United India Insurance to be privatized

The Indian government is currently working on the privatization of a state-owned non-life insurance company.

Of the four state-owned insurance companies operating in India, three of them are not listed on the stock exchange, namely: National Insurance, Oriental Insurance and United India Insurance. The latter insurer is considered the first candidate to be privatized. This decision follows the poor financial situation of the three companies.

In April 2022, the government has injected a total of 50 billion INR (655.34 million USD) in the capital of the three insurers, of which 37 billion INR (484.95 million USD) are intended for National Insurance, 12 billion INR (157.28 million USD) for Oriental Insurance and 1 billion INR (13.11 million USD) for United India Insurance.

The objective is to improve the solvency of these companies.