United India Insurance presents dividend cheque to FM

 

 

 

Milind Kharat, CMD, United India Insurance Company presented a Dividend cheque of Rs. 106cr for the year 2012-13 to the Hon. Union Finance Minister  P Chidambaram at New Delhi.

 

 

The Dividend of Rs. 106cr declared is 70.66% as against Rs. 78 cr  at 52%  last year. The premium income of the Company for the year 2012-13 stands at Rs. 9266 cr growing  13%  with an accretion of Rs. 1087cr over last year. The Company earned a net Profit After Tax of Rs. 527.33cr during 2012-13 as against the Net Profit of Rs.386.79cr during 2011-12, an increase of 36% over last year. 

 

The investment income of the company stood at Rs. 1777cr as against   Rs. 1600 cr  last year and market value of the Company’s total investment portfolio is Rs.19950cr.        

 

The solvency margin as at 31.03.2013  is 2.52% as against the statutory requirements of 1.40% for the year 2012-13. The net worth of the company grew to a robust Rs. 4952cr showing an increase of 9%.  

 

The company enjoys strong fundamentals with ICRA according iAAA rating for the 11th consecutive year indicating its highest claim paying credentials. The company has secured B++ (positive) rating from AM Best, an international Rating Agency. The reputation of the company paying dividend to the Government of India continuously over the years remains intact.