National Insurance Company Limited (NICL)
National Insurance Company Limited is a wholly Government of India-owned public-sector general insurer headquartered in Kolkata, the only PSU general insurer headquartered in West Bengal. Incorporated in Kolkata in 1906 and nationalised under the General Insurance Business Nationalisation Act 1972, it became independent of GIC in 2002. On 17 April 2025 CRISIL reaffirmed its CCR at AA- but revised outlook to Negative on weak solvency.
This page is a factual profile built from official sources: enterprise filings, the DPE Public Enterprises Survey, PIB releases, government orders and CAG reports. Figures carry their year; where no official figure was found, the field is left out rather than estimated.
How we verify →National Insurance Company Limited is a wholly Government of India-owned public-sector general insurer headquartered in Kolkata, the only PSU general insurer headquartered in West Bengal. Incorporated in Kolkata in 1906 and nationalised under the General Insurance Business Nationalisation Act 1972, it became independent of GIC in 2002. On 17 April 2025 CRISIL reaffirmed its CCR at AA- but revised outlook to Negative on weak solvency.
What happened
DFS page opened confirms incorporated 1906 and merged along with 21 foreign and 11 Indian companies after 1972 nationalisation to form National Insurance; Swaraj, GIC subsidiary and 7 Aug 2002 delink details not verified in opened excerpts.
Overview page opened confirms wholly-owned Government of India undertaking, IRDA Registration No. 58, head office Kolkata, and only Public Sector General Insurance Company with headquarters in Kolkata.
CRISIL 17-04-2025 opened notes Crisil AA-/Negative (outlook revised from Stable, rating reaffirmed), combined ratio 126.9%, capital negative Rs 989-995 crore and solvency to negative 0.53 times excl FVCA; underwriting deficit Rs 3,686cr and 1.09x incl FVCA not verified in excerpt.
Same note gives FY24 gross direct premium Rs 15,180cr context and 9M gross Rs 12,851 crore; FY24 PAT -Rs 187cr and 9M PAT Rs 29cr vs -Rs 218cr not fully verified in excerpt opened.
What we could not confirm
Full FY2024-25 audited premium/profit not extracted from NIC annual report; CRISIL FY24 + 9MFY25 figures used. Employee/offices count from undated company profile. Paid-up capital current figure not confirmed, left as pattern only. Solvency includes IRDAI forbearance on fair-value change balance.