We have audited the accompanying Standalone Financial
Statements of The New India Assurance Company Limited

(“the Company”), which comprise the Balance Sheet as at March
31, 2026, the Revenue Accounts of Fire, Marine, Miscellaneous
and Revenue Account for the company (total) Insurance
Business (collectively known as 'Revenue Accounts'), Profit
and Loss Account and the Receipts and Payments Account
for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and
other explanatory information (hereinafter referred to as “the
Standalone Financial Statements”), in which are incorporated
the returns for the year ended on that date:

a) From 45 Regional offices (including 11 LCBO's, 2 Legal
Hubs, 3 Auto Hubs and Gift City Office), audited by the
other firms of Auditors appointed by the Comptroller
and Auditor General of India under section 139 of the
Companies Act, 2013;

b) From 9 Foreign Branches (including 2 Foreign Run-off
offices) and 6 Foreign Agency offices audited by local
Auditors appointed by the Comptroller and Auditor General
of India under section 139 of the Companies Act, 2013;
and

In our opinion and to the best of our information and according
to the explanations given to us, except for the effects of the
matter described in the Basis for Qualified Opinion section
of our report, the aforesaid Standalone Financial Statements
give the information required, in accordance with the Insurance
Act, 1938, as amended (the “Insurance Act”), the Insurance
Regulatory and Development Authority Act, 1999 (the “IRDAI
Act”), IRDAI (Actuarial, Finance and Investment Functions
of Insurers) Regulations 2024, as amended (the “IRDAI
Financial Statements Regulations”), orders / directions /
circulars issued by the Insurance Regulatory and Development
Authority of India (the “IRDAI”) and the Companies Act,
2013 (“the Act”), to the extent applicable, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, as applicable
to Insurance companies:

a) in the case of the Balance Sheet, of the state of affairs of
the Company as at March 31, 2026;

b) in the case of Revenue Accounts, of the Operating Profit
in so far as it relates to the Fire and Marine Insurance
business and of the Operating Loss so far as it relates to
Miscellaneous Insurance business for year ended on that
date;

c) in the case of the Profit and Loss Account, of the Profit for
the year ended on that date; and

d) in the case of the Receipts and Payments Account, of the
Receipts and Payments for the year ended on that date.

Basis for Qualified Opinion

Balances relating to various accounts under inter office
accounts, unadjusted banking transactions and dues from /
to Reinsurers are subject to confirmation and reconciliation.
Consequential adjustments and effect thereof in this regard, if
any, is yet to be dealt with. The process of compilation of old
balances is also at different stages in the company. [Refer Note
No.9, Schedule 16B]

The overall impact of the above on the state of affairs of the
Company as at March 31, 2026, the Revenue Accounts, Profit
and Loss Account and the Receipts and Payments Account for
the year ended on that date, is presently not ascertainable and
cannot be commented upon.

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are
further described in the Auditors' Responsibilities for the Audit
of the Standalone Financial Statements section of our report.
We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants
of India ('ICAI') together with the ethical requirements that are
relevant to our audit of the Standalone Financial Statements
under the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI's Code of
Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our qualified
opinion.

Emphasis of Matter

We invite attention to the following:

a) Note 6 b) of Schedule 16B regarding non provisioning
for Tax Demands on account of favourable judgements
received by the Company that includes matters under
appeal at the ITAT Mumbai / Hon'ble Bombay High Court.
Same is considered as Contingent Liabilities amounting to
'83090 Lakhs.

b) Note 25 of Schedule 16B regarding strengthening of Internal controls and Internal audit especially in the area of data input
and validation in software and internal audit system of the Company.

c) Note 31 of Schedule 16B regarding the compliance of Rule 3(1) of The Companies (Accounts) Rules, 2014 towards audit trail
and edit log and pending compliance of Section 128 of the Companies Act, 2013 and rules thereunder, as amended, regarding
maintenance of the books of account and other books and papers in an electronic mode and backup thereof in respect of
foreign branches of Company which is not accessible in India at all times and backup thereof is not maintained at servers
physically located in India.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone

Financial Statements of the Current Financial Year. These matters were addressed in the context of our audit of the Standalone

Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Other Matters

a) We did not audit the financial statements and other
financial information of 45 Regional offices (including 11
LCBO's, 2 Legal Hubs, 3 Auto Hubs and Gift City Office)
and 9 Foreign Branches (including 2 Foreign Run-off
offices) and 6 Foreign Agency offices, included in the
Standalone Financial Statements of the Company whose
financial statements reflect total assets of ' 39,08,941
Lakhs as at March 31, 2026 and total revenues of
' 47,15,216 Lakhs for the year ended on that date, as
considered in the Standalone Financial Statements. The
financial statements / information of these Branches/
offices have been audited by the other auditors whose
reports have been furnished to us, and our opinion in so
far as it relates to the amounts and disclosures included in
respect of these Branches/offices, is based solely on the
report of such other auditors.

b) The actuarial valuation of liabilities in respect of Claims
Incurred but Not Reported ('IBNR'), Incurred but Not
Enough Reported ('IBNER') and Premium Deficiency
Reserve ('PDR'), is the responsibility of the Company's
Appointed Actuary (the “Appointed Actuary”). The
actuarial valuation of these liabilities that are estimated
using statistical methods as at March 31, 2026 have been
certified by the Appointed Actuary and in his opinion, the
assumptions for such valuation are in accordance with the
guidelines and norms issued by IRDAI and the Institute of
Actuaries of India in concurrence with the Authority. We
have relied upon the Appointed Actuary's certificate in this
regard for forming our opinion on the valuation of liabilities
for outstanding claims reserve and PDR, as contained in
the Standalone Financial Statements of the Company.
[Refer Note 4 of Schedule 16B].

c) The Standalone Financial Statements of the Company for
the year ended March 31, 2025 were audited by the Joint
Central Statutory Auditors, one of which is predecessor
audit firm and have issued their modified opinion dated
May 19, 2025 on such financial statements.

Our opinion is not modified in respect of these matters.

Information other than the financial statements and

Auditor's report thereon

The Company's Board of Directors is responsible for the other

information. The other information comprises the information

included in the Directors' Report & Management Discussion and
Analysis and Business Responsibility and Sustainability Report
but does not include the Standalone Financial Statements and
our Auditors' Report thereon. The other information as above
is expected to be made available to us after the date of this
Auditors' Report.

Our opinion on the Standalone Financial Statements does not
cover the other information and we will not express any form of
assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent
with the Standalone Financial Statements, or our knowledge
obtained during the course of our audit or otherwise appears to
be materially misstated.

When we read the other information, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these Standalone Financial Statements that give a true and
fair view of the financial position, financial performance and
receipts and payments of the Company, in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act
read with relevant rules issued thereunder, the requirements of
the Insurance Act, IRDAI Act, the IRDAI Financial Statements
Regulations and the orders/directions and circulars issued by
the IRDAI in this regard, to the extent applicable and in the
manner so required.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act,
the Insurance Act, , IRDAI Act, the IRDAI Financial Statements
Regulations for safeguarding of the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the

accounting records, relevant to the preparation and presentation
of the Standalone Financial Statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the Standalone Financial Statements, management
is responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with Standard
on Auditing will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone
Financial Statements.

As part of an audit in accordance with Standards on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the Standalone Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)
(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company's ability to continue
as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention
in our auditors' report to the related disclosures in the
Standalone Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of
our auditors' report. However, future events or conditions
may cause the Company to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during
our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditors' report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDAI Financial Statements Regulations,
we have issued a separate certificate dated May 11, 2026
certifying the matters specified in paragraphs 3 and 4 of
Schedule II, Part III to the IRDAI Financial Statements
Regulations.

2. As required by IRDAI Financial Statement Regulations
and Section 143 (3) of the Act, we report that:

a) We have sought and except for the matters described
in the Basis for Qualified Opinion paragraph, obtained
all the information and explanations which to the best
of our knowledge and belief were necessary for the
purposes of our audit.

b) Except for the possible effects of the matter described
in the Basis for Qualified Opinion paragraph above
read with Note 31 of Schedule 16B regarding
accessibility and back up of the books of accounts
and papers at servers physically located in India on a
daily basis , in our opinion, proper books of account
have been maintained by the Company, so far as it

appears from our examination of those books and
proper returns from Regional / Foreign Offices, not
visited by us, have been received and these were
adequate for the purpose of our audit.

c) The reports of Auditors of Regional Offices, foreign
branches and foreign agency offices/ Run-off office,
audited under section143(8) of the Act by the
respective component auditors have been forwarded
to us and have been properly dealt with by us in
preparing our report in the manner considered
necessary by us.

d) The Balance Sheet, the Revenue Accounts, Profit
and Loss Account, and the Receipts and Payments
Account dealt with by this Report are in agreement
with the books of account and with the returns
received from offices not visited by us.

e) Except for the possible effects of the matter described
in the Basis for Qualified Opinion paragraph above,
in our opinion, the aforesaid Standalone Financial
Statements have been prepared in accordance with
the requirements of the Insurance Act, the Insurance
Regulatory and Development Act, 1999 and the
Companies Act, 2013 to the extent applicable and in
the manner so required.

f) Except for the possible effects of the matter described
in the Basis for Qualified Opinion paragraph, in
our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act read with
relevant rules issued thereunder.

g) As per notification no. G.S.R 463(E) dated June 5,
2015, the Government Companies are exempted
from the provisions of section 164(2) of the Act,
accordingly, we are not required to report whether
any of the directors of the Company is disqualified in
terms of provisions contained in the said section.

h) The accounting policies selected by the company are
appropriate and are in compliance with the applicable
Accounting Standards specified under Section 133 of
the Act read with relevant rules issued thereunder
and with the Accounting Principles as prescribed
in the IRDAI Financial Statements Regulations
and orders or directions issued by the Insurance
Regulatory and Development Authority, except for
the possible effects of the matter described in the
Basis for Qualified Opinion paragraph above.

i) The actuarial valuation of liability in respect of
claims Incurred but Not Reported (IBNR) and
those Incurred but Not Enough Reported (IBNER)
as at March 31, 2026, have been duly certified by
the Company's Appointed Actuary and relied upon
by us. The Appointed Actuary has also certified
that the assumptions considered by him for such
valuations are in accordance with guidelines and
norms prescribed by the Insurance Regulatory and

Development Authority of India and the Actuarial
Society of India in concurrence with the IRDAI.

j) As per the information and explanations provided to
us, the investments have been valued in accordance
with the provisions of the Insurance Act, IRDAI
Financial Statements Regulations and orders/
directions issued by IRDAI in this regard.

k) With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure I”.

3. With respect to the other matters to be included in the
Auditors' Report in accordance with the requirement of
section 197(16) of the Companies Act 2013, as amended,
we report that the provisions of section 197 of the Act are
not applicable to the company vide notification No. GSR
463(E) dated 5^th June 2015. Hence reporting u/s 197(16)
of the Act is not required.

4. With respect to the other matters to be included in
the Auditors' Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, as
amended, in our opinion and to the best of our information
and according to the explanations given to us:

i) The Company has disclosed the impact of pending
litigations on its financial position in its Standalone
Financial Statements - Refer Note 6 (b) and (f) of
Schedule 16B and Note 1 of Schedule 16C to the
Standalone Financial Statements;

ii) The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long¬
term contracts including derivative contracts - The
liability for Insurance Contracts, is determined by
the Company's Appointed Actuary and is covered
by the Appointed Actuary's certificate, referred to in
Other Matter paragraph above, on which we have
placed reliance; and the Company did not have any
long-term contracts including derivative contracts for
which there were any material foreseeable losses;

iii) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company;

iv) a) The Management has represented that, to the

best of its knowledge and belief, no funds have
been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company
to or in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”),
with the understanding, whether recorded
in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the

Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries (Refer Note 27 (a) of
Schedule 16B)

b) The Management has represented that , to
the best of its knowledge and belief, no funds
have been received by the Company from any
person(s) or entity(ies), including foreign entities
(“Funding Parties”), with the understanding,
whether recorded in writing or otherwise,
that the Company shall, whether, directly or
indirectly, lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries (Refer Note 24 (b) of Schedule
16B); and

c) Based on audit procedures that have been
considered reasonable and appropriate in
the circumstances; nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v) The final dividend proposed for the previous year,
declared and paid by the Company during the year
is in accordance with section 123 of the Act to the
extent it applies to payment of dividend.

As stated in Note 32, Schedule 16B of the financial
statements, the Board of Directors of the Company
has proposed final dividend for the year which is
subject to the approval of the members at the ensuing
Annual General Meeting. The amount of dividend
proposed is in accordance with section 123 of the
Act, to the extent it applies to declaration of dividend.

vi) Based on our examination which included test
checks and based on the reports received from the
Regional Auditors and the branch auditors of Foreign
Branches/offices, the company has used accounting
softwares for maintaining its books of account which
have a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for
all relevant transactions recorded in the software.
Further, during the course of our audit, based on
test checks , we did not come across any instance of
audit trail feature being tampered with and the audit
trail has been preserved by the Company as per the
statutory requirements for record retention except in
case of Foreign branches/offices where compliance
of record retention could not be verified due to lack of
requisite details available in India.

5. As required under section 143(5) of the Companies Act,
2013, based on our audit as aforesaid, we give in the
“Annexure II”, a report on the directions including Sub
directions issued by the Comptroller and Auditor General
of India ('C&AG'), action taken thereon and its impact on
the accounts and financial statements of the Company.

For S. Ramanand Aiyar & Co. For Chokshi & Chokshi LLP

Chartered Accountants Chartered Accountants

FRN: 000990N FRN: 101872W/W100045

(Dharmista Shah)

(Binod C. Maharana) P_art_ner

^Partner M. No. 108845

^M. I\l°.^: 056373 UDIN: 26108845PZTDWQ7610

UDIN: 26056373RYMWTT5318

Date: May 11, 2026
Place: Mumbai