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United India Insurance Company Limited
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INTRODUCTION
United India Insurance Company Limited (UIIC) is the one among the 4 public General Insurance Companies of India and a leading General Insurance player including public and private sector. With the networth of Rs 4,587 croreas as on September 30, 2011, The company has more than three decades of experience in Non-life Insurance business. It was formed by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India. Its Head Quarters is at 24, Whites Road, Chennai, India.
About the company
United India Insurance Company Limited was incorporated as a Company on 18 February 1938. General Insurance Business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited. After nationalization United India has grown by leaps and bounds and has 18300 work force spread across 1340
offices providing insurance cover to more than 1 Crore policy holders. The Company has variety of insurance products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex covers to large customers, as in cases of ONGC Ltd, GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc. It has been also the pioneer in taking Insurance to rural masses with large level implementation of Universal Health Insurance Programme of Government of India & Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs women in the state of Madhya Pradesh), Tsunami Jan Bima Yojana (in 4 states covering 4.59 lakhs of families), National Livestock Insurance and many such schemes. It has also made its presence in more than 200 tier II & II towns and villages through its innovative Micro Offices.
Recent Developments
In November 2007, at Hyderabad,company's top management launched an enterprised level transformation project named UNISERGE, under this historic intiative, company identified and set up 6 themes in order to remain a leader in Indian General Insurance market and also stressed on the effective use of IT. In Addition, it has been also decided to Create incentive system and link to rigorous performance management system for the Enhancement of organizational accountability and to strengthen HR structure of the company.
Recently, on January 11, 2012, The Company (often abberiviated as UIIC), has been entrusted by The Govt. of Tamil Nadu for implementing the new Comprehensive Health Insurance Scheme...[1] This scheme would cover 1.34 crore families of Tamil Nadu State and has an annual outlay of Rs. 750 crore. Tamil Nadu Chief Minister, on the launch, handed over first quarterly insurance premium installment of Rs. 183.64 crore to Mr. G. Srinivasan, CMD of the United India Insurance.
Profit and Performance
The United India Insurance reported over 50% jump in its profit after tax at Rs 341.07 crore for the first 6 months of the financial year 2011-12. The Chennai-based insurer had reported a Rs 218 crore profit during the same period last year.[2] Declaring the half-yearly results, United India Insurance Chairman and Managing Director G Srinivasan told reporters the company's growth has exceeded that of the industry. "We grew by 27 per cent over the industry's growth of 23 per cent ... our market share also increased," he said.
During the half-year period ended September 30, 2011, the company collected a total premium of Rs 4,033 crore, up by 27 per cent from Rs 3,178 crore in the year-ago period.[3] "We have set a target premium of Rs 8,000 crore this year," he said. On plans for the year 2011-12, he said the company would focus on retail, micro-small and medium enterprises and rural insurance segments. "We will focus on agency channel and bancassurance. Agency channel contributed 40 per cent and bancassurance 7 per cent (in the first half of the year). We expect it to increase in the years to come," he said. Replying to a question, he said the company would bid for the Tamil Nadu government's health insurance scheme. The investment income of the company for the first-half of the year stood at over Rs 803 crore as of September 30, 2011.
Awards and recognitions
• United India gets Skoch award 2010: United India Insurance Company has won the award for successful implementation of the financial inclusion initiatives. The company has impleted the Rashtriya Swasthya Bima Yojana in Kerala. Skoch awards, distributed by Skoch Consultancy Services, are meant to honour extraordinary achievements in governance, capacity building, empowerment, inclusive growth, citizen services delivery, technology, academics and change management. http://www.thehindutodays-paper/tp-business/article1151356.ece
• United India Insurance Company has been selected as one among the top three General Insurance companies in Asia by Asia Insurance Review at the 14th Asia Insurance Industry Awards held in Bali, Indonesia.
• United India Insurance Co. Ltd. has been awarded the Best Non-Life Insurance Company by NDTV Profit-Business Leadership Awards 2010.