New India Assurance gets A-rating from US-based insurance rating agency

India's largest non-life insurer and central government-owned New India Assurance Company Ltd has the largest capital and surplus in the general insurance industry in the country, the company said citing A M Best's credit rating.

In a regulatory filing in BSE, New India Assurance said, A M Best has affirmed its Financial Strength rating as A-(Excellent) and Long-Term Issuer Credit Rating of "A".

According to New India Assurance, the ratings reflect the company's balance sheet strength which A M Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.

"New India's balance sheet strength reflects solid risk-adjusted capitalisation that is supported by low underwriting leverage. Its capital and surplus are by far the largest among all non-life insurers in India, standing at Rs 359 billion ($5.5 billion) as of March 31, 2017," the US-based insurance rating agency said.

"The favourable business profile reflects the company's solid market position; New India is the largest non-life insurer in India, with a clear lead in almost every line of business. In addition, the company's business is diversified by geography and line of business, both within India and overseas," the rating agency said.