MANAGEMENT DISCUSSION ANALYSIS

2025-26

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)

(in Crore)

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 doubledigit 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 Rs.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 microinsurance 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, 2025 alongside 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

The Company has a direct presence through Branches and Agency Offices in the following countries:

 United Kingdom

 Japan

 Thailand

 Australia

 New Zealand

 Mauritius

 Fiji

 United Arab Emirates (including Abu Dhabi)

 Bahrain

 Kuwait

 Oman

 Aruba

 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

OVERVIEW OF COMPANY ' S OPERATIONS

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.

FIRE & ENGINEERING

During the fiscal year 2025-26, the company successfully maintained a strong leadership position in the property insurance domain in India Despite a highly competitive market, the strategic focus on underwriting discipline, claims management, and operational decentralization yielded consistent and profitable growth.

1. Segment Financial Performance

2. Growth vs. Industry Benchmarks

The company consistently outperformed industry growth trends during the reporting period. In the Fire segment, the company achieved 17.56% growth against an industry average of 13.4%. Similarly, the Engineering segment recorded 17.51% growth, surpassing the industry growth rate of 13.1%.

3. Profitability Trends (ICR Improvement)

The company achieved a significant reduction in the Incurred Claim Ratio (ICR), which reflects improved underwriting selection and tighter claims control. For the Fire line of business, the ICR improved substantially from 67.85% in FY 2024-25 to 54.04% in FY 2025-26. The Engineering line of business also saw a positive trend, with the ICR improving from 27.12% in the previous fiscal year to 25.22% in the current reporting period.

4. Strategic Initiatives & Operational Highlights

Management prioritized several key initiatives to drive efficiency and competitiveness. The company undertook a decentralization process, delegating operational authority to regional offices to accelerate decision-making and enhance localized client responsiveness. Furthermore, the company implemented periodic reviews of rating structures through dynamic pricing models that account for specific risk profiles and historical loss data.

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 numerousbenefits 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 202526 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 socioeconomic development, thereby contributing to the lasting wellbeing 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: . 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 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.

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.

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.

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.

The Grievance Redressal position for the period 01.04.2025 to 31.03.2026:-

ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our company's governance and strategic decision making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable growth. As our Company has also been identified as Domestic Systemically Important Insurer in India (D-SII), it becomes even more essential that the ERM structure of the Company is robust.

Our risk governance structure ensures clear roles, responsibilities, and accountabilities throughout the organization. The Board of Directors oversee the ERM program, ensuring alignment with our strategic objectives and regulatory compliance. All the policies and procedures under ERM are reviewed annually.

Our ERM framework enables us to proactively identify, assess, monitor, mitigate and report risks across our operations. By adopting a comprehensive approach, we analyze internal and external factors, conduct risk assessments and engage with stakeholders to gain insights into emerging risks and to monitor the evolving risk landscape. This helps us prioritize risks based on their potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop and implement risk mitigation strategies tailored to each risk category.

We have identified key risks that we actively manage including market risk, operational risk, financial risk, reputational risk and cybersecurity risk. Market risk is mitigated through market research, innovation, and strategic partnerships. Operational risk is addressed through robust controls, business continuity planning, and adherence to regulations. Financial risk is managed through prudent financial practices and appropriate insurance coverage. Reputational risk is managed through focusing on strong ethical culture, consistent quality, and active stakeholder engagement. Cybersecurity risk is mitigated by investing in advanced security measures and providing ongoing training to our employees.

Regular risk reporting and communication provide valuable information to our Board of Directors and executive management, enabling them to make informed decisions and take necessary actions.

Our commitment to ERM helps us protect our stakeholders' interests, enhance operational efficiency, and create sustainable value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the organization. By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term success and resilience of our company.

ERM and ESG framework have been implemented. We have improved our reach for enhanced Risk Control and Selfassessment {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 crossaudience 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.

 Follow-up with Regional Offices for monitoring of surveyors, based on surveyor performance appraisal.

SUIT CLAIMS:

NON-SUIT CLAIMS:

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 202425 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 prerecruitment 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 decisionmaking 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.

PARTICULARS WITH REGARD TO EMPLOYEES DRAWING REMUNERATION IN EXCESS OF RUPEES ONE CRORE TWO LAKH PER ANNUM IF EMPLOYED THROUGHOUT THE YEAR OR EIGHT LAKH FIFTY THOUSAND PER MONTH IF EMPLOYED FOR PART OF THE YEAR

Table of Remuneration

* On Foreign Posting till 02.11.2025

SECRETARIAL STANDARDS

During FY 2025-26, the Company was compliant with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India with respect to Board and General Meetings.

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 subsection (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 Director 1

 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

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

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

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

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

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

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:

* Memberships/Chairpersonships in Audit Committee and Stakeholders Relationship Committee of Indian public limited companies; number of Memberships includes Chairpersonships.

** Directorship in private and foreign subsidiary company.

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

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

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

In terms of Listing Regulations, the number of Committees (Audit Committee and Stakeholders Relationship Committee) of public limited companies in which a Director is a member/ chairman/chairperson were within the limits prescribed under the Listing Regulations, for all the Directors of the Company. The number of directorships of each Non-executive, Independent Director is also within the limits prescribed under the Listing Regulations as amended from time to time.

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.

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 subsection 3 of section 134 of the Companies Act, 2013

b. Changes, if any, in accounting policies and practices and reasons for the same.

Details of Equity Shares held by Non-Executive Directors as on March 31,2026:

Nil

c. Major accounting entries involving estimates based on the exercise of judgment by management

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.

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

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;

3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

4. Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the board for approval, with particular reference to:

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 wholetime 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:

1 Ms. Akani Devi ceased to be chairman and member of the committee w.e.f 23 rd March, 2026

2 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 13 th May, 2026

AUDIT COMMITTEE

INVESTMENT COMMITTEE:

Terms of Reference:

1. Overseeing the implementation of the investment policy approved by our Board from time to time;

2. Reviewing the investment policy;

3. Periodical updating to our Board with regard to investment activities of the Company;

4. Reviewing the investment strategies adopted from time to time and giving suitable directions as needed in the best interest of the Company;

5. Reviewing the broker policy and making suitable amendments from time to time;

6. Reviewing counter party/intermediary exposure norms;

7. Supervising the asset allocation strategy to ensure financial liquidity, security and diversification through liquidity contingency plan and asset liability management policy;

8. Overseeing the assessment, measurement and accounting for other than temporary impairment in investments in accordance with the policy adopted by the Company.

9. Reviewing the stewardship policy of the Company.

The following additional terms shall be as per ' Master Circularon Corporate Governance for Insurers, 2024 ' :

1. The Committee shall formulate an effective reporting system to ensure compliance with the policy set out by it apart from Internal /Concurrent Audit mechanisms for a sustained and on- going monitoring of Investment Operations.

2. For assessment of credit risk and market risk, the members of the Committee should not be influenced only by the credit rating. The committee should independently review their investment decisions and ensure that support by the internal due diligence process is an input in making appropriate investment decisions.

3. The Committee shall approve the Standard Operating Procedures (SOPs) of Investment Operations of the insurer.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Investment Committee comprises of Nine (9) members, out of which one is the Chairman-cum-Managing Director, one is the Executive Director, one is the Independent Directors, two are the Government Nominee Director, one is the Chief Investment Officer, Chief Financial Officer, Appointed Actuary & Chief Risk Officer each.

The composition of the Investment Committee is given below along with the attendance of the members. The Investment Committee met Eight (8) times during the year under review on 19 th May, 2025, 15 th July, 2025, 29 th July, 2027, 12 th September, 2025, 17 th October, 2025, 04 th December, 2025, 16 th January, 2026 and 30 th January, 2026.

Attendance of the Members of the Investment Committee:

1 Ms. Kasturi Sengupta became member of the committee w.e.f 19 th May, 2025 and ceased to be member of the committee w.e.f 31 st March, 2026

2 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 15 th September, 2025

3 Ms. Shwetha Rao B became the member of the committee w.e.f 15 th September, 2025

4 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

5 Mr. K. V. Raman ceased to be member of the committee w.e.f. 30 th April, 2026.

Investment Committee

Ms.

Investment Committee

RISK MANAGEMENT COMMITTEE:

(a) A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.

(b) Measures for risk mitigation including systems and processes for internal control of identified risks.

(c) Business continuity plan.

(2) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;

(3) To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;

(4) To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;

(5) To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken;

(6) The appointment and removal/cessation of the Chief Risk Officer (if any) shall be subject to review by the Risk Management Committee.

(7) The Risk Management Committee shall coordinate its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the board of directors.

(8) To carry out any other function, if any, as prescribed in the terms of reference of the Risk Management Committee and any other terms of reference as may be decided by the Board and/or specified/provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, or by any other regulatory authority.

The following additional terms shall be as per ' Master Circular on Corporate Governance for Insurers, 2024 ' :

1. Asset Liability Management (ALM)

(i) ALM is an ongoing process of formulating, implementing, monitoring and revising strategies related to assets and liabilities to achieve an organization's financial objectives, given the organization's risk appetite, risk tolerances and business profile.

(ii) ALM lays down the framework to ensure that the insurer invests in a manner which would enable it to meet its cash flow needs and capital requirements at a future date to mitigate liquidity risk and solvency stipulations.

(iii) The functions of the Risk Management Committee in respect of ALM shall include:

(a) Setting the insurer's risk/reward objectives and assessing policyholder expectations.

(b) Quantifying the level of risk exposure (eg. market, credit and liquidity) and assessing the expected rewards and costs associated with the risk exposure.

(c) Formulating and implementing optimal ALM strategies and meeting risk-reward objectives at both product and enterprise level.

(d) Ensuring that liabilities are backed by appropriate assets and manage mismatches between assets and liabilities to ensure they remain within acceptable monitored tolerances for liquidity, solvency and the risk profile of the entity.

(e) Monitoring risk exposures at periodic intervals and revising ALM strategies where required. Reviewing, approving and monitoring systems, controls and reporting used to manage balance sheet risks including any mitigation strategies.

(f) Regular review and monitoring of mismatch between assets and liabilities and the acceptable tolerance limits for mismatch, if any.

(g) Ensuring that management and valuation of all assets and liabilities comply with standards, prevailing legislation and internal and external reporting requirements.

(h) Submitting the ALM information before the Board at periodic intervals. Annual review of strategic asset allocation.

(i) Reviewing key methodologies and assumptions including actuarial assumptions, used to value assets and liabilities

(j) Managing capital requirements at the insurer level using the regulatory solvency requirements

(k) Reviewing, approving and monitoring capital plans and related decisions over capital transactions (e.g. dividend payments, acquisitions, disposals, etc).

2. Reviewing the reinvestment decisions of matured investments considering the duration of liabilities.

Composition: In terms of the provisions of the Act, the Risk Management Committee shall have minimum three members with majority of them being members of the board of Directors, including at least One Independent Director. The quorum for a meeting of the Risk Management Committee shall be either two members or one third of the members of the committee, whichever is higher, including at-least one member of the board of Directors in attendance.

The meetings of the Risk Management Committee shall be conducted in such a manner that on a continuous basis not more than one hundred and eighty days shall elapse between any two consecutive meetings.

The Risk Management Committee met six (6) times during the year under review on19 th May, 2025, 15 th July, 2025, 29 th July, 2025, 17 th October, 2025, 04 th December, 2025, 16 th January, 2026.

Attendance of Members of the Risk Management Committee:

1 Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

2 Ms. Kasturi Sengupta became member of the committee w.e.f 19 th May, 2025 and ceased to be member of the committee w.e.f 31 st March, 2026

3 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 15 th September, 2025

4 Ms. Shwetha Rao B became the member of the committee w.e.f 15 th September, 2025

5 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

6 Mr. K. V. Raman ceased to be member of the committee w.e.f. 30 th April, 2026.

RISK MANAGEMENT COMMITTEE

RISK MANAGEMENT COMMITTEE

POLICYHOLDERS PROTECTION & GRIEVANCE REDRESSAL & CLAIMS MONITORING COMMITTEE:

Terms of Reference:

The following terms shall be as per ' Master Circular on

Corporate Governance for Insurers, 2024 ' :

1. The functions and responsibilities of the PPGR&CM

Committee, at the minimum, is to:

(a) Adopt standard operating procedures to treat the customer fairly including time frames for policy and claims servicing parameters and monitoring implementation thereof.

(b) Establish effective mechanism to address complaints and grievances of policyholders including mis-selling by intermediaries.

(c) Put in place a framework for review of awards given by Insurance Ombudsman/Consumer Forums. Analyse the root cause of customer complaints, identify market conduct issues and advise the management appropriately about rectifying systemic issues, if any.

(d) Review all the awards given by Insurance Ombudsman/Consumer Forums remaining unimplemented for more than Thirty (30) days with reasons therefor and report the same to the Board for initiating remedial action, where necessary.

(e) Review the measures and take steps to reduce customer complaints at periodic intervals.

(f) Ensure compliance with the statutory requirements as laid down in the regulatory framework.

(g) Provide details of grievances at periodic intervals in such formats as may be prescribed by the Authority.

(h) Ensure that details of insurance ombudsmen are provided to the policyholders.

(i) Ensure that there is a Grievance Redressal officer in place who shall be responsible for grievance redressal and whose details are shall be made available at the website.

(j) Review of Claims Report, including status of Outstanding Claims with ageing of outstanding claims.

(k) Review Repudiated claims with analysis of reasons.

(l) Review status of settlement of other customer benefit pay-outs like Surrenders, Loan, Partial withdrawal requests etc.

(m) Review the settlement of unclaimed amounts on quarterly basis, including the number and amounts of claims. Also, review the steps taken to reduce unclaimed amounts by identifying policyholders or beneficiaries and creating awareness in accordance with the Standard operating procedure/policy approved by the committee.

(n) The Board shall review the status report on policyholders' protection issues, submitted by the Committee, in each of its meeting.

Composition: In terms of Corporate Governance Guidelines issued by IRDAI, the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee comprises of six (6) Members, out of which two (2) are Non-Executive Independent Directors, one (1) is Whole-Time Director, two (2) are Executive Directors and one (1) is Policyholder Representative. The committee is chaired by Mr. Nidhu Saxena, Non- Executive Independent Director. The Policyholders Protection Committee met four (4) times during the year under review on 19 th May, 2025, 15 th July, 2025, 17 th October, 2025 and 30 th January, 2026.

Attendance of Members of the Policyholders Protection & Grievance Redressal & Claims Monitoring Committee:

1 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

2 Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

3 Ms. Kasturi Sengupta became member of the committee w.e.f 19 th May, 2025 and ceased to be member of the committee w.e.f 31 st March, 2026

POLICYHOLDERS PROTECTION & GRIEVANCE REDREESAL & CLAIMS MONITORING COMMITTEE

NOMINATION & REMUNERATION COMMITTEE:

Terms of Reference:

(1) Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees;

(1A) For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description. For the purpose of identifying suitable candidates, the Committee may:

a. use the services of an external agency, if required ;

b. consider candidates from a wide range of backgrounds, having due regard to diversity; and

c. consider the time commitments of the candidates.

(2) formulation of criteria for evaluation of performance of independent directors and the board of directors;

(3) devising a policy on diversity of board of directors;

(4) identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.

(5) whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.

(6) recommend to the board, all remuneration, in whatever form, payable to senior management.

The following additional terms shall be as per ' Master Circular on Corporate Governance for Insurers, 2024 ' :

1. The Nomination and Remuneration Committee shall scrutinize the declarations of intending applicants before the appointment/ reappointment/ election of directors by the shareholders at the General Meetings.

In case of insurers, where the appointment of Directors and KMPs is governed by the specific acts/rules/regulations/ instructions of the Government of India, such insurers shall comply with the same.

Composition: In terms of provisions of the Act and Listing Regulations the NRC Committee shall constitute of atleast 3 Directors. All shall be non-executive Directors and at least 50% shall be independent Directors. In case of entity having outstanding SR Equity shares, it shall consist of 2/3 rd Independent Directors. The Chairperson of the Committee shall be Independent Director. The Chairperson of Listed Entity whether Executive or non-executive can be member but can't be Chairperson of this Committee.

In terms of provisions of the Act and Listing Regulations, the Board Nomination and Remuneration Committee comprises of three (3) Members, out of which two (2) are Non-Executive Independent Director, one (1) is Government Nominee Director. The Board Nomination and Remuneration Committee is chaired by Ms. Akani Devi, Non-Executive Independent Director. The composition of the Board Nomination and Remuneration Committee is given below along with the attendance of the Members. The Board Nomination and Remuneration Committee met three (3) times during the year under review on 19 th May, 2025, 15 th July, 2025 and 13 th November, 2025.

Attendance of Members of the Nomination & Remuneration Committee:

1 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

2 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f 13 th May, 2026.

NOMINATION & REMUNERATION COMMITTEE

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

Terms of Reference:

1. To formulate and recommend to the Board, a Corporate Social Responsibility Policy (CSR Policy), which shall indicate a list of CSR projects or programs which a Company plans to undertake falling within the purview of the Schedule VII of the Companies Act, 2013, as may be amended.

2. To recommend the amount of expenditure to be incurred on each of the activities to be undertaken by the Company, while ensuring that it does not include any expenditure on an item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act, 2013.

3. To approve the Annual Report on CSR activities to be included in the Director's Report forming part of the Company's Annual Report and Attribute reasons for short comings in incurring expenditures.

4. To monitor the CSR policy of the Company from time to time.

5. To institute a transparent monitoring mechanism for implementation of the CSR Projects or programs or activities under taken by the Company.

6. The CSR Committee shall formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy.

7. To oversee and monitor Sustainability activities including ESG and BRSR initiatives undertaken by the Company, related disclosures, review its performance thereon and advice on related matters.

8. To review and monitor matters related to Sustainability such as the ESG Report Business Responsibility and Sustainability Report (BRSR), Policy on Environment Management.

Composition: As per Section 135 of the Companies Act, 2013, the Corporate Social Responsibility Committee of the Board shall comprise of 3 or more Directors, out of which 1 Director shall be Independent Director. The Committee met five (5) times during the year on 19 th May, 2025, 15 th July, 2025, 29 th July, 2025, 13 th November, 2025 and 16 th January, 2026. The names of the Directors and their attendance at Meetings during the year are set out in the following table: In terms of provisions of the Act, CSR Committee comprises of four (4) Members, out of which, one (1) is CMD, one (1) is NonExecutive Independent Director, one (1) is Executive Director and one (1) is Government Nominee Director. The composition of CSR Committee is given below along with the attendance of the Members.

1 Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

2 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 15 th September, 2025

3 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

4 Ms. Kasturi Sengupta became member of the committee w.e.f 19 th May, 2025 and ceased to be member of the committee w.e.f 31 st March, 2026

5 Ms. Shwetha Rao B became the member of the committee w.e.f 15 th September, 2025

CORPORATE SOCIAL RESPONSIBILITY

CORPORATE SOCIAL RESPONSIBILITY

9. Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/statutory notices by the shareholders of the company.

10. To appoint/remove Registrars and Transfer Agents;

11. Review and take on record the internal audit reports of the Registrar and Transfer Agents, if any, from time to time.

12. Carrying out any other function as may be decided by the Board or prescribed under the Companies Act, 2013, SEBI (LODR) 2015, or by any other regulatory authority.

Composition: In terms of provisions of the Act and Listing Regulations, the Stakeholders Relationship Committee comprises of four (4) Members, out of which one (1) is NonExecutive Independent Director, one (1) is a Chairman cum Managing Director, one (1) is Executive Director and one (1) is Government Nominee Director. The Stakeholders Relationship Committee is chaired by Ms. Shwetha Rao B., Government Nominee Director of the Company. The composition of the Stakeholders Relationship Committee is given below along with the attendance of the Members. The Stakeholders Relationship Committee met five (5) times during the year under review on 19 th May, 2025, 15 th July, 2025, 29 th July, 2025, 13 th November, 2025 and 30 th January, 2026.

Attendance of Members of the Stakeholders Relationship Committee:

1 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 15 th September, 2025

2 Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

3 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

STAKEHOLDERS RELATIONSHIP COMMITTEE:

Terms of Reference:

1. The Committee shall consider and resolve the grievances of the security holders of the listed entity including complaints related to transfer of shares, non-receipt of annual report and non-receipt of declared dividends.

2. Investigating complaints relating to allotment of shares, approval of transfer or transmission of shares, debentures or any other securities;

3. Listing of securities on the stock exchanges and redemption of securities;

4. To review shareholding pattern of the Company;

5. Allotment of shares and securities, approval of transfer or transmission of shares, debentures or any other securities;

6. Approve consolidation, split/sub-division of share certificates, transfer of shares, transmission of shares, issue of duplicate share certificates, rematerialization of shares, etc.

7. Review of measures taken for effective exercise of voting rights by shareholders.

8. Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.

4 Ms. Kasturi Sengupta became member of the committee w.e.f 16 th January, 2026 and ceased to be member of the committee w.e.f 31 st March, 2026

5 Ms. Shwetha Rao B became the member of the committee w.e.f 15 th September, 2025

During the year, the Company/its Registrar received the following complaints from SEBI/Stock Exchanges/Depositories which were resolved within the time frame laid down by SEBI:

Ms. Jayashree Nair, General Manager acts as the Chief Compliance Officer of the Company.

STAKEHOLDERS RELATIONSHIP COMMITTEE

INFORMATION TECHNOLOGY COMMITTEE:

Terms of Reference:

Evaluation of various IT proposals and after perusal recommending the same to the board for approval.

Composition: The Committee members are - one (1) Non- Executive Independent Director, one (1) Whole-time Director, one (1) Executive Director and two (2) Government Nominee Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. The Committee met two (2) times in the year on 29 th July, 2025 and 04 th August, 2025.

Attendance of Members of the Information Technology Committee:

1 Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

2 Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 13 th May, 2026

3 Ms. Akani Devi ceased to be member of the committee w.e.f 23 rd March, 2026

4 Ms. Shwetha Rao B became the member of the committee w.e.f 15 th September, 2025

5 Ms. Kasturi Sengupta became member of the committee w.e.f 16 th January, 2026 and ceased to be member of the committee w.e.f 31 st March, 2026

INFORMATION TECHNOLOGY

BOARD SUB-COMMITTEE (HR):

This Committee was formed as per the CDA Rules of the Company, page no.27, Memorials of Officers in Scale IV & Vis to be placed to this Committee. Appellate Authority for Scale VI & VII is also this Committee.

Composition: The Committee comprises of one (1) Chairman cum Managing Director, one (1) Executive Director and two (2) Government Nominee Director. The names of the Directors and their attendance at Meetings during the year are set out in the following table. There was no meeting scheduled in the Financial Year 2025-26.

Attendance of Members of the Board-Sub Committee HR

1. Ms. Smita Srivastava ceased to be member w.e.f 31 st December, 2025.

2. Dr. Parshant Kumar Goyal ceased to be member of the committee w.e.f. 13 th May, 2026

3. Ms. Kasturi Sengupta became member of the committee w.e.f 19 th May, 2025 and ceased to be member of the committee w.e.f 31 st March, 2026

4. Ms. Shwetha Rao B became the member of the committee w.e.f 18 th September, 2025

FAMILIARISATION PROGRAMME FORINDEPENDENT DIRECTORS:

The detail of the familiarization programme has been hosted on the website of the Company and can be viewed at the below mentioned link: Details of Familiarization Programme imparted to the Board of Directors.pdf

CODE OF CONDUCT FOR DIRECTORS / SENIOR MANAGEMENT

A Code of Conduct as required to be formulated in terms of Regulation 17(5) of SEBI (LODR), 2015 in parlance with Schedule IV of the Companies Act, 2013 provides for an evaluation mechanism of all the Directors, to be done at a separate meeting. The Code of Conduct for Directors/Senior management has been hosted on the website of the Company and can be viewed at the below mentioned link:New Code of Conduct.pdf

CRITERIA FOR APPOINTMENT OF DIRECTORS AND SENIOR MANAGEMENT:

The appointment of Directors & Senior Management is as per the relevant notifications issued by Government of India.

REMUNERATION POLICY

The remuneration to Whole Time Directors, Key Managerial Personnel, Senior Management and other employees is as per relevant notifications issued by Government of India.

SITTING FEES PAID TO INDEPENDENT DIRECTORS DURING THE FINANCIAL YEAR ENDED MARCH 31 2026:

KEY MANAGERIALPERSONNEL:

As per Section 2(51) and Section 203(1) of The Companies Act 2013 the following were the Key Managerial Personnel of the Company as on 31.03.2026:

The management underwent the following changes after the end of financial year i.e 31 st March, 2026 -

1. Ms. Kasturi Sengupta ceased to be Executive Director from the end of office hour on 31 st March, 2026 due to her attaining superannuation.

2. Mr. K. V. Raman ceased to be the General Manager from the end of office hour on 30 th April, 2026 due to him attaining superannuation.

3. The below mentioned were appointed as the General Managers of the company w.e.f 01 st April, 2026:

a) Ms. Anjali Mirchandani

b) Ms. Uma Iyer

4. Mr. S. Dinakaran was appointed as the Chief Underwriting Officer w.e.f 02 nd April, 2026 vice Ms. Rema Devi V

5. Ms. Mary Abraham was appointed as the Chief Risk Officer w.e.f 02 nd April, 2026 vice Mr. K. V. Raman.

The management extends its warm appreciation to the members for their timely guidance and support.

Disclosures:

1. During the year, there are no pecuniary relationships or transactions with the Non-Executive Directors.

2. Financial Statements accurately and fairly represent the financial condition of the Company.

3. There has not been any significant change in the accounting policies of the Company during the year.

4. The Company has Business Risk Management process which is periodically reviewed by the Board of Directors/Risk Management Committee to determine its effectiveness.

5. The Board of Directors and the Audit Committee periodically review the status of compliances in respect of applicable Laws and report thereon by the Internal Audit team.

6. Whistle Blower Policy - The Company has a Whistle Blower Policy and the same has been hosted on the website.

7. The Global Solvency Margin of the company for the year 2025-26 is 1.84 times.

8. A certificate from M/s Ragini Chokshi & Co., Company Secretaries in Practice has been obtained certifying that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as Directors of the Company by SEBI/Ministry of Corporate Affairs or any such statutory authority as on March 31, 2026.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION, AND REDRESSAL) ACT, 2013.

The Board approved Company's Policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at the Workplace, 2020, (hereinafter referred as Company's Policy) formulated on the line of The Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013, is uploaded on the Company's website.

The Company has imparted 3 zone wise interactive training sessions for the employees posted across the Country on the Company's Policy. Employees irrespective of gender were called to participate in the training to spread awareness among all.

In the above mentioned training sessions, attendees were sensitized regarding the Act, policy of the Company and the manner in which the Inquiry is to take place.

Doubt sessions were kept in place and it was made sure that no stone was left unturned in clearing the doubts of the attendees.

The summary of complaints related to sexual harassment received and disposed of during the F.Y 2025-26 is as under:

AUDITORS AND AUDIT REPORT

Under 139 and Section 143 of The Companies Act, 2013, the Comptroller and Auditor General of India, appointed M/s.S. Ramanand Aiyer & Co. and M/s Chokshi & Chokshi as the Central Statutory Auditors of the Company for the year 202526. Branch auditors for the various Regional Offices, Divisional Offices and claims hubs in India and for the foreign branch/ agency offices were also appointed for the year. The Board of Directors expresses its gratitude for the directions and guidance given by the statutory auditors in drawing up the Company's annual results.

The remuneration payable to the Joint Statutory Auditors for FY 2026, has been determined by the Board of Directors of the Company in their meeting held on October 17, 2025 based on recommendation of the Audit Committee of the Company.

Statutory Audit and other fees paid to Joint Auditors:

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return is can be viewed at the below link

RENEWAL OF LICENCE BY THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)

Section 3 A has been amended by the Insurance Laws (Amendment) Act 2015 to remove the process of annual renewal of the certificate of Registration issued to insurers under Section 3 of the Insurance Act 1938. The insurers however, shall continue to pay such annual fee as may be prescribed by the Regulations. Thus w.e.f. 26.12.2014 insurers shall not be issued the Renewal Certificate of Registration (IRDA/R6) on an annual basis.

Accordingly, the Certificate of Registration of the Insurers renewed in 2016 and which expired on 31 st March 2025 shall continue to be in force from 1 st April 2025, subject to the provisions of Section 3A read with Section 3 of the Insurance Act 1938.The Company has paid the renewal fees as prescribed by the above Regulations and the Certificate of License has been renewed by IRDAI w.e.f. 01.04.2026.

SUBSIDIARY COMPANIES

The Company has 3 Subsidiary Companies. The names and details of New India shareholding are as under:

The performance of subsidiaries for the year ended 31 st December 2025 is summarized below:

All the subsidiary companies follow the calendar year for finalization of accounts. Therefore, performance has been given for the year ended 31 st December 2025.

The New India Assurance (Sierra Leone) Limited has closed down business operations with effect from 1 st January 2003 due to the civil disturbances prevailing in that country and has not declared any dividend for the year 2025.

In compliance with the provisions of the Companies Act 2013, the report and audited accounts of the subsidiary companies are uploaded on the Company's website at

POSTAL BALLOT

During the year, pursuant to Section 110 of the Act, read with the Companies (Management and Administration) Rules, 2014 (including any statutory amendment(s) or re-enactment(s) made thereunder), the Company passed no resolutions through postal ballot.

GENERAL MEETINGS HELD:

The details of the Annual General Meetings held in the previous three financial years are given below:

The details of the Special Resolutions passed in the Annual General Meetings held in the previous three financial years are given below:

SUBMISSION OF ACCOUNTS BEFORE PARLIAMENT:

Annual Report of the Company for the Financial Year 2024-25 was placed before Lok Sabha on 15 th December, 2025 and Rajya Sabha on 16 th December, 2025.

MEANS OF COMMUNICATION:

The Company's website ( ) allows access to all the stakeholders of the Company to access information at their convenience. It provides comprehensive information of the Company.

The financial and other information and the various compliances as required/prescribed under the Listing Regulations are filed electronically with BSE and NSE. The financial results, official news releases, analyst call transcripts and presentations are also available on the Company's website.

The Company's quarterly financial results are published in the Financial Express (Mumbai, Pune, Ahmedabad, Delhi, Lucknow, Chandigarh, Kolkata, Chennai, Kochi, Bangalore, Hyderabad), Jansatta (Delhi, Chandigarh, Kolkata, Lucknow) and Loksatta (Mumbai, Pune, Nagpur, Ahmednagar, Aurangabad, Delhi).

GENERAL SHAREHOLDER INFORMATION:

DIVIDEND HISTORY

LISTING OF EQUITY SHARES:

Currently, the Equity shares of the company are listed at

The Company has paid the annual listing fees for the relevant period to the Bombay Stock Exchange and the National Stock Exchange

MARKET PRICE INFORMATION:

Disclosures with respect to Demat suspense account/ unclaimed suspense account - NIL

SHARE TRANSFER SYSTEM

Pursuant to SEBI Notification No. SEBI/LAD- NRO/GN/2018/24 dated June 8, 2018 and further amendment vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated November 30, 2018, request for effecting transfer of securities in physical form (except in case of transmission or transposition of securities) is restricted w.e.f. April 1, 2020. In case of shares in electronic form, the transfers are processed.by NSDL/CDSL through respective Depository Participants. In compliance with the Listing Regulations, a Practicing Company Secretary carries out audit of the System of Transfer and a certificate to that effect is issued. Therefore, Members holding shares in physical form are requested to take action to dematerialise the Equity Shares of the Company, promptly.

The Members can contact the Company or Company's RTA M/s M/s Alankit Assignments Limited for assistance in this regard.

Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments, conversion date and likely impact on equity

This is not applicable to the company since the Company has not issued Global Depository Receipts or American Depository Receipts or Warrants or any convertible instruments.

Commodity price risk or foreign exchange risk and hedging activities.

This is not applicable to the Company, since the Company does not have any derivatives or liabilities denominated in foreign currency.

Details of utilization of funds.

During FY 2025-26, the Company has not raised any funds through Preferential Allotment or Qualified Institutions Placement as specified under Regulation 32(7)(A) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 and the Companies Act 2013.

Plant Locations

This is not applicable to the Company, since it is not a manufacturing entity.

Correspondence Address

Correspondence address relating to the Financial Performance of the Company may be addressed to:

Mr. Vimal Kumar Jain

The New India Assurance Co. Ltd.,

New India Assurance Bldg.,

87, M.G. Road, Fort, Mumbai 400 001 Tel No.: 022 22708100 Email id:

DISCLOSURES

Related party transactions

There is no materially significant related party transaction that may have potential conflict with the interest of the Company.

Details of Non - Compliance by the Company, penalty, strictures imposed on the Company by the stock exchange or SEBI or any statutory authority on any matter related to capital markets

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.

INFORMATION ON SHAREHOLDING:

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.

ADOPTION OF MANDATORY AND NON-MANDATORY REQUIREMENTS

The Company has complied with all mandatory requirements specified in Regulations 17 to 27 and clauses (b) to (i) of subregulation 2 of Regulation 46 of Listing Regulations.

The Company has complied with the non-mandatory requirement of reporting of Chief of Internal Audit who is heading the Internal Audit department of the Company directly to the Audit Committee of the Company. The Internal Auditor presents the key audit findings of internal audit department of the Company to the Audit Committee on a quarterly basis along with compliance status of previous Audit Committee.

REGISTRAR AND TRANSFER AGENTS:

The Registrar and Transfer Agent of the Company is M/s Alankit Assignments Limited for Equity Shares. Investor services related queries/requests/complaints may be directed at the address as under:

Alankit Assignments Limited

205-208, Anarkali Complex, Jhandewalan Extension,

New Delhi - 110055 Phone No. - 011-42541954 Email Id -

SHAREHOLDERS OF THE COMPANY WITH MORE THAN 1% HOLDING AS ON MARCH 31 2026 (OTHER THAN PROMOTER OF THE COMPANY:

DISTRIBUTION OF THE SHAREHOLDING OF THE COMPANY AS ON MARCH 31 2026:

DISTRIBUTION OF SHAREHOLDING (SHARES)

Shareholding Distribution as on 31 st March 2026

COMPLIANCE CERTIFICATE OF AUDITORS:

The Statutory Auditors of the Company M/s. Chokshi & Chokshi and M/s S. Ramanand Aiyar & Co. have issued the Certificate for compliance of conditions of Corporate Governance as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and forms part of the Annual Report.

EVENTS AFTER BALANCE SHEET DATE:

There has been no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the balance sheet relates and the date of this report.

POLICY FOR MATERIAL SUBSIDIARIES:

The Company has a policy for material subsidiaries. The same has been uploaded on the website of the Company.

CONSERVATION OF ENERGY:

Considering the nature of operations of the Company, the provisions of Section 134 (3)(m) of The Companies Act 2013 read with Companies (Accounts) Rules 2014 relating to information to be furnished on conservation of energy and technology absorption are not applicable.

DIRECTORS ' RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company has laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and were operating effectively. The Board confirms that:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same.

2. that they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

3. that they have taken proper and sufficient care for the maintenance of adequate accounting records, in accordance with the IRDAI (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 and provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. that they have prepared the annual accounts on a going concern basis;

5. that they have laid down internal financial controls to be followed by the Company and that such internal financial controls were adequate and were operating effectively and;

6. that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT:

The Board of Directors thanks Government of India, Ministry of Finance, Department of Financial Services (Insurance Division), Insurance Regulatory & Development Authority (IRDA), General Insurers' (Public Sector) Association of India (GIPSA), General Insurance Council, intermediaries and other government and regulatory agencies for their valuable guidelines and continuous support provided to the company throughout the year.

The Board of Directors are also grateful to the valued customers, bankers, agents, surveyors, stakeholders and public at large for the patronage and confidence reposed in the company.

The Board of Directors places on record their appreciation for the commitment, sense of involvement and dedication exhibited by each staff member in the overall development and growth of the company and look forward to the continued support and whole-hearted cooperation for the realization of the corporate goals in the year ahead.