OTHER GROUP COMPANIES
market

TMB to increase net profit to Rs. 4 billion in FY12-13

United India Insurance expects its premium income to increase to around Rs. 100 billion by end of FY12-13 from Rs. 82 billion in FY11-12

August 24, 2012 3:06 IST | India Infoline News Service
Tamilnad Mercantile Bank Ltd (TMB) in collaboration with United India Insurance has launched a cobranded family healthcare product. The product offers customised health insurance policy for the bank’s customers.

In 2010, TMB signed an agreement with United India Insurance to act as a bancassurance partner and has been marketing various products of the latter through its 288 branches. The bank targets to sell the policy to around 50,000 customers in the current financial year.

TMB, which reported a total business of around Rs. 310.34 billion in FY11-12, expects around Rs. 402 billion by the end of FY12-13. TMB plans to increase its net profit to Rs. 4 billion in FY12-13 from Rs. 3.13 billion in FY11-12. The bank plans to expand it branches to 330 branches from the current 288 branches in the same period.

United India Insurance expects its premium income to increase to around Rs. 100 billion by end of FY12-13 from Rs. 82 billion in FY11-12. The insurer also plans to add another 300 offices in next three months in class III, IV cities. It currently has around 1,500 offices across the country.

Invest wise with Expert advice

FEATURED ARTICLE

BLOGS

Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp