United India has better financials than National Insurance and offers most products among the four. The government may want to own the only profitable one of the four-New India Assurance. Apart from United India, the government Centre hold stakes in other general insurance firms-National Insurance, New India Assurance and Oriental Insurance. The government owns 85.78 per cent stake in GIC Re, and it was listed on the bourses in October 2017. “Privatisation of GIC Re will only happen if the government decides to exit the reinsurance business and that assessment will be done in consultation with Niti Aayog,” the financial daily quoted the official as saying. North Block, headquarters of the finance ministry, and government think-tank Niti Aayog will jointly finalise the general insurer that will be considered for privatisation, a senior government familiar with the matter told ET. The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions in the next fiscal year beginning April 1. On February 1, Union Finance Minister Nirmala Sitharaman had announced big-ticket privatisation agenda of the government in the Budget 2021-22 which included selling two state-run banks, one general insurance company, seven major ports and the mega Life Insurance Corporation of India (LIC) public issue. of India (GIC Re) should also be divested. New Delhi: The Centre is reportedly planning to privatise Chennai-based United India Insurance and deliberating whether state-owned reinsurer General Insurance Corp. Govt may kickstart privatisation exercise with United India, GIC Re North Block, Niti Aayog to take call soon.
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