New India Assurance to launch IPO

New India Assurance Company, India’s largest general insurance company, is all set to launch its INR9,600 crore IPO in November. This will be country’s second-biggest IPO in the insurance sector after GIC Re’s INR11,370 crore issue launched earlier in October.

Addressing media ahead of its IPO, chairman cum managing director G Srinivasan said New India Assurance is the market leader and has been a financially stronger company, which has been growing at a phenomenal rate.

“It has got the widest reach in India in terms of distribution, has the largest number of offices, highest number of agents and is very strong in other intermediaries,” he said.

Speaking of the prospects of general insurance, Srinivasan said the industry is growing at a phenomenal pace in the country and has huge potential.