Company type | Central Public Sector Undertaking |
---|---|
Industry | Insurance |
Founded | 18 February 1938 |
Headquarters | , |
Area served | India |
Key people | Satyajit Tripathy (Chairman & MD) |
Products | |
Revenue | ₹17,644 crore (US$2.2 billion) [1] (2022-23) |
₹−415 crore (US$−52 million) [1] (2022-23) | |
₹−2,829 crore (US$−350 million) [1] (2022-23) | |
Total equity | ₹3,905 crore (US$490 million) (2022-23) |
Owner | Government of India |
Number of employees | 10,356 [2] (2022-23) |
Website | uiic |
United India Insurance Company (UIIC) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Chennai, Tamil Nadu, the company has 30 regional offices and more than 1,400 operating offices nationwide, including 511 micro offices, as of 31 March 2023. [3] It also had underwriting operations in Hong Kong that ceased effective 1 April 2002, following which the New India Assurance Company Limited, Hong Kong, has taken over the run-off portfolio. This foreign operation had three outstanding claims as of 31 March 2023. [4] The company was incorporated on 18 February 1938 [5] and nationalized in 1972. The Company recorded a gross direct premium income of ₹17,644 in the financial year 2022-23, registering a growth of 12.23% over the previous year. [6]
It has a network of 6 Large Corporate Business Cells (LCBs), 366 Divisional Offices, 558 Branch Offices and 511 Micro Offices, besides its Head Office in Chennai and 30 Regional Offices in the country, as of 31 March 2023, [3] and 10,356 employees on its payroll. [2] The company's Agency Vertical has a strength of 88,657 individual agents that produced a gross premium income of ₹7,419 Crores contributing to the extent of 41.74% of the company's overall gross premium. Almost half the individual agents have access to the company's portal facility for online transactions that touched a record high premium of ₹2,660 Crores. 533 Brokers tied up with the Company in 2022-23, sourcing a premium of ₹3,885 Crores. The company has also tied up with automobile manufacturers, including Maruti, Volkswagen, Tata, Mahindra, Hero and Daimler, enabling it to procure a ₹539 Crores business in 2022-23. The business sourced through LCBs in Mumbai, Chennai, Delhi, Bangalore, Hyderabad and Kolkata amounted to ₹1,261 Crores. The company tied up with 54 Corporate Agents as of 31 March 2023, contributing a premium income of ₹423 Crores. Of these, 40 were Banks and Non-Banking Financial Companies. The 511 Micro Offices of the company spread across the country have contributed to a total gross premium of close to ₹875 Crores. [7]
UIIC was incorporated on 18 February 1938 in Chennai. Following the nationalisation of the general insurance industry in terms of the provisions of the General Insurance Business (Nationalisation) Act, 1972 (GIBNA), 12 Indian insurance companies, four cooperative insurance societies, and the Indian operations of 5 foreign insurers, besides the general insurance operations of the southern region of Life Insurance Corporation of India were merged with UIIC. The Government of India transferred all the shares of the merged entity to the General Insurance Corporation of India (GIC). [8] UIIC became one of the four subsidiaries of GIC, with its headquarters in Chennai.
With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force on March 21, 2003, GIC ceased to be a holding company of its subsidiaries. The ownership of the four erstwhile subsidiary companies and the General Insurance Corporation of India was vested with the Government of India. All company shares held by the GIC were transferred to the central government. [8]
The following Committees have been constituted by the Board of Directors of UIIC: [9]
UIIC's overall operational performance resulted in an operational loss of ₹415.10 crore (US$52 million) in 2022-23 as against ₹1,677.81 crore (US$210 million) in 2021-22, thus recording an improvement. The net incurred claims ratio slightly decreased to 91.32% in 2022-23 from 100.47% in 2021-22.
The Gross Investment income registered a growth compared to last financial year. From ₹2,935.03 crore (US$370 million) in 2021-22, it rose to ₹3,573.57 crore (US$450 million) in 2022-23. The Total Net Loss further dropped from ₹2,135.55 crore (US$270 million) in 2021-22 to ₹2,829.33 crore (US$350 million) in 2022-23. [6]
UIIC holds 69.45% of Zenith Securities & Investment Ltd., a Union Govt company incorporated on 27 August 1916. The company's authorised capital is fully paid at ₹20 lakh (US$25,000). It has been majorly in the Insurance business for the last 108 years, and currently, company operations are active. The registered office of the Company is in Mumbai, Maharashtra. [10] [11]
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