Profit and Performance
The United India Insurance reported over 50% jump in its profit after tax at Rs 341.07 crore for the first 6 months of the financial year 2011-12. The Chennai-based insurer had reported a Rs 218 crore profit during the same period last year. Declaring the half-yearly results, United India Insurance Chairman and Managing Director G Srinivasan told reporters the company's growth has exceeded that of the industry. "We grew by 27 per cent over the industry's growth of 23 per cent ... our market share also increased," he said.
During the half-year period ended September 30, 2011, the company collected a total premium of Rs 4,033 crore, up by 27 per cent from Rs 3,178 crore in the year-ago period. "We have set a target premium of Rs 8,000 crore this year," he said. On plans for the year 2011-12, he said the company would focus on retail, micro-small and medium enterprises and rural insurance segments. "We will focus on agency channel and bancassurance. Agency channel contributed 40 per cent and bancassurance 7 per cent (in the first half of the year). We expect it to increase in the years to come," he said. Replying to a question, he said the company would bid for the Tamil Nadu government's health insurance scheme. The investment income of the company for the first-half of the year stood at over Rs 803 crore as of September 30, 2011.
A steep reduction in management expenses(to 25% from 37%) claims outgo and an increase in premium income across segments has enabled the company to post 57 percent growth in net profit for the first half of the current fiscal. United India earned Rs.803 crore from its investments during the first six months of the 2011-12. The market value of the company's investments at the end of second quarter stood at Rs.15,803 crore
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