Universal Sompo General Insurance Co., Limited, (Universal Sompo) is a unique public-private partnership, between Allahabad Bank, Sompo Japan Insurance Inc., Indian Overseas Bank, Karnataka Bank and Dabur Investments. The joint venture has been capitalized with shareholders funds of over Rs. 238 cr, including the share premium.

Of the Indian investors in Universal Sompo, Allahabad Bank has 30% share, Indian Overseas Bank 19%, Karnataka Bank 15% and Dabur Investment 10%. The Japanese outfit holds 26%. The three Indian partners to the venture are leading banks with a combined asset base of approximately Rs. 2,04,138 cr (as on September 30, 2008) with over 4,000 branches and distribution centers.

Universal Sompo has received license and certificate of registration from the Insurance Regulatory and Development Authority (IRDA) in November 2007. The corporate and registered office of Universal Sompo General Insurance Co. Ltd. is located in Mumbai, while it has two regional offices in Gurgaon and Chennai to administer their operations in the Northern and Southern regions respectively.

Sompo Japan Insurance Inc. is a Fortune 500 company based in Tokyo, Japan, and was established on October 1, 1888. With a 15,000 strong workforce and a capital base of ¥70 bn, the company earned Rs. 67,000 cr as total premium income for the year 2007-08, which is almost twice that of the Rs. 25,000 cr premium income of the General Insurance Industry in India. The net written premiums for March 31, 2008 amounted to Rs. 13,687 cr. Sompo Japan is the first Japanese insurance company to be selected for the 2009 world's most ethical companies list.

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