New India Assurance stock jumps 5% as PSU insurer appoints new CMD

At 10:28 am, New India Assurance shares were trading 4.2 percent higher at Rs 248.00 on the National Stock Exchange (NSE).

Shares of New India Assurance Company Ltd (NIACL) jumped 5 percent after the PSU insurer announced that it has appointed Girija Subramanian as Chairperson cum Managing Director (MD) of the company.

The appointment came in effect from June 19 and Subramanian will remain the CMD up to the date of her attaining the age of superannuation or until further orders, whichever is earlier.

Girija Subramanian holds a bachelor's degree in Statistics, and is a Fellow member of the Insurance Institute of India and also an Associate member of the Chartered Insurance Institute, London, NIACL said in its regulatory filing.

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The industry veteran started her career as a Direct Recruit Officer at General Insurance Corporation of India (GIC Re) in 1988.

"In a career spanning over 34 years, she worked in reinsurance departments across various lines of business, the most prominent ones being Aviation, Life, Health and Property classes," NIACL said, adding that she was the CMD of AIC of India before assuming charge as CMD at New India Assurance.

At 10:28 am, New India Assurance shares were trading 4.2 percent higher at Rs 248 apiece on the National Stock Exchange (NSE). In the last one year, the stock has surged over 100 percent, doubling investors' money. In comparison, Nifty rose around 25 percent during this period.

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