United India appoints chairman; outlines IPO timeline
Girija Kumar has been approved as chairman and managing director at state owned United India Insurance.
Kumar has been a director and general manager at the firm since July 2015.
In an interview with the Times of India this week Kumar said the company is planning for an IPO after government-owned insurer New India and reinsurer GIC go public. He said United is tentatively looking at the early half of the 2018-19 fiscal year but the IPO could be earlier if market conditions are favourable and financial targets are met.
Earlier this year India’s government outlined budget plans to sell up to 25% stakes in five state-owned insurers.
The insurer has already exceeded its gross written premium target of 14,444 crore (£1.74bn) for the current financial year ending 30 June 2017; as of 31 March it had 13.7% market share.
The company has over 18000 employees across 1340 offices providing insurance to more than 10 million policyholders. It provides a diverse range of insurance including complex cover to large customers, healthcare for rural communities and livestock insurance.
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