The New India Assurance Company Limited is the largest general insurance company in India in terms of net worth domestic gross direct premium profit after tax and number of branches. As of March 31 2017 The Company had issued 27.10 million policies across all its product segments the highest among all general insurance companies in India. The Company's operations are spread across 29 States and seven Union Territories in India and across 28 other countries globally through a number of international branches agency offices and Subsidiaries including a desk at Lloyd's London. The Company's insurance products can be broadly categorized into the following product verticals: fire insurance; marine insurance motor insurance crop insurance health insurance and other insurance products. The Company is registered with IRDAI for carrying out the business of general insurance. The New India Assurance Company Limited was incorporated as a limited company on July 23 1919 at Mumbai Maharashtra India. The Company obtained the certificate of commencement of business on October 14 1919. In 1920 within one year of the incorporation of the company New India Assurance Company opened an office in London. In 1956 New India Assurance Company transferred its life insurance business to the Life Insurance Corporation of India which was formed under the Life Insurance Corporation Act 1956 pursuant to which life insurance business in India was nationalised. In 1973 The General Insurance Corporation of India was formed under the General Insurance Business (Nationalisation) Act 1972 which provided for nationalization of general insurance business in India. New India Assurance Company became a subsidiary of the General Insurance Corporation of India after the Government of India (GoI) transferred its entire shareholding in general insurance companies to the General Insurance Corporation of India. Pursuant to the 1973 Scheme which came into force on January 1 1974 New India Assurance Company was nationalized by the Government of India. In 2003 pursuant to the General Insurance Business (Nationalisation) Amendment Act 2002 the General Insurance Corporation of India transferred its entire shareholding in New India Assurance Company to the GoI. New India Assurance Company crossed premium of Rs 10000 crore during 2011-12. In 2016 the company received the approval for opening an office at Gujrat International Finance Tec-City Gandhinagar. The company crossed premium of Rs 20000 crore during 2016-17. In November 2017 New India Assurance Company came out with an initial public offer (IPO). The IPO was a combination of fresh issue of shares by the company and offer for sale of a portion of its stake by Government of India (GoI). The stock debuted at Rs 748.90 on BSE on 13 November 2017 compared with IPO price of Rs 800 per share.