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Mega PSU insurance merger will happen this financial year, says United India Insurance

Updated : May 31, 2018 09:16:50 IST

The ambitious mega merger between the three state-owned general insurance companies will definitely happen this financial year, said MN Sharma, chairman and MD, United India Insurance.

The proposal for merger of Oriental Insurance, National Insurance Company and United India Insurance was announced in the Budget for 2018-19.

“The merger of these three companies in terms of gross premium will be doing about Rs 45,000 crore profit and this will be the largest non-life insurance company in the country," said Sharma.

The net worth of these three companies together is going to be about Rs 30,000-35,000 crore, said Sharma, adding that the process is expected to be complete before March 31.
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