United India Insurance Company

United India Insurance Company (UIIC) is an Indian

public sector insurance company owned by the Government
United India Insurance Co.
of India and administered by the Ministry of Finance. Ltd.
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]
Company Central Public Sector
It has a network of 6 Large Corporate Business Cells (LCBs), type Undertaking
366 Divisional Offices, 558 Branch Offices and 511 Micro Industry Insurance
Offices, besides its Head Office in Chennai and 30 Regional
Founded 18 February 1938
Offices in the country, as of 31 March 2023,[3] and 10,356
employees on its payroll.[2] The company's Agency Vertical Headquarters Chennai, Tamil Nadu,
has a strength of 88,657 individual agents that produced a India
gross premium income of ₹7,419 Crores contributing to the Area served India
extent of 41.74% of the company's overall gross premium. Key people Satyajit Tripathy
Almost half the individual agents have access to the (Chairman & MD)
company's portal facility for online transactions that touched a
Products General insurance
record high premium of ₹2,660 Crores. 533 Brokers tied up
with the Company in 2022-23, sourcing a premium of Vehicle insurance
₹3,885 Crores. The company has also tied up with automobile Health insurance
manufacturers, including Maruti, Volkswagen, Tata, Marine insurance
Mahindra, Hero and Daimler, enabling it to procure a Property insurance
₹539 Crores business in 2022-23. The business sourced
through LCBs in Mumbai, Chennai, Delhi, Bangalore, Crop insurance
Hyderabad and Kolkata amounted to ₹1,261 Crores. The Aviation insurance
company tied up with 54 Corporate Agents as of 31 March Fidelity bond
2023, contributing a premium income of ₹423 Crores. Of ₹17,644 crore
Revenue
these, 40 were Banks and Non-Banking Financial (US$2.2 billion)[1] (2022-
Companies. The 511 Micro Offices of the company spread 23)
across the country have contributed to a total gross premium
Operating ₹−415 crore (US$
of close to ₹875 Crores.[7]
income −52 million)[1] (2022-23)
Net income ₹−2,829 crore (US$
History −350 million)[1] (2022-
23)
UIIC was incorporated on 18 February 1938 in Chennai. Total equity ₹3,905 crore
Following the nationalisation of the general insurance industry (US$490 million) (2022-
in terms of the provisions of the General Insurance Business 23)
(Nationalisation) Act, 1972 (GIBNA), 12 Indian insurance Owner Government of India
companies, four cooperative insurance societies, and the
Indian operations of 5 foreign insurers, besides the general Number of 10,356[2] (2022-23)
employees
insurance operations of the southern region of Life Insurance
Corporation of India were merged with UIIC. The Website uiic.co.in (https://uiic.co.i
Government of India transferred all the shares of the merged n)
entity to the General Insurance Corporation of India (GIC). [8]
UIIC became one of the four subsidiaries of GIC, with its headquarters in Chennai.

With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into
force on March 21, 2003, GIC ceased to be a holding company of its subsidiaries. The ownership of the
four erstwhile subsidiary companies and the General Insurance Corporation of India was vested with the
Government of India. All company shares held by the GIC were transferred to the central government.[8]

Corporate Governance

Board Committees

The following Committees have been constituted by the Board of Directors of UIIC:[9]

1. Audit Committee's terms of reference include:

1. Oversight of (a) the Company's financial reporting, quarterly and annual disclosure of the
correct, sufficient and credible financial information, and (b) its Internal Audit
Department's efficient functioning, review of the findings and investigation where
deemed necessary for reporting to the Board;
2. Recommendation for appointment, remuneration, performance and oversight of the work
of the Auditors; and
3. Approval or subsequent modification of transaction with related parties.
2. Investment Committee is mandated to recommend the investment policy and lay down the
operational framework for the Company's investment operations. The policy should focus on
prudential Asset Liability Management (ALM) supported by robust internal control systems.
3. Risk Management (RM) Committee is expected to establish an effective Risk Management
Framework and recommend the Company's RM policy and processes to the Board; assist
the Board in operating the RM system by performing specialized analysis and quality
reviews; formulate fraud monitoring policy and framework for approval by the Board and
monitor its implementation; report to the Board details on the risk exposures and the actions
taken to manage the exposures; and review the solvency position of the Company and also
to monitor regular updates on business continuity.
4. Policyholders' Protection Committee is mandated to establish an effective mechanism to
address complaints and grievances of policyholders; put in place a framework for review of
awards given by Insurance Ombudsman/Consumer Forums; review unclaimed amounts of
policyholders; ensure the adequacy of disclosure of “material information” to the
policyholders; and adopt standard operating procedures for fair treatment of customers
including time frames for policy and claims servicing parameters and monitoring
implementation thereof.
5. Nomination & Remuneration Committee is entrusted with the responsibility of
recommending to the Board for approval the appointment/changes in Executive Directors
 (including Chairman cum Managing Director) who are appointed by the President of India
acting through the respective Ministry; reviewing and taking note of Key Managerial
Personnel/Senior Management through annual promotion exercises conducted as per the
existing rules and regulations; recommending to the Board for approval the appointment/
changes in Key Managerial Personnel (other than Executive Directors and Chairman cum
Managing Director) as per recommendations of Chairman cum Managing Director; taking on
record various directives/policies issued by the Government of India, including policy on
diversity of Board of Directors; and formulating the criteria of evaluation of performance of
Independent Directors and Board of Directors.
6. 'Corporate Social Responsibility Committee is constituted as per Section 135 of the
Companies Act, 2013 to formulate and recommend CSR Policy to the Board and ensure its
effective implementation.
7. Stakeholders' Relationship Committee is responsible for resolving the grievances of the
security holders of the listed entity, including complaints related to the transfer/transmission
of shares, non-receipt of annual reports, non-receipt of declared dividends, issue of
new/duplicate certificates, general meetings, etc.; and reviewing of adherence to the service
standards adopted by the listed entity in respect of various services being rendered by the
Registrar and Share Transfer Agent.
8. Information Technology Committee evaluates various IT proposals and recommends
them to the Board for approval.
9. Human Resources Committee was formed per the United India Insurance Company
(Conduct, Discipline & Appeal) Rules, 2014, as amended to date. As per Rule 40 of the said
Rules read with Schedule A, Memorial of Officers in Scale IV & V cadres will be placed to
this Committee. The Committee is also the Appellate Authority for Scale VI & VII cadres
officers.
10. Property Review Committee was constituted in terms of the directives received from the
Ministry of Finance to review the matters of properties held by the Company and other
Estate-related matters.

Overall Performance
UIIC's overall operational performance resulted in an operational loss of ₹415.10 crore (US$52 million) in
2022-23 as against ₹1,677.81 crore (US$210 million) in 2021-22, thus recording an improvement. The net
incurred claims ratio slightly decreased to 91.32% in 2022-23 from 100.47% in 2021-22.

The Gross Investment income registered a growth compared to last financial year. From ₹2,935.03 crore
(US$370 million) in 2021-22, it rose to ₹3,573.57 crore (US$450 million) in 2022-23. The Total Net Loss
further dropped from ₹2,135.55 crore (US$270 million) in 2021-22 to ₹2,829.33 crore (US$350 million) in
2022-23.[6]

Subsidiaries and Associates

Subsidiary
UIIC holds 69.45% of Zenith Securities & Investment Ltd., a Union Govt company incorporated on 27
August 1916. The company's authorised capital is fully paid at ₹20 lakh (US$25,000). It has been majorly
in the Insurance business for the last 108 years, and currently, company operations are active. The registered
office of the Company is in Mumbai, Maharashtra.[10][11]

Associates
1. Health Insurance TPA of India Limited is a New Delhi based Associate Company with a
paid-up capital of ₹120 crore (US$15 million). UIIC holds 23.75% of the Company, with an
annual turnover of ₹59.47 crore (US$7.4 million).[10]
2. India International Insurance PTE Ltd. is a Singapore based Associate Company, with a
total paid-up Share Capital of S$5 crore (US$37.31 million). UIIC holds 20% of the shares,
along with the General Insurance Corporation of India and its former other subsidiaries.[10]

See also
Insurance in India
General Insurance Corporation of India

External links
Official website (https://uiic.co.in/)
Health Insurance TPA of India Limited (https://hitpa.co.in/)
India International Insurance Pte Ltd. Singapore (https://hitpa.co.in/)

References
1. "Annual Report 2022-23: Summary of Financial Statements" (https://web.archive.org/web/20
240207043042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_
2022-23.pdf) (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September
2023. p. 281. Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdisc
losure/Annual_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
2. "Annual Report 2022-23: Breakup of Number of Employees" (https://web.archive.org/web/20
240207043042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_
2022-23.pdf) (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September
2023. p. 41. Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdiscl
osure/Annual_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
3. "Annual Report 2022-23: Organisational Network" (https://web.archive.org/web/2024020704
3042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_2022-23.p
df) (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 41.
Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annua
l_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
4. "Annual Report 2022-23: Foreign Operations" (https://web.archive.org/web/2024020704304
2/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_2022-23.pdf)
(PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 59.
Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annua
l_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
 5. "UNITED INDIA INSURANCE COMPANY LIMITED" (https://economictimes.indiatimes.com/
company/united-india-insurance-company-limited/U93090TN1938GOI000108).
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."
6. "Annual Report 2022-23: Financial Performance" (https://web.archive.org/web/20240207043
042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_2022-23.pd
f) (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023. p. 27.
Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annua
l_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
7. "Annual Report 2022-23: Business Review and Summary of Operations" (https://web.archiv
e.org/web/20240207043042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Ann
ual_Report_2022-23.pdf) (PDF). uiic.co.in/. United India Insurance Company Limited. 12
September 2023. pp. 29–33. Archived from the original (https://uiic.co.in/sites/default/files/upl
oads/publicdisclosure/Annual_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved
7 February 2024.
8. "History in Brief" (https://www.gicre.in/en/about-us/history-in-brief). gicre.in/. General
Insurance Corporation of India. Retrieved 7 February 2024.
9. "Annual Report 2022-23: Committees of the Board" (https://web.archive.org/web/202402070
43042/https://uiic.co.in/sites/default/files/uploads/publicdisclosure/Annual_Report_2022-23.
pdf) (PDF). uiic.co.in/. United India Insurance Company Limited. 12 September 2023.
pp. 85–103. Archived from the original (https://uiic.co.in/sites/default/files/uploads/publicdiscl
osure/Annual_Report_2022-23.pdf) (PDF) on 7 February 2024. Retrieved 7 February 2024.
10. "Annual Report 2022-23: Details of Subsidiaries/Joint Ventures/Associate Companies" (http
s://web.archive.org/web/20240207043042/https://uiic.co.in/sites/default/files/uploads/publicdi
sclosure/Annual_Report_2022-23.pdf) (PDF). uiic.co.in/. United India Insurance Company
Limited. 12 September 2023. p. 29. Archived from the original (https://uiic.co.in/sites/default/fi
les/uploads/publicdisclosure/Annual_Report_2022-23.pdf) (PDF) on 7 February 2024.
Retrieved 7 February 2024.
11. "ZENITH SECURITIES AND INVESTMENT LIMITED" (https://economictimes.indiatimes.co
m/company/zenith-securities-and-investment-limited/U66010MH1916GOI000432).
economictimes.indiatimes.com. The Economic Times. Retrieved 7 February 2024.

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