United India Insurance, which is one of the four public sector general insurance companies, has announced its near-term expansion plans. United India Insurance plans to widen its distribution network by adding 50,000+ agents across the country in the next two to three years.
United India Insurance Company Limited (UIIC), which is headquartered in Chennai, has a net worth of 4,587 crores (as of September 30, 2011) and 17,000+ employees. United India reported over 50% jump in its profit after tax for the first 6 months of the financial year 2011-12. United India Insurance Chairman and Managing Director G Srinivasan told reporters, “We grew by 27 per cent over the industry's growth of 23 per cent ... our market share also increased"
Logging an average business growth of 27 percent in 2011-12, India's leading non-life insurer United India Insurance Company Ltd declared that it is targeting a sizeable reduction in underwriting losses. United India already has close to 50,000 agents and will add an equal amount in couple of years from now. This should give the much needed impetus to the PSU insurer to retain its lead in the rapidly growing insurance market. United India has filed three health insurance products and is waiting for approval from the insurance regulator IRDA to launch them.
