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Our Bureau

Mumbai June 8 Mr M.K. Garg, Chairman, United India Insurance Company Ltd, has put in his papers, after serving a long innings of 31 years in the insurance industry.

He has six more years for retirement.

Mr Garg said the move was purely personal. "The resignation is with effect from June 1 and is mainly due to personal reasons. My family and I are relocating to Delhi," he told Business Line.

The outgoing chairman of the Chennai-headquartered company said that the Finance Ministry had not yet officially accepted his resignation. Mr Garg joined New India Assurance Company in 1976 and was with the company until he joined United India Insurance in 2004 as Chairman and Managing Director.

On the performance of United India Insurance, Mr Garg said, "When I took over as Chairman, United India Insurance was showing negative growth of 3 per cent in gross written premium. This has now been reversed, with the growth rate at 11 per cent."

In 2006-07, the gross written premium of United India Insurance grew by 11.21 per cent to Rs 3,508 crore.

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