United India Insurance Company

United India Insurance Company is an Indian government-owned insurance company headquartered in Chennai, Tamil Nadu.[2] It was incorporated on 18 February 1938 and nationalized in 1972.

United India Insurance Co. Ltd.
TypeCentral Public Sector Undertaking
IndustryInsurance
Founded18 February 1938 (1938-02-18)
Headquarters
Chennai, Tamil Nadu
,
India
Area served
India
Key people
Satyajit Tripathy (Chairman & MD)
Products
RevenueIncrease ₹16,606 crore (US$2.1 billion) (2021-22)[1]
Decrease ₹−1,677 crore (US$−210 million) (2021-22)[1]
Decrease ₹−2,136 crore (US$−270 million) (2021-22)[1]
Total assetsIncrease ₹45,066 crore (US$5.6 billion) (2021-22)[1]
OwnerGovernment of India
Number of employees
11,579 (2022)[1]
Websiteuiic.co.in

History

Previously, it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance obtained autonomy, with effect from 21 March 2003.[3]

Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company.[4][5][6]

On 2 February 2018, the Government of India announced merger of United India Insurance Company with Oriental Insurance and National Insurance Company Limited.[7]

References
  1. "United India Insurance Company Annual Report 2022" (PDF). moneycontrol.com. Retrieved 14 July 2022.
  2. India, Bank Exams. "United India Insurance to Start AO Recruitment Soon". Retrieved 31 May 2016.
  3. The General Insurance Business (Nationalisation) Amendment Act, 2002
  4. Bengal, Government of West. "United India Insurance Company, Ltd". uiic.co.in. Retrieved 31 May 2016.
  5. "Nationalization".
  6. "Government Insurance Companies in India – Nationalization and After (United India, National Insurance, LIC, GIC, Oriental Insurance, New India Assurance) | Green World Investor". www.greenworldinvestor.com. Retrieved 31 May 2016.
  7. "Budget 2018: Merging 3 PSU General Insurers Is Prudent, Says National Insurance CMD". Moneycontrol.
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