United India Insurance Q1 profit up 20.7% at Rs 192 cr
Chennai: State-owned United India Insurance today posted 20.7 percent rise in profit after tax at Rs 192 crore for the first quarter ended June 30.
The city-headquartered insurance firm had posted a net profit of Rs 159 crore in the year-ago period.
Growth in the profit after tax was due to improvement in underwriting profitability, United India Insurance Chairman and Managing Director G Srinivasan told reporters, after declaring the first quarter results.
"The management expenses ratio dropped by four percent," he added.
The company's gross premium grew by 20 percent to Rs 2,428 crore in the reported period from Rs 2,022 crore registered during the same period last year, he said.
He said the company has been growing at 20 percent year-on-year for the last four years consecutively.
"...We expect our profit after tax to be in excess of Rs 600 crore this financial year," he told reporters, after declaring the first quarter results.
The company has reported profit after tax of Rs 387 crore for the year ending March 31, 2012.
On their plan to cross the Rs 10,000 crore total premium mark, he said it was "well on track" and hoped to reach that figure by end of this fiscal.
Stating that four more new products under health insurance has been filed with the regulator (IRDA) for its approval, Srinivasan said the company's growth of 20 percent year-on-year was against the industry growth of 18 percent.
He said they planned to set up an "information and transactional kiosk" on pilot basis at their headquarters here. "It is similar to the concept of ATM whereby people can get insurance policy from it," he said.
United India Insurance last year bagged the Chief Minister's Health Insurance scheme which, Srinivasan said, the company has pre-authorised about 1.10 lakh claims valued at Rs 265 crore.
The company has covered about 1.34 crore below poverty line (BPL) families across Tamil Nadu under the scheme, which covers 1,016 medical procedures, he said.