United India Insurance Company Limited, a Public Sector General Insurance completed a premium of Rs.4,757 Crores up to the first half of the current year and growing at over 20%, which is more than the industry’s average, and would cross Rs.10,000 Crores in the current year. The Company has robust financial strength with a net worth of Rs.4,900 Crores as on date with a market value of assets of over Rs.19,514Crores.The Company enjoys a high solvency ratio of 2.78, which is the highest among the major players in the industry. For the first 6 months of the current year, the net profit of the Company was Rs.350Crores and has a credit rating of B++ from International Agency Rating Agency A.M. Best and retained AA rating by I.C.R.A.
United India Insurance Company Limited was incorporated as a Company on 18th February 1938. General Insurance Business in India was nationalized in 1972. Company, is currently celebrating its Platinum Jubilee year and 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.
The Company introduced the information – cum – transaction kiosk, which is a first in the insurance sector, and also introduced the m-power, the premium payment through mobile platform and is a pioneer in the concept of Micro Office to penetrate into the rural hinterland.
The Company also introduces for the 1st time the community based insurance solutions in the non – life insurance sector as also introduce village adoption programs. 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 rollout of the popular RSBY program of different States.
According to the press release, at present the company has 462 rural offices, and has a network of 1,581 offices across the country. The Company is also 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.
