"To the Members: Your Directors have immense pleasure in presenting the Hundred and Sixth Annual Report of the Company
together with the audited statement of accounts and balance sheet for the financial year ended 31st March, 2025."

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

CLASS-WISE PERFORMANCE SUMMARY:

General Insurance Industry Overview

Executive Summary

The general insurance industry continues to be a critical pillar
of India's economic framework, demonstrating resilience and
growth despite global uncertainties. As India maintains its
position among the world's fastest-growing major economies,
the insurance sector has emerged as both a beneficiary and
contributor to this sustained economic expansion.

India’s Global Position

India's general insurance market remains underpenetrated at
1% of GDP compared to global average of 4% of GDP., Indian
general insurance industry is the fastest-growing among G20
nations, offering a high-growth trajectory unmatched by mature
markets.

Economic Context and Performance
National Economic Outlook

India's economy demonstrates robust fundamentals
with estimated average annual real GDP growth of 6.9% for
the current and next year, representing an improvement from
6.5% in 2024. This growth trajectory positions India favorably
compared to the historical average of 5.8% over the previous
decade, and is supported by strong domestic consumption,
private investment, rising per capita income, and ongoing
economic reforms.

The services sector maintains its dominance as the
largest GDP contributor, accounting for over 50% of economic
output and serving as a significant driver of both exports and
employment generation. Simultaneously, the manufacturing
sector is experiencing renewed momentum through strategic
government initiatives including the “Make in India” campaign
and Production-Linked Incentive (PLI) schemes.

Industry Performance and Market Dynamics

Market Size and Growth

The general insurance industry achieved total premiums of Rs.
3.07 lakh crore during FY2024-25, representing less than 1%
of India's GDP and highlighting significant untapped market
potential. Recent data indicates continued growth momentum
with non-life premiums rising 8.85% in Q1 FY26 demonstrating
sustained market expansion.

Health Insurance Health insurance has established itself
as the dominant segment within non-life insurance, with its
segmental share expanding significantly. The segment's growth
reflects increasing health awareness, rising medical costs,
and expanded coverage requirements across demographic
segments.

Motor Insurance Motor insurance maintains its position as a
substantial contributor to the non-life insurance portfolio. Health
and motor portfolios together comprise 70% of total premiums.

Regulatory Framework and Policy Initiatives

IRDAI's Vision 2047

The Insurance Regulatory and Development Authority of India
(IRDAI) has established an ambitious framework through its
"Insurance for All by 2047" vision, which aims to ensure every
citizen has appropriate life, health and property insurance
coverage while supporting enterprises with suitable insurance
solutions. Expanding microinsurance and rural penetration
remains critical to achieving 'Insurance for All by 2047.'
Customized bite-sized products and last-mile distribution
channels, are pivotal in reaching these segments.

Bima Trinity Initiative

The IRDAI announced the Bima Trinity initiative during the 9th
Bima Manthan meeting in February 2025, with implementation
currently underway. This comprehensive framework consists of
three integrated components:

1.    Bima Sugam An electronic platform designed to facilitate
the purchase, sale, claiming, and renewal of insurance
plans, streamlining the entire insurance lifecycle for
enhanced customer experience.

2.    Bima Vistaar A bundled product solution offering
comprehensive coverage including health, life, personal
accident, and property risks, specifically designed for
simplified access in rural and underserved markets.

3.    Bima Vahaak Current Implementation Status: The

building blocks of Bima Trinity are now falling into place,
with soft launches planned for April 2025. The Bima Sugam
India Federation (BSIF) has been established to oversee
platform development and operations.

Regulatory Modernization

The regulatory environment has undergone significant
modernization through:

•    Streamlined Product Approval: Implementation
of relaxed "Use and File" procedures enabling faster
product launches and fostering innovation

•    Product Simplification: The Master Circular on IRDAI
(Insurance Products) Regulations, 2024, provides
guidance for developing simplified, customer-friendly
insurance products

•    Enhanced Market Access: Expanded regulatory
framework accommodating new intermediaries and
distribution channels

Technology and Digital Transformation

Digital Infrastructure Integration

The industry is leveraging India's Digital Public Infrastructure to
reduce operational costs and extend market reach, particularly
targeting underserved populations in remote areas.

Artificial Intelligence Implementation

Al-driven solutions are revolutionizing claims processing,
particularly in motor own damage and health insurance
segments, ensuring faster and more accurate claim resolution
while improving customer satisfaction.

Platform Innovation

Enhanced digital platforms and mobile applications are
improving accessibility and convenience for policyholders,
supporting the broader digital transformation of financial
services.

InsurTech Landscape

The rise of InsurTech firms is reshaping distribution, customer
engagement, and underwriting models. Collaborations between
traditional insurers and digital-first players are accelerating
product innovation, microinsurance delivery, and AI-based
underwriting.

Product Innovation and Market Evolution

Emerging Risk Coverage

The industry is actively developing innovative products to
address contemporary challenges:

•    Cyber Insurance: Growing demand for digital risk
protection

•    Electric Vehicle Insurance: Specialized coverage for
the expanding EV market

•    Climate Risk Insurance: Parametric insurance solutions
for weather-related risks

•    Micro-Insurance: Bite-size, affordable products for
diverse customer segments

Future Outlook and Market Projections

Growth Projections

India's insurance sector is projected to record the fastest
growth among G20 countries, with total premiums expected to
rise at an average rate of 7.1% in real terms during 2024-28,
significantly outpacing the global insurance market growth rate
of approximately 2.4%.

The general insurance sector is projected to reach $57.3 billion
by 2028, driven by expanding coverage requirements and
increased market penetration.

Market Opportunities

The substantial growth potential stems from:

•    Low Penetration Rates: Current insurance penetration
remains below 1% of GDP, indicating vast untapped
market potential

•    Rural Market Expansion: Significant opportunities in
underserved rural populations

•    Infrastructure Development: Governmentinfrastructure
spending of $134 billion for fiscal year 2024-2025
supporting property insurance growth

Challenges

Profitability Concerns

The industry continues to navigate profitability challenges due
to intense market competition, pricing pressures, and ongoing
issues with claims management and fraud prevention.

Health Insurance Pressures

While health insurance represents a growth segment,
managing rising medical inflation and increasing claim costs
remains crucial for maintaining segment profitability.

Market Penetration Challenges

Despite growth momentum, extending insurance coverage
to rural and underserved populations requires continued
innovation in product design, distribution channels, and
customer education.

Conclusion

The general insurance industry in India stands at a pivotal
juncture, characterized by strong fundamentals, supportive
regulatory environment, and significant growth potential. The
convergence of economic expansion, demographic advantages,
technological innovation, and progressive regulatory policies
creates a favorable environment for sustained industry growth.
The successful implementation of the "Insurance for All by
2047" vision will require continued collaboration between
industry stakeholders, regulatory authorities, and technology
partners to overcome existing challenges while capitalizing on
emerging opportunities.

The industry's ability to leverage digital transformation, develop
innovative products, and expand market reach will be critical
determinants of success in achieving the ambitious goal of
comprehensive insurance coverage and establishing India as
a global insurance market leader.

OVERVIEW OF COMPANY’S OPERATIONS:

Gross Written Premium has increased from Rs. 41996 crores in 2023-24 to Rs. 43618 crores in 2024-25, recording a growth of
4% in 2024-25. The Company continues to be the market leader in India.

? INDIAN OPERATIONAL RESULTS

? FOREIGN OPERATIONAL RESULTS

Note: Percentage shown in Sr No 1, 2 & 4 indicates the growth over previous year, percentage shown in Sr. No. 6 is percentage
to 'Net Earned Premium' and percentage shown in Sr. No. 5, 7 and 8 is percentage to 'Net premium'

The Company initiated its international journey soon after its inception in 1919, with the opening of the London Branch in 1920.
Since then, it has steadily expanded its global footprint, with early forays into the Philippines, Mauritius, and Japan. Today, The
New India Assurance Company Ltd. operates across 24 countries, including its presence through associates in 2 countries,
underscoring its long-standing commitment to global operations.

Geographical Spread

The Company has a direct presence through Branches and Agency Offices in the following countries:

•    United Kingdom

•    Japan

•    Thailand

•    Australia

•    New Zealand

•    Mauritius

•    Fiji

•    United Arab Emirates (including Abu Dhabi)

•    Bahrain

•    Kuwait

•    Oman

•    Aruba

•    Curacao

•    Hong Kong (under run-off effective 01.04.2022)

•    Philippines (under run-off effective 01.01.2023)
Subsidiaries and Associate Companies

The Company also operates through subsidiaries in:

•    Nigeria - Prestige Assurance Pic.

•    Trinidad & Tobago - New India Assurance T&T

•    Sierra Leone

In addition, New India Assurance T&T maintains business
operations in:

•    St. Lucia

•    Dominica

•    St. Maarten

•    Guyana

The Company also holds equity stakes in the following
associates:

•    Singapore - India International Insurance Pte. Ltd.

•    Kenya - KenIndia Assurance Co. Ltd., Nairobi
Operational Review

The Hong Kong and Philippines offices were placed under
run-off with effect from 1st April 2022 and 1st January 2023
respectively. These decisions were made following strategic
portfolio reviews and in consideration of evolving regulatory
requirements and operational dynamics.

The Company's foreign operations saw a gross written premium
turnover in rupee equivalent of Rs. 3789 and a Net Premium of
Rs. 2976 Crores in 2024-25. The foreign operations recorded
an underwriting loss of 0.34 Crores and Profit after Tax was
330.71 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, we have opened 2 Corporate Business
offices for better servicing and closed 59 non-viable
offices during the year.

As on 31st March 2025, the Company has a network of 29

Regional Offices, 15 Corporate Business Offices, 3 Auto
Hub, 1 RGBO,1 IFSC, 20 KBO, 199 LBO, 721 MBO, 606
SBO, 70 ATOO, totaling 1668 offices inclusive of Head
Office.

•    Foreign

The Company operates in 24 countries.

OVERVIEW OF COMPANY’S OPERATIONS

?    FIRE AND ENGINEERING

The Company has continued to maintain a strong
presence in the Property Insurance domain during FY
2024-25, navigating a competitive market environment
with strategic focus on underwriting quality, claims control,
and operational efficiency. The performance of the Fire
and Engineering segments is detailed below:

De- growth in the Property Segment is primarily attributed
to aggressive discounting in the first nine months of the
financial year to sustain a competitive market environment,
which impacted average premium growth. Despite the
de-growth, the company maintained a significant market
share of 16.29% in the Fire Segment.

The company implemented strategic initiatives during the
reporting period, such as decentralization of underwriting
and empowering regional offices for quicker decision¬
making and improved client servicing.

Dynamic pricing based on risk profile and loss history to
ensure profitability.

Tighter control on high-value claims, quicker claim
settlement to reduce claim ratio.

Pruning unprofitable accounts and focusing on long-term
retention of low-risk clients.

The Company remains committed to consolidating its
leadership in the Property segment with sustained efforts
towards underwriting excellence, technical soundness,
and customer responsiveness.

?    HEALTH INSURANCE

The Health LOB remains a dominant portfolio with the
completion of a premium of Rs. 19,195 Crores in FY
2024-25 which includes Retail, Group and Government
Business.

Some of the Initiatives taken are:

•    Retail Health

Here's a concise summary of the “Retail Health” initiatives:

1.    Product Repricing: Flagship health policies (New
India Mediclaim & Floater) have been repriced
based on age and zone.

2.    New Top-Up Policy: Launched Arogya Pragati Plus
(Top-Up reinvented), a enhanced top-up policy in
addition to the existing product and the same was
well-received in the market.

3.    Specialized Policy: Introduced Vatsalya Health
Policy for surrogate mothers and oocyte donors.

4.    Regulatory Alignment: System updation and
modification of all the products were carried out to
comply with new IRDAI health insurance guidelines

-    Master Circular on Health Insurance Business.
Many customer centric benefits were introduced
like reduced waiting periods for Pre-existing disease
and specific waiting period from 48 months to 36
months, extended free-look period upto 30 days,
reduction in Moratorium period from 8 years to 5
years , cancellations on pro-rata basis etc.

5.    Yuva Bharat Policy Revision: Enhanced coverage
up to ?1 crore with attractive pricing and added,
attractive features.

6.    Stakeholder Training: Continuous training for agents,
brokers, and call center staff for skill enhancement
for knowledge transfer and product updates.

7.    Underwriting Improvements: Shared detailed SOPs
and guidelines with operating offices for better and
inclusive underwriting.

8.    New Service Partner: On boarded Mayfair We Care

-    an overseas service provider with good hospital
networking abroad and also excellent customer
support in order to improve services and sales for
Overseas Mediclaim policyholders.

• Group Health

The noteworthy initiatives undertaken by us in the FY
2024-2025, which helped to curtail the overall ICR of the
portfolios are as under:

1.    Renewal retention at the right premium

2.    Weed out the continuously loss-making stand-alone
Group health policies and discourage New stand¬
alone Group Health policies.

3.    Retain portfolio-based Corporates.

4.    SOP for underwriting GMCs at RO/CBO level

Our thrust to improve the portfolio financials led to
bringing about an overall correction in the Health Market
which has stabilized over this FY and portfolio financials
improved due to increase in the non-eb premium due to
our efforts to centralize all the portfolio of Insured with
us, as we were already servicing their GMC portfolio. In
the current year also, we shall strive to work in the same
direction but with a goal to further curtail our ICR.

Government Business: As insurers, we have in our
books the Rajasthan State Health Assurance Agency and
State Health Agency of UT of Lakshadweep (PMJAY)
under Government Health Schemes.

•    Health Claims

1.    With the launch of “Cashless Everywhere”, an
initiative by GI Council and IRDAI, our Cashless
Facility to our Policyholders has improved to 62%
which is an Industry average.

2.    Hospital    Network Expansion:    Accelerated

empanelment and strengthening of the PPN network
for 100% cashless service.

3.    During the FY 2024-25, we had increased the
percentage of audit of claims to 30%.

•    Other Online Initiatives

1.    Open Network for Digital Commerce (ONDC), an

initiative of the Department of Promotion of Industry
and Internal Trade (DPIIT), Ministry of Commerce,
Government of India, to create a facilitative model to
revolutionize digital commerce, giving greater thrust
to penetration of retail e-commerce in India. We
are in the process of integration, post which it will
provide us wider market access to sell our products
across a wide gamut of platforms.

2.    Ayushman Bharat Health Account (ABHA), an

initiative of the National Health Authority (NHA)
under Ayushman Bharat Digital Mission (ABDM). It
provides numerous benefits, including streamlined
access to digital health records, efficient tracking
of medical history, and enabling healthcare
professionals to make informed decisions. Going
forward, it will also act as Health KYC. We are
closely working with NHA on the same.

3.    National Health Claim Exchange (NHCX): a digital
health claims platform under Ayushman Bharat
Digital Mission (ABDM). It will help us in faster claim
processing and standardization of claims processing
across healthcare and insurance industry.

•    MOTOR OWN DAMAGE

The Company's Motor Insurance segment demonstrated
a solid growth trajectory during the year 2024-25. Motor
premiums experienced a remarkable increase of 10.25%,
reaching a total premium of Rs. 10,494 crore, up from Rs.
9,518 crore in the previous year. This growth reflects the
Company's strong position in the market, with its market
share for Motor Insurance now standing at an impressive
10.6%. In terms of claims management, the Incurred
Claims Ratio (ICR) for the year was 99.23% on Earned
Premium.

A major highlight for the year was the introduction of
several new and innovative Add-On Covers aimed at
enhancing our product offerings. These included:

1.    Consumable Items Add-On Cover under the
Commercial Vehicle (Except 'E', 'F', & 'G') Package
Policy.

2.    Battery Protect Add-On Cover for Commercial
Vehicles (Except 'E', 'F', & 'G') Package Policy.

3.    Return to Invoice - Gold Add-On Cover for Private
Car Policy.

In addition, the Department launched a new Long-Term
Motor Private Car Package Policy, tailored specifically
for private car owners. To continue meeting evolving
market demands, the Company is in the process of filing
additional new products for the coming year, ensuring that
our offerings remain relevant and competitive.

The Company made significant strides in improving
claims settlement efficiency. The Claim Settlement
Ratio for Motor Own Damage (OD) claims stood at
94.13%, a notable improvement over the previous year's
92.53%. This increase reflects the Company's ongoing
commitment to providing timely and efficient services to
its customers.

As of the end of the fiscal year 2024-25, the Company has
built an extensive network of 1,764 reputed multibrand
motor workshops and garages across the country. These
facilities provide cashless service to our customers,
ensuring convenience and satisfaction.

The Company has consistently focused on leveraging
Information Technology to enhance service delivery.
Several key initiatives introduced in the previous year
have now been fully stabilized and further strengthened
throughout 2024-25. One such initiative is the Fastrack
Claim Settlement Module, which was introduced to
expedite claims processing across India. This module
enables faster settlement by reducing the time required to
navigate the Claims Module in the CWISS platform from
the Surveyor portal. As a result, the Turnaround Time
(TAT) for claims handling has been significantly reduced,
improving operational efficiency.

Further advancing the digital transformation, the Company
has also empanelled Digital Service Providers (DSPs)
for assessing Motor Own Damage claims using Artificial
Intelligence (AI). Initially deployed for tie-up claims, these
DSPs are now also involved in handling Non-Tie-Up
claims. This approach leverages app-based technology
to assess claims for losses up to Rs. 50,000, ensuring a
faster and more accurate claims process.

Several strategic initiatives were undertaken to accelerate
claims processing for Motor Insurance:

•    Motor OD Claims Settlement for assessed and
payable loss amounts up to Rs. 1 lakh based on soft
copies of claim documents.

•    Mandatory Use of Surveyor Portal for generating
Digital Survey Reports (DSR), streamlining the
claims verification process.

•    Introduction of the IIB Claims Status Report for Motor
Vehicles within CWISS, enhancing transparency
and tracking.

•    The launch of a new feature, “Vahan Status”,
designed to further improve the Motor Own Damage
claims processing system.

•    Recruitment of AO (Automobile Engineers) and
engaging them as In-house Surveyors. These
automobile engineers were recruited with a vision to
create inter alia a robust team of in-house surveyors
by utilising their knowledge and expertise.

Additionally, the Motor Department implemented a
pricing model for Motor SIP (Standard Insured Policies)
specifically tailored for Commercial Goods Carrying
Vehicles. This model considers several factors such as
State Registration Code, Insured Declared Value (IDV),
Cubic Capacity (CC), Vehicle Age, Make, and No-Claim
Bonus (NCB%), ensuring competitive and customized
pricing for our customers.

Recognizing the importance of continuous learning, the
Motor Department conducted comprehensive training
programs for various stakeholders across the Company.
Training was provided to Auto Tie-Up Hub Operating
Offices throughout India, enabling staff to handle
Motor Own Damage claims with greater confidence
and efficiency. Furthermore, a dedicated underwriters'
conference was held for all Regional Offices, and newly
recruited automobile engineers received specialized
training to enhance their technical expertise.

? AUTO TIE UP

New India continued to be a stable tie up partner for
the major automobile brands in the Indian Market. The
premium achieved by Auto tie up department in F Y 2024¬
25 is Rs.3260 Crores against Rs.3045 Crores in the FY
2023-24 with growth rate of 7.08%. Growth in auto tie up
department played a major role in the growth of motor
LOB. Auto tie up business constitutes 31% of total motor
LOB premium.

We are sourcing business at dealer points through
centralized tie ups as well as direct tie-ups. This year
we were more focused on digital initiatives in the claims
servicing. Barring 2, all 12 tie-ups have claim integration
in place, where the claims intimated at dealers end are
pushed to our system on real time basis. 'Digital survey
report submission' has been implemented, where
the surveyor can submit the report digitally and claim
can be processes on the basis of soft copies of claim
documents. For assessing the small value claims through
AI , DSPs (Digital service providers) were engaged and
their services are being used in various tie-ups. All these
initiatives helped in reducing the TAT and claims costs.

We are also working on digital claims form submission and
integration of dealers invoice with our system which will
further help in reducing the TAT. These digital initiatives
have further enhanced our Company's commitment to its
customer centric approach.

? MOTOR THIRD PARTY CLAIMS AND MOTOR
THIRD PARTY CLAIMS HUB

The Motor T.P. Department has remained committed in its
dedication to the prompt resolution of claims. Recognizing
the evolving demands of the present, the Department
has refocused its approach toward facilitating quicker
settlements through conciliatory methods, moving away
from the traditional dependency on court-driven judicial
processes.

The prioritization of swift settlements through Conciliatory
Mechanisms is recognized in the Acts of Parliament,
including the amended Motor Vehicles Act and the Central
Motor Vehicle Rules, 1989. The real impact of these legal
provisions will be felt gradually and is expected to further
accelerate the pace of settlements in the coming years.
Our internal mechanisms and guidelines have also been
streamlined by laying more emphasis on settlements and
compromise of TP claims. The Company has refrained
from going for Appeal in cases where there are Supreme
Court and High Court Judgments (state-specific cases)
in our favour. In quantum appeals especially, endeavour
is made to balance out the financial outgo vis-a-vis the
chances of success in Appeal. Our Board Approved
Compromise Manual and other external mechanisms
like Lok Adalats, DAR, e-DAR, iRAD etc. are also useful
mediums for expeditious settling of cases. The Supreme
Court had also initiated and organized a special Lok
Adalat in this Fiscal where our Company compromised
the largest number of cases.

Digital transformation, technological progress and novel
innovations are important at the present juncture and the
department has harnessed these factors by bringing in
the paperless work-flow based structure that has enabled
tracking the movement and the stage in which a legal
claim file is at. Judgment Store is another important
feature which is guiding our claim handlers in effective
handling of Motor TP claims.

In the way of significant challenges beyond our control by
way of non-revision of TP Premium, higher compensation
delivered by Courts, inflation, higher medical costs etc.,
the performance in this Financial Year has shown a
remarkable improvement. With regard to our performance
in the current Fiscal, our Throughput Ratio has increased
to 104.89% as against the previous Fiscal. The Settlement
Ratio has also shown an increase of 32.56 as against
29.33 in the previous Fiscal. Our total outstanding cases
have reduced to 1,57,675 as compared to 1,61,862 in the
previous Fiscal. Furthermore, the claims outstanding > 10
years has also shown a decline. The ICR on net earned
premium has been 108.17.

Suit Hubs function as dedicated offices in handling legal
claims including Motor TP cases. As of now, we have
25 Parent Suit Hubs and 138 Child Suit Hubs that are
catering to TP claims and EC claims, arising out of Motor
Vehicle accident amongst other legal cases. We also
have 2 specialized Legal Hubs in Mumbai and Delhi.

Delhi Legal Hub works as the face of the Company in
Supreme Court and NCDRC Matters.

?    TECHNO MARKETING

Company has established Techno Marketing as a
specialized department to cater to the needs of large
corporate clients. This includes high-value operational
business units and specialized erection and construction
projects. The department issues various policies,
including Stand Alone Terrorism coverage, ensuring
comprehensive protection.

In the fiercely competitive Indian insurance market,
corporate clients constantly seek customized insurance
solutions tailored to their evolving business models.
Techno Marketing meets this demand by leveraging its
expertise to devise need-based insurance solutions.

With strong support from national and international
reinsurers, the company offers unique insurance covers
designed specifically for corporate clients. To enhance
customer delight, seminars are organized directly
at corporate client place. These sessions educate
employees and executives about large risk and project
policies, as well as claims processes. This approach is
integral to the company's strategy of underwriting risks
for profitability, emphasizing robust risk management
practices and methods to minimize losses. Complex risks
undergo thorough inspections by globally renowned risk
engineers.

Moreover, the company conducts online training sessions
on underwriting and claims management to facilitate
effective coordination with technical teams across its
offices. Through its proactive approach and technical
expertise, the company is well-prepared to maintain its
leadership in the market and effectively address future
challenges.

?    MARINE CARGO & HULL

We continue to maintain our leadership in the Marine
Line of Business within the Indian market, achieving
a consistent positive trend in the ICR for the Marine
segment. With an ICR of 58.01% in Cargo and 0.37% in
the Marine Hull segment, the success of our Company's
strategy is evident, even amidst the challenges posed by
the Russia-Ukraine conflict and the subsequent sanctions.
Our overall marine cargo and hull premium has reached
Rs.958.49 Crores, capturing approximately 17.31% of the
market share.

The New India Assurance Co. Ltd. insures the major
shipping lines in India, as well as the majority of inland
and coastal vessels, sailing vessels, and fishing vessels
operating in and around Indian waters. In the oil and
energy segment, we have been the market leaders
since inception. Notably, NIACL is the only insurer in
India offering P&I cover for Indian coastal vessels.
Additionally, we provide Delay in Start-up (DSU) cover for
major construction projects initiated across the country,
protecting against the loss of profits resulting from
maritime perils.

The evolving geopolitical landscape, particularly following
the Russia-Ukraine conflict and the subsequent array of
sanctions on individuals and entities, has posed significant
challenges for marine insurers. The market capacity
was limited, particularly due to the exclusion of certain
territories. The market has also seen the rise of Dark
Fleet activity and increased risks from the war situation in
the Red Sea, fuelled by the Israel-Hamas conflict.

To mitigate risks within our portfolio, we took proactive
measures by forming the Marine Cargo Pool, making
substantial contributions to its formation. Despite these
challenges, we remain steadfast in our support of Indian
enterprises.

We have adopted the OFAC checklist to screen sanctioned
individuals, ensuring prudent underwriting practices and
safeguarding our financial stability. In particular, we are
keen to limit our exposure to the Red Sea War risks and
have secured extensive Facultative Reinsurance support
to minimize our potential liabilities in this region.

As a leader in Marine Insurance, our Company is
committed to delivering best-in-class service to our clients.
Our E-Marine portal has been upgraded to streamline the
claims process, allowing customers to initiate claims,
upload documents, and automatically notify WKW in
the case of overseas claims. The portal has also been
integrated with both Prudent and WTW brokers to improve
operational efficiency. We have also introduced paperless
cargo claim settlements for claims up to ?100,000*,
simplifying the process for large accounts with smaller-
value claims. Additionally, our upgraded vessel master
database, in collaboration with an international service
provider, allows surveyors to access marine claims
through the surveyor portal.

We remain closely engaged with the IT Department to
enhance the customer portal, ensuring it is user-friendly
and adaptable to the evolving needs of our clients.

In line with the KPI restructuring, we have introduced
simple insurance products to facilitate micro-level
management and reduce the turnaround time (TAT) for
claims. As the shipping industry continues to evolve, we
are committed to providing innovative solutions for our
clients.

? AVIATION

The Aviation Insurance Department of New India
Assurance (NIA) continued to demonstrate strong
performance during FY 2024-25, maintaining its
leadership position in the domestic market with an
impressive market share of 33%. NIA remains the
preferred insurer for most major airline operators as well
as a significant portion of the General Aviation sector in
India. The Company is the highest capacity provider in
the Indian Domestic Market and has consistently led the
insurance placement for nearly all major domestic airlines.

In alignment with the Government's Regional Connectivity
Scheme (UDAN), NIA has extended comprehensive
insurance support to emerging and smaller airline
operators, thereby contributing to the development
of regional aviation infrastructure and connectivity.
In addition to its leadership in airline coverage, NIA has
underwritten key aerospace and Maintenance, Repair,
and Overhaul (MRO) risks, further strengthening its
position as a comprehensive risk solution provider
for the aviation industry. Notably, during the year,
NIA also provided insurance cover for the GSAT-N2
satellite launch, marking another milestone in the
Company's space and satellite insurance portfolio.
On the international front, New India continues to reinforce
its presence as a preferred reinsurer, supporting 30
aviation reinsurance programmes globally. This reflects
the Company's robust underwriting capabilities and its
reputation for delivering consistent value in complex and
high-value aviation risks.

Looking ahead to FY 2025-26, the Department aims to
enhance its market position by adopting more refined risk
selection and pricing strategies, expanding its footprint in
the rapidly evolving unmanned aerial systems (“unmanned
aerial systems”) and urban air mobility segments, and
deepening engagements with aerospace and MRO
clients. A sharper focus on innovation, reinsurance
optimization, and operational efficiency will enable NIA
to respond proactively to emerging aviation risks while
continuing to support both domestic and international
partners with insurance and reinsurance solutions.

? MISCELLANEOUS AND LIABILITY
INSURANCE

The Company maintains its prominent position in
the industry as pioneers in crafting Event Insurance,
encompassing Sporting Events alongside other critical
lines of business such as Liability Insurance and Film
insurance. This enduring success is underpinned by
amplified premium rates and robust reinsurance support
from the international market also.

Our commitment extends to serving the insurance needs
of telecommunication service providers, the film industry,
and small to medium-sized entrepreneurs. Continuing
our leadership streak, we proudly retained our position in
the Nuclear Pool throughout 2024-2025, with intentions
set on perpetuating this achievement in the forthcoming
years.

We are steadfast in our mission to bolster the banking
sector by furnishing tailored insurance solutions, including
bankers and Cyber Liability Insurance. Given the
paramount importance of cyber liability in today's tech-
driven landscape, we remain dedicated to fortifying this
sector that underpins our economy's resilience. Strategic
initiatives are underway to explore international markets,
enabling us to introduce innovative products to the Indian
market, aligning with evolving demands and ensuring
sustainable, profitable growth.

Recognized as the preferred insurer by our esteemed
clients, we consistently strive to enhance both underwriting
standards    and claims    management    processes.

Empowering our Regional Offices with decentralized
policy underwriting authority has significantly enhanced
turnaround times, client servicing, and operational
efficiency.

Noteworthy additions to our product portfolio in the
past year include New India Mahila Udyam Bima, New
India Home safety Insurance, New India Griha Suvidha
2.0 and Pollution Legal Liability to cater to the market
requirements for both retail and Corporate segment.

Additionally, we have exciting prospects on the horizon,
including the launch of Nari sanman, New India Bima
Sathi and several other offerings tailored for SMEs and
the Corporate segment.

Conducting regular workshops on underwriting and claims
management underscores our commitment to ensuring
that our technical teams across various offices remain
abreast of industry developments. With an unwavering
focus on continual improvement, we are resolute in
elevating our performance year on year.

?    REINSURANCE

“The Company's reinsurance protection remains well-
aligned with its overall risk appetite and financial strength.
All proportional and non-proportional reinsurance
treaties—covering both domestic and international
operations—were successfully renewed on schedule and
on favourable terms.

During the financial year, there were no major risk losses
or catastrophic (CAT) events affecting the domestic
portfolio, resulting in a claims-free experience under the
domestic excess of loss (XOL) treaties.

The IFSC branch at GIFT City, which focuses on inward
reinsurance business, continues to demonstrate steady
and profitable growth.

Internationally, severe rainfall across the Gulf region in
April 2024 impacted operations in Dubai, Abu Dhabi,
Oman, and Kuwait. This triggered recovery under the GCC
Risk-cum-CAT XL treaty for Property and Engineering
lines, as well as under the Overseas Motor and Liability
programs.”

?    BROKER

The Insurance Industry is one of the fastest-growing
sectors in India and across the globe. With Insurance
products like Life, Health, Motor and more, the Industry
figures speak volumes of the immense opportunities in
the market. 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 total premium income of the Company.

In this FY 2024-25, Broker Department has completed the
target with Rs.12,986.39 Crs Premium with an accretion
of 4.50%. ICR on earned premium is 86.48 % for the FY
2024-25.

We have also mobilized a premium of Rs. 57.13 Crores
through IMF with 42.68 % growth.

Presently 718 Brokers are working with us. We have been
successful in aligning with more than 96% of the Brokers
operating in Indian Market.

We have announced attractive Reward Schemes w.e.f.
April,2024.

In order to give stimulus to our online business, we
have been issuing Portals to Brokers/IMFs, to facilitate
quick issuance of policy and also to encourage them for
more usage of portals. Also, we have integrated 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 “MOST
BROKER FRIENDLY INSURER”.

In order to have regular interaction and communication
with Brokers' fraternity and updating them about national
and international developments, we have launched a
digital Magazine “ SANYOJAN” and we are in the process
of launching 5th edition soon.

? BANCASSURANCE

Banks, due to their geographical spread and in terms of
customer reach in all segments, is an important channel
of distribution of Insurance products.

Currently New India Assurance has tie-up with Major
Banks i.e. with Bank of India, Canara Bank, Punjab and
Sind Bank, Central Bank of India, India Post Payment
Bank, Jammu & Kashmir Bank, IDBI, South Indian Bank
and Axis Bank, besides 32 Scheduled Cooperative Banks
and 3 RRBs during FY 2024-2025. In FY 2024-2025
Bancassurance contributed Rs. 250.75 CR Premium
income with an ICR of 80.15%.

Various campaigns like health check-up drives, training
of bank officials, insurance awareness campaign, were
launched during the course of the year, to increase the
awareness & reach. Our Company has come up with
attractive incentive schemes from April 2024 which resulted
in a positive Accretion of 7%. New India Assurance has
increased its focus on developing Technology platform
as per the requirements of the partner Banks in order
to improve efficiency, TAT, ease of doing business &
providing service to customers.

We have taken pro-active steps to increase tie-ups with
banks which enabled us to procure good business by this

channel. In FY 2024-2025 we have entered into tie up
with 8 new partners i.e. with Bank of India, Jammu And
Kashmir Bank, The Himachal Pradesh State Cooperative
Bank, Aryavart Gramm Bank, The Tamil Nadu State Apex
Cooperative Bank, The Malad Sahakari Bank, Rajarshi
Shahu Sahakari Bank and The Nav Jeevan Cooperative
Bank.

Bancassurance Channel looks forward to achieving many
milestones by strengthening existing partnerships with
the corporate agents and constantly taking effort to tie-
up with many other Public sector Banks, Private Banks,
Scheduled Cooperative Banks & RRBs.

? AGENCY

Agency Department is a key intermediary channel
for procuring business for our Company contributing
substantial share of premium. In the FY 2024-25, the
total Premium was procured Rs.11,107.59 Crs with
8.14% Accretion with an ICR of 80.87% contributing to
28.73 % of Company's domestic premium ( Individual
Agents Rs.10938.37 Crore and Corporate Agents (Other
than Banks) Rs.169.20 Crore ) We have enrolled 5125
Individual Agents and 10 Corporate Agents ( Other than
Banks ) as on 31st March,2025 ,the total number of
Agents are 120714.

Agency Department has implemented various reward
schemes during the year to motivate agents &
extendedGPA Cover to All Club Members agents. Agency
Department has arranged Training for CMD &GM Club
Member Agents for enhancing their skills.

Agency Department had released Agent Manual with
information on all retail marketable products. Also released
the Agent Magazine ”Pragati” consisting of Agents
articles, Poem, Agents & their Children's Achievements,
technical articles, Names of CMD Club Members and GM
Club Members, National Level & RO level convention
Photos , Agent Day Celebration Photos.

Necessary communications sent to Agents as and when
required. Various other measures like texting messages
to agents on Birthdays, festivals were initiated. Every
Operating Office has been arranging Agents Meeting on
1st and 3rd Friday of each month and imparting product
knowledge, soft Skill training and exchanging views on
marketing strategies.

In the FY 2024-25 total 1609 Agents have became eligible
for Agent Club Membership based on the performance
year 2023-24. All India convention and Regional level
conventions were held to felicitate the said esteemed
Agents at various centers PAN India

Agency Department has been promoting Agents Portal
to enable agents to issue policies quickly on 24x7 basis.
Agent App with new features 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. Initiated short AVs in

regional languages for popular products to help Agents.

During the year, Portal Access was enhanced by allotting
the 4299 Portals to agents increasing the total number
of portals to 60571 as on 31st March,2025. Rs.4943.91
crore premium was collected through the Agent Portal in
the Year 2024-25.

Also EDM / FLASH / AT A GLANCE of newly launched
products uploaded on Agent portal ,so that Agents can
know about the product features readily . The Photo of
the Top 10 Performing Agents for the month displayed on
Agent portal . Regular Agent portal revision is done with
technical department approval. More number of policies
were added to the Portal with a target to increase portal
usages.

Monthly “NEWS LETTER” introduced on Agent portal
giving news on latest updates about newly launched
products and important information pertaining to Our
Company.

Agency Dept.'s Vision is to increase the premium portfolio
ensuring growth with profitability with focus on seamless
journey through technology aided solutions.

? GOVERNMENT HEALTH BUSINESS

After providing efficient services since 2015 to the
Rajasthan State Health Scheme, we have once again
secured L1 bidder and are participating in providing the
health insurance schemes as below:

1.    Mukhyamantri Ayushman Arogya Yojana (MAA)
in association with the Rajasthan State Health
Assurance Agency (RSHAA).

Using specialized AI/ML based apps our Regional
Government Business Office (RGBO) is enabled
to deliver seamless and expeditious service.
Approximately 1.34 crore families are covered under
the current scheme, with furthermore addition of
new families. The total sum insured per family is INR
25 lakh (5 lakh insurance mode and 20 lakh under
trust mode), 50 thousand for secondary ailments
and 4.50 Lakh for tertiary ailments. Claims above
INR 5 Lakh are processed by the TPAs under trust
mode. A wide range of beneficiaries are those below
poverty line (BPL) families, socially and economically
weaker section of society and also paid members.
The policy enables cashless access for secondary
and tertiary healthcare services, providing financial
protection to the vulnerable families.

2.    State Health Agency for the UT of Lakshadweep
is managed by our Lakshadweep DO, under
Ernakulam RO. The number of families covered are
13,128 for a sum insured of INR 5 lakh per family
on floater basis, 50 thousand for secondary ailments
and 4.50 Lakh for tertiary ailments.

I n addition to the above two health schemes, the
company also extends its coverage to the vast

number of individuals under the various other
government schemes. The company covers 14.65
crore lives under Pradhan Mantri Jan Dhan Yojana
(PMJDY) and 8.24 crore lives under Pradhan Mantri
Suraksha Bima Yojana (PMSBY) scheme, a flagship
initiative of Government of India.

Furthermore, the company also provides on-
duty personal accident cover to volunteers of the
National Disaster Management Authority (NDMA),
demonstrating its commitment of safeguarding lives
and promoting social welfare.

Our active participation in the government schemes
represents our social responsiveness in providing
accessible and specialized insurance solutions to the
various sections of our society, thereby contributing in
public welfare and sustainable development goals of our
nation.

? RURAL AND SOCIAL SECTOR AND MICRO
INSURANCE

As the premier Non-Life Insurance Company keeping with
its rich traditions & strong social commitment of serving
the rural masses has always been in the forefront of
devising host of Rural Insurance Products. 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 community. A wide variety of covers are now available
for the rural areas to meet the specific needs of the Rural
masses e.g. Cattle Insurance, Sheep & Goat Insurance,
Agriculture Solar pump sets, Poultry Insurance, Saral
Sampurna Kisan Bima Yojana, Horticulture/Plantation
Insurance, Personal Accident Insurance Cover to Kisan
Credit Card Holders (KCC) etc. for the safety & security of
the rural populations.

We have developed a new product named as “ New India
Shrimp/Prawns Insurance Policy’ as per Pradhan
Mantri Matsya Kisan Samridhi -Sah Yojana of
Fisheries Dept.under the Ministry of Fisheries Animal
Husbandry and Dairying, Government of India which
can be sold to individual farmers as well as fishermen's
associations. Further, Integration with Government Portal
is also under process.

The Objectives of the Scheme is to develop suitable
aquaculture insurance products, to build trust and
better uptake by the beneficiaries. The scheme will
provide awareness programs, extension and knowledge
support to aquaculture farmers. Department of Fisheries
also provides ‘One-Time Incentive’ to beneficiaries to
encourage purchasing aquaculture insurance products.

Insurance Requirement of the Scheme mentioned
above is to provide a safety net for producers, ensuring
resilience of the sector and supporting its continued
growth and diversification beyond shrimp culture.

The Company has always shown keen interest in various
Government sponsored Schemes for Cattle/ Livestock
Insurance schemes under National Livestock Mission in
various States as well as in Kashmir Region for the 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. At present, the Company is providing 13 Micro
Insurance Products such as Cattle Sukshma Bima, Sheep
& Goat Sukshma Bima etc. to protect low-income people
from financial losses with affordable products.

Cattle/Livestock Insurance : Our Delhi RO-I,
Chandigarh, Kanpur, Hyderabad, Vizag, Coimbatore,
Chennai, Ernakulam, Pune, Nagpur, MRO-V ROs have
participated in centrally sponsored Cattle Insurance
schemes, Corporate Dairy Schemes and State/local based
schemes. We have issued approximately 112207 policies
and procured substantial premium of Rs.104.41crores.

The Company during 2024-25 underwritten a total Rural
Insurance Premium of Rs. 119.02Crores with Incurred
Claim Ratio of 93.06%.

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.

? PARAMETRIC INSURANCE

In an unprecedented bid to revolutionize risk protection
in India and across the world, The New India Assurance
Company Limited on 27th May 2025 launched its
Parametric Insurance Cover, a pioneering insurance
product that protects economic losses resulting from
pre-specified natural or environmental incidents—
typical exclusions under traditional insurance products.
Parametric insurance employs objective, real-time data
triggers (such as rain, temperature, or earthquakes) to
immediately pay claims—no forms, no loss adjusters, no
lag time.

What Sets Parametric Cover Apart?

•    Automatic Triggers: Claims are triggered by
objective parameters (e.g., rainfall > 50mm).

•    Zero Paperwork: No paperwork or loss proof
required.

•    No Deductibles: Payment in full according to pre¬
agreed conditions.

•    Custom made Fit: Insurance cover designed to the
risk profile of corporates, governments, farmers,
MSMEs, etc.

•    Transparent Pay-out Model: Trigger and pay out
terms are well specified at the outset.

Policyholder Benefits:

•    Faster Recovery: Pay-outs made on the spot at
trigger time, supporting immediate disaster recovery.

•    Broader Access: Covers industries and communities
that had no or little insurance.

•    Operational Simplicity: No manual verification and
disputes.

•    Risk Inclusivity: Equips co-ops, Self Help Groups,
farmers, NGOs, and small businesses with effective
protection.

Who Can Benefit?

•    Corporates, MSMEs, and Hospitality Sector

•    Government Departments & State Agencies

•    Farmers, Co-operatives, and SHGs

•    NGOs, Microfinance Institutions, and Banks

•    Travel Agencies and Community-Based
Organizations

With its potential to reduce basis risk and improve risk
management, parametric insurance is an attractive
option for individuals and organizations seeking tailored
coverage. Hence, carrying this forward we are in
continuous follow-up with various state governments and
organizations to provide them with an insurance proposal
with a coverage customizable as per their needs. We aim
to provide an innovative solution for customers to manage
their climate related risks and uncertainities.

? STATE INSURANCE PLAN

Insurance Regulatory and Development Authority of India
(IRDAI) has come up with the proposal of a Comprehensive
State Insurance Plan involving State/UT administration
and insurers alike, that aims to accelerate the process
of implementation of last mile delivery of insurance
services to the uninsured population of all the states.
This is in line with the vision “Insurance for all by 2047”
by the Government of India aimed at promoting financial
inclusion and in increasing Insurance penetration.

In order to successfully implement the above plan, The
New India Assurance Co. Ltd. has been appointed as
lead insurer in the state of Gujarat and Lakshadweep.
Accordingly, we have opened a purely dedicated office
for State Insurance Plan situated in Ahmedabad which is
aimed at identifying and addressing protection gaps for the
insurance segments such as MSME, Motor, Agriculture,
Retail Health, Home Insurance, Women Centric Initiatives
and many more.

We have successfully identified 5407 Gram Panchayats in
91 Talukas under 13 districts of Gujarat state where we are
constantly organizing Insurance Awareness Campaigns.
Medical Camps were organized by us and policyholders
were given provision of rice, jaggery and lentils. On 2nd
April 2025, we have also organized Bima Jagruti Utsav at
Dahod district where the first Naari Samman Bima policy
was issued marking a positive start to our endeavour of
Insurance for All by 2047.

In Lakshadweep, we have devised a specialized product
aligned with specific needs of the territories. Also, with
the help of Parivahan site, vehicles with long pending
insurance renewals have been identified and a letter in
association with and duly authorized by Motor Vehicle
Dept. has been sent for ensuring 100% coverage for all
motor vehicles.

We are continuously moving forward by creating Insurance
Awareness activities at district level in co-ordination with
district level authorities and by spreading awareness of
State Insurance Plan through Agents, Brokers, Corporate
Agents, IMFs etc. We are also coordinating with state
governments, NGOs, Aaganwadi workers, SHGs to create
awareness at grass root level and thereby increasing the
insurance penetration through publicity of Insurance plan
in media and Brochure distribution at District level.

We at The New India Assurance Co. Ltd. are fully
committed to the Government of India's Vision of
“Insurance for all by 2047” and will play an instrumental
role in promoting financial security and protecting citizens
from unforeseen events by providing affordable and
comprehensive coverage to improve the overall well¬
being of beneficiaries and contribute to the country's
economic growth.

? MSME

Micro, Small, and medium enterprises(MSMEs) are
one of the driving forces propelling the Indian economy
towards global greatness. As per the Udyam portal,
MSMEs employ over two crore people, firmly establishing
themselves as the bedrock of the Indian economy.
Aided partly by supportive and reformatory government
initiatives and technological innovations, the MSME sector
has grown exponentially, accounting for ~46% of Indian's
total exports. MSMEs' role in fostering sustainability and
inclusivity in the Indian economy is irrefutable. 20.5%
of the MSMEs registered on Udyam portal are led by
women, accounting for 18.73% of the total employment
generated by Udyam registered MSMEs.

In order to be a part in the growth of this exponentially
growing sector The New India Assurance Co. Ltd. has
taken several initiatives to support the MSME sector:

• Dedicated MSME cell: The company has
established a dedicated MSME cell to focus on
the specific needs of this sector and develop a
customized insurance solutions to meet these
needs.

•    Specialized policies: New India Assurance has
launched policies like Bima Udyam and Bima
Sathi which provide affordable and comprehensive
coverage for MSMEs. Also, to exclusively cater to
the needs of women entrepreneurs we have also
launched New India Mahila Udyam Bima policy.

•    Awareness initiatives: We are collaborating
with state governments, district industrial units,
cooperative societies, rural banks, and CSE centers
to increase awareness about insurance among
MSMEs. We are also running digital campaigns and
workshops.

•    Partnerships: We are also partnering with industry
associations, government agencies, and other
organizations to leverage our reach and promote
risk management solutions for MSMEs.

MSMEs and a focus on their growth are critical for the
long-term prosperity of India's economy. MSMEs play
a crucial role in the GDP growth, industrial production,
and job creation in the nation's economy, and hence The
New India Assurance Co. Ltd. through its initiatives for the
MSME sector demonstrate its commitment to supporting
small business and thus providing them with financial
stability, increased creditworthiness, Business continuity
even during disruptions and supporting business
expansion by encouraging investments.

?    ALTERNATE BUSINESS CHANNEL

New India has completed the premium of Rs 236.61 crore
for the year 2024-2025 through Alternate channels such
as Web Integration with Brokers, Corporate agents, CSC
portals and G2C channels.

As of now 20+ integrations are active and
procuring premium.

Along with this ABCD also manages payment gateways
for online premium payment.

It is a constant endeavor of the Department to improve
customer experience while making online payments

?    CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES

As a global leader in General Insurance Sector, we are
proud to present our commitment to Corporate Social
Responsibility (CSR) in this annual report FY 2024-25,
showcasing our dedication to creating a positive impact on
the communities at large. Corporate social responsibility
(CSR) is a self-regulating business model that helps a
company be socially accountable to itself, its stakeholders,
and the public. By practicing corporate social responsibility,
also called corporate citizenship, companies are aware of
how they impact aspects of society, including economic,
social, and environmental.

CSR Committee of the Board was constituted in
September 2014 with a mission to achieve our vision

to strive to transform India into a “Risk Aware” society
from being a “Risk-Averse” society and with a mission to
“achieve our vision by integrating social, environmental
and health concerns of the Indian society into Company's
overall CSR Policy and programmes”. CSR has been a
long-standing commitment in the Company and forms an
integral part of our activities.

In this year, The Company has utilized 100% of the
Budget (Rs. 8.03 Crore). From the stated Budget of the
Company, 100% have been sanctioned towards various
CSR Projects. The Company has utilized its CSR budget
with presence in diversified areas including health,
Sanitation, Skill Development, Hygiene, protection of arts
and culture, etc.

IRDAI (Insurance Regulatory and Development Authority
of India) focuses on the health segment under CSR
activities by encouraging the insurers to contribute to
community health and wellbeing, including initiatives like
infrastructure development in hospitals and supporting
health campaigns. Keeping the same in focus, the highest
allocation to Health segment was made by our company,
valuing to approx 67% of the total CSR Budget.

? CUSTOMER CARE

The Customer Care Department operates from the
Company's Corporate Office, as well as from all Regional
Offices, Corporate Business Offices and Auto Hubs.
Dedicated Customer Care Officers are stationed across
all business offices nationwide to provide quality service
to policyholders and prospective customers. Additionally,
comprehensive information about our products is
available on our official website: www.newindia.co.in. for
the benefit of the public.

Our toll-free number 1800-209-1415 is available 24/7 to
assist customers with queries related to products, claims,
and grievance procedures. Furthermore, a grievance
redressal option has been added to the menu of our
WhatsApp service (9833319191), which is linked directly
to our grievance portal.

The Company has a Grievance Redressal Policy,
approved by the Board of Directors, which outlines
the framework for the timely and effective resolution of
customer grievances while maintaining a high standard
of service. We also follow a Policy for the Protection of
Policyholders' Interests, approved by the Board, which
sets forth the quality of service. The Company aims to
provide to both policyholders and prospective clients.
These policies are available on our website for easy
access by customers.

Additionally, the Company has adopted a Citizens' Charter,
approved by the Board of Directors, which establishes
clear service benchmarks across all business operations.
To further empower customers, a Customer Education
Policy has been implemented to enhance awareness and
understanding of insurance products and procedures.

Grievances received orally, over the telephone, or
in writing are registered in the Grievance Module of our
Customer Relationship Management. Customers can
register their grievances through our website https://
www.newindia.co.in/portal/login/customer.    For direct

communication, customers may use our dedicated email
address: customercare.ho@newindia.co.in. monitored by
the Head Office.

In our continued commitment to inclusive service. a
dedicated Telephone line : 022 22708348 and email ID—
seniorcitizencare.ho@newindia.co.in—has been set up
specifically to address grievances of senior citizens, and
is also monitored by the Head Office.

Grievances submitted to IRDAI are recorded in the Bima
Bharosa platform. and our CRM is integrated with Bima
Bharosa in real time. We also handle customer grievances
received through the Centralized Public Grievance
Redress and Monitoring System (CPGRAMS) and the
Integrated Grievance Redressal Mechanism (INGRAM)
via the National Consumer Helpline portal.

Once a grievance is resolved. customers are informed of
the outcome. and the resolution details are posted on the
portal. Also. we have provided a feedback option to the
complainant on our portal so they may share their views
on the grievance resolution process.

?    CORPORATE COMMUNICATIONS

Our corporate communication Department plays a pivotal
role in maintaining strong relationship 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 and effective use of various
Medias available and ever-changing environment, we
have increased our campaigns on TV, Radio, FM, Print
Media and Social Media in addition to the traditional
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.

?    CLAIMS MANAGEMENT

The Company carried out the following activities in this

vertical during the FY 2024-25.

•    Review and monitoring of Non-Suit Claims with
an objective of increase in Settlement Ratio and
decrease in number of outstanding claims.

•    Submission of Catastrophic Claims data to IRDAI,
DFS and GI Council. RO wise/ Claims Hub wise
monitoring of CAT Claims for early settlement of
claims.

•    Age wise monitoring of long pending Non Suit and
Non-Health claims, and Health claims monitoring in
coordination with Health department.

•    Conducted all India Claims Workshop for Non-Suit
Claims Hub In-charges on 30th and 31st May, 2024.

•    Undertaken virtual & physical meetings with
designated officials of all Regions on Non-Suit
claims management & Motor OD claims automation
including digital survey report.

•    Organized training for Claims handling officials
on PAN India basis at Insurance Institute of India,
Mumbai.

•    Announcement of Campaigns on various parameters
like Settlement Ratio, clearing of long pending
claims, etc., in each quarter to target the optimum
non-suit claim settlement.

• Follow up with Regional Offices for monitoring of surveyors, based on the surveyor performance appraisal.

NON-SUIT CLAIMS:

SUIT CLAIMS

?    MARKETING

New India has once again continued its supremacy in
the insurance industry with a total of 12.57% market
share. Our marketing team contributed to this triumph of
New India with a remarkable share of premium by our
Development Officers of Rs. 6693 Crores. Our Business
Associates have successfully contributed more than Rs.
5495 Crores premium for the FY 2024-25. In all total
share of premium by AO (D), AM (D) from all over India is
Rs. 4247 Crores

?    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
individual to access information held by public authorities,
including our Company, ensuring greater openness and
fostering a culture of trust.

At our Company, we are fully aligned with the principles
of the RTI Act and actively encourage access to
information. We believe it is the right of all stakeholders—
policyholders, shareholders, and the general public—to
obtain relevant information regarding our operations,
financial performance, and governance practices.

The Central Public Information Officers (CPIOs) at our
Regional Offices, Central Business Offices, Auto Hubs,
and Legal Hubs play a vital role in upholding the spirit of
the RTI Act, under the guidance of the RTI Department at
our Head Office.

During the year 2024-25, we received a total of 2,171 RTI
applications (including those submitted online) and 242
First Appeals.

In accordance with the Department of Financial Services
guidelines, a Third-Party Transparency Audit of our
RTI proactive disclosures for the year 2023-24 was
conducted by the National Institute of Technical Teachers
Training & Research, Chandigarh (Ministry of Education,
Government of India).

To comply with the RTI Act and the guidelines issued
by the Central Information Commission (CIC), our
official website is regularly updated to ensure the timely
disclosure of maximum information as mandated under
Section 4(1)(b) of the RTI Act, 2005.

?    INDUSTRIAL DISPUTES AND DISCIPLINE

To maintain peace and harmony in the Company, it is
essential, to address the disputes efficiently & quickly.
Therefore, the Company ensures implementation of a
system of monitoring and evaluation for effective and
efficient dispute redressal mechanism.

To achieve this objective, the Company provides training
and education to employees on industrial dispute
resolution mechanisms, Conduct Rules and promote a
culture of industrial harmony and co-operation. In order
to fulfill the same, the Company has imparted 4 zone
wise interactive training sessions for the employees
posted across the Country on 'The New India Assurance
Company Ltd. (Conduct, Discipline & Appeal) Rules,
2014, (hereinafter referred as 'Company's CDA Rules').
Also, the Company ensures that inquiries under the CDA
should be cost-effective therefore, encourages virtual
hearings.

The Company has also conducted 3 Review exercises,
i.e. review of all the cases related to employer-employee
disputes and also Non-vigilance cases pending at the
Regional Office.

Further, in compliance with the CVC guidelines as well as
Company's CDA Rules, the Company has ensured filing
of Annual Property Return for the last financial year from
every employee.

?    INFORMATION TECHNOLOGY

At New India Assurance, we view Information Technology
not just as an operational necessity but as a strategic
enabler. Our commitment to digital innovation and
data security continues to strengthen our market
leadership and long-term sustainability. With our data
centres certified under ISO 27001:2022, we reaffirm our
dedication to safeguarding sensitive customer information
and upholding the highest standards of information
governance. Business Continuity and Risk Management
remain central to our IT framework. We have successfully
conducted Disaster Recovery (DR) and Near Disaster
Recovery (NDR) drills to ensure resilience and operational
continuity across all critical systems. These initiatives
fortify our ability to operate securely and uninterrupted in
an increasingly complex risk environment.

In line with global trends in the BFSI sector, we have
adopted a cloud-based, AI-powered email platform,
allowing improved analytics, collaboration, and smarter
data handling. This is part of our broader initiative to
embed Artificial Intelligence and Machine Learning into
our business operations to drive efficiency, agility, and
accuracy. To further enhance customer experience and
support digital scalability, we have upgraded bandwidth
across all branch offices and expanded capacity at
both our primary and backup data centres. These
improvements ensure that every customer interaction—
whether physical or digital—is seamless and efficient.

Our tech-driven service enhancements span AI/
ML-powered claim processing and fraud analytics,
multilingual customer support through NLP-enabled
Chatbots and WhatsApp, next-generation call center
infrastructure, and robust digital portals and mobile
applications for both customers and intermediaries. We
are also actively aligning with key government-led digital
initiatives to strengthen integration and reach. These
include the Account Aggregator framework, National
Health Claim Exchange (NHCX), the Jan Suraksha
Portal for PMSBY, among others—positioning us at
the forefront of digital adoption in the insurance sector.
These technology-led interventions have significantly
enhanced service efficiency, accessibility, and regulatory
alignment—translating directly into business growth. In a
landmark achievement, our premium income has crossed
?43,600 crores, setting a new record in the Indian general
insurance industry.

:♦    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 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 for pursuing 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.

In order 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 31^st March 2025

• RECRUITMENT AND RESERVATION
Number of employees recruited during 2024-25

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as
on 31.03.2025

# 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 organised 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. Pre¬
recruitment 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 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 advices. Based on the inspection report, action is 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 time-frame.

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 31.03.2025,
are holding senior positions in our Offices:

•    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

•    The 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 AND DEVELOPMENT

With a steadfast focus on excellence, innovation, and
customer needs, our Company continues to move forward
with confidence.

In today's dynamic environment, marked by relentless
competition and rapid technological advancements, we
recognize the critical importance of equipping our workforce
with the knowledge and skills necessary to navigate
emerging challenges and capitalize on opportunities.
Staying true to our forward-thinking approach, we have
proactively prepared our employees to meet future market
demands and industry transformations.

We have placed significant focus on building capabilities
in areas such as Computer Literacy, Cyber Risk
Management, Digital Marketing, Data Analytics, Fraud
Analytics, and most importantly, Artificial Intelligence — a
fundamental pillar of future technology. These initiatives
are vital to maintaining competitiveness and adapting
seamlessly to the evolving business landscape.

Employee development remains a top priority. Our
multifaceted training programs ensure that our workforce
remains agile, motivated, and equipped to drive
sustainable growth and create enduring value for all
stakeholders.

In addition to core programs in Prudent Underwriting,
Claims Management, Fraud Management, Human
Resource Management, Vigilance, and Policy Awareness,
we have actively promoted alternate and specialized
training initiatives, including:

•    Empowerment of Women Employees: Specialized
trainings such as Women Managers' Programs
and Prevention of Sexual Harassment (POSH)
workshops.

•    Growth Initiatives: Pre-recruitment and pre¬
promotional training programs tailored for SC/ST/
OBC applicants and employees across all cadres.

•    Leadership and Communication Excellence:

Programs aimed at enhancing leadership
capabilities and effective communication skills for
operating office in-charges, equipping them to face
organizational and market challenges with resilience
and vision.

•    Marketing Force Development: Focused training
for Marketing Officers and Agents to build a strong
and competent frontline.

•    Holistic Employee Wellness: Soft skills training
such as Personality Development, Physical Fitness,
Yoga Sessions, and Pre-retirement programs to
foster mental, physical, and financial well-being.

•    External Collaborations as Special Initiatives:

Encouragement of executive participation in
prestigious programs conducted by premier
institutes such as Indian Institute of Management
(IIM)- Ahmedabad, IIM-Mumbai, IIM-Indore,
Management Development Institute (MDI)-
Gurgaon, ISTM (Institute of Secretariat Training and
Management), IIRM - Institute of Insurance and
Risk Management, IICA, FIMMDA, AJNIFM, CLC
and V. V. Giri National Labour Institute, providing a
rich learning experience through exposure to global
best practices and cutting-edge research.

Our strategic approach of linking training nominations
to employees' specific job profiles ensures relevance
and maximizes the impact on job performance and
career progression. Furthermore, the policy of restricting
nominations to one training program per employee
per year promotes equitable access to development
opportunities, enhancing organizational capability at all
levels.

Through these robust training initiatives, we reaffirm our
belief that a well-trained and inspired workforce is the
cornerstone of enduring success and sustainable growth.

? OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is
implemented on the basis of 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 enhance the implementation and propagation of official
language in all the offices and Departments of the company.

In order to make the employees capable and efficient in
Hindi in their respective departments with ease and ease,
the Department of Hindi is organizing workshops from
time to time. In this financial year, Head Office Official
Language Department organized 4 workshops and
special workshops--training programs were organized
for the personnel of 'A' and 'C' areas at “Rishikesh” and
“Madurai” respectively.

In this financial year, the Head Office Official Language
Department carried out hundred percent official language
inspection i.e. of all 29 Regional offices. The third sub¬
committee of the Parliamentary Official Language
Committee inspected Tirupati Operating Office and Bhuj
Business Office. Parliamentary Alekh evam sakshya
committee inspected Bhiwani Operating Office and
Gaziabad Operating 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 2024-2025 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, motivate and
encourage the employees towards the official language
Hindi, Hindi fortnight was organized in the Head Office
from September 17, 2024 to September 30, 2024.

A total of 09 competitions were held during this period.
Similarly, Hindi day/Hindi fortnight was also organized at
each Regional Office/Operating Office. Employees were
awarded under the ongoing cash incentive scheme for
working in Hindi during the entire financial year.

In the year 2024-2025, the All India Hindi Conference
was held on 24-25 February, 2025 at Tirupati under the
Hyderabad Regional Office. Prizes were also given to
the Regional Offices for their best performance in the
conference. This year, two issues of the corporate house
magazine 'Arjan' were published, in which the employees
working in various offices of the company participated
through their articles. Along with this, its QR code was
also made available. Similarly, Hindi inhouse magazines
are also being published regularly from Regional Offices.
This year, on the occasion of International Women's
Day, a collection of poems “Srijana” dedicated to women
power was also published in e-magazine and audio
format. In this financial year, the Department of Official
Language received a total of 113 awards all over India.
On January 10, 2025 on the occasion of World Hindi Day,

a Webinar on subject Role of Information Technology
in Development of Hindi and Regional Languages was
organized for the employees of New India located in the
country and abroad.

More than 500 employees participated. A webinar on
the Role of Information Technology in the development
of Hindi and Regional Languages was organized on
March 17, 2025 for the member offices of the Town
Official Language Implementation Committee, Mumbai.
A large number of personnel are being trained in the
Hindi Training Scheme, Department of Official Language,
Ministry of Home Affairs, Government of India in Prabodh,
Praveen, Prajna and Parangat Training Programmes

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

? INTERNAL AUDIT

The Internal Audit department plays a crucial role in an
organization by providing independent and objective
based assurance designed to add value and improve
operations. It helps in evaluating and improving the
effectiveness of governance, risk management, and
internal control processes.

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, the audit activities and observation
of Internal Audit department are consolidated in form of
Annual Report and informed to the Audit Committee and
the Board.

The Company through the Internal Audit Department 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.

Internal Audit Department, H.O controls the expenses of
the company by preparing budget for revenue and capital
expenses.

Timely Audit clearances of the employees are given for
Retirees /VRS /Death/90% PF Withdrawal.

Audit department is also committed to digitalization
process. The department have implemented audit module
to conduct audit work and audit reports digitally & also to
focus on quicker resolution and compliance monitoring.
The department is also in process of Automating Audit
functions like Employee Clearance module, Budget
Review and Control process. The AML reports and
triggers are also being digitized for seamless integration
with Government entities.

The department is committed to continuous improvement
in our internal audit function. Internal Audit Vertical keeps
abreast of evolving regulatory requirements and industry
best practices. This allows the department to enhance

audit methodologies, adopt innovative technologies, and
leverage data analytics to provide valuable insights to the
organization.

? LEGAL & CONSUMER FORUM

The department's day to day working includes handling
of legal matters pertaining to Arbitration cases and
Consumer Fora cases/Supreme Court matters and Civil/
Commercial Suits arising out of suit claims other than T.P
Claims. The department's primary goal is effective and
efficient handling of such suit claims.

In adherence to the directives issued in the notification of
the recent IRDAI Regulations on Corporate Governance,
2024 (notified on 01/04/2024) and subsequent Master
Circular dated 22nd May, 2024, the department has
put in place a framework for review of awards wherein
the department diligently monitors the Awards given by
consumer forums for decisions on awards to be taken
within 30 days.

The department's settlement ratio has significantly
increased, demonstrating a substantial rise in the
number of cases settled in this financial year. An overall
settlement ratio of 28% and throughput ratio of 121% has
been achieved this year.

Settlement of the maximum number of cases through Lok
Adalat has always been a priority for the department. In
this regard, this year a total of 273 cases have been settled
through Lok Adalat. As each consumer case stands on
different merits on a case to case basis, achieving this
number of settlements represents a substantial success
this year. A new framework that has been introduced
in CWISS this year is for reviewing pending litigation,
wherein directives have been issued to Regional Offices
to thoroughly review consumer cases and categorize
them as fit or unfit for compromise settlement. This
framework enables the Suit Hubs to identify cases for
potential settlement, which can then be put before the
Legal Services Authorities or Regional Office Committees
for Compromise settlement.

To minimize the number of execution petitions filed
against the Company, the department has been working
closely in coordination with our Regional Offices offering
professional guidance to the Suit Hubs for effective
resolution of such cases.

In order to promote digitization and streamline operations,
daily notices received by the department are sent to the
respective Regional Offices (ROs) on an urgent basis.
Due care is taken to ensure these notices are promptly
attended to, with ROs specifically instructed to file Written
Statements (WS) within the specified time period. To
further expedite the process and save time, we have
been actively promoting electronic transfer of documents,
including the electronic filing of WS/defences before the
Court/Fora.

This year, the department implemented a new framework
to facilitate root cause analysis of consumer cases in
CWISS. This framework aims to identify deficiencies in
the claim handling process and service-related issues
impacting customer satisfaction. It is implemented with
an objective to promote internal departmental growth by
highlighting key areas requiring process improvements to
enhance customer satisfaction.

? VIGILANCE

The Vigilance Department is overseen by the Chief
Vigilance Officer and comprises two Chief Managers
along with Desk Officers who handle matters related to
various Regional Offices. Each Regional Office Vigilance
Officer reports directly to the Head Office Vigilance
Department.

The department is primarily focused on fostering a strong
vigilance culture, placing special emphasis on Preventive
Vigilance Mechanisms. This approach not only promotes
systemic improvements but also enhances standards
of Corporate Governance. A robust preventive vigilance
framework helps in cultivating an organizational culture
that supports excellence and integrity.

Preventive Vigilance Committees (PVC) at both the
Head Office and Regional Offices actively contribute to
raising awareness and promoting preventive vigilance.
Additionally, the Internal Advisory Committee plays a
crucial role in ensuring fairness in identifying vigilance
issues and in the timely resolution of Disciplinary
Proceedings.

The department carries out unannounced inspections
of offices. Findings from these surprise inspections are
shared with the respective Region-in-Charges, and any
observations requiring further vigilance investigation are
pursued accordingly.

During the year 2024-25, the department conducted
surprise inspections at 780 locations, including Large,
Medium and Small Business Offices, Corporate & Broker
Offices, Claim Hubs (Suit and Non-Suit), as well as RO/
TP/OD HUBs. Preventive Vigilance Workshops were
regularly organized at various offices and Head Office to
educate and sensitize employees about the significance
of vigilance in both public and personal spheres. These
sessions also led to actionable recommendations for
system enhancements.

Vigilance Awareness Week was observed from October
28 to November 3, 2024, with the theme “Culture of
Integrity for Nation's Prosperity.” A range of activities,
events, and competitions were held within and outside
the organization to spread awareness and encourage a
corruption-free and robust national ethos.

As part of the department's capacity-building initiatives,
training programs were organized on topics like ethics

and governance, organizational systems and procedures, cyber hygiene, and IT security. Sessions also covered CDA Rules,
underwriting safeguards, and internal checks and balances in accounts, conducted by various subject experts. Special
awareness drives were also held to educate employees about the provisions of the Public Interest Disclosure and Protection
of Informers (PIDPI) Resolution.

? 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

?    SECRETARIAL STANDARDS

During FY 2024-25, 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 significant 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 Independent director and maintain six
directors on the Board. The same are listed below:

BSE and NSE issued penalties for quarter ended 30th September, 2024 and quarter ended 31st December, 2024 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:

The New India Assurance Company Ltd does not have proper composition of the Board including non- appointment of
Independent Director.

The Company's point-wise to the replies were as follows:

The Directors on the Board are appointed by Government of India. After the cessation of 2 Independent Director from the
Board from 20th December, 2024 the composition of the Board is not as per SEBI (LODR), 2015 regulations.

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 were carried-out for FY
2024-25.

?    DIRECTORS AND OFFICERS INSURANCE

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

?    AUDITORS RESPONSE TO REMARKS

The replies to the qualification made by the Auditors in
their report is attached as Annexure “A” 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 Ragini Chokshi & 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

?    IMPLEMENTATION OF INDIAN ACCOUNTING
STANDARD (IND AS)

Insurance Regulatory and Development Authority of India
vide their letter Ref No. 100/2/Ind AS-Mission Mode/2022-
23/1 dated 14th July, 2022, advised the insurers to set
up a Steering Committee to initiate the Implementation
process. The Company has accordingly constituted a
Steering Committee in FY 2022-23 comprising members
from cross functional areas such as Finance & Accounts,
Actuarial, Investment, Taxation, Information Technology
and Reinsurance to oversee the implementation of Ind AS.
Periodic meetings of the Steering Committee are being
held to review the progress made towards implementation,
Issues/ Challenges and course of action to mitigate the
same. The Steering Committee is also updating the Audit
Committee of the Board on the progress in preparedness
towards the Ind AS implementation process.

The Company has appointed a knowledge partner in FY
2023-24 who is assisting the Company in implementation
of Ind AS. The Steering Committee has detailed out phase
wise approach for implementation. Gap Assessment
(Phase I) has been completed in May 2024 and as a part
of Phase II, we have an on boarded technology partner

and are in the process of onboarding Implementation
Partner to assist in Ind AS convergence. We are working
on the gaps identified to address them within timelines.

?    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 2024-25.

Board approved policy on Related Party Transactions is
uploaded on the website of the company in this link https://
www.newindia.co.in/cms/c443766f-0ecc48b9-94dc-
c62da7d3be37/Related%20Party%0Transaction%2.

?    REPORTING OF FRAUDS

Board approved policy on Related Party Transactions is
uploaded on the website 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

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

?    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. 718.08 Crores (Previous Year Rs. 829.57
Crores)

Outgo: Rs. 839.44 Crores (Previous Year Rs. 990.70
Crores)

Expenses on (a) Entertainment (b) Foreign tours
and (c) Publicity and Advertisement amounted to Rs.
72,62,407 (P.Y. Rs. 66,23,000), Rs. 2,48,08,645 (PY
Rs. 1,78,47,472) and Rs. 41,87,32,210.88 (PY Rs.
19,29,40,443) respectively.

?    DIVIDEND & DIVIDEND DISTIRBUTION
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 is
uploaded on Company's website and can be viewed at the
below mentioned link : https://www.newindia.co.in/cms/
c52d520f-6589-4772-bcc8-e214657297ec/Dividend%20
DistributionPolicy.pdf?guest=true

?    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, 2025 is Rs. 824 crores. The
solvency margin position of the Company as at March
31, 2025 is 1.91 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”

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
2024-25.

?    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
transferred the unpaid and unclaimed amount of interim
dividend for the FY 2017-18 along with underlying shares
were transferred to the Investor Education and Protection
Fund in FY 2024-25.

?    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-
8322-2772fd6dc87/Code of Conduct.pdf?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 of the Company on the financial
statements and the Internal Financial Controls relating to
financial reporting for FY 2024-25 has been obtained.

?    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 Regulations 2024. 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 regular intervals 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
31.03.2025

•    Ms. Girija Subramanian, Chairman-cum-Managing
Director

•    Ms. Smita Srivastava, Executive Director

•    Ms. Kasturi Sengupta, Executive Director

•    Dr. Parshant Kumar Goyal, Government Nominee
Director

•    Ms. Akani Devi, Independent Director

•    Mr. Nidhu Saxena, Independent Director

The Board underwent the following changes in its
composition since the date of the last Directors' Report,

i.e, 22nd May 2024

1.    Superannuation of Ms. Neerja Kapur as Chairman
cum Managing Director w.e.f 30th April, 2024.

2.    Appointment of Ms. Girija Subramanian as Chairman
cum Managing Director w.e.f 19th June, 2024

3.    Appointment of Dr. Parshant Kumar Goyal as
Government nominee Director w.e.f 16th August,
2024.

4.    Cessation of Ms. Mandakini Balodhi as Government
nominee Director w.e.f 16th August, 2024.

5.    Appointment of Mr. Nidhu Saxena as Non-Executive
Independent Director w.e.f 19th September, 2024

6.    Superannuation of Mr. Titus Francis Maliakkel as
Executive Director w.e.f 31st October, 2024.

7.    Cessation of Mr. Surender Kumar Agarwal as
Non-Executive Independent Director w.e.f 20th
December, 2024.

8.    Cessation of Mr. Ratan Kumar Das as Non-Executive
Independent Director w.e.f 20th December, 2024

9.    Appointment of Ms. Kasturi Sengupta as Executive
Director w.e.f 24th March, 2025.

The Board placed on record its thanks to Ms. Neerja
Kapur, Ms. Mandakini Balodhi, Mr. Titus Francis
Maliakkel, Mr. Surender Kumar Agarwal and Mr. Ratan
Kumar Das for their co-operation 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.

? DETAILS OF BOARD OF DIRECTORS AS ON 31.03.2025

¹    Appointment of    Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

²    Appointment of    Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

³.    Appointment of    Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

⁴.    Appointment of    Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

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 26th April 2024, 14th May 2024, 22nd May
2024, 25th June 2024, 26th July 2024, 08th August 2024, 07th October 2024, 30th October 2024, 11th December 2024, 27th
January 2025, 21st March 2025 and 25th March, 2025.

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, 2025 are set out in
the following tables:

Superannuation of Ms. Neerja Kapur as Chairman cum Managing Director w.e.f 30th April, 2024.

²    Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024

³    Superannuation of Mr. Titus Francis Maliakkel as Executive Director w.e.f 31st October, 2024.

⁴.    Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025.

⁵.    Cessation of Ms. Mandakini Balodhi as Government nominee Director w.e.f 16th August, 2024.

⁶.    Appointment of Dr. Parshant Kumar Goyal as Government nominee Director w.e.f 16th August, 2024.

⁷.    Appointment of Mr. Nidhu Saxena as Non-Executive Independent Director w.e.f 19th September, 2024

⁸.    Cessation of Mr. Surender Kumar Agarwal as Non-Executive Independent Director w.e.f 20th December, 2024.

⁹.    Cessation of Mr. Ratan Kumar Das as Non-Executive Independent Director w.e.f 20th December, 2024

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

BOARD MEETINGS

Designation In the Meeting Dated Meeting Dated Meeting Dated Meeting Dated Meeting Dated Meeting Dated
Name of the Director Nature of Directorship    _com³mittee/Board    26i04³2024    14i06³2024    22i06³2024    26i06³2024    26i07³2024    08i08³2024

Ms. Girija Subramanian    Cham^em ^Managing    Chairman    N.A.    N.A.    N.A.    Present    Present    Present

Ms. Neerja Kapur    PPPP    Na    PA    PA PA PA

Ms. Mandakini Balodhi    ^vemmentMommee    Member    Absent    Absent    Present    Present    Absent    Present

Director

Mr. Surender Kumar Agarwal    ^{Non -}    &    MmterOamanfor    Present    Present    Present    Present    Present    Present

Independent Director Meeting dtd. 14.05.2024

Mr. R.K. Das    ^{Non -}    &    Member    Present    Present    Present    Present    Present    Present

Independent Director

Mr. Titus Francis Maliakkel    Executive Director    M^em^ber/^Chairman for    P_reSe_n(    Present    Present    Present    Present    Present

Meeting dtd. 22.05.2024

Ms. Smita Srivastava    Executive Director    Member    Present    Present    Present    Present    Present    Present

Ms. Akani Devi    Independent Director    Member    Present    Present    Present    Present    Present    Present

Government Nominee

Dr. PK. Goyal    Member    N.A.    N.A.    N.A.    N.A.    N.A.

Director    N.A.

Mr. Nidhu Saxena    ^N.^{on -    Execu}_^tlve &    Member    N.A.    N.A.    N.A.    N.A.    N.A.    N.A.

Independent Director

The details of “Directorships held in other companies” and “Chairpersonships/Memberships of Committees in other
companies” other than the Company as on March 31, 2025 are as follows:

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

** Directorship in private and foreign subsidiary company.

¹    Appointment of Ms. Girija Subramanian as Chairman cum Managing Director w.e.f 19th June, 2024.

²    Appointment of Ms. Kasturi Sengupta as Executive Director w.e.f 24th March, 2025

³. Appointment of Dr. Parshant Kumar Goyal as Government Nominee Director w.e.f 16th August, 2024.

⁴ Appointment of Mr. Nidhu Saxena as Non- Executive Independent Director w.e.f 19th September, 2024.

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 with 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, 2025:

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.    Protection & Grievance Redressal & Claims Monitoring 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 2024-25 and the
attendance of the Committees of the Board are provided
below:

? AUDIT COMMITTEE:

Terms of Reference:

A. The role of the audit committee shall include the following:

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 thereon before submission
to the board for approval, with particular 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) of sub-section 3
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); ¹

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 company,
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.

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.

B. The audit committee shall mandatorily review the following
information:

(1)    management discussion and analysis of financial
condition and results of operations;

(2)    management letters / letters of internal control weaknesses
issued by the statutory auditors;

(3)    internal audit reports relating to internal control
weaknesses;

(4)    t he appointment, removal and terms of remuneration of
the chief internal auditor shall be subject to review by the
audit committee.

(5)    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).

(b)    annual statement of funds utilized for purposes other
than those stated in the offer document/prospectus/
notice in terms of Regulation 32(7).

The following additional terms shall be as    per

“Master Circular on Corporate Governance    for

Insurers, 2024” :

1.    The Audit Committee will oversee the efficient functioning
of the internal audit department and review its reports. The
Committee will additionally monitor the progress made in
rectification of irregularities and changes in processes
wherever deficiencies have come to notice.

independence of the external auditors shall be ensured
(although the approval of appointment, remuneration and
removal of the statutory auditors shall be done by the
shareholders at the general body meeting).

3.    The Audit Committee shall have the oversight on the
procedures and processes established to attend to
issues relating to maintenance of books of account,
administration procedures, transactions and other matters
having a bearing on the financial position of the insurer,
whether raised by the auditors or by any other person.

4.    The Audit Committee shall act as a “compliance”
Committee to discuss the level of compliance in the
insurer and any associated risks and to monitor and report
to the Board on any significant compliance breaches.

5.    Any additional work other than statutory/internal audit that
is entrusted to the auditor or any of its associated persons
or companies shall be specifically approved by the Audit
Committee keeping in mind the necessity to maintain the
independence and integrity of the audit relationship.

6.    All such other work entrusted to the auditor or its
associates shall be specifically disclosed in the Notes
to Accounts forming part of the annual accounts of the
insurer. However, it may be ensured that insurer comply
with Section 144 of the Companies Act before deciding to
provide any additional work to the Statutory Auditors.

Composition: In terms of provisions of the Act and Listing
Regulations, the Audit Committee comprises of Three

(3) Members, out of which three (2) are Independent
Directors and one (1) is Government Nominee Director.
The Audit Committee is chaired by Ms. Akani Devi (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 Nine (9) times on 26th April 2024, 22nd May 2024,
25th June 2024, 08th August 2024, 07th October 2024,
30th October 2024, 11th December 2024, 27th January
2025 and 21st March 2025.

Attendance of Members of the Audit Committee_:

¹    Ms. Akani Devi became chairman and member of the committee on 16th January, 2025

²    Dr. Parshant Kumar Goyal became member of the committee on 05th September, 2024

³.    Mr. Nidhu Saxena became member of the committee on 16th January, 2025.

⁴ Mr. Surender Kumar Agarwal ceased to be member & chairman of the committee w.e.f 20th December, 2024.

⁵.    Mr. Ratan Kumar Das ceased to be member of the committee w.e.f 20th December, 2024.

⁶.    Ms. Mandakini Balodhi ceased to be member of the committee w.e.f 16th August, 2024.