New India Assurance shares in focus: Firm gets GST demand notice of ₹2,298 crore

The company has received a show cause notice dated June 26, 2025, from the office of Additional Commissioner, Mumbai-South, and Maharashtra State, New India Assurance Company Ltd said in a regulatory filing.

The notice requires the company to show cause as to why the alleged GST demand of ₹22,98,06,74,252 for the period April 2018 to March 2023 should not be demanded from the insurer, it said.

The company believes that it has a strong case on merit, it added.

"Based on the advice of our tax consultants, the company is in the process of filing a detailed reply highlighting the contentions of the company with the Adjudicating Authority within the prescribed timelines," the filing said.

New India Assurance Q4 FY25 Results

New India Assurance reported an about 2% drop in net profit at ₹347 crore in the fourth quarter ended March 2025 (Q4 FY25).

The public sector general insurance company had a net profit of ₹354 crore in the March quarter of the 2023-24 fiscal year.

Total income, however, rose to ₹10,966 crore in the latest fourth quarter, up from ₹10,849 crore in the Q4 of FY24.

For the full 2024-25 fiscal year, New India Assurance reported a 12.49% drop in net profit at ₹988 crore. In FY24, the net profit was ₹1,129 crore.

As per the investor presentation, in FY26 New India Assurance plans to launch innovative products with a focus on retail and MSME. The insurer also plans to enter into parametric insurance and emphasise growth in segments other than motor and health where competitive intensity is high.

New India Assurance CMD Girija Subramanian said the insurer has achieved an all-time high Gross Written Premium (GWP) of ₹43,618 crore in FY25, reflecting a growth of 3.86% despite challenging market conditions.