Universal Sompo General Insurance Company

Universal Sompo General Insurance Company is a joint venture between Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investments, and Sompo Japan Insurance. It is unique because of the count of partners and the presence of an Indian FMCG major (Dabur) participating in the insurance venture through its investment arm.

Corporate history

The joint venture has been capitalized with shareholders funds of over 230 cr. including share premium. The company received the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007.

Three of The INDIAN partners are banks with a combined asset base of Rs. 3,14,071 crores and over 4000 branches and distribution centers, plus the fourth largest FMCG company in India with over 1.5 million retail outlets.

Sompo Japan Insurance Inc., headquartered in Tokyo, is a Fortune 500 Company with a capital of 70 billion yen, is present in 27 countries - has over 15,000 employees and 69,028 agents and its total premium income for 2006 - 2007 was in excess of (equivalent to) Rs.50,000 cr., twice that of the Indian General insurance industry.

The company is present across almost all product lines, classified into five major classes: Property, Marine, General Accident, Workmen Compensation and Motor.