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Sunil, your question really put me to work on compare the two mega players in general insurance segment. After doing the exercise, I found NIA a much better and rather long term safe investment proposal on fundamental basis. However, these new investment options are being new and will take some time for investors across the board to understand the valuations as currently they too are unable to judge the parameters of valuations of insurance segment stocks. For the information of investors, I am giving below the compare of ICICI Lombard and New India Insurance and leaving it to them to take a final call on investment.

Particulars      ICICI Lombard (Pvt Sector)      New India Assurance (PSU)
IPO size at the upper price band      Rs. 5700 crore      Rs. 9600 crore
Price Band      Rs. 651 - Rs. 661      Rs. 770 - Rs. 800
Shares issued at      Rs. 661.00      NA
FV Rs. Per share      Rs. 10      Rs. 5
Minimum application lot      22 shares      18 shares
Issue dates      15.09.17 to 19.09.17      01.11.17 to 03.11.17
Discount offered       NIL      Rs. 30 per share to Retail/Employees
Issue allocations       50% QIBs, 15% HNIs, 35% Retail      50% QIBs, 15% HNIs, 35% Retail
IPO constitute % of post issue capital       19%      14.56%
NAV at the time of IPO      Rs. 82.57 per share      Rs. 164.04
IPO priced at P/BV      7.6      2.4
IPO priced at P/E      46 to 50      31 to 33
Market share of its overall business      8.40%      15%
Main Promoters      ICICI Group      Govt. of India
Listing at       BSE/NSE      BSE/NSE
Post issue promoter holding      55.92%      85.44%
Market Cap based on upper price band      Rs. 30006 crore      Rs. 65920 crore
In operation since       Since 2000      Since 1919
Net worth as on 31.03.17      Rs. 3328 crore      Rs. 12596 crore
Net woth as on 30.06.17      Rs. 3919 crore      Rs. 13123.5 crore
No. of policies as on 31.03.17      17.7 million      27.10 million
Investment asset as on 30.06.17      Rs. 16446 crore      Rs. 63122 crore
Investment Income for FY 2017      Rs. 315 crore      Rs. 4535 crore
Investment Income for Q1 2018      Rs. 122 crore      Rs. 1255 crore
Solvency Ratio (IRDAI Specific 150%) as on 30.06.17      213%      227%

I am keeping the fingers crossed for the final response. People are trying to compare Apple with Orange and getting more confused with wrong compare with ICICI Prudential and SBI Life who are in life insurance segment. Both these segments i.e. life and general insurance are having different parameters of working. While in life insurance, investment done comes back with rewards if the insured is alive, but in case of general insurance, whatever type of insurance is taken, it ends as expense in the event of no claim and becomes revenue for insurer. One has to bear this in mind for considering investment in life and general insurance companies.