United India Insurance celebrates platinum jubilee in Mumbai
|This is a media release from United India Insurance Company limited|
United India Insurance Company Limited, a Public Sector General Insurance Company, is currently celebrating its Platinum Jubilee year.As a part of the celebrations, a function was held in Mumbai today which was graced by Shri Prithviraj Chavan, Honorable Chief Minister of Maharashtra, as the Chief Guest.
It may be recalled that Shri Pranab Kumar Mukherjee, the then Finance Minister, Government of India, inaugurated the Platinum Jubilee celebrations at New Delhi on 18th February 2012. The Company during these 75 years successfully managed many game changing transformations in the Non-Life Insurance sector in India, in the form of nationalization, detarifficationof rates, migration from a subsidiary of GIC to a full-fledged Board-run Company and opening up of the sector to private players and the establishment of a regulatory architecture.
Welcoming the august gathering of select Corporate customers and brokers, Shri.Milind Kharat, CMD, said that the Company has grown from strength to strength and has emerged as a leading non-life insurance Company in India. The Company completed a premium of Rs.4757 Croresupto the first half of the current year and growing at over 20%, which is more than the industry’s average,and would cross Rs.10,000Crores in the current year.The Company hasrobust financial strength with a net worth of Rs.4900 Crores as on date with a market value of assets of over Rs.19514Crores. The Company enjoys a high solvency ratio of 2.78, which is the highest among the major players in the industry.The Company secured healthy ratings by being awarded B++(positive) from International Rating Agency A M Best and retained iAAA rating by ICRA continuously for the past 10 years. For the first 6 months of the current year, the net profit of the Company was Rs.350Crores. 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.
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 programme of different States. The Company implemented for the first time in the non-life insurance sector the community based insurance
Solutions, as also village adoption programmes. The Company is a pioneer in the concept of Micro Office to penetrate into the rural hinterland and today has 462 such offices.
The Company is blessed with a 17000 strong, talented and dedicated workforce, who are closely aligned to its Corporate Vision and strategies. The Company has a wide network of 1581 offices spread across the country. The Company is 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.
The Company 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.
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