 | |
| Company type | Central Public Sector Undertaking |
|---|---|
| Industry | Insurance |
| Founded | 18 February 1938 |
| Headquarters | , |
Area served | India |
Key people | Bhupesh Sushil Rahul (Chairman & MD) |
| Products | |
| Revenue |  ₹17,644 crore (US$2.1 billion)[1] (2022-23) |
| ₹−415 crore (US$−50 million)[1] (2022-23) | |
 ₹−2,829 crore (US$−340 million)[1] (2022-23) | |
| Total equity | ₹3,905 crore (US$470 million) (2022-23) |
| Owner | Government of India |
Number of employees | 10,356[2] (2022-23) |
| Website | uiic |
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, 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]
- ^ a b c "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.
- ^ a b "Annual Report 2022-23: Breakup of Number of Employees" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 41. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.
- ^ a b "Annual Report 2022-23: Organisational Network" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 41. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.
- ^ "Annual Report 2022-23: Foreign Operations" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 59. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.
- ^ "UNITED INDIA INSURANCE COMPANY LIMITED". economictimes.indiatimes.com/. The Economic Times. 6 February 2024. Retrieved 7 February 2024.
United India Insurance Company Limited is a Union Govt company, incorporated on 17 Feb, 1938.
- ^ "Annual Report 2022-23: Financial Performance" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 27. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.
- ^ "Annual Report 2022-23: Business Review and Summary of Operations" (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. pp. 29–33. Archived from the original (PDF) on 7 February 2024. Retrieved 7 February 2024.