the new india assurance company has received an income tax refund of ₹255.68 crore for Assessment Year 2019-20. The disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.

The Income Tax Department issued the refund, which includes a tax component of ₹233,10,64,308 and interest of ₹22,57,47,954. The total amount received by the insurer stands at ₹255,68,12,262.

Breakdown of Refund

The following table details the components of the refund received by the company:

The communication regarding the refund was addressed to the listing departments of BSE Limited and The National Stock Exchange of India Ltd. The company confirmed the receipt of funds on May 19, 2026.

The New India Assurance Company Limited reported strong financial results for the quarter and full year ended March 31, 2026, with profit after tax rising 61% in Q4 FY26 and 40% for the full year. The Board of Directors approved the audited standalone and consolidated financial results at their meeting held on May 11, 2026. Commenting on the performance, CMD Ms. Girija Subramanian highlighted that the company's gross written premium grew by 8.2% during the year, outpacing industry growth of 9.3%, and market share increased from 12.56% to 12.74%. She noted that the Health segment witnessed an improvement in loss ratio, while the Motor Third Party segment faced pressure due to a lack of premium revision. The company absorbed the full impact of wage revision and revision in family pension amounting to ₹3,525 Cr during the year, with the entire impact of revision in family pension from 15% to 30% amounting to ₹597 Cr absorbed during the fourth quarter.

Key Standalone Financial Highlights

The company's gross written premium grew by 8.15% during FY26 to ₹47,174 Cr, while domestic gross direct premium income grew by 10.9%. The following table summarises select standalone financial metrics:

Underwriting results were impacted by provisions towards wage arrears and retirement benefits amounting to ₹436 Cr for Q4 FY26 and ₹2,314 Cr for FY26. The combined ratio for the year, adjusted for the wage revision-related impact, stood at 116.67%, compared to 115.34% in the previous year. The aviation segment also contributed to the higher incurred claim ratio in the current year compared to the previous year.

Consolidated Financial Performance

On a consolidated basis, the Group — comprising the holding company, three subsidiaries, and two associates — also reported improved performance for the quarter and year ended March 31, 2026. Key consolidated metrics are presented below:

Standalone Balance Sheet and Key Metrics

The standalone balance sheet as at March 31, 2026, reflects total investments of ₹71,47,713 lakhs. Reserves and surplus stood at ₹22,79,527 lakhs. Key standalone metrics include:

Auditor's Qualified Opinion

The Joint Central Statutory Auditors — S. Ramanand Aiyar & Co. and Chokshi & Chokshi LLP — issued a qualified opinion on both standalone and consolidated financial results. The qualification relates to balances under inter-office accounts, unadjusted banking transactions, and dues from/to reinsurers that remain subject to confirmation and reconciliation. The overall impact of these items on the financial results and balance sheet as at March 31, 2026, is presently not ascertainable. The auditors also drew attention to non-provisioning for tax demands amounting to ₹83,090 Lakhs considered as contingent liabilities, the need for strengthening of internal controls and internal audit systems, and pending compliance regarding maintenance of books of account in electronic mode for foreign branches accessible in India at all times.

Tax and Regulatory Matters

During the year, the company recognised interest on income tax refund amounting to ₹31,564 Lakhs following clarification of its accounting policy. Additionally, ₹61,234 Lakhs withheld by the Income Tax Department in FY 2024-25 was received in April 2026 following conclusion of the assessment for AY 2023-24 on March 23, 2026. The company also received ₹36,100 Lakhs towards income tax refunds including interest of ₹8,793 Lakhs pertaining to AY 2004-05, 2009-10, and 2018-19. On the indirect tax front, the company has received GST orders aggregating to significant amounts and has challenged these before the Hon'ble Bombay High Court, which has granted stays in relevant matters. These amounts have been treated as contingent liabilities. Pursuant to IRDAI regulations, Ind AS is effective from April 1, 2026; however, the company has applied for a one-year forbearance with the IRDAI, with full statutory compliance now scheduled for April 1, 2027.

Dividend and Record Date

The Board recommended a final dividend of ₹1.50 per equity share of face value ₹5 each (previous year ₹1.80 per share), being 30% of the paid-up share capital, subject to shareholder approval at the ensuing Annual General Meeting. The record date for the payment of dividend has been fixed as September 4, 2026. Additionally, the Board noted that the service of M/s MUFG Intime India Private Limited as Registrar and Transfer Agent has been extended until M/s Alankit Assignments Limited is onboarded as the new R&TA, or for a maximum period of 9 months, whichever is earlier.

Strategic Initiatives and Outlook

Management highlighted that the company continues to maintain strong financial credentials, reflected in its CRISIL AAA/Stable rating and AM Best's financial strength rating of B++ Good with a positive outlook. New India Assurance has been identified by IRDAI as a domestic systematically important insurer for the fifth consecutive year. The company launched a “War Cover” for the Fire segment and operationalized the “Bharat Maritime Pool” to support national self-reliance. The Health segment's incurred loss ratio improved from 101.3% in FY25 to 99.09% in FY26 through increased monitoring. The Motor segment is undergoing strategic recalibration to shed high loss ratio accounts, with a focus on selective underwriting in the own damage space. The company achieved a 25% growth in MSME premium and has initiated a “GO RETAIL” campaign to drive growth in individual customer segments. IT infrastructure revamp is nearing completion, with digital marketing and sales implemented for Health products.