United India Insurance Company is targeting premium of Rs. 110 billion this fiscal. The company will focus on retail, motor and rural insurance portfolio and has filed two motor insurance products with IRDA and is waiting for its approval.
The company collected premium of Rs. 97.09 billion for year-ended March 31, 2014, which was up Rs. 4.43 billion compared to the previous year.
Net profit last year was around Rs. 5.28 billion and the market value of the company’s total investment portfolio was Rs. 215.45 billion as against Rs. 199.5 billion last year.
The investment income stood at Rs. 18.57 billion and net worth grew to around Rs. 53.61 billion as against Rs. 49.53 billion during the previous year.
The company had reduced the claims ratio to 82.56% for the fiscal 2013-14 as against 84.61% in 2012-13.
The company continues to enjoy strong fundamentals with a Solvency Ratio of 2.54 as against IRDA requirement of 1.50. The company has a network of 2,242 offices including 1,114 micro offices in remote locations, with a staff strength of 16,907.