United India Insurance PAT rises 36 pc in FY13

 

 

 

United India Insurance Company recently reported 36 per cent increase in its Profit After Tax (PAT) at Rs 527 crore for the fiscal ended 2012-13 compared to Rs 387 crore achieved during the previous fiscal.

 

The company clocked a premium of Rs 9,266 crore, growing over 13 per cent, with an accretion of Rs 1,087 crore over previous year, Milind Kharat Chairman-cum-Managing Director told.

The company has proposed a dividend of 70 per cent for the year, he said, adding the company could post these impressive results, despite making a provision of Rs 431 crore towards pension and gratuity liabilities.

The better underwriting practices and claims control measures deployed by the company has helped it to manage the claims ratio which stood at Rs 84.61 per cent during the year, as against 88.50 per cent during 2011-12.

Kharat also said the investment income of the company this year rose to Rs 1,777.41 crore, from Rs l,600 crore last year.

The CMD added that the company would continue its thrust on the retail, MSME and rural sectors.

The company has adopted 16 villages under its financial inclusion space and plans to adopt more during the current year, he said without elaborating. As part of its expansion plans, it proposes to open 530 offices in unrepresented areas, he said.

The company is also implementing Chief Minister’s Comprehensive Health Insurance Scheme in Tamil Nadu, for BPL 1.24 crore families, benefiting over four crore individuals, he said.