AU SFB gains on inking pact with United India Insurance Company

AU Small Finance Bank (AU SFB) added 1.71% to Rs 715.40 after the bank announced a strategic partnership with United India Insurance Company to offer a wide range of general insurance solutions to AU SFB's customers.

The said insurance solutions includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more.

This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions. The partnership leverages UIICs vast network of branches in over 1000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, the company stated in the filing.

 

AU SFB has recently filed for a universal banking license with the Reserve Bank of India (RBI), and now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer base of over 1 crore, across all segments.

Uttam Tibrewal, executive director & deputy CEO, AU Small Finance Bank, said, Were delighted to partner with United India Insurance Company, a renowned PSU insurance company with a rich legacy and extensive network across India. The combined expertise of two strong entities will enable transparent and personalised banking solutions to AU SFBs customers, nationwide. Our partnership is synergistic towards our efforts to achieve Vanchit Ko Variyata, by providing aptly priced and risk-underwritten product solution across retail and SME segments.

Bhupesh Sushil Rahul, chairman cum managing director & H. R. Gangwal, general manager, United India Insurance, said, This partnership will make our value-packed and innovative general insurance products available to a significantly larger customer base across the 2,414 touchpoints of AU SFB. Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their comprehensive Protection Goal aspirations. I am confident that our collective promise of Customer First will lead to a long-term and successful partnership as we enable many more life goals, together.

AU Small Finance Bank (AU SFB/AU) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country.

The companys consolidated net profit jumped 29.9% to Rs 502.57 in Q1 FY25 as against 386.90 crore posted in Q1 FY24. Total income surged 55.6% YoY to Rs 4,314.70 crore for the quarter ended 30 June 2024.

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