United India Insurance ties up with LICHFL Financial Services Ltd.

Two major brand names in financial Services Industry came together as LICHFL Financial Services ltd, ( fully owned subsidiary of LIC Housing Finance Ltd.) & United India Insurance Co Ltd, a Govt owned non-life insurance major inked an agreement for the former to distribute the non life products of United India Insurance Co Ltd.

LICHFL Financial Services Ltd., a fast growing company fully owned by LIC Housing Finance Ltd , and already a corporate agent of L.I.C. of India, has taken up the corporate agency with United India Insurance Co Ltd to distribute the products of this non life insurer who has been recently creating ripples in non life insurance space in India.

LICHFL Financial Services Limited was incorporated on 31st October 2007 as a wholly owned subsidiary of LIC Housing Finance Limited, for undertaking non fund based activities like marketing of housing loans, insurance products, credit cards, mutual funds and other third party products. Taking a leaf from the group’s Vision, LICHFL Financial Services seeks to offer “Complete Financial Solutions” to the customer and has a Mission “to grow steadily and sustainably in customers” mind and money space”. Within a short period of 12 months, the company established marketing units in 33 different centres pan India.

LICHFL FSL in its first full year of operations, has emerged as the TOP home loan distributor of LICHFL both in terms of sanctions and disbursements for FY 2009-10. The company is also among the TOP 15 corporate agents of LIC of India for the same period. There are around 500 plus marketing personnel in these locations functioning seamlessly to enhance efficiencies, contract costs and create delivery delights. Currently the company has a distribution arrangement with LIC HFL, LIC of India, United India Insurance, LIC Mutual Fund & All Mutual Fund Houses, LIC Cards and other third party companies. Its websitelichflfinancialservices.com is rich in information.

LIC Housing Finance Ltd who owns this financial services company is promoted by Life Insurance Corporation of India (LIC) and is one of the largest providers of housing finance in India having a network of 205 offices across the country supported by an agency force of Direct Sales Agents, It is AAA rated and FAAA/ stable for its FD programme. The company has granted loans to more than one million customers since inception. It's outstanding mortgage loan book stands in excess of Rs.40,000/- Crores as on June 30, 2010. For the first quarter of F.Y. 2011, the company registered an impressive 51% growth in Loan Sanctions and 40% growth in Loan Disbursements. The company also registered a growth of 71% in Profit after Tax for the quarter ended 30.6.2010.

United India Insurance Co Ltd, is a fully govt,. owned subsidiary and is one of the fastest growing Non life insurance major in the country and second largest in terms of business, reserves, net worth, solvency margins and recorded the highest profit in the Industry in 2009-10 & ‘10-‘11.

Company holds iAAA rating from ICRA for the last 6 years and was selected as the Business Leader for 2010, in Non life insurance category by NDTV Profit Business Leadership Awards 2010. This Chennai based insurer with 1400 offices across the country became the first Public Sector insurer to increase the market share in 2008-09. The market share of United India Insurance has been steadily going up continuously for the past 32 months , with double digit growth rate. Company has about 120 products in its stable and is the largest in Rural, Micro & Social sector insurance segment as well.

Under the agreement, LICHFL FSL will be distributing non life insurance products of United India Insurance through their fast expanding network. United India will provide the training capacity building & technical expertise. LICHFL FSL would , now become a super market for almost all ranges of financial services products to its customers. The MOU was signed by Ms Sobhana Murali, CEO of LICHFL FSL & K. Sanath kumar , General Manager of United India Insurance Co Ltd, in the presence of Mr R R Nair, Director & Cheif Executive of LIC Housing Finance Ltd & Mr G Srinivasan, Chairman Cum Managing Director of United India.