a Whole Time Director. The
Stakeholders Relationship Committee is chaired by Mr. A.S. Rajeev, Non-executive,
Independent Director of the Company. The composition of the Stakeholders Relationship
Committee is given below along with the attendance of the Members. The Stakeholders
Relationship Committee met Four (4) times during the year under review on 23rd May 2022,
5th August 2022, 11th November 2022, 13th February 2023.

Attendance of Members of the Stakeholders Relationship Committee:

Directors/ Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman-cum- Managing Director
2/2

Ms Madhulika Bhaskar²
Chairman-cum- Managing Director (Additional Charge)
1/1

Mr. A.S. Rajeev
Non-Executive Independent Director
3/4

Mr. Ratan Kumar Das
Non-Executive Independent Director
4/4

Mr. Surender Kumar Agarwal
Non-Executive Independent Director
4/4

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022

During the year, the Company/its Registrar received the following complaints from
SEBI/Stock Exchanges/Depositories which were resolved within the time frame laid down by
SEBI:

Sr No
Particulars
No

1
No. of Investors complaints pending as on 01.04.2022
0

2
No. of Investors complaints received during 01.04.2022 to 31.03.2023
0

3
No. of Investors complaints disposed during 01.04.2022 to 31.03.2023
0

4
No. of Investors complaints those remained unsolved as on 31.3.2023
0

Ms Jayashree Nair, Company Secretary acts as the Compliance Officer of the Company

STAKEHOLDERS RELATIONSHIP COMMITTEE

Name of the Director
Nature of Directorship
Designation In the committee / Board
Meeting Dated
23-05-2022
Meeting Dated
05-08-2022
Meeting Dated
11-11-2022
Meeting Dated
13-02-2023

Mr. A.S. Rajeev
Non-Executive Independent Director
Chairman
Present
Present
Present
Absent

Ms. Neerja Kapur
Chairman cum Managing Director
Member
N.A.
Present
Present

Ms. Madhulika Bhaskar
Additional Charge- Chairman-cum-Managing Director
Member
N.A
Present
N.A

Mr. Surender Kumar Agarwal
Non - Executive & Independent Director
Member
Present
Present
Present
Present

Mr. R.K. Das
Non - Executive & Independent Director
Member
Present
Present
Present
Present

• INFORMATION TECHNOLOGY COMMITTEE:

Terms of Reference :

Evaluation of various IT proposals and after perusal recommending the same to the board
for approval.

Composition: The Committee consists of One (1) Whole Time Director, Three (3)
Non-Executive Independent Directors. The Committee is chaired by Ms Neerja Kapur,
Chairman-cum-Managing Director (Whole Time Director). The names of the Directors and their
attendance at Meetings during the year are set out in the following table. The Committee
met two (2) times in the year on 18th October 2022 and 13th February 2023.

Attendance of Members of the Information Technology Committee :

Directors/Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman cum Managing Director
2/2

Mr A S Rajeev
Non-Executive Independent Director
1/2

Mr. Ratan Kumar Das
Non-Executive Independent Director
2/2

Mr. Surender Kumar Agarwal
Non-Executive Independent Director
2/2

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Madhulika Bhaskar was appointed as a member of the Committee w.e.f 29th July
2022 and ceased to be a member of the Committee w.e.f end of office hours on 11th
September 2022

INFORMATION TECHNOLOGY

Name of the Director
Nature of Directorship
Designation In the committee/ Board
Meeting Dated 18-10-2022
Meeting Dated 13-02-2023

Ms. Neerja Kapur
Chairman cum Managing Director
Chairman
Present
Present

Ms. Madhulika Bhaskar
Additional Charge - Chairman-cum- Managing Director
Additional Charge - Chairman-cum- Managing Director
N.A

Mr. A.S. Rajeev
Non-Executive Independent Director
Member
Present
Absent

Mr. Surender Agarwal
Non-Executive Independent Director
Member
Present
Present

Mr. R.K.Das
Non-Executive Independent Director
Member
Present
Present

• BOARD SUB-COMMITTEE (HR):

This Committee was formed as per the CDA Rules of the Company, page no.27, Memorials of
Officers in Scale IV & Vis to be placed to this Committee. Appellate Authority for
Scale VI & VII is also this Committee.

Composition: The Committee consists of one (1) Whole Time Director, Two (2)
Non-Executive Independent Director, and one (1) Government Nominee Director. The Committee
is chaired by Ms Neerja Kapur, Chairman-cum-Managing Director. The names of the Directors
and their attendance at Meetings during the year are set out in the following table. The
Committee met two (2) times in the year, on 23rd May 2022 and 13th February 2023.

Attendance of Members of the Board-Sub Committee HR

Directors/Member
Category
Number of Meetings Attended/Held

Ms Neerja Kapur¹
Chairman cum Managing Director
1/1

Mr Sanjeev Kaushik
Government Nominee Director
0/1

Mr A S Rajeev
Non-Executive & Independent Director
2/2

Ms Mandakini Balodhi²
Government Nominee Director
1/1

Mr Ratan Kumar Das
Non-Executive & Independent Director
2/2

^{1 Ms Neerja Kapur became a member of the Committee w.e.f 15th September 2022
^{2 Ms Mandakini Balodhi was appointed as a member of the Committee w.e.f 29th July
2022

BOARD SUB-COMMITTEE (HR)

Name of the Director
Nature of Directorship
Designation In the committee/Board
Meeting Dated 23-05-2022
Meeting Dated 13-02-2023

Ms. Neerja Kapur
Chairman cum Managing Director
Chairman
N.A.
Present

Ms. Madhulika Bhaskar
Additional Charge - Chairman-cum- Managing Director
Chairman
N
A.

Mr. A.S. Rajeev
Non-Executive Independent Director
Member
Present
Present

Mr. Sanjeev Kaushik
Government Nominee Director
Member
Absent
N.A.

Mr. R.K. Das
Non-Executive Independent Director
Member
Present
Present

Ms. Mandakini Balodhi
Government Nominee Director
Member
N.A.
Present

• PROPERTY REVIEW COMMITTEE:

Terms of Reference:

To review the various matters with regard to the held by the Company.

In 2022-23 no meeting of the Property Review was held.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The detail of the familiarization programme has been hosted on the website of the
Company and can be viewed at the below mentioned link:

https://www.newindia.co.in/cms/62454032-75bd-4a7a-a1cd-b7b8c9c03953/Detail%20of%20FP_1.PDF
Rs.guest=true

CODE OF CONDUCT FOR DIRECTORS / SENIOR MANAGEMENT

A Code of Conduct as required to be formulated in terms of Clause 49 of the Listing
Agreement in parlance with Schedule IV of the Companies Act, 2013 provides for an
evaluation mechanism of all the Directors, to be done at a separate meeting. The Code of
Conduct for Directors/Senior management has been hosted on the website of the Company and
can be viewed at the below mentioned link:

https://www.newindia.co.in/cms/f6aac711-c72a-4f75-82ae-f2001bf929d3/Code%20of%20Conduct.pdf
Rs.guest=true

CRITERIA FOR APPOINTMENT OF DIRECTORS AND SENIOR MANAGEMENT:

The appointment of Directors & Senior Management is as per the relevant
notifications issued by Government of India.

REMUNERATION POLICY

The remuneration to Whole Time Directors, Key Managerial Personnel, Senior Management
and other employees is as per relevant notifications issued by Government of India.

SITTING FEES PAID TO INDEPENDENT DIRECTORS DURING THE FINANCIAL YEAR ENDED MARCH 31
2023:

Name of the Director
Sitting Fees

Mr Surender Kumar Agarwal
Rs 6,30,000/-

Mr Ratan Kumar Das
Rs 6,40,000/-

• KEY MANAGERIALPERSONNEL:

As per Section 2(51) and Section 203(1) of The Companies Act 2013 the following were
the Key Managerial Personnel of the Company as on 31.03.2023:

Chairman-cum-ManagingDirector
: Ms Neerja Kapur

General Manager &Chief Financial Officer & Dire<
: Mr. Titus Francis Maliakkel tor

General Manager & Chief Marketing Officer
: Mr Jitender Mehndiratta

General Manager & Financial Advisor, Head of Reinsurance
: Ms Rekha Gopalkrishnan

General Manager & Chief Risk Officer
: Mr Amit Misra

Appointed Actuary
: Mr Sharad S Ramnarayanan

Chief Underwriting Officer
: Mr Thomas Moffatt

Chief of Internal Audit, Hea of AML Compliance
: Ms Prabha Vijaykumar

Company Secretary & Chief Compliance Officer
: Ms Jayashree Nair

Chief Investment Officer
: Mr Pankaj Kumar Agarwal

General Managers
: Mr Ramakant Agarwal

Mr Rajiv Kohli*

Mr C S Ayyappan

* Superannuated on 30th April 2023

• Disclosures:

1. During the year, there are no pecuniary relationships or transactions with the
Non-Executive Directors.

2. Financial Statements accurately and fairly represent the financial condition of the
Company.

3. There has not been any significant change in the accounting policies of the Company
during the year.

4. The Company has Business Risk Management process which is periodically reviewed by
the Board of Directors/Risk Management Committee to determine its effectiveness.

5. The Board of Directors and the Audit Committee periodically review the status of
compliances in respect of applicable Laws and report thereon by the Internal Audit team.

6. Whistle Blower Policy - The Company has a Whistle Blower Policy and the same has
been hosted on the website.

7. The Global Solvency Margin of the company for the year 2022-23 is 1.87 times.

8. A certificate from S.N. Ananthasubramanian & Co., Company Secretaries in
Practice has been obtained certifying that none of the Directors on the Board of the
Company has been debarred or disqualified from being appointed or continuing as Directors
of the Company by SEBI/Ministry of Corporate Affairs or any such statutory authority as on
March 31, 2023.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION,
AND REDRESSAL ACT, 2013)

The Company Policy, 2020 formulated in line with the requirements of The Sexual
Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013
was reviewed, and a circular was issued to each Regional Office to clarify constitution of
Internal Committee and ex-parte inquiry. Internal Committees (ICs) have been reconstituted
in each Regional Office and Head Office in pursuance with the circular.

The following is the summary of sexual harassment complaints received and disposed of
during the FY year 2022-23:

Number of Complaints pending as of 1st April 2022
00

Number of Complaints filed during the FY
04

Number of complaints disposed of during FY 2022-23
02

Number of Complaints pending as of 31st March 2023
02

• AUDITORS AND AUDIT REPORT

Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor
General of India, appointed M/s. Devendra Kumar & Associates, and M/s. Kailash Chand
Jain & Co. as the Central Statutory Auditors of the Company for the year 2022-23.
Branch auditors for the various Regional Offices, Divisional Offices and claims hubs in
India and for the foreign branch/agency offices were also appointed for the year. The
Board of Directors expresses its gratitude for the directions and guidance given by the
statutory auditors in drawing up the Company's annual results.

The remuneration payable to the Joint Statutory Auditors for FY 2023, has been
determined by the Board of Directors of the Company in their meeting held on November 11,
2022 based on recommendation of the Audit Committee of the Company.

Statutory Audit and other fees paid to Joint Auditors:

Statutory audit fees paid for 2022-23
73 </> CO o o o o o o

Expenses reimbursed for 2022-23
: Rs. 43,500

Total inclusive of Fees and expenses
73 </> CO o CO cn o o

• EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, the extract of the Annual Return is can be
viewed at the below link.

https://www.newindia.co.in/assets/docs/investors/MGT%20

-%209%20FY%202022-23.pdf

RENEWAL OF LICENCE BY THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
(IRDAI)

Section 3 A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the
process of annual renewal of the certificate of Registration issued to insurers under
Section 3 of the Insurance Act 1938. The insurers however, shall continue to pay such
annual fee as may be prescribed by the Regulations. Thus w.e.f. 26.12.2014 insurers shall
not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers renewed in 2016 and which
expired on 31st March 2023 shall continue to be in force from 1st April 2023, subject to
the provisions of Section 3A read with Section 3 of the Insurance Act 1938.The Company has
paid the renewal fees as prescribed by the above Regulations and the Certificate of
License has been renewed by IRDAI w.e.f. 01.04.2023.

• SUBSIDIARY COMPANIES

The Company has 3 Subsidiary Companies. Shareholding details are as under:

Sr No
Name of the Subsidiary
Total paid-up capital (no. of shares)
New India's shareholding (no. of shares)
% holding of new India Assurance

1
The New India Assurance Company (Trinidad & Tobago) Limited
1,74,18,946
1,46,12,444
83.89

2
The New India Assurance Company (Sierra Leone) Limited
2,50,000
2,50,000
100

3
Prestige Assurance Plc. Nigeria
1,325,25,61,888
1,037,95,22,933
78.32

The performance of subsidiaries for the year ended 31st December 2022 is summarized
below:

(Figures in '000)

Name of the subsidiary
Currency
U/w Profit/Loss
Investment Income
Other Income
Profit before tax
Dividend

2022
2021
2022
2021
2022
2021
2022
2021
2022
2021

NIA (T&T) Ltd.
$
6283
1351
9763
8986
-
-
16,046
10,337
20%
-

NIA (S.Leone) Ltd.
Le
(33960)
(34007)
7367
12715
-
-
26593
(21292)
-
-

Prestige Assurance
N
163,188
801,747
1,098,202
838,205
23,586
70,655
143,114
732,226
0
198788

• All the subsidiary companies follow the calendar year for finalization of
accounts. Therefore, performance has been given for the year ended 31st December 2022.

• The New India Assurance (Sierra Leone) Limited has closed business operations
with effect from 1st January 2003 due to the civil disturbances prevailing in that country
and has not declared any dividend for the year 2022.

• In compliance with the provisions of the Companies Act 2013, the report and
audited accounts of the subsidiary companies are uploaded on the Company's website at
www.newindia.co.in.

• POSTAL BALLOT :

During the year, pursuant to Section 108 and Section 110 of the Companies Act, 2013,
read with the Companies (Management and Administration) Rules, 2014, Regulation 44 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, and other applicable provisions of the Acts, Rules, Regulations,
Circulars and Notifications issued thereunder (including any statutory modifications or
re-enactment thereof for the time being in force and as amended from time to time), your
Company passed the following resolution through postal ballot as per the details below:

The voting patter of votes casted in favor/against the resolution passed vide Postal
Ballot Notice dated 24th November, 2022 is as under:

Particulars of the Resolution
Type of the Resolution
Number of votes polled
Votes cast in favour
Votes cast in against

Number
%
Number
%

Appointment of Mr. A K Longani (DIN 09778220) as General Manager & Director by
Government of India pursuant to Ministry Order No. F. No. A-11011/03/2022 -Ins. I dated
31st October, 2022 and pursuant to Article 121 of the Articles of Association of the
Company, w.e.f 31st October 2022 and up to the date of his attaining the age of
superannuation (i.e. 31.01.2023) be and is hereby noted.
Ordinary
1586702242
1578672004
99.49
8030238
0.5061

Appointment of Mr. Y. K. Shimray (DIN 09272315) as General Manager & Director by
Government of India pursuant to Ministry Order No. F. No. A-11011/03/2022 -Ins. I dated
31st October, 2022 and pursuant to Article 121 of the Articles of Association of the
Company, w.e.f 10th November, 2022 and up to the date of his attaining the age of
superannuation (i.e. 31.03.2023) be and is hereby noted.
Ordinary
1586702538
1578673324
99.49
8029214
0.5060

S.N. Ananthasubramanian & Co., Practicing Company Secretaries, Mumbai was appointed
as the Scrutinizer for conducting postal ballot and e-voting process in a fair and
transparent manner.

None of the business proposed to be transacted at the ensuing AGM require passing a
resolution through postal ballot.

• GENERAL MEETINGS HELD:

The details of the Annual General Meetings held in the previous three financial years
are given below:

Annual General Meeting
Day, Date
Time
Venue

103rd AGM
Wednesday, 28th September 2022
11:00 AM
Head Office, Mumbai, through Video Conferencing

102nd AGM
Wednesday, September 29 th, 2021
11:00 AM
Head Office, Mumbai, through Video Conferencing

101st AGM
Thursday, October 29th, 2020
03:30 pm
Head Office, Mumbai, through Video Conferencing

The details of the Special Resolutions passed in the Annual General Meetings held in
the previous three financial years are given below:

General Body Meeting
Day and Date
Special Resolution

103rd AGM
Wednesday, 28th September 2022
No Special resolution was passed

102nd AGM
Wednesday, September 29th, 2021
No special resolution was passed

101st AGM
Thursday, October 29th, 2020
No special resolution was passed

• SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT:

Annual Report of the Company for the Financial Year 2021-22 along with the Directors
Report was placed before Lok Sabha on 12th December 2022 and Rajya Sabha on 13th December
2022.

MEANS OF COMMUNICATION:

The Company's website (www.newindia.co.in) allows access to all the stakeholders of the
Company to access information at their convenience. It provides comprehensive information
of the Company.

The financial and other information and the various compliances as required/prescribed
under the Listing Regulations are filed electronically with BSE and NSE. The financial
results, official news releases, analyst call transcripts and presentations are also
available on the Company's website.

The Company's quarterly financial results are published in the Financial Express
(Mumbai, Pune, Ahmedabad, Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Kochi, Bangalore,
Hyderabad), Jansatta (Delhi, Chandigarh, Kolkata, Lucknow) and Loksatta (Mumbai, Pune,
Nagpur, Ahmednagar, Aurangabad, Delhi).

• GENERAL SHAREHOLDER INFORMATION:

IRDAI Registration Number
190

Corporate Identification Number
L66000MH1919GOI000526

Financial Year
2022-23

Board Meeting for adoption of Audited Annual Accounts
29th May 2023

Day, date and time of 104 Annual General Meeting
Friday, 22nd September 2023 at 11.30 a.m.

Venue
Through Audio-Video/OAVM

Financial Year
April 01, 2022- March 31, 2023

Record Date
8th September 2023

Date of Dividend Payment
29.09.2023

Company's Website
www.newindia.co.in

• DIVIDEND HISTORY

Dividend Type
Dividend Per Share
%age
Date of declaration
Date of transfer to IEPF

Interim Dividend -2017-2018
3.75
75%
December 6, 2017
11/30/2024

Final Dividend -2017-2018
5.00
100%
August 7, 2018
7/31/2025

Final Dividend -2018-2019
1.50
30%
August 5, 2019
7/31/2026

Final Dividend - 2021-2022
0.30
6%
October 6, 2022
9/30/2023

• LISTING OF EQUITY SHARES:

Currently, the Equity shares of the company are listed at

Stock Exchange
1st April 2022 - 31st March 2023

BSE Limited (BSE), Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001
540769

National Stock Exchange of India Limited (NSE)Exchange Plaza, 5th Floor, Plot C/1, G
block, Bandra-Kurla Complex, Bandra (East), Mumbai 400051
NIACL

The Company has paid the annual listing fees for the relevant period to BSE and NSE.

MARKET PRICE INFORMATION:

BSE
NSE

Month
High
Low
High
Low

2022

April
126.15
111.80
126.90
111.50

May
119.80
95.90
119.90
95.85

June
105.85
79.10
105.80
78.20

July
84.60
78.20
84.75
78.15

August
99.55
82.25
99.50
82.20

September
98.05
81.60
98.15
82.50

October
90.00
84.00
90.05
84.55

November
116.95
87.65
116.80
87.65

December
142.30
104.55
142.35
104.15

2023

January
140.00
114.90
140.00
114.85

February
121.85
97.50
121.90
97.45

March
107.90
94.15
107.90
94.60

Disclosures with respect to Demat suspense account/ unclaimed suspense account

• SHARE TRANSFER SYSTEM

Pursuant to SEBI Notification No. SEBI/LAD- NRO/GN/2018/24 dated June 8, 2018 and
further amendment vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated November 30, 2018,
request for effecting transfer of securities in physical form (except in case of
transmission or transposition of securities) is restricted w.e.f. April 1, 2020. In case
of shares in electronic form, the transfers are processed.by NSDL/CDSL through respective
Depository Participants. In compliance with the Listing Regulations, a Practicing Company
Secretary carries out audit of the System of Transfer and a certificate to that effect is
issued. Therefore, Members holding shares in physical form are requested to take action to
dematerialise the Equity Shares of the Company, promptly.

The Members can contact the Company or Company's RTA M/S LinkInTime India Private
Limited for assistance in this regard.

Outstanding Global Depository Receipts or American Depository Receipts or Warrants or
any convertible instruments, conversion date and likely impact on equity

This is not applicable to the company since the Company has not issued Global
Depository Receipts or American Depository Receipts or Warrants or any convertible
instruments.

Commodity price risk or foreign exchange risk and hedging activities

This is not applicable to the Company, since the Company does not have any derivatives
or liabilities denominated in foreign currency.

Details of utilization of funds.

During FY 2022-23, the Company has not raised any funds through Preferential Allotment
or Qualified Institutions Placement as specified under Regulation 32(7)(A) of the SEBI
(Listing Obligations and Disclosure Requirement) Regulations 2015 and the Companies Act
2013.

Plant Locations

This is not applicable to the Company, since it is not a manufacturing entity.

Correspondence Address

Correspondence address relating to the Financial Performance of the Company may be
addressed to:

Mr Titus.F. Maliakkel

Director, General Manager & CFO

The New India Assurance Co. Ltd.,

New India Assurance Bldg.,

87, M.G. Road, Fort,

Mumbai 400 001

Tel No.: 022 22708100

Email id: cfo@newindia.co.in

• DISCLOSURES

Related party transactions

There is no materially significant related party transaction that may have potential
conflict with the interest of the Company.

Details of Non - Compliance by the Company, penalty, strictures imposed on the Company
by the stock exchange or SEBI or any statutory authority on any matter related to capital
markets:

ADOPTION OF MANDATORY AND NON-MANDATORY REQUIREMENTS

The Company has complied with all mandatory requirements specified in Regulations 17 to
27 and clauses (b) to (i) of subregulation 2 of Regulation 46 of Listing Regulations.

The Company has complied with the non-mandatory requirement of reporting from the Chief
of Internal Audit who is heading the Internal Audit department of the Company directly to
the Audit Committee of the Company. The Internal Auditor presents the key audit findings
of internal audit department of the Company to the Audit Committee on a quarterly basis
along with compliance status of previous Audit Committee.

• REGISTRAR AND TRANSFER AGENTS:

The Registrar and Transfer Agent of the Company is M/s LinkInTime India Pvt. Ltd for
Equity Shares. Investor services related queries/requests/complaints may be directed at
the address as under:

Link In Time (India) Pvt. Ltd.

247 Park, C-101, 1st Floor, LBS Marg, Vikhroli (W),

Mumbai - 400 083

Phone No.: 022 49186000

Email id: rnt.helpdesk@linkintime.co.in

• INFORMATION ON SHAREHOLDING:

Sl.
Category
Number of Shares on March 31 2023
% total

1
Central Government
1408000000
85.4369

2
Clearing Members
36315
0.0022

3
Other Bodies Corporate
5090395
0.3089

4
Hindu Undivided Family
790258
0.0480

5
Mutual Funds
4224644
0.2563

6
Nationalised Banks
14498823
0.8798

7
Non Nationalised Banks
70454
0.0043

8
Non Resident Indians
825837
0.0501

9
Non Resident (Non Repatriable)
201075
0.0122

10
Public
25522294
1.5487

11
Trusts
9217
0.0006

12
GIC Re
33029668
2.0042

13
Insurance Companies (including LIC )
144835949
8.7886

14
Body Corporate - Ltd Liability Partnership
117714
0.0071

15
Unclaimed Shares
6
0.0000

16
Foreign Portfolio Investors (Corporate) - I
10421394
0.6324

17
NBFCs registered with RBI
16000
0.0010

18
Foreign Portfolio Investors (Corporate) - II
309957
0.0188

TOTAL:
1648000000
100.00

SHAREHOLDERS OF THE COMPANY WITH MORE THAN 1% HOLDING AS ON MARCH 31 2023 (OTHER THAN
PROMOTEROF THE COMPANY:

Sr. No
Name
No. of Shares held
Percentage (%) of total number of shares

1.
Life Insurance Corporation Of India
142833188
8.6671

2.
General Insurance Corporation Of India
21667646
1.3148

DISTRIBUTION OF THE SHAREHOLDING OF THE COMPANY AS ON MARCH 31 2023:

The New India Assurance Company Limited DISTRIBUTION OF SHAREHOLDING (SHARES)

SR.NO.
SHAREHOLDING OF SHARES
SHAREHOLDER
PERCENTAGE OF TOTAL
TOTAL SHARES
PERCENTAGE OF TOTAL

1
1 to 2500
124766
92.9972
11289829
0.6851

2
2501 to 5000
5648
4.2099
4150918
0.2519

3
5001 to 10000
2115
1.5765
3143412
0.1907

4
10001 to 15000
646
0.4815
1659141
0.1007

5
15001 to 20000
269
0.2005
959292
0.0582

6
20001 to 25000
222
0.1655
1051881
0.0638

7
25001 to 50000
279
0.2080
2028543
0.1231

8
50001 to **********
216
0.1610
1623716984
98.5265

Total

129883
100
1648000000
100

COMPLIANCE CERTIFICATE OF AUDITORS:

The Statutory Auditors of the Company, M/s. Devendra & Associates and M/s. Kailash
Chand & Co. have issued the Certificate for compliance of conditions of Corporate
Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015 and forms part of the Annual Report.

EVENTS AFTER BALANCE SHEET DATE:

There has been no material changes and commitments, affecting the financial position of
the Company, which have occurred between the end of the financial year of the Company to
which the balance sheet relates and the date of this report.

POLICY FOR MATERIAL SUBSIDIARIES:

The Company has a policy for material subsidiaries. The same has been up-loaded on the
website of the Company. https://www.newindia.co.in/cms/bd675cf0-dfde-4 782-
9fb5-630cb47ddbbd/Material%20Subsidiary%20Policy. pdf Rs.guest=true

CONSERVATION OF ENERGY:

Considering the nature of operations of the Company, the provisions of Section 134
(3)(m) of The Companies Act2013 read with Companies (Accounts) Rules 2014 relating to
information to be furnished on conservation of energy and technology absorption are not
applicable.

The ESG Policy of the Company is in the process of discussion and finalization, to
ensure that the same is implemented in letter and spirit.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, the Board
of Directors of the Company has laid down Internal Financial Controls to be followed by
the Company and such Internal Financial Controls are adequate and were operating
effectively. The Board confirms that:

1. In the preparation of the annual accounts, the applicable accounting standards have
been followed and that no material departures have been made from the same.

2. that they have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;

3. that they have taken proper and sufficient care for the maintenance of adequate
accounting records, in accordance with the IRDAI (Preparation of Financial Statements and
Auditor's Report of Insurance Companies) Regulations, 2002 and provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;

4. that they have prepared the annual accounts on a going concern basis;

5. that they have laid down internal financial controls to be followed by the Company
and that such internal financial controls were adequate and were operating effectively
and;

6. that they have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT:

The Board of Directors thanks Government of India, Ministry of Finance, Department of
Financial Services (Insurance Division), Insurance Regulatory & Development Authority
(IRDA), General Insurers' (Public Sector) Association of India (GIPSA), General Insurance
Council, intermediaries and other government and regulatory agencies for their valuable
guidelines and continuous support provided to the company throughout the year.

The Board of Directors are also grateful to their valuedcustomers, bankers, agents,
surveyors, stakeholders and public at large for the patronage and confidence reposed in
thecompany.

The Board of Directors places on record their appreciation for the commitment,sense of
involvement and dedication exhibited by each staff member in the overall development and
growth of the company and look forward to the continued support and whole-hearted
cooperation for the realization of the corporate goals in the year ahead.

For and on behalf of the Board

Neerja Kapur

Chairman cum Managing Director

DIN - 09733917

Date: 29.05.2023}}}}}}}}}}}}}}}}}}}}}}}}}}}}}