Mumbai: 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 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 website lichflfinancialservices.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.
