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UI reports healthy growth

Special Correspondent
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Milind Kharat, CMD, with Asha Nair, Directorand General Manager, United India Insurance Company, at a press conference in Chennai on Thursday.— PHOTO: Bijoy Ghosh
Milind Kharat, CMD, with Asha Nair, Directorand General Manager, United India Insurance Company, at a press conference in Chennai on Thursday.— PHOTO: Bijoy Ghosh

United India Insurance Company has reported 18 per cent rise in its gross premium income in the first-half year ended September 30, 2012 at Rs. 4,757 crore against Rs. 4,033 crore in the same period in the previous year. The net profit after tax was slightly higher at Rs. 351 crore against Rs. 341 crore in the year-ago period.

Addressing presspersons here on Thursday, Milind Kharat, Chairman and Managing Director, said the company had been posting highest net profit in the industry, growing its market share consistently and maintaining robust solvency margins.

The aim was to surpass the Rs. 10,000-crore mark in respect of gross premium in the current financial year, Mr. Kharat said. The company could manage to maintain the claims ratio at 87 per cent during the half-year under reference combined with a significant reduction in management expenses. This resulted in the combined ratio (a measure of profitability of insurance operations) dropping to 112 per cent from 114 per cent, Mr. Kharat said. Under health insurance, the company could achieve 92 per cent claims settlement ratio, Mr. Kharat said. The solvency margin was 2.78 per cent against 2.87 per cent.

The investment income for the first-half year stood at Rs. 858 crore against Rs. 803 crore. The market value of total investments stood at Rs. 19,514 crore against Rs. 15,803 crore in the year-ago period.

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