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, 2025, the Revenue Accounts of Fire, Marine and
Miscellaneous 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 51 Regional offices (including 16 LCBO's, 2 Legal
Hubs, 3 Auto Hubs & 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 Company; 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 (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, 2025;

b) in the case of Revenue Accounts, of the operating
Profit in so far as it relates to the Fire, Marine Insurance
business and of the operating Loss so far as it relates to
Miscellaneous 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 that inter-alia includes,
inter office accounts, unadjusted banking transactions, dues
from / to Reinsurers, certain indirect tax related accounts
and certain other accounts 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, 2025, 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) ofthe 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 there
under, 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 no. 5 (c) 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 disclosed as Contingent Liabilities amounting to
? 5,79,811 Lacs.

b) Note No. 9 (b) of Schedule 16B regarding provision of
? 22,395 lakhs maintained and write off amounting to ?
2,520 lakhs made in respect of co-insurance balances as
per Board approved policy and pending confirmation and

reconciliation of certain such balances.

c) Note No. 22 of Schedule 16B regarding strengthening of
Internal controls and Internal audit especially in the area
of data input and validation in software and unreconciled/
uncompiled Reinsurance / Coinsurance / other accounts/
balances and internal audit system of the Company.

d) Note No. 26 of Schedule 16B regarding provision towards
wage revision for ? 45,095 lakhs based on management
assessment pending finalisation of wage negotiations.

e) Note No. 28 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.

Other Matters

a) We did not audit the financial statements and other
financial information of 51 Regional offices (including 16
LCBO's, 2 Legal Hubs, 3 Auto Hub & 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 ? 35,85,179 Lakhs as
at March 31, 2025 and total revenues of ? 42,28,616
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, 2025 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 No. 4 of Schedule 16B].

c) The standalone financial statements of the Company for
the year ended March 31, 2024 were audited by the joint
auditors, one of which is predecessor audit firm and have
issued their modified opinion dated May 22, 2024 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 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, 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 ol
the Act 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 Standard 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 19, 2025 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 No. 28 regarding
accessibility and back up of the books of accounts
and papers at servers physically located 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) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the Basis for Qualified Opinion
paragraph above.

h) 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.

i) 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.

j) 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, 2025, 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.

k) 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.

l) 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 5 (c) 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 were no amounts which were 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 24 (a) of Schedule
16B)

b) 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 paid by the Company during the
year in respect of the same declared for the previous
year is in accordance with section 123 of the Act to
the extent it applies to payment of dividend.

As stated in Note no.30, Schedule 16B of the
financial statements, the Board of Directors of the
Company have proposed final dividend for the year
which is subject to the approval of the members at
the ensuing Annual General Meeting. Except for the
possible effects of the matter described in the Basis
for Qualified Opinion paragraph above, the 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 R. Devendra Kumar & Associates For Chokshi & Chokshi LLP

Chartered Accountants Chartered Accountants

FRN: 114207W FRN: 101872W/W100045

(Anand Golas) (Dharmista Shah)

Partner Partner

M. No.: 400322 M. No. 108845

UDIN: 25400322BMJUVD2288 UDIN:25108845BMFXRS8105

date: May 19, 2025
Place : Mumbai