United India Insurance Company reported a
healthy premium growth of 18% to reach
Rs 4757 Crs with an accretion of Rs 724 Crs over the same period last year. It is significant to note that
the Company maintained the momentum of business growth in the last four years.
The
Company also reported an impressive first Half Yearly(H1) Profit after Tax(PAT) of Rs.350.59
Crs, which
is more than the corresponding period in the previous year and almost
the same as the net profit of Rs 386.79 Crs for the entire
year 2010-11.
The Market Value of the Company’s total investment portfolio at
the end of the second quarter was Rs.19514 Crores. The networth of the Company stood at a robust Rs.4900
Crores as
at 30/9/2012.
The H1 results show that the company’s strategies are yielding the
desired results and the company is optimistic to comfortably complete a premium
of Rs.10,000 Crores at a growth rate of over 25% in the current fiscal. The
company would continue its thrust on the retail, MSME and rural insurance
segments.
The company is active
in the
roll-out of the Government of India's flagship health insurance programme for
the BPL popoulation (RSBY), by covering 46.40 lakhs families as on 30/9/2012, comprising 1.76
crs
individuals, in 7 States and 2 Union Territories.
The company is
successfully administering the mammoth TN Chief Minister’s Health Insurance Scheme
for BPL families. The Company has implemented the e-payment facility in respect
of most of its payments and is encouraging its customers to go through the
e-payment facility in respect of premium payments.
The Company has developed
the online portals in respect of six retail insurance products. The H1 results show that the company’s strategies are yielding the
desired results and the company is optimistic to comfortably complete a premium
of Rs.10,000 Crores at a growth rate of over 25% in the current fiscal,
as also post Rs 700 Crs net profit.
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