United India Insurance Company Ltd., a Public Sector General Insurance Company, celebrated the commencement of its Platinum Jubilee year on 18th February 2012, after completing 74 glorious years of service to the Nation and its people by meeting their critical insurance needs.
The company was incorporated on 18th February 1938, promoted by a group of renowned merchants, bankers and legal professionals of that time. Â The Company’s Platinum Jubilee Year was inaugurated at a glittering function by the Hon’ble Finance Minister, Shri Pranab Kumar Mukherjee, in New Delhi on 1 8th February, 2012.
On this occasion, the Company’s Platinum Jubilee Year mnemonic was unveiled by him. Launching the Company’s online Customer Portal and Critical Care Health Insurance Product, on this occasion, the Honourable Finance Minister stated that the non- life Insurance industry has huge potential for growth, considering the low penetration in the country.
He stated that with banking inclusion reaching an inflection point, it is now time to look at insurance-led financial inclusion in the country.The Hon’ble Finance Minister also complimented the Company for posting profits and declaring dividends every year.
The Company during these 74 years successfully managed many game changing transformation in the NonLife Insurance sector in India, in the form of detariffication of rates, migration from a subsidiary of GIC to a full-fledged Board-run Company and opening up of the sector to private players, establishment of a regulatory architecture.
The Company has grown from strength to strength and has emerged as a leading non-life insurance Company in India. The Company continues to grow at an impressive rate and has robust fundamentals. The Company completed a premium of Rs.5872 Crores upto the third quarter of the current year and growing at 27%, and would cross Rs.8000 Crores in the current year.
The Company has robust financial strength with a net worth of Rs.4660 Crores as on date with a market value of assets of over Rs.1 5938 Crores. The Company enjoys a high solvency ratio of 2.82. The Company secured healthy ratings by being awarded B++ from A M Best and retained iAAA rating by ICRA continuously for the past 7 years. For the first 9 months of the current year, the net profit of the Company grew by 24% at Rs.414.41 Crores. The Company introduced new products in Motor and Health insurance segments.
The Company is the undisputed leader in the Social, Rural /Micro insurance sector in the non-life insurance industry. The Company actively participated in the rol lout of the popular RSBY programme of different States, implemented for the first time in the non-life insurance sector the community based insurance solutions, as also village adoption programmes.
The Company is a pioneer in the concept of Micro Office ( one person office) to penetrate into the rural hinterland and today has 385 such offices. The Company recently secured the mandate for the Chief Minister’s Comprehensive Health Insurance Project of Government of Tamil Nadu, to provide Health Insurance cover to BPL families in the State numbering 1.34 Crore, in December 2011.
The Company is blessed with a 17018 strong, talented and dedicated workforce, who are closely aligned to its Corporate Vision and strategies. The Company has a wide network of 1465 offices spread across the country. The Company is in the process of implementing a state-of- the art CORE insurance solutions for anywhere -anytime access to the customers and deliver better service experience to them.
The Company is actively pursuing its strategies to achieve its objectives of spreading the message of insurance among the population, by bringing major innovations in product offerings and bringing in higher levels of customer service.
