To the members: Your Director have immense pleasure in presenting the Hundred and Seventh Annual Report of the Company
together with the audited statement of accounts and balance sheet for the financial year ended 31^st March, 2026.

The snapshot of your Company’s financial performance is as below:

CLASS-WISE PERFORMANCE SUMMARY

PERFORMANCE REVIEW (Global)

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,
with non-life insurance penetration at 1.0% of GDP as of FY

2024- 25 — steady compared to the prior year, but significantly
below the global non-life average of 4.3% (Swiss Re Sigma,
2024). However, measured across all lines of insurance, India's
total penetration stands at 3.7% against a global average of
7.3%, highlighting the sector's significant untapped potential.
The Indian general insurance industry is the fastest-growing
among G20 nations over the 2024-2028 period, offering a high-
growth trajectory unmatched by mature markets.

Sources: IRDAI Annual Report 2024-25; Swiss Re Sigma
Report No. 02/2025; Swiss Re India Outlook 2026-2030
(January 2026)

Economic Context and Performance

National Economic Outlook & Geopolitical Environment

India's economy demonstrates robust fundamentals with an
estimated average annual real GDP growth of 7.7% for the FY.

2025- 26 per the Provisional Estimates released by the Ministry
of Statistics and Programme Implementation (MoSPI) on 5
June 2026.

This marks an acceleration from 7.1% in FY 2024-25 and
exceeds the Second Advance Estimate of 7.6% released
in February 2026. This growth trajectory positions India
favourably compared to the decade-average of approximately
5.8%, supported by strong domestic consumption, private
investment, rising per capita income, and ongoing economic
reforms.

Source: MoSPI Provisional Estimates of National Income, 5
June 2026

However, global headwinds introduce fresh macroeconomic
variables. Ongoing instability and supply chain vulnerabilities,
particularly stemming from persistent tensions in the Middle
East and the broader West Asia region have created trade
friction, slowing international shipping initiatives and causing
structural fluctuations in capital market yields. Regional
defence concerns and external trade pressures have
catalysed strict fiscal and risk oversight across commercial
allocation channels.

The services sector maintains its dominance as the largest
GDP contributor, accounting for over 50% of economic output.
Simultaneously, the manufacturing sector is experiencing
renewed momentum through strategic government initiatives
including the “Make in India” campaign and Production-Linked

Incentive (PLI) schemes, with manufacturing recording double¬
digit growth of 10.7% in FY 2025-26 per MoSPI data.

Source: MoSPI Provisional Estimates, June 2026

Industry Performance and Market Dynamics

Market Size and Growth

The general insurance industry achieved total gross direct
premiums of Rs. 3.36 lakh crore during the full fiscal year of
FY2025-26, representing 9.3% year-on-year expansion,
a rebound from 6.2% growth in FY 2024-25. . Growth was
aided by the GST Council's rationalisation of the GST rate on
individual health insurance policies from 18% to nil effective
September 2025, boosting demand in the second half of the
fiscal year.

Source: Business Standard / ICRA, April 2026; General
Insurance Council data

Non-life insurance penetration remained at 1.0% of GDP in
FY 2024-25 (the most recently reported figure), indicating
that despite strong premium growth, a significant market
development opportunity persists. The overall general insurance
industry recorded cumulative premium growth of approximately
8.66% up to May 2026 (FY 2026-27 YTD), with Standalone
Health Insurance (SAHI) companies continuing to serve as the
primary growth engine, registering approximately 32% growth
in May 2026 alone, outpacing the broader market significantly.

Sources: IRDAI Annual Report 2024-25; Motilal Oswal Sector
Update, June 2026

Health Insurance

Health insurance has established itself as the dominant
segment within non-life insurance. Standalone Health Insurers
(SAHIs) posted 19.4% year-on-year growth to Rs. 45,865 crore
in FY 2025-26, expanding their market share to 13.6% of the
industry. This growth reflects increasing health awareness,
rising medical costs, and expanded coverage requirements
across demographic segments, further accelerated by the GST
removal on retail health policies.

Source: Asia Insurance Post / Business Standard, April 2026
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

The legislative environment has fundamentally shifted with the
implementation of the Sabka Bima Sabki Raksha (Amendment
of Insurance Laws) Act, 2025. This landmark legislation
replaces older operational frameworks with structural directives
aimed at rural market inclusion and sector scaling. By amending
the Insurance Act, 1938, the LIC Act, 1956, and the IRDAI Act,
1999, it clears pathways for unified multi-line operations and
cuts legal compliance overheads. Crucially, the Act permits
100% Foreign Direct Investment (FDI) to drive substantial
foreign capital inflows, expand capitalization, and lower entry

barriers, while simultaneously targeting information asymmetry
to improve market efficiency and push product portfolios down
to the village level.

In response to escalating Middle East tensions and global
sanctions risks, India has also launched the domestic Bharat
Maritime Insurance Pool (BMIP) to secure international
shipping lifelines. Administered by GIC Re, the pool operates
with an extensive $1.5 billion capacity, reinforced by a ?12,980
crore ($1.4 billion) sovereign guarantee from the Government
of India acting as a backup safety net of last resort. The pool
comprehensively underwrites major maritime risks—including
Hull and Machinery, Cargo, War Risk, and Protection &
Indemnity (P&I) third-party liabilities—for Indian-controlled or
India-bound vessels. Claims up to $100 million are met using
the pool's own capacity, after which the sovereign guarantee is
invoked as a contingent backstop, lowering extreme reliance
on overseas insurance cycles and protecting maritime trade
sovereignty.

Complementing these major structural interventions is a
broader regulatory modernization strategy spearheaded
by the IRDAI. Market agility and customer protection have
been significantly enhanced through streamlined “Use and
File” procedures that enable faster product launches and
foster innovation. Furthermore, the Master Circular on IRDAI
(Insurance Products) Regulations, 2024, provides guidance
for developing simplified, customer-friendly products, while
an expanded regulatory framework accommodates new
intermediaries and alternative distribution channels to
maximize market access.

Technology and Digital Transformation

Platform Innovation & National Health Claims Exchange
(NHCX)

The ongoing digital transformation is fundamentally reshaping
the sector, highlighted by the full-scale operational integration
with the National Health Claims Exchange (NHCX) under the
Ayushman Bharat Digital Mission (ABDM). This centralized
digital gateway standardizes and accelerates health insurance
claims processing across hospitals and insurers, drastically
reducing administrative overheads and improving fraud
detection through a unified data exchange. Alongside this, the
vibrant InsurTech landscape is driving collaborations between
traditional carriers and digital-first players, accelerating AI-
based underwriting, microinsurance delivery, and personalized
customer engagement models.

Financial Reporting and Accounting Reforms

Transition to IND AS (Indian Accounting Standards)

Simultaneously, the industry is navigating a monumental shift
in financial reporting with its mandatory transition to IND AS
(converged with IFRS). This replaces legacy accounting with a
highly transparent, risk-adjusted framework that fundamentally
impacts revenue recognition by shifting to an “insurance service
result” model, aligning income strictly with active coverage
delivery. While market-consistent valuations of liabilities and
precise asset-liability matching may introduce short-term

balance sheet volatility, the transition significantly enhances
long-term transparency and global comparability for overseas
investors, prompting insurers to heavily invest in upgraded IT
infrastructure and actuarial modeling tools.

Product Innovation and Market Evolution

Driven by these systemic updates and evolving market needs,
insurers are actively diversifying their product portfolios to
tackle emerging global and domestic risks. Tailored products
such as specialized Electric Vehicle (EV) insurance, parametric
climate risk policies, and comprehensive cyber insurance are
seeing increased adoption. Furthermore, to address severe
geopolitical uncertainties, the market is introducing specialized
commercial war risk add-ons (like Fire War Covers for large-
scale industrial assets), alongside affordable, bite-sized micro¬
insurance products designed to deepen financial inclusion
across diverse, previously underserved customer segments.

Future Outlook and Market Projections

Growth Projections

Driven by robust macroeconomic fundamentals and proactive
regulatory adjustments, India's insurance sector is projected by
Swiss Re to record the fastest growth among G20 countries,
with total insurance premiums expected to rise at an average
rate of 6.9% annually in real terms from 2026 to 2030 —
the highest of any major insurance market. An earlier Swiss
Re analysis covering 2024-2028 had projected 7.1% annual
real-term growth over that five-year window, versus a global
average of 2.4%.

Source: Swiss Re “India’s Economic and Insurance Market
Outlook 2026-2030”, January 2026

Driven by robust macroeconomic fundamentals and proactive
regulatory adjustments, India's insurance sector is projected
to record the fastest growth among G20 countries. Total
premiums are expected to rise at an average rate of 7.1%
in real terms through 2028, significantly outpacing the global
insurance market's growth rate of approximately 2.4%.
Specifically, the general insurance sector is on track to reach
$57.3 billion by 2028. This substantial growth potential stems
from an insurance penetration rate that remains at ~ 1% of
India's GDP, revealing a vast untapped market. Expansion
into underserved rural populations catalyzed by the
mandates of the Sabka Bima Sabki Raksha (Amendment of
Insurance Laws) Act, 2025alongside aggressive government
infrastructure spending, is paving the way for sustained
property and engineering insurance growth.

Challenges

The industry must navigate critical structural challenges to
sustain long-term profitability. Intense domestic competition
and aggressive premium battles, exacerbated by the
introduction of 100% FDI clearance, continue to compress
margins. Operationally, carriers face near-term resource
constraints and friction due to dual-system running costs
during the parallel transition to IND AS accounting, alongside
ongoing challenges in claims management and fraud
prevention. Furthermore, while health insurance remains

a primary revenue engine, managing persistent medical
inflation and escalating claim costs remains a pressure point.
Encouragingly, the full-scale institutionalization of the National
Health Claims Exchange (NHCX) is emerging as a vital
counter-weight to streamline operational costs and expedite
processing over time.

Externally, global uncertainty introduces volatile headwinds to
the industry's outlook. Sudden escalations in trade disputes or
maritime conflict corridors pose an immediate threat to asset
valuations, international supply chains, and input costs for global
and domestic engineering repair lines. Domestically, bridging
the protection gap across diverse, low-income segments
requires continuous innovation in microinsurance product
design, the establishment of decentralized digital distribution
channels, and targeted customer education campaigns to
cultivate grassroots risk awareness.

Conclusion

The general insurance industry in India stands at a pivotal
juncture, characterized by strong fundamentals, a supportive
regulatory environment, and significant growth potential. The
convergence of economic expansion at 7.7% real GDP growth
(MoSPI, FY 2025-26),, structural legislative reforms under the
Sabka Bima Sabki Raksha Act, technological unifiers like NHCX,
Bima Sugam, and the adoption of IND AS accounting standards
creates a favourable 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 comprehensive insurance coverage and establishing
India as a global insurance market leader.

• OVERVIEW OF COMPANY'S OPERATIONS

Global Gross Written Premium has increased from Rs. 43618 crores in 2024-25 to Rs. 47174 crores in 2025-26, recording a
growth of 8% in 2025-26. 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 1
country, underscoring its long-standing commitment to global operations.

Geographical Spread    •    Mauritius

The Company has a direct presence through    Branches    •    Fiji

^{and A}g^ency ^{Offices in the followin}g ^countries:    •    United Arab Emirates    (including Abu Dhabi)

•    United Kingdom    •    Bahrain

•    ^Japan    •    Kuwait

•    Thailand    •    Oman

•    Australia    •    Aruba

•    New Zealand    •    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 - The New India Assurance T&T

•    Sierra Leone - (run-off from 01.01.2003)

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.
Operational Review

The Hong Kong and Philippines offices were placed under
run-off with effect from 1^st April 2022 and 1^st 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. 3,881 and a Net Premium of
Rs. 2,997 Crores in 2025-26. The foreign operations recorded
an underwriting loss of 79.64 Crores and Profit after Tax was
305.15 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 2025-26, we closed 76 non-viable offices.

As of 31^st March 2026, the Company has a network of 28
Regional Offices, 9 Corporate Business Offices, 3 Auto Hubs,
1 RGBO,1 IFSC, 23 KBOs, 198 LBOs, 710 MBOs, 548 SBOs,
and 69 ATOOs, totaling 1,594 offices, inclusive of the Head
Office.

Foreign

The Company operates in 24 countries.

The portfolio was expanded with the launch of The
New India Bharat Flexi Griha Raksha Long Term Policy,
an innovative and comprehensive product aimed at
providing customisable risk coverage, and the unique The
New India Standalone War Insurance which marked an
industry first in providing standalone war risk coverage for
small, medium and large risks. Additionally, management
implemented stringent controls on high-value claims and
optimized settlement workflows to maintain downward
pressure on the overall claim ratio and to ensure fast
settlement and customer satisfaction.

5. Forward Outlook

The company remains focused on consolidating its
leadership in the property segment. Future strategy will
continue to emphasize underwriting excellence, technical
soundness, the continued refinement of product offerings,
and enhanced customer responsiveness to increase
market share, a robust and speedy claim settlement
process which excels the best in the industry.

HEALTH INSURANCE

The Health LOB remains a dominant portfolio with the

completion of a premium of Rs.21531 Cr in FY 2025-26 which

includes Retail, Group and Government Business.

Retail Health:

Initiatives taken during the year to boost retail growth:

1.    Market friendly Riders have been introduced for enhanced
customer satisfaction and were well-received by the
Market.

2.    Two New Products launched:

a.    PMAB (Paripoorna Mediclaim Ayush Bima) for CGHS
beneficiaries

b.    NIBM (New India Banca Mediclaim) for
Bancassurance partners

2.    Stakeholder Training: Continuous training for agents,
TPAs and call centre staff for knowledge transfer and
product updates.

3.    Meetings with Agents were arranged for their feedback
and inputs for product development. A dedicated e-mail
id 'health.suggestions@newindia.co.in' was created for
inputs and suggestions for improvement and development
of health products/ coverages.

4.    Updated Underwriting Guidelines: Underwriting Guidelines
for all the Retail Health has been updated and shared with
all ROs/ OOs for better underwriting.

5.    Detailed SOP shared for Overseas Mediclaim Policy U/w
and claims.

6.    E NACH introduced in system to auto-collect Installment
premium.

7.    BIMA ASBA Integration is achieved and is currently active
for 2 Retail Health products and rolled out on pilot basis in
one OO.

8. Revamping of Agency Portal & Customer Portal
Group Health

In FY 2025-26, the strategy adopted for controlling the ICR of
the Health portfolio, is as under :

1.    Right pricing and prudent underwriting.

2.    Retention of portfolio based corporates and weeding out
loss making standalone GMCs

3.    Monitoring the portfolio of top 50 corporate clients at HO
level

4.    Strict adherence to the U/W Guidelines and SOPs,

5.    Plugging the claims leakage through the increased claim
audit

6.    Review of the performance of TPA periodically to contain
the ICR

Continuous efforts were made to improve the portfolio and
correction in the Health market. Focus on portfolio based clients
and monitoring top 50 Corporates have helped in containing the
overall ICR.

In the current year also, we are dedicated to enhance the
portfolio based premium as well as to improve the ICR.

Government Health Business :

We are the proud insurers of Rajasthan State Health Assurance
Agency under Government Health Scheme since 2015.

The ICR improved by approx. 9% as a result of use of FWA
Tool.

Health Claims :

1. Control of ICR :

a.    Periodical review of the performance of TPAs.

b.    Regular Hospital visits by the in-house medical
teams and system audit of TPAs have further helped
in to plug the leakages in the claims.

c.    Increase in % of claim audit from 30% to 50%.

Other initiatives:

a. The 'Cashless everywhere' initiative of GI Council and
IRDAI - i.e. the cashless facility to the claimants has
improved to 63% which is an industry average.

a. Under the 'Common empanelment of PPN Hospitals' as
initiated by GI Council, we are Strengthening our PPN
Network.

Other Online Initiatives:

1.    BIMA SUGAM: Bima Sugam integration, an initiative by
IRDAI is in progress.

2.    ABHA (Ayushman Bharat Health Account): An initiative
of the National Health Authority (NHA) under Ayushman
Bharat Digital Mission (ABDM). It provides numerous

benefits incl. streamlined access to digital health records,
efficient tracking of medical history, and enabling
healthcare professionals to make informed decisions.
Going forward it will act as Health KYC. We are closely
working with NHA on the same.

3.    ONDC (Online Network for Digital Commerce: An initiative
of the Department of Promotion of Industry and Internal
Trade (DPIIT), Ministry of Commerce, GOI, to create a
facilitative model to revolutionise digital commerce, for
promoting penetration of retail e-commerce in India. The
process of integration is in progress.

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

GOVERNMENT HEALTH BUSINESS

Since 2015, we have provided efficient services to the Rajasthan
State Health Scheme, and have been active participants in
various key health insurance initiatives.

One such initiative is the Mukhyamantri Ayushman Arogya
Yojana (MAA), which we manage in association with the
Rajasthan State Health Assurance Agency (RSHAA). To ensure
our Regional Government Business Office delivers seamless
and expeditious service, we utilize specialized AI/ML- based
applications for this scheme. It currently covers approximately
1.35 crore families, with more being added regularly. It provides
a total sum insured of Rs.25 lakh per family (5 lakh insurance
mode and a 20 lakh trust mode) where claims exceeding Rs.5
lakhs are processed by TPAs. Within this framework, Rs. 0.5
lakh is designated for secondary ailments while Rs.4.50 lakh
is set aside for

tertiary ailments, offering vital cashless access to healthcare and
financial protection for BPL families, socially and economically
weaker sections, and paid members.

Beyond Rajasthan, we manage the State Health Agency for the
UT of Lakshadweep through our Lakshadweep DO under the
Ernakulam RO. This covers 13,128 families with a sum insured
of Rs. 5 lakh per family on a floater basis, maintaining the
same specific allocation of Rs.0.5 Lakh for secondary ailments
and Rs.4.50 lakh for tertiary ailments. Our commitment to
government-led health initiatives extends even further as we
cover 16.78 crore lives under the Pradhan Mantri Jan Dhan
Yojana (PMJDY) and 7.88 crore lives under the Pradhan
Mantri Suraksha Bima Yojana (PMSBY), both of which are
flagship initiatives of the Government of India. Furthermore, we
demonstrate our dedication to social welfare by providing on-
duty personal accident cover to the volunteers of the National
Disaster Management Authority (NDMA).

Our active participation in these various Government Schemes
represents our social responsiveness and our goal of providing
accessible, specialized insurance solutions to all sections of
society.

Through these efforts, we take pride in contributing to public
welfare and supporting the sustainable development goals of
our nation.

MOTOR OWN DAMAGE & AUTO TIE-UP CHANNEL

The Company's Motor Insurance portfolio recorded a premium
income of Rs. 10,727 crore during FY 2025-26, reflecting
stable performance in a competitive market environment.

During the year, the Company continued its strategic focus
on portfolio quality, underwriting discipline and operational
efficiency. Corrective measures undertaken across select
segments contributed towards gradual improvement in claims
performance, while the claim settlement ratio improved to
94.40% as compared to 94.13% in the previous year.

The Company also continued to strengthen its product offerings
through introduction and enhancement of add-on covers
across various Motor segments in line with evolving customer
requirements and emerging vehicle technologies.

Technology-enabled initiatives in claims servicing, process
automation and digital assessment mechanisms were further
strengthened during the year, contributing towards improved
turnaround time, operational efficiency and customer service
experience.

The Retail and Auto Tie-Up portfolios continued to remain
important contributors to the overall Motor business. The
Company maintained strong engagement with automobile
manufacturers, dealer networks and distribution partners
while continuing efforts towards digital integration and service
enhancement.

Going forward, the Company's focus in the Motor segment will
remain on balanced and sustainable growth through continued
emphasis on underwriting discipline, claims management
efficiency, technology integration and customer-centric
servicing.

MOTOR T.P. DEPARTMENT

The Motor T.P. Department has continued in its steadfast
approach to prompt resolution of T.P claims. The department
has gradually shifted its focus from traditional litigation driven
mechanism towards conciliatory methods, striving to ensure
faster and more efficient settlements. Along with the aim of
prompt settlement also comes a lot of challenges, some of which
are beyond our control like non-revision of TP Premium, higher
compensation delivered by Courts over the years, inflation,
higher medical costs, reluctance by the claimants to come for
compromise as well as non-acceptance by the Claimants of our
offer etc.

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. Further mediums like Lok Adalat, Mediation,
DAR and e-DAR process have further provided an impetus for
quick settlement. As these legal provisions take hold, they are
expected to drive a faster pace of settlements, with the most
significant gains projected for the near future.

Our internal mechanisms and guidelines have also been
streamlined by laying more emphasis on settlements and
compromise of TP claims. The Company has continued its
approach of refraining from going for Appeal in cases where
there are Supreme Court and High Court Judgments (state-
specific cases) in our favour. Further, we are also

withdrawing and compromising cases which are pending in the
Appellate Courts. In quantum appeals especially, endeavour is
made to balance out the financial outgo vis-a-vis the chances of
success in Appeal. We have also revised the Board approved
Compromise Manual for handling of Motor T.P. cases. The
Supreme Court has also taken cognizance of settlement
through compromise/mediation due to which a one-of-its kind
Special Lok Adalat was initiated in 2024, where our Company
settled the maximum number of cases.

The Supreme Court will be organizing a similar exercise this
year where we will be making all efforts to settle more 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.

With regard to our performance in the current Fiscal, our
settlement ratio stands at 30.15% and our total outstanding
claims at the end of this Fiscal year is 1,60,153. The ICR on net
earned premium has been 96.99.

Suit Hubs function as dedicated offices in handling legal claims
including Motor TP cases. As of now, we have 25 Parent Suit
Hubs and 132 Child Suit Hubs that are catering to TP claims
and EC claims, arising out of Motor Vehicle accidents 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

The Company continues to strengthen its Techno Marketing
Department as a specialized vertical dedicated to servicing
large corporate clients, infrastructure projects, and complex
industrial risks. The Department caters to high-value
operational business units, engineering and construction
projects, and specialized risk segments by offering customized
insurance solutions tailored to the dynamic requirements of
corporate customers. The portfolio includes Operational All
Risks, Erection All Risks, Contractor's All Risks, Industrial All
Risks, and Stand Alone Terrorism and Standalone War covers,
ensuring comprehensive risk protection across diverse sectors.

In line with the evolving landscape of the Indian insurance
market, the Department has focused on providing innovative
and need-based insurance solutions supported by strong
technical underwriting capabilities. Through close engagement
with clients, brokers, and risk consultants, Techno Marketing has
continued to address emerging business risks, infrastructure

expansion requirements, and sector-specific insurance needs.
The Company's emphasis on prudent underwriting and
risk assessment has enabled the Department to maintain a
balanced and profitable portfolio while supporting large-scale
industrial and infrastructure development initiatives.

The Department has further strengthened its collaboration with
national and international reinsurers to provide capacity support
and customized reinsurance structures for complex and high-
value risks. Risk inspections and evaluations are undertaken
in association with experienced risk engineers and technical
experts to ensure effective risk mitigation and improved
loss prevention measures. These initiatives have enhanced
underwriting discipline and contributed towards sustainable
business growth.

As part of its customer-centric approach, the Department
continued organizing technical interactions, awareness
programmes, and training sessions for corporate clients
and intermediaries. These sessions focused on project
risk management, engineering insurance products, claims
handling procedures, and best practices in loss minimization.
The Company also emphasized faster coordination among
underwriting, claims, and technical teams through online
training initiatives and technology-enabled processes,
thereby improving operational efficiency and customer service
standards.

The Department remains committed to supporting the
Company's strategic objectives of profitable growth,
technological advancement, and market leadership.
With increasing opportunities arising from infrastructure
development, renewable energy projects, manufacturing
expansion, and emerging industrial sectors, Techno Marketing
is well-positioned to address future challenges through
technical expertise, proactive risk management, and innovative
insurance solutions

MARINE CARGO & HULL

The New India Assurance Co. Ltd. (NIACL) continues to assert
its dominance as the premier insurer in the Indian Marine
market. In FY 2025-26, our strategic focus on disciplined
underwriting and risk selection yielded an overall marine
premium of '1,033.90 Crores, securing a commanding 17.76%
market share. Our commitment to profitability is evidenced by
a robust Incurred Claims Ratio (ICR), with the Hull segment at
an exceptional 20.33% and the Cargo segment at 92.29%. The
high ICR in Cargo segment is due to the generally soft market
conditions in the Marine segment associated with intense
competitive scenario and cross subsidization with property
segment. These figures underscore the efficacy of our risk
management strategies, even as the global shipping industry
navigates unprecedented headwinds, we remain the partner of
choice for India's major shipping lines, inland and coastal fleets,
and the vital oil and energy sector.

Notably, NIACL maintains its unique position as the sole insurer
in India providing P&I cover for coastal vessels, alongside critical
Delay in Start-up (DSU) protection for national infrastructure
milestones.

The fiscal year was defined by a profoundly volatile geopolitical
landscape. Beyond the localized Russia-Ukraine and Israel-
Hamas conflicts, the emergence of a direct state-on-state war
between Israel and Iran in early 2026 fundamentally reshaped
maritime risk. This escalation led to the effective closure of the
Strait of Hormuz (SOH) and significant disruptions across the
Arabian Gulf and Persian Gulf (AGPG). As these regions faced
threats from kinetic strikes, vessel seizures, and a surge in
“Dark Fleet” activities, NIACL stood steadfastly by its clients. We
actively supported Indian enterprises by maintaining coverage
continuity even as global war-risk premiums surged and many
international insurers withdrew capacity. To manage these
specific liabilities, we strategically secured extensive Facultative
Reinsurance support, empowering our clients to navigate high-
risk corridors and participate in international maritime initiatives
like “Project Freedom” with financial certainty.

To transition from traditional underwriting to proactive risk
intelligence, we have significantly enhanced our technological
infrastructure. In a landmark advancement for our technical
desk, we integrated Lloyd's List Intelligence into our risk
assessment framework.

This integration provides real-time vessel tracking, casualty
history, and ownership transparency. By leveraging live AIS
(Automatic Identification System) tracking and historical vessel
behavior Marine underwriters use it to quantify risk, detect
sanctions violations (such as “dark activity”), and manage
exposure during global events or claims.

Complementing this is our upgraded vessel master database,
developed with international service providers, which grants
surveyors real-time data access via a dedicated portal, ensuring
precision in risk evaluation and claims adjustment.

Our digital ecosystem, 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. E-Marine portal, has undergone a
major upgrade and is now seamlessly integrated with premier
brokers. Furthermore, we have introduced paperless cargo
claim settlements for values up to '100,000, significantly
reducing Turnaround Time (TAT) and allowing our specialists to
focus on complex maritime casualties.

By blending our historic legacy with real-time intelligence and
a proactive stance on geopolitical shifts including the rigorous
use of the OFAC checklist for sanction compliance we ensure
that the “Wings of Assurance” continue to protect the lifelines of
Indian global trade.

AVIATION INSURANCE

The Aviation Department continued to deliver strong
performance during FY 2025-26, sustaining its leadership
position in the domestic aviation insurance market with a
market share of 40.05%.

Premium growth of 15% was achieved as new clients were
brought in along with improvement in NIA share in existing
businesses.

NIA remains the preferred insurer for most major airline
operators in India, while also maintaining a significant presence
in the General Aviation segment. The Company continues to be
the highest capacity provider in the domestic aviation insurance
market and has consistently led insurance placements for
nearly all major domestic airlines.

In alignment with the UDAN (Ude Desh ka Aam Nagrik) initiative
of the Government of India, NIA has extended comprehensive
insurance solutions to emerging and regional airline operators.
This support has contributed meaningfully to the growth of
regional aviation infrastructure and improved air connectivity
across the country.

Beyond airline insurance, the Company has further strengthened
its position as a comprehensive aviation risk solutions provider
by underwriting key aerospace risks and providing coverage
for Maintenance, Repair, and Overhaul (MRO) operations. In
recent years, NIA has also successfully underwritten insurance
for satellite launch missions, marking a significant milestone in
the expansion of its space and satellite insurance portfolio.

Additionally, during FY 2025-26, the Company extended its
portfolio to include insurance coverage for seaplane operations.

On the international front, NIA has reinforced its standing as
a preferred reinsurer by supporting 25 aviation reinsurance
programmes globally. This underscores the Company's strong
underwriting capabilities and its reputation for delivering
consistent value in complex and high-value aviation risk
segments.

Outlook

Looking ahead to FY 2026-27, the Aviation Insurance
Department aims to further consolidate and enhance its market
position through refined risk selection and pricing strategies. The
Company plans to expand its footprint in emerging segments,
including unmanned aerial systems (UAS), commercial
satellites, and urban air mobility.

In addition, NIA will continue to deepen its engagement with
aerospace and MRO clients while maintaining a strong focus
on innovation, reinsurance optimization, and operational
efficiency. These strategic priorities are expected to enable the
Company to proactively address evolving aviation risks and
continue delivering robust insurance and reinsurance solutions
to both domestic and international partners.

MISCELLANEOUS AND LIABILITY INSURANCE

Our organization continues to maintain a prominent position in
the insurance industry, recognized as a pioneer in specialized
lines such as Event, Sporting Events, Film, Jewellers, Block,
and other critical sectors like Nuclear operators & supplier's
liability, Cyber and Crime Liability Insurance. Our sustained
success is primarily driven by optimized premium rates and
robust reinsurance support from the international market, which
enables us to serve

the diverse needs of telecommunications providers, the film
industry, small-to-medium enterprises (SMEs), and retail
clientele.

We are equally dedicated to strengthening the banking sector
by furnishing tailored risk- mitigation strategies, specifically
prioritizing Bankers Indemnity and Cyber Liability insurance.
Given the paramount importance of cyber resilience in today's
tech-driven landscape, we remain focused on fortifying the
financial institutions that underpin our economy. Strategic
initiatives are currently underway to explore both international
and local markets, allowing us to introduce innovative products
that align with evolving demands while ensuring sustainable,
profitable growth.

To maintain our status as the preferred insurer, we have
implemented rigorous enhancements to our underwriting and
claims frameworks, most notably by empowering our Regional
Offices with decentralized underwriting authority. This shift has
significantly improved turnaround times, operational agility, and
client servicing.

Our commitment to excellence is further demonstrated through
the recent expansion of our product portfolio for FY 2025-26.
Having declared this period as the “Year of the SME”.

We launched niche products tailored for this sector, including
New India Mahila Udyam Bima and New India Bima Sathi for
both SME and corporate segments.

Our portfolio was further bolstered by the introduction of Naari
Samman Bima and the New India Stree Shakti Samrakshan
policy—launched on International Women's Day—to support
working women.

Additionally, we have strengthened our Bancassurance
offerings with the Karz Rahat Bima and New India Suraksha
Kavach policies, while expanding our existing Udayam Bima
policy with comprehensive new add-on covers.

A key highlight of our expansion includes the launch of
Warranties and Indemnities (W&I) insurance, which provides
financial protection for Mergers and Acquisitions, including
coverage for associated tax liabilities.

Beyond traditional coverage, we are advancing toward
more innovative liability solutions by engaging deeply
with stakeholders and agent communities through regular
workshops and ebinars. We have also begun issuing Pollution
Legal Liability (PLL) policies to address risks arising from
gradual pollution. This has become a crucial risk management
tool as increasing Environmental, Social, and Governance
(ESG) scrutiny compels companies to manage and disclose
environmental risks more aggressively. By combining these
innovative offerings with a steadfast focus on technical
proficiency and continual improvement, we remain resolute in
our mission to elevate our performance and deliver superior
value year after year.

REINSURANCE

The Company's reinsurance strategy remains firmly aligned with
our overall risk appetite and financial strength. We successfully
renewed all proportional and non-proportional treaties across
both domestic and international operations on schedule and on
favourable terms.

The IFSC branch located in GIFT City, focusing on inward
reinsurance business, continues to exhibit steady and profitable
growth.

During the financial year, the aviation portfolio was adversely
impacted due to the Air India plane crash in Ahmedabad.
Additionally, some risk losses reported under the Fire line of
business pertaining to Capital Power Systems Ltd and MPD
Industries Ltd., impacted the fire portfolio. Apart from these,
there were some natural catastrophic events impacting the net
retention under domestic portfolio.

Internationally, our overseas Excess of Loss (XOL) treaties
performed consistently in line with expectations, remaining
largely loss-free.

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 25-26, our Broker vertical completed Rs 18,595.57
Crores Premium and an accretion of 14.83%.ICR on earned
premium is 93.87 % for the FY 2025-26.

Broker department has implemented various lucrative incentive
schemes such as volume reward scheme & quarterly reward
schemes to enhance overall business.

On December 18, 2025, the Broker Department successfully
convened the Annual Brokers' Meet at the Jio World Convention
Centre (G Block, BKC, Mumbai). The forum served as a premier
platform for high-level engagement between the organization's
leadership and its primary distribution partners.

BANCASSURANCE

Bancassurance continues to be an important distribution
channel for the Company, supported by partnerships with
Public Sector Banks, Private Sector Banks, Regional Rural
Banks, and Cooperative Banks across the country.

During FY 2025-26, the Bancassurance channel generated
premium income of Rs. 250+ crore, registering growth over the
previous year, while maintaining a stable incurred claim ratio.

During the year, the Company focused on strengthening
partner engagement, enhancing technology integration,
improving operational efficiency, and expanding insurance
outreach through various customer awareness and training
initiatives.

The Company also continued to expand its bancassurance
network by onboarding new banking partners during the year.

The Company remains committed to supporting the national
objective of “Insurance for All by 2047” through deeper insurance
penetration, particularly in underserved and rural areas.

AGENCY

Agency is maintaining its role as a key intermediary channel
for procuring business for our Company contributing substantial
share of premium.

Department's continued efforts in the FY 2025-26, resulting
in growth of total Premium. The total premium procured was
Rs.11,545.67 Crs with 3.94% accretion with an ICR of 87.16%
contributing to 26.96 % of Company's domestic premium,
Individual Agents contributed Rs.11344.21 Crore and Corporate
Agents

(Other than Banks) Rs.201.45 Crore .We have enrolled 5383
Individual Agents and 20 Corporate Agents (Other than Banks).
As on 31 st March,2026,the total number of Agents are 126005.

In the FY 2025-26 total 2779 Agents became eligible for Agent
Club Membership based on the performance year 2024-25.
All India convention and Regional level conventions were held
to felicitate the said esteemed Agents at various centers PAN
India

Various rewards schemes were implemented during the year,
to motivate agents. Training programs were also arranged for
CMD & GM Club Member Agents for enhancing their skills.
Trainings are conducted by Regional offices through various
onlines modes. Every Operating Offices hold Agent Meeting
on 1 st and 3 rd Friday of each month and imparting product
knowledge, soft Skill training and facilitate strategy exchange.
H.O. also conducted Portal and product training for agents.

The Agent Portal and Agent App continued to be promoted for
24x7 policy issuance, quick renewals, and better management
of claims. The Company allotted 4,130 new Portals during the
year, increasing the total number of portals to 64,701 as on
March 31, 2026. Rs. 5238.98 Crore premium was collected
through the Agent Portal in the Year 2025-26. The Agent
Portal is regularly updated with newly launched products, and
continuing to add more policies to portal, to increase the portal
use by agents.

Photo of the Top 10 Performing Agents for the month displayed
on agent portal.

We are also in the process of revamping the agent portal so
that agents can attend customer needs 24x7. During the year,
agency department, started uploading the training videos of
all the products in the portal, for better and easy access to
agents. Continuous changes are also being done in the agent
dash board, for the benefit of the agents. Monthly “NEWS
LETTER” containing information of newly launched products
and Important information about Company are regularly being
uploaded in portal.

Agency Department introduced “Become An Agent” page in
Company Website, with the support by call center, for agent

recruitment. SANKALP 107, was another initiative by the
agency department for the recruitment. An exercise for revival
of dormant agent was also conducted. We could revive some
agents through this exercise.

We ran social media campaign “To become an Agent “with wide
reach.

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

GOVERNMENT BUSINESS DEPARTMENT (PMSBY)

The New India Assurance Co Ltd remains deeply committed to
advancing the Government of India's vision of universal financial
inclusion and strengthening the social security architecture for
the citizens of India. Operating at a highly affordable annual
premium of '20 auto-debited from subscribers' bank accounts,
the scheme secures individuals aged 18 to 70 with a guaranteed
financial shield: '2 lakh in the event of accidental loss of life
or total permanent disability, and '1 lakh for partial disability.
By deploying these standardized, low-cost risk covers at an
immense scale, New India ensures that unforeseen tragedies
do not translate into enduring financial hardship for grassroot
population.

During the Financial Year 2025-26, New India significantly
scaled its reach to ensure insurance penetration reaches the
remotest parts of the country. To achieve this massive outreach,
New India has established active distribution tie-ups with 316
banks across the country, encompassing Public Sector Banks,
Private Banks, Regional Rural Banks, and Cooperative Banks.
Leveraging this robust banking network, the Company actively
serviced around 8 crore account holders under the scheme in
the financial year 2025-26 alone. This extensive nationwide
enrollment resulted in a total underwritten premium of
approximately '158 crores for the current fiscal year, reflecting
the immense trust placed in us by both our banking partners
and the insured citizens.

Treating prompt service to our insured citizens—especially
during times of unforeseen family distress—as our absolute
priority, New India maintains a consistently high claim settlement
ratio under the scheme. Since the inception of the PMSBY
policy, New India has serviced nearly 40,000 claims intimated
under the policy, successfully disbursing financial relief to
the tune of '596 crores to the beneficiaries. This unwavering
dedication to customer service continues into the current year;
out of the 11,600 claims intimated so far in FY 2025-26, we
have already successfully settled 8,500 claims.

Dedicated task forces and simplified documentation workflows
have been deployed to ensure that the remaining claims are
actively expedited and settled.

We view the coming year with great optimism and a renewed
sense of purpose. The foundations laid this year—characterized
by vast digital integration and deepened trust position us
to further scale our impact and reach even the most remote
segments of the population. We are confident that our continued
focus on operational agility and

empathetic service will not only enhance our market leadership
but also contribute meaningfully to the nation's vision of a fully
insured India. With a robust pipeline and a resilient claims
infrastructure, we stand ready to turn future challenges into
opportunities for growth and community welfare.

RURAL, 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. and
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 for the safety & security of the rural
populations.

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 Jammu & 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.

Furthermore, the Company has launched a Customer Portal,
providing rural customers with fingertip access to insurance
policies for well-known Rural Micro Products such as Cattle
Sukshma Bima, Sheep & Goat Sukshma Bima, Pig Sukshma
Bima, and Agriculture Pumpset Sukshma Bima Policies.

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
29 Rural Insurance and 12 Rural Micro Insurance Products
to protect low-income people against financial losses with
affordable products.

The Company during Financial Year 2025-26 underwritten
a total Rural Insurance Premium of Rs. 108.96Crores with
Incurred Claim Ratio of 96.51%.

The company has made the claim processing procedure simple
& easy to popularize the Rural & 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 40 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 initiative to revolutionize risk protection, The
New India Assurance Company Limited launched its pioneering
Parametric Insurance Cover, also known as Nishchit Suraksha,
on 27^th May 2025. Designed to seamlessly cover economic
losses arising from pre-specified natural and environmental
incidents—perils that are typically excluded under traditional
insurance frameworks—this innovative product represents a
paradigm shift in modern risk transfer. By employing objective,
real-time data triggers such as rainfall, temperature fluctuations,
or seismic activity, the parametric model enables immediate
claim settlements without the inherent delays of loss adjusters
or manual verification.

Setting a new industry benchmark, the cover operates on
automatic triggers. It ensures guaranteed, payouts based on
pre-agreed conditions, underpinned by a highly transparent
pay-out model defined meticulously at the policy inception. This
structure allows for a immediately liquidity response, providing
capital within days to address immediate economic fallout that
traditional insurance often misses. Furthermore, these dynamic
policies are custom-made to accurately fit the unique risk
profiles of our diverse clientele.

This strategic emphasis on risk inclusivity provides a critical
financial safety net to industries and communities that have
historically been underinsured or entirely excluded from formal
protection. By dispensing pay-outs instantaneously upon a
trigger event, the policy empowers immediate disaster recovery,
equipping vulnerable segments with the liquidity needed to
sustain their operations. The product operational simplicity
and lack of disputes appeal to a remarkably broad spectrum
of beneficiaries. It delivers robust protection to farmers,
agricultural co-operatives, and Self Help Groups (SHGs), while
also catering extensively to Non-Governmental Organizations
(NGOs), microfinance institutions, banks, and community-
based organizations. Simultaneously, it elegantly addresses
the complex risk management needs of larger enterprises,
including corporates, Micro, Small and Medium Enterprises
(MSMEs), the hospitality sector, travel agencies, and various
government departments and state agencies.

Demonstrating a profoundly positive market reception for such
transparent, risk transfer mechanisms, in the Nishchit Suraksha
portfolio we could successfully underwrite a total premium of
Rs. 1.19 Crores during the financial year 2025-26. Achieving
this substantial volume so rapidly after launch underscores a
growing market demand across our target sectors.

Building resolutely upon the strong financial foundation and
operational success of this initial offering, The New India
Assurance Company Limited has strategically expanded its
suite of parametric solutions. We are pleased to announce
the successful launch of Nishchit Ritu Raksha, a retail
parametric product tailored specifically to provide individual
policyholders with accessible, data-driven protection against
seasonal and weather-related fluctuations against perils like

cyclone, rainfall and earthquake. Concurrently, addressing
the critical vulnerabilities within the agrarian economy, the
Company introduced Nishchit Krishi Suraksha. This standalone
parametric crop insurance product is expertly designed to offer
farmers rapid, trigger-based financial relief against climate-
related risks, effectively securing their livelihoods without
the prolonged delays inherent in traditional crop damage
assessments. Together, these robust advancements solidify
our unwavering commitment to pioneering inclusive, resilient,
and highly efficient insurance solutions that create enduring
value for all stakeholders.

STATE INSURANCE PLAN

IRDAI has proposed a Comprehensive State Insurance
Plan to accelerate last-mile insurance delivery to uninsured
populations, aligning with the Government of India's vision of
“Insurance for all by 2047”. To successfully implement this, The
New India Assurance Co. Ltd. was appointed as the lead insurer
for Gujarat and Lakshadweep. Accordingly, our dedicated team
aims to address protection gaps across segments like MSME,
Motor, Agriculture, Retail Health, Home Insurance, and Women-
Centric Initiatives.

In Gujarat, we identified 5,397 Gram Panchayats for FY 2025¬
26 to organize constant Insurance Awareness Campaigns.
We also organized medical camps, providing policyholders
with rice, jaggery, and lentils. On April 2, 2025, we hosted the
Bima Jagruti Utsav in Dahod, issuing the first Naari Samman
Bima policy. Having insured 123,454 total lives in the state—
including 9,388 (7.60%) within the social sector—we are
perfectly positioned for rapid expansion. With emerging rural
penetration rates across Motor (1.26%), PA (0.52%), Health
(0.33%), and Fire (0.13%), we have a phenomenal opportunity
to scale our services.

In Lakshadweep, targeting 4 Gram Panchayats, we devised
specialized products aligned with territorial needs. Using the
Parivahan site, we identified vehicles with pending renewals
and sent letters authorized by the Motor Vehicle Dept. to
ensure 100% motor coverage. We increased awareness using
news and an AI-based Malayalam song in association with the
Directorate of Health Services, and collaborated with influencers
for Bima Vistaar publicity and Bima Vahak recruitment. We
achieved a standout 72.1% rural Health Insurance penetration
(insuring 26,955 of 37,278 lives), achieving 100% compliance
with all 26,959 insured lives classified within the social sector.
This early momentum provides a springboard to expand Motor
(5.27%), Fire (2.55%), and Personal Accident (0.02%) lines.

The New India Assurance Co. Ltd. remains fully committed
to realizing the “Insurance for all by 2047” vision. Through
sustained grassroots coordination and tailored initiatives in both
territories, we are bridging critical protection gaps. By providing
affordable, comprehensive coverage, we embrace our role in
securing the financial future of the uninsured, protecting citizens
from unforeseen events, elevating well-being, and contributing
to the nation's broader economic growth.

MSME

Micro, Small, and medium enterprises(MSMEs) are one
of the driving forces propelling the Indian economy to new
heights. As per the Udyam portal, the 7.83 crore registered
MSMEs have generated a staggering 34.50 crore jobs., 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 ~48.58% of Indian's total
exports. MSMEs' role in fostering sustainability and inclusivity
in the Indian economy is irrefutable. Furthermore, women
entrepreneurs currently helm approximately 39% of all MSMEs
registered on the Udyam portal (inclusive of Udyam egistration
portal (URP) and Udyam Assist Portal (UAP)). Notably, these
women-led enterprises serve as a vital engine for economic
empowerment, accounting for 18.73% of the total employment
generated across all Udyam-registered businesses.

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 customized insurance solutions to
meet these needs.

•    Specialized policies: New India Assurance has launched
policies like Udyam Bima andBima 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 affordable
and comprehensive insurance solutions for MSMEs.

This unwavering commitment to the MSME sector is clearly
reflected in the company's recent performance. During
FY25, building upon this strong foundation and driven by our
dedicated MSME cell and specialized policies, we witnessed
continued upward momentum in MSME premium growth. The
total number of policies issued also grew significantly. This
growth not only highlights the expanding reach of our tailored
insurance solutions but also underscore the growing trust that
small and medium enterprises place in us to safeguard their
business continuity and support their expansion.

In essence, as MSMEs continue to serve as the bedrock of the
Indian economy and drive sustainable, inclusive growth, The
New India Assurance Co. Ltd. remains steadfast in its mission
to protect and empower these vital enterprises. By continuously
refining our customized insurance solutions, expanding our

awareness initiatives, and strengthening strategic partnerships,
we aim to bridge the protection gap in this critical sector.
Ultimately, our unwavering commitment ensures that India's
small and medium businesses have the resilient financial safety
net they need to thrive, overcome disruptions, and confidently
propel the nation's economy to achieve the targeted goals.

ALTERNATE BUSINESS CHANNEL

The Alternate Business Channel Development (ABCD)
Department is responsible for evaluating, suggesting, and
facilitating digital solutions to increase the Company's digital
footprint. The department specializes in managing API
integrations with various partners and intermediaries to enable
seamless digital business operations.

During FY 2025-26, the department successfully maintained
over 20 live integrations, contributing significantly to digital
enablement and operational efficiency. The total premium
generated through these channels during the year amounted to
253 Crore with accretion of 7.20% over previous FY

ABCD also oversees the Common Service Center (CSC)
business, expanding the Company's reach and accessibility
across diverse customer segments. Additionally, ABCD owing
to its specialisation in API, manages the orchestration platform
hosting payment aggregators that support NIA's online payment
systems.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
(CSR)

As a distinguished global leader in the General Insurance
Sector, we are proud to dedicate this section of our Annual
Report for Financial Year 2025-26 to our commitment to
Corporate Social Responsibility (CSR). Our initiatives are a
powerful demonstration of our dedication to creating a profound
and positive impact on the communities we serve.

CSR is a fundamental pillar of our identity, deeply integrated
into our business activities. Our driving force is the vision to
transform India from a “Risk-Averse” society into a “Risk Aware”
society. We achieve this mission by meticulously integrating the
social, environmental, and health concerns of the Indian society
into the Company's overarching CSR Policy and programmes.

Strategic Focus Areas and Initiatives

In line with the Board's directive to ensure the maximum
spread of our CSR activities across the nation, the Company
strategically sanctioned its budget across diverse and high-
impact areas.

Our targeted interventions for FY 2025-26 include:

•    Elevating Health and Wellness: We invested significantly
in strengthening public health infrastructure by providing
essential healthcare equipment to hospitals and deploying
fully equipped medical vans to reach underserved
populations.

•    Fostering Education and Skill Development: Our
commitment to quality education saw the support of
smart class initiatives, the construction of new, safe

classrooms, and the installation of solar panels on school
rooftops, ensuring sustainable learning environments and
empowering future generations.

•    Promoting Environmental Sustainability: We actively
championed projects that promote a greener future,
notably by supporting the installation of solar power
solutions for various institutions to reduce their carbon
footprint and promote renewable energy use.

•    Advancing Social Empowerment: Our dedicated projects
focused on empowering vulnerable sections of society,
with a strong emphasis on programs supporting women's
economic and social upliftment.

•    Commitment to Animal Welfare: We extended our support
to animal healthcare through the donation of fully equipped
ambulances and essential medical equipment to animal
hospitals and shelters.

•    Enhancing Sanitation and Hygiene: Recognizing the
critical need for basic sanitation, we funded and executed
the construction of essential washroom facilities in schools,
promoting better health and retention among students.

Our objective is to proactively support meaningful socio¬
economic development, thereby contributing to the lasting well¬
being and betterment of the community. We are resolute in our
commitment to being a responsible corporate citizen, delivering
enduring value to our stakeholders and society.

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.

Soft skill training was imparted to all Customer Care Nodal
Officers at the National Insurance Academy, Pune during FY
2025-26 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 notified and
resolution details are updated on the portal. We encourage
complainants to share their insights through the portal's
feedback feature. Furthermore, our Contact Centre proactively
reaches out to customers via telephone to ensure the resolution
meets their expectations and to gather qualitative feedback on
the experience.

In accordance with the directives of the Department of
Financial Services (DFS), a monthly review meeting chaired
by the Chairman and Managing Director is conducted with 20
Complainants This high-level interaction is specifically designed
to evaluate the quality, empathy, and efficiency of the grievance
redressal mechanism.

New India Assurance has been awarded Best Performer of the
Year 2025 in “Effective Grievance Redressal amongst Public
Sector Insurance Companies”. CMD received the award from
Mr.Amitabh Kant, Ex Director, Niti Aayog and Mr. M Nagaraju,
Secretary (DFS) in the 'Chintan Shivir' function organised by
the Department of Financial Services during 13-14 February
2026 at Coorg, Karnataka.

ERM and ESG framework have been implemented. We have
improved our reach for enhanced Risk Control and Self¬
assessment {RCSA} to all layers of domestic and overseas
operations, enabling enhanced monitoring and reporting for
ERM.

With improved implementation of ERM and ESG Framework
and parameters we received improved international and
domestic ratings from AM Best and CRISIL respectively. AM
Best has improved our rating outlook from B++(Stable) to
B++(Positive). CRISIL ESG Ratings increased from Below
Average to Adequate.

CORPORATE COMMUNICATIONS

The Corporate Communication Department serves as
a foundational pillar in cultivating and sustaining robust
relationships with the company's diverse stakeholders.
By prioritizing transparent and consistent messaging, the
department effectively disseminates the company's core
values, strategic achievements, and organizational mission,
thereby enhancing corporate reputation and fostering cross¬
audience trust.

During the 2025-26 fiscal year, the department intensified
its branding initiatives to bolster the market presence of
India's largest non-life insurance provider. These efforts were
characterized by a comprehensive, Pan-India promotional
strategy designed to increase visibility across both traditional
and emerging public platforms. Further, we had partnered with
the General Insurance Council and actively participated in
various MSME conclaves and outreach programmes.

To ensure the brand remains deeply integrated within the public
consciousness, the department has strategically adapted to
the modern media landscape by expanding its reach across
television, radio, FM, and digital social media platforms. This
modern outreach is complemented by an extensive network
of traditional outdoor advertising, including train wrappings

in premium trains like Metro, Rajdhani, Vande Bharat and
digital displays inside these trains. Furthermore, the company
has secured a dominant physical presence at key transit and
commercial hubs, such as international airports, metro and
railway networks, major highways, and electric bus fleets.
By leveraging these diverse media channels and exploring
new areas of public confluence, the department continues to
reinforce the company's brand image with high frequency and
broad geographic reach.

CLAIMS MANAGEMENT

The company carried out the following activities in this vertical
during FY 2025-26

•    Review and monitoring of Non-suit claims with an objective
of increasing settlement ratio and decreasing number of
outstanding claims.

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

•    Undertaken virtual meetings with designated officials of all
regions on Non-suit claims management and visited the
Non-suit claims hubs for claims review on periodical basis.

•    Organized training for claims handling officials on PAN
India basis at Insurance Institute of India, Mumbai in the
month of February, 2026. Total 89 officials from Non Suit
claims hubs across India have attended the training and
during the training, top Performing Hubs were felicitated.

•    Completed exercise along with the other PSUs for
empanelment of surveyors as per the Surveyor
Management Policy during the financial year 2025-26.

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

RIGHT TO INFORMATION (RTI) ACT

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

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

To ensure the effective implementation of the Act, under
the supervision of the RTI Department at the Head Office,
a dedicated network of Central Public Information Officers
(CPIOs) across Regional Offices, CBOs, Auto Hubs, and Legal
Hubs ensures the diligent processing of information requests
and contribute to the promotion of the Act's ideals.

Operational Statistics (FY 2025-26):

During the financial year 2025-26, the total number of
RTI applications and appeals received (including online
submissions) were as follows:

RTI Applications Received: 2068

First Appeals Received: 289

Transparency Audit:

In accordance with the Department of Financial Services (DFS)
guidelines, a comprehensive Third-Party Transparency Audit
of the Company's proactive disclosures for the year 2024¬
25 was conducted by Mr. Md. Abdur Rajjaque, Nodal Officer
RTI & Deputy Registrar, Ghani Khan Choudhury Institute of
Engineering & Technology. This audit highlights that we follow
very high standards of transparency and public disclosure.

Digital Disclosure:

In strict compliance with the Central Information Commission
(CIC) mandates ad Section 4(1)(b) of the RTI Act, our official
website is updated regularly to disclose and upload maximum
information, ensuring that key institutional data is readily
available in the public domain, thereby reducing the need for
formal requests.

INDUSTRIAL DISPUTES AND DISCIPLINE (IDD).

To maintain peace and harmony in the Company, it is essential
to address the disputes efficiently & quickly so that the rights
of the aggrieved are protected. Thus, 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 3 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.

In addition to the above mentioned Training Sessions, the
Company has also conducted Review Exercises of 3 Regional
Offices in the preceding year wherein all the cases related
to employer-employee disputes, Non-vigilance cases, LOP
matters, along with the Departmental matters pending at the
Regional Office were reviewed. After conducting the review, it
was also made sure that a Feedback Report was sent to the
concerned Regional Office regarding the Review Exercise.

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.

We have also made sure that as per the mandate of Statue
i.e. Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, an Annual Report before
the District Magistrate is submitted pan India mentioning therein
the status of POSH cases.

INFORMATION TECHNOLOGY

At The New India Assurance Company Limited, Information
Technology continues to play a pivotal role in supporting
business operations, strengthening customer service delivery,
and enabling the Company's long term strategic growth. The
Company has consistently invested in secure, resilient, and
contemporary technology infrastructure to support its expanding
digital ecosystem and enhance operational effectiveness
across the organization.

During the year, the Company continued its emphasis on
information security and protection of critical data assets and
systems. The ISO 27001:2022 certification for Information
Security Management Systems was successfully renewed for
Head Office IT operations, Primary Data Centre (PDC), Disaster
Recovery (DR), and Near Disaster Recovery (NDR) sites.
The Company also undertook necessary measures towards
alignment with the requirements of the Digital Personal Data

Protection (DPDP) Act, thereby reinforcing its data governance
and compliance framework.

To augment cyber security monitoring and incident response
capabilities, a dedicated 24x7 Security Operations Centre
(SOC) was established in October 2025. The Company further
strengthened its security posture through deployment of
high capacity Next Generation Firewalls and implementation
of additional security controls across critical infrastructure
environments.

Business continuity and infrastructure resilience continued to
remain areas of sustained focus during the year. The Company
maintains a robust “Zero Data Loss” architecture across PDC,
DR, and NDR sites to ensure uninterrupted availability of critical
systems and business services. Comprehensive maintenance
and support arrangements covering Network, Backup, and
Storage infrastructure are also in place to maintain high system
uptime and operational stability.

Considering the growing adoption of Artificial Intelligence based
technologies across the financial sector, the Company initiated
steps towards establishing an infrastructure environment
capable of supporting future digital initiatives and internal
business applications.

AI and ML based Optical Character Recognition (OCR)
capabilities were also integrated within the Surveyor Portal
for intelligent document processing, improved data extraction
accuracy, and faster claim processing support. Deployment of
modern desktops and laptops across offices was additionally
continued during the year to improve workforce productivity and
support evolving technology requirements.

As part of the Company's broader “Mission 2026” digital
transformation initiative, focused on modernization of critical
infrastructure and strengthening of core technology capabilities,
the Data Centre environment was further upgraded through
implementation of an Integrated IT Infrastructure model aimed
at improving scalability, reliability, operational resilience, and
long term sustainability. During the year, the Company initiated
a major core infrastructure modernization programme involving
deployment of next generation engineered infrastructure
systems across critical locations. This modernization initiative
is expected to significantly improve system performance,
enhance operational stability, and optimize batch processing
timelines for core business applications.

The Company also undertook modernization of its network
infrastructure through replacement of legacy network
components and enhancement of MPLS and Internet
connectivity across offices. Distributed Denial of Service
(DDoS) protection mechanisms were additionally implemented
to strengthen network resilience and improve continuity of
digital services.

Furthermore, the Company is in the process of implementing a
Fraud, Waste, and Abuse (FWA) monitoring solution leveraging
Artificial Intelligence and Machine Learning technologies, aimed
at strengthening proactive fraud detection, advanced pattern
recognition, real time analytics, and investigative capabilities in
health insurance claims operations.

The Company continues to expand digital integration with
partners and intermediaries to facilitate seamless business
transactions and improved service delivery. More than 20
live API integrations are currently operational across various
business channels and platforms. In line with the Company's
focus on FY2026 as the “MSME Year”, a dedicated digital
portal or MSME customers was also launched during the year
to improve accessibility and streamline service delivery for the
segment. In addition, a separate digital platform was introduced
for Paripoorna Mediclaim Ayush Bima catering to CGHS
employees. The Company also continued its participation in
strategic digital initiatives in line with evolving business and
regulatory requirements.

The technology initiatives undertaken during the year have
contributed towards improved operational efficiency, enhanced
service accessibility, stronger cyber security preparedness,
and greater digital enablement across the organization. The
Company also witnessed growth in premium generation
through Alternate Business Channels during the year, reflecting
increasing adoption of digital platforms and services.

The Company remains committed towards building a secure,
stable, scalable, and future oriented technology environment
capable of supporting evolving business requirements and
delivering improved customer experience.

HUMAN RESOURCE DEVELOPMENT AND
PERSONNEL 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 2026

RECRUITMENT AND RESERVATION

Number of employees recruited during 2025-26

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as on
31.03.2026

# 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. Liaison Officers under the charge
of Chief Liaison Officers manage 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 Officers from 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 Officers &
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, 6^th
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 31.03.2026, 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 8^th 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

The Company firmly believes that continuous learning and
capability building are vital for long-term sustainability and
success. Enhancing employee competencies drives individual

performance and strengthens the organization's ability to adapt
to evolving business and regulatory landscapes.

To ensure equitable access to development opportunities
and maximize impact, the Company follows a strategic policy
of linking training nominations to specific job profiles, while
generally restricting nominations to one training program per
employee per year.

Future-Ready and Digital Capabilities

During the year 2025-26, the Company placed significant focus
on building future-ready capabilities to maintain its market
leadership. Key technological areas included Cybersecurity,
Cyber Risk Management, Digital Marketing, Data Analytics,
and Fraud Analytics. Most importantly, the Company prioritized
Artificial Intelligence (AI), deploying AI capabilities to ensure
prudent underwriting and fair claims management.

A key milestone this year was the launch of a weekly online
training program. This digital initiative allowed employees
across all cadres and geographies to participate seamlessly,
significantly enhancing knowledge sharing and fostering a
robust culture of continuous learning.

Balanced Training Agenda

The Company's multifaceted training agenda carefully balanced
technical expertise with holistic employee wellness.

Technical and operational excellence remained a priority,
with core programs conducted in Prudent Underwriting,
Claims Management, Fraud Management, Human Resource
Management, Vigilance, and Regulatory Compliance.

Also dedicated programs focused on grooming future marketing
and operational leaders.

Safety and leadership development were addressed through
specialized sessions on fire-fighting measures and emergency
response procedures, For general employee well-being, the
Company recognized the importance of holistic growth by
organizing sessions on soft skills, personality development,
stress management, yoga, and pre-retirement planning to
support mental, physical, and financial health.

Specialized and Inclusive Initiatives

The Company actively promoted targeted training interventions
to foster diversity, inclusion, and executive excellence.

For the empowerment of women employees, the Company
conducted specialized Women Managers' Programs and
Prevention of Sexual Harassment (POSH) workshops.

To drive inclusive growth, the Company organized tailored pre¬
recruitment and pre-promotional training programs for SC, ST,
and OBC applicants and employees across all cadres.

Frontline and leadership strengthening involved targeted
capability-building programs for operating office in-charges,
Marketing Officers, and Agents, successfully building a resilient
frontline force.

Finally, for external executive education, executives were
nominated to prestigious programs at premier institutes to

benchmark against global best practices. These premier
partner institutes included IIM-Ahmedabad, IIM-Mumbai, MDI-
Gurgaon, IDRBT, ISTM, IIRM, IICA, NAHRD, AJNIFM, CLC etc.

The overwhelming participation and positive feedback from
employees reflect the clear success of these initiatives. The
Company reaffirms its commitment to investing in human
capital as the definitive cornerstone of its enduring success.

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.

To enable personnel to work with ease and spontaneity in Hindi
within their respective departments, the Department of Official
Language organizes Hindi workshops from time to time. During
this financial year, the Head Office's Department of Official
Language conducted four workshops | Additionally, a special
workshop-cum-training program was organized in Andheri,
Mumbai, for Hindi representatives from 'B' and 'C' regions as
well as CBOs/Hubs. Furthermore, a seminar was held for Hindi
officers and representatives of the Head Office and Regional
Offices on the topic: 'Use of Hindi in Internal Work: Problems
and Solutions.'

During this financial year, the Head Office's Department of
Official Language conducted Official Language inspections for
100% of the regional offices, covering all 28 locations.

The Third Sub-Committee of the Committee of Parliament on
Official Language inspected the Regional Offices in Guwahati,
Dehradun, and Pune, as well as the Business Offices in
Mysore, Gwalior, Faridabad, and Vakdewadi. Additionally, the
Parliamentary Committee on Draft and Evidence inspected
the Mathura and Cuddalore Business Offices. During these
inspections, the implementation of the Official Language within
the company was found to be satisfactory.

During the year 2025-2026, one meeting was organized every
quarter at the Head Office, totaling four meetings. Similarly,
Official Language Implementation Committee meetings were
conducted regularly across all other offices as well. With the aim
of propagating Official Language Hindi and to enhance interest,
motivate, and encourage personnel towards its use, a 'Hindi
Fortnight' was organized at the Head Office from September 17
to September 30, 2025.

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.

During the year 2025-26, the All India Official Language
Conference was organized under the Chandigarh Regional
Office at Kasauli on March 9-10, 2026. During the conference,
Regional Offices were awarded for their outstanding

performance. On this occasion, the Hindi version of the 'Rural
Insurance Document' was released by the Chairperson-cum-
Managing Director. During the 5^th All India Official Language
Conference held in Gandhinagar, Gujarat and Regional Official
Language Conference held in Indore, a stall showcasing the
company's products was set up. Additionally, a Hindi Quiz was
organized, which saw enthusiastic participation from a large
number of attendees. As a token of appreciation, winners were
presented with memento.

This year, two issues of the corporate house magazine 'Arjan'
were published, in which employees working across various
offices of the company participated through their literary
contributions. Along with the printed version, an e-copy of the
magazine was also made available via QR code. Similarly, Hindi
house magazines were regularly published by the Regional
Offices as well.

In addition, a 'Multilingual Insurance Glossary' of 500 words
was compiled, incorporating 9 other regional languages
besides Hindi. This glossary can be accessed on mobile
devices through a QR code. In this financial year, the Official
Language Department received a total of 115 awards across
India. Furthermore, a large number of employees are being
trained under the Hindi Teaching Scheme, Department of
Official Language, Ministry of Home Affairs, Government of
India, through the 'Prabodh', 'Praveen', 'Pragya', and 'Parangat'
training programs. Website is updated by Official Language
Department time to time.

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

LEGAL AND CONSUMER FORUM

The Corporate Legal & Consumer Forum Department handles
suit claims arising out of policies issued by the Company. This
involves the strategic management and handling of consumer
commission matters, Civil/ commercial court matters, Supreme
Court and arbitration cases arising out of disputes against
claims on policies issued by the company. The department's
primary mandate is to deliver robust litigation and arbitration
support while proactively facilitating compromises and
settlements to mitigate Company's financial outgo. To ensure
efficient operations, the department oversees the Suit Hubs—
specialized legal units established within Regional Offices
across India. Major hubs are staffed by legal specialists who
provide dedicated support to local courts, streamlining the suit
claims process and optimizing case outcomes.

To bolster the compromise settlements, the Department has
actively participated in the nationwide 90 day Special Mediation
Drive-Mediation for Nation launched by Hon'ble Supreme
Court of India. In this financial year, a total of 274 cases have
been settled through Lok Adalat and mediation mechanisms.
Beyond these settlements, the Department continues to secure
favourable case resolutions by leveraging robust defence
strategies and persuasive legal arguments. For the current fiscal
period, the Department has achieved an overall settlement ratio
of 25% and a throughput ratio of 110%.

The Department has conducted Zone wise workshops to
ensure participation of each and every suit hub, effectively
extending its outreach to the grassroots level. These sessions
were strategically crafted to address practical case-handling
challenges and analyse real-time scenarios, providing suit hubs
with a definitive roadmap for resolution. Alongside these efforts,
a specialized learning webinar was hosted to deepen the
collective understanding of the intricacies involved in managing
arbitration cases.

Beyond individual case management, the Department also
conducts a Root Cause Analysis of registered suit claims,
sharing the resulting insights with relevant claim- handling
departments. This systematic review is designed to identify
and address recurring issues at the initial stages, ensuring that
grievances are resolved early to prevent escalation.

To ensure compliance with IRDAI Corporate Governance
Guidelines, the Department strictly monitors the decision¬
making process at Suit Hubs. We have mandated that a
decision on any award must be taken within 30 days of receipt.
This rigorous monitoring is specifically intended to curb the
outgo of additional interest and ensure timely disposal of cases.

The transition toward a fully digital workflow remain a priority,
with daily notices being routed to Regional Offices on an
urgent basis. These offices are under strict instructions to
prioritize these notices and ensure that Written Statements
are filed within the required legal timeframes. To further
reduce administrative delays, suit hubs have been advised to
exchange files digitally, bypassing the inherent lag associated
with physical courier services and ensuring immediate action
on pending matters.

Moving forward, the Corporate Legal & Consumer Forum
Department remains steadfast in its commitment to synergizing
proactive dispute resolution, rigorous regulatory compliance,
and digital modernization to safeguard the Company's financial
interests and drive operational excellence.

VIGILANCE

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 integrity with excellence.

The Vigilance Department is headed by the CVO (Chief
Vigilance Officer) and comprises two Chief Managers along
with Desk Officers at Head Office, Vigilance Officers at various
ROs handle matters related to respective Regional Office. Each
Regional Office Vigilance Officer reports directly to the Head
Office Vigilance Department.

Preventive Vigilance Committees (PVC) at various 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 angle 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 2025-26, the department conducted surprise
inspections at 935 offices, 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 27^th October
to 2^nd November, 2025 with the theme “Vigilance: Our Shared
Responsibility”. 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 Legal Aspects of
Insurance Frauds and Importance of Evidence, Cyber Risk
Management and Fraud Management. Sessions also covered
Conflict Management and Negotiation skills, Advance Excel
and AI Application and Claims Management conducted by
various subject experts. Special drives were held to enhance
awareness and encourage employees to lodge complaints
through Whistleblower Policy.

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 Department 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.

MARKETING

New India has once again continued its supremacy in the
insurance industry with a total of 12.74% market share. Our
marketing team contributed to this triumph of New India with
a remarkable share of premium by our Development Officers
of Rs.1114 Crores. Our Business Associates have successfully
contributed more than Rs.3312 Crores premium for the FY
2025-26. The total share of premium by AO (D) and AM (D)
from all over India is Rs.394 Crores.

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 30^th June,
2025, 30^th September, 2025, 31^st December, 2025 and 31^st
March, 2026 for non-compliance with Regulation 17(1), 18 &
19 of SEBI (Listing Obligations and Disclosures Requirements),
2015 pertaining to the composition of the Board of Directors
and compositions of committees 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 20^th December, 2024 & 1 Independent Woman
Director w.e.f 23^rd March, 2026 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
2025-26.

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 Statutory 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,
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)

In response to the Insurance Regulatory and Development
Authority of India (IRDAI) directive dated July 14, 2022, the
Company established a cross-functional Steering Committee
during FY 2022-23 to lead the transition to Indian Accounting
Standards (Ind AS). Comprising experts from Finance &
Accounts, Actuarial, Investment, Taxation, IT, and Reinsurance,
the Committee regularly convenes to monitor progress,
resolve implementation challenges, and brief the Board's Audit
Committee.

To ensure a systematic transition, the Company appointed
a knowledge partner in FY 2023-24 to design a phased
implementation roadmap. Phase I, a comprehensive Gap
Assessment, was successfully completed in May 2024. For
Phase II, the Company has finalized the procurement of
specialized Ind AS software and onboarded an implementation
partner. While the IRDAI has mandated Ind AS applicability
effective April 1, 2026, the Company has formally applied for
a one-year forbearance, seeking an extended implementation
date of April 1, 2027.

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 2025-26.

Board approved policy on Related Party Transactions is
uploaded on the website of the Company.

REPORTING OF FRAUDS

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

INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY OF INDIA (IRDAI)

The Company being an Insurance Company, its working
and functions are governed by the regulations of Insurance
Regulatory and Development Authority of India. The Accounts

of the Company are drawn up according to the stipulations
prescribed in the IRDA (preparation of Financial Statements
and Auditor's Report) Regulations 2002 and as amended from
time to time.

CREDIT RATING

AM Best Company has affirmed the Financial Strength Rating
of B++ (Good) (Positive Outlook) and Issuer Credit Rating: bbb+
(Good) (Positive 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. 457.41Crores (Previous Year Rs. 718.08 Crores)

Outgo: Rs. 776.32 Crores (Previous Year Rs. 839.44 Crores)

Expenses on (a) Entertainment (b) Foreign tours and (c)
Publicity and Advertisement amounted to Rs. 1,00,37,070 (P. Y
Rs. 72,62,407), Rs. 2,45,05,493 (P.Y. Rs. 2,48,08,645) and Rs.
58,30,72,172 (P.Y. Rs. 41,87,32,211) 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 :

Dividend DistributionPolicy.pdf

CONSOLIDATED FINANCIAL STATEMENTS

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

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

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

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

SHARE CAPITAL

The issued and paid-up equity share capital of the Company
as on March 31, 2026 is Rs. 824 crores. The solvency margin
position of the Company as at March 31, 2026 is 1.84 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 2025-26.

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 and final dividend for the Financial
Year 2017-18 along with underlying shares were transferred to
the Investor Education and Protection Fund in Financial Years
2024-25 and 2025-26 respectively.

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:

Code of Conduct.pdf
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 2025-26 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 31.03.2026

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

•    Ms. Kasturi Sengupta, Executive Director¹

•    Mr. S. Sivasankar, Executive Director

•    Dr. Parshant Kumar Goyal, Government Nominee Director

•    Ms. Shwetha Rao B., Government Nominee Director

•    Mr. Nidhu Saxena, Independent Director

¹ Superannuation of Ms. Kasturi Sengupta as the Executive Director
w.e.f 31^st March, 2026.

The Board underwent the following changes in its composition
since the date of the last Directors' Report, i.e, 19^th May 2025

1.    Appointment of Ms. Shwetha Rao B as the Government
Nominee Director w.e.f 19th August, 2025.

2.    Superannuation of Ms. Smita Srivastava as the Executive
Director w.e.f 31^st December, 2025.

3.    Appointment of Mr. S. Sivasankar as the Executive
Director w.e.f 20^th February, 2026.

4.    Cessation of Ms. Akani Devi as the Non-Executive Woman
Director w.e.f 23^rd March, 2026.

5.    Superannuation of Ms. Kasturi Sengupta as the Executive Director w.e.f 31^st March, 2026.

6.    Cessation of Dr. Parshant Kumar Goyal as the Government Nominee Director w.e.f 13^th May, 2026.

7.    Appointment of Mr. Harihar Mishra as the Government Nominee Director w.e.f 25.06.2026

The Board placed on record its thanks to Ms. Smita Srivastava, Ms. Kasturi Sengupta, Ms. Akani Devi and Dr. Parshant Kumar
Goyal 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 30.06.2026

¹    Appointment of Mr. S. Sivasankar as the Executive Director w.e.f 20^th February, 2026.

²    Appointment of Mr. Harihar Mishra as the Government Nominee Director w.e.f 25th June, 2026

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 19^th May, 2025, 15^th July, 2025, 17^th July, 2025,
29^th July, 2025, 04^th August, 2025, 12^th September, 2025, 17^th October, 2025, 13^th November, 2025, 24^th November, 2025, 04^th
December, 2025, 16^th January, 2026 and 30^th January, 2026.

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, 2026 are set out in the
following tables

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

The details of “Directorships held in other companies” and “Chairpersonships/Memberships of Committees in other companies”
other than the Company as on March 31, 2026 are as follows:

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 31,2026:

Nil

Recommendations of Mandatory Committees

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

COMMITTEES OF THE BOARD:

The Board has constituted the following committees:

i.    Audit Committee

ii.    Investment Committee

iii.    Risk Management Committee

iv.    Policyholders Protection & 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)

The terms of reference, the composition along with the number
of meetings held during FY 2025-26 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; ^{8 9}

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);

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

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

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

9.    Scrutiny of inter-corporate loans and investments;

10.    Valuation of undertakings or assets of the 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)    the 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.

2.    The Audit Committee shall be directly responsible for
the recommendation of the appointment, remuneration,
performance and oversight of the work of the auditors
(including internal/statutory/Concurrent/ Secretarial /
Forensic / Systems Audit). In case of statutory audit, the
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 Eight (8) times on 19^th May, 2025, 17^th July, 2025, 29^th July, 2025, 17^th October,
2025, 13^th November 2025, 24^th November, 2025, 16^th January, 2026 and 30^th January, 2026.

Attendance of Members of the Audit Committee: