United India Insurance Company

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United India Insurance Co. Ltd.
Company type Central Public Sector Undertaking
Industry Insurance
Founded18 February 1938;87 years ago (1938-02-18)
Headquarters
Chennai, Tamil Nadu
,
India
Area served
India
Key people
Bhupesh Sushil Rahul (Chairman & MD)
Products
RevenueIncrease2.svg₹17,644 crore (US$2.1 billion) [1]  (2022-23)
Increase2.svg₹−415 crore (US$−49 million) (2022-23)
Decrease2.svg₹−2,829 crore (US$−330 million) (2022-23)
Total equity ₹3,905 crore (US$460 million) (2022-23)
Owner Government of India
Number of employees
9,306 (2023-24)
Website uiic.co.in/en/home

United India Insurance Company Limited (UIICL) 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. The company was incorporated on 18 February 1938 and nationalized in 1972.

Contents

History

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). [2] 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. [2]

See also

References

  1. ↑ "Annual Report 2022-23: Summary of Financial Statements" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 281. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.
  2. 1 2 "History in Brief". gicre.in/. General Insurance Corporation of India. Retrieved 7 February 2024.
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