"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."

Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?

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A: United India Insurance, the fifth-largest insurer by gross premium, maintains a prominent position within the Indian general insurance market. In fiscal year 2024 (FY24), the company strengthened its market share, achieving a 12.51% increase in premiums to ₹19,852 Cr, compared to FY2023-24.

During 2024-25 more weightage is being given to bottom line improvement with profitable growth resulting into return of the company into the black after nearly a decade. With a long-term strategy to become the most preferred and financially robust insurer, key measures contributing to the success in bringing back profitability include enhancing underwriting quality, improving claims management, alignment of procurement towards more profitable ones, optimizing business mix, while maintaining investment incomes and yield.

The overall incurred claims have decreased, particularly in the health sector. The company has demonstrated notable growth in the insurance business segments of motor, engineering, and miscellaneous, while adapting the regulatory changes by process reengineering and accelerating the usage of actuarial modelling, analytics and risk management tools. These measures are ongoing, and new initiatives are rolled out for yielding positive results way forward.

Q: What have been some of the key factors driving the growth of United India Insurance Company and what is your target for next five years?