Money & Banking

United India net profit slips to Rs 356.21 cr in H1

Our Bureau Chennai | Updated on January 22, 2018 Published on November 18, 2015

United India Insurance net profit has dropped in the first half of the current year as compared with the corresponding period previously.

For the half year ended September 30, 2015, the insurance company reported a net profit of ₹356.21 crore (₹376.24 crore). The premium grew healthily to ₹5,914 crore (₹5,291 crore); and investment income was ₹1,073.84 crore (₹1,067.40 crore).

Higher provisioning for wages and increase health claims ratio contributed to the drop in net profit, according to Milind Kharat, Chairman and Managing Director, United India Insurance.

Addressing media persons on the company’s performance, he said the major growth drivers for the company are motor and health insurance segments.

TN Floods

United India Insurance has so far received claims totalling ₹110 crore through 130 claims for loss in floods in Tamil Nadu in the last few days. The numbers are bound to increase in the coming days, Kharat said.

Company officials said the claims are mostly related to small scale units and automobiles. These are initial figures and more details will emerge in the coming days.

Whether floods in Uttarakhand or Kashmir or the more recent HudHud cyclone, insurance cover had been taken for just about 25 per cent of the losses, he said.

Following the floods in Kashmir it received over 3,941 claims totalling ₹ 344 crore and after HudHud 1,106 claims totalling Rs 872 crore had been received. But there is certainly increasing awareness among people to opt for insurance cover, he said.

Focus

The company will continue its focus on retail, MSME and rural insurance segments and is confident of completing premium of ₹ 11,800 crore in the current year, he said.

Published on November 18, 2015
This article is closed for comments.
Please Email the Editor