Financial Daily from THE HINDU group of publications
Tuesday, Sep 02, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 02, 2003 |
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Money & Banking
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General Insurance United India improves show Our Bureau
Chennai , Sept. 1 UNITED India Insurance has reported a pre-tax profit of Rs 214.15 crore for 2002-03, compared to Rs 156.69 crore for the previous year. Profit after tax was Rs 170.18 crore, compared to Rs 152.85 crore in 2001-02. The public sector non-life insurer made underwriting profits (surplus of premium earned over claims settled) in fire and marine portfolios, but a loss in `miscellaneous', mainly on account of motor third party liability insurance. The company made profits of Rs 205.38 crore in fire, Rs 70.80 crore in marine and a loss of Rs 210.70 crore in miscellaneous. United India earned `income from investment' of Rs 488.59 crore in 2002-03, compared to Rs 523.33 crore in the previous year. The average yield on investments stood at 9.72 per cent, down from 11.4 per cent in the previous year, reflecting the effect of falling interest rates. Total investment of the company as at March 31, 2003, stood at Rs 5,320.91 crore, Rs 586.23 crore higher than in the previous year. The book value of equity portfolio was Rs 985.66 crore. The company made a profit of Rs 167.26 crore on sale of equity and gilt securities. The company earned a premium income of Rs 2,968.06 crore, compared to Rs 2,772 crore in the 2001-02. For the current year, the company expects a 10 per cent growth in business. Addressing a press conference here, the UII Chairman, Mr V. Jagannathan, said the company was exploring the possibilities of selling off its motor third party portfolios, (if the Government permits). He said that there would soon be a VRS in the company, for class-I and III officials. The company expects to reduce its staff strength by about 3,200 and has budgeted for an expenditure of about Rs 130 crore.
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