Company Overview of United India Insurance Co. Ltd.
United India Insurance Company Limited operates as an insurance company in India and internationally. It offers fire, marine cargo, marine hull, motor, workmen comp, personal accident, aviation, engineering, liability, industrial, credit, and other miscellaneous insurance products, as well as health insurance products. The company, through its subsidiary, Zenith Securities and Investments Limited, invests in short or long term investments. United India Insurance Company Limited was incorporated in 1938 and is headquartered in Chennai, India.
24, Whites Road
Founded in 1938
Key Executives for United India Insurance Co. Ltd.
Chairman, Managing Director, Member of Investment Committee, Member of Policyholders Protection Committee, Member of Risk Management Committee, Member of Property Review Committee and Member of Corporate Social Responsibility Committee
Chief Information Officer and Chief Manager
Chief Grievance Officer, General Manager and Member of Investment Committee
Principal Compliance Officer of Anti-Money Laundering and Deputy General Manager
Chief Manager, Compliance Officer of Corporate Governance Guidelines and Company Secretary
Compensation as of Fiscal Year 2015.
United India Insurance Co. Ltd. Key Developments
Competition Commission of India Imposes Penalty on New India Assurance, National Insurance, United India Insurance and Oriental Insurance
Jul 17 15
The Competition Commission of India has imposed a total penalty of INR 6,710.5 million on four state-run insurance companies for manipulating the bidding process initiated by Government of Kerala for selecting insurance service provider for Rashtriya Swasthya Bima Yojna for the years 2010-2011, 2011-2012 and 2012-2013. Competition Commission has imposed a penalty of INR 2,510.7 million on New India Assurance, INR 1,628 million on National Insurance, INR 1,566.2 million on United India Insurance and INR 1,005.6 million on Oriental Insurance. The final order was passed by CCI on July 10 in a matter which was taken up suomoto pursuant to an anonymous information received by the Commission under section 19(1) of the Competition Act, 2002 against National Insurance, New India Assurance, Oriental Insurance and United India Insurance alleging contravention of the provisions of section 3 of the Act which deals with anti-competitive agreements including bid rigging. The Commission noted the impugned conduct of these companies to have resulted in manipulation of the bidding process in contravention of various provisions of the Act. While imposing penalties, the Commission noted that the present case related to bid rigging in public procurement for social welfare schemes, the beneficiaries of which were BPL and poor families and as such the same was taken as an aggravating factor.
New India Assurance (Mumbai), National Insurance (Kolkata), United India Insurance (Chennai) and Oriental Insurance (New Delhi) Plans To Merge
Aug 17 14
Employee unions of The New India Assurance Company Limited, National Insurance Company Limited, United India Insurance Co. Ltd. and The Oriental Insurance Company Ltd called for merger of all companies to form a single general insurance. Sharad Jadhav, The New India Assurance Company Limited union President, said," During our meeting with the minister and financial services secretary GS Sandhu, we demanded merger of all the four PSU non-life players to form a monolithic corporation, which shall strengthen our market share and help us serve rural and social sectors better. If all the four PSU non-life insurers join together to form a single monolithic corporation, then we can save our premium income to the tune of Rs 10,000 crore annually which will further help boost our profitability."
United India Insurance Company Announces Earnings Results for the First Quarter Ended June 30, 2014
Aug 8 14
United India Insurance Company announced earnings results for the first quarter ended June 30, 2014. the company has reported an 8.54% increase in net profit in the June quarter at INR 2,287.6 million compared with INR 2,107.6 million in the same period last fiscal. The investment income in the quarter grew 18% to INR 5,310 million against INR 4,470 million in the same period last fiscal. The company reported an 11% growth in its premium to INR 27,290 million in the first quarter.
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