United India Insurance—a public sector general insurance company—has reported a net profit of Rs 3.87 billion for the year ended 31 March 2012 against Rs 1.3billion in the previous year. In FY11-12, its gross premium income increased28% to Rs 81.79 billion from Rs 63.77 billion in the previous financial year.
According to the company, the rise in net profit was due to a significant increase in staff productivity, reduction in claims ratio and a drop in management expenses. The company’s claims ratio reduced to 88.5% from 94.36% in FY10-11.
The increase in gross premium income was Rs 18.02 billion in FY11-12 against Rs 11.38 billion in the previous year. The company announced a dividend of 52% against 20% paid in the previous year.