United India Insurance pays Rs 106 cr as dividend for FY14

India Infoline News Service | Mumbai |

The Dividend of Rs 106 crore declared amounts to 70.66% of paid-up capital.

Milind Kharat, CMD, United India Insurance Company presented a Dividend cheque of Rs 106 crore for the year 2013-14 to Union Finance Minister Arun Jaitley at New Delhi on 19 June 2014.
The Dividend of Rs 106 crore declared amounts to 70.66% of paid-up capital. The premium income of the Company for the year 2013-14 stands at Rs. 9709 crore with an accretion of Rs. 443 crore over last year. The Company earned a net Profit After Tax of Rs. 528 crore during 2013-14.
The investment income of the company stood at Rs. 1857 crores as against R1777 crores last year and market value of the Company's total investment portfolio is Rs. 21545 crores. The solvency margin as at 31.03.2014 is 2.54 as against the statutory requirements of 1.50 for the year 2013-14. The net worth of the company grew to a robust R5361 crores showing an increase of 8% over last year.
The company enjoys strong fundamentals with ICRA according iAAA rating for the 12th consecutive year indicating its highest claim paying credentials. The company has secured B++ (positive) rating from AM Best, an international Rating Agency.


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