Mumbai : United India Insurance Company, wholly owned by Government of India, has reported a healthy premium of Rs 2,729 Crs. for the first quarter ended 30th June, 2014, posting a growth rate of over 11%.
The company has also reported an impressive first Quarter (Q1) Profit After Tax (PAT) of Rs 228.76 Crs., as against a PAT of Rs 210.76 Crs. last year.
The Investment income of the company for the first Quarter stood at over Rs 531 Crs. as against Rs 447 Crs. for the corresponding period in the previous year. The company, through efficient claims management, was able to reduce the claims ratio from 83.27% to 81.95% during Q1. The Combined ratio (a measure of the profitability of insurance operations) was reduced to 111.65% from 116.10% for 2013-14. The Market value of the company’s total investment portfolio at the end of the first quarter was Rs 24,155 Crores, up by 12% over the end of last year. The networth of the company stood at a robust Rs 5,589 Crores as on 30.06.2014. The company continues to enjoy strong fundamentals with a solvency ratio of 2.60 as against the regulatory requirement of 1.50. ICRA has accorded iAAA rating for the 12th successive year to the company, indicating its highest claim paying credentials. The company has also a rating of B++ (positive) from AM Best, an International Rating Agency. The Q1 results show that the company’s strategies are yielding the desired results and the company is optimistic to comfortably complete a premium of Rs 11,000 Crores in the current fiscal.
The company would continue its thrust on the retail, MSME and rural insurance segments. The company is efficiently managing the mammoth TN Chief Minister’s Health Insurance Scheme for BPL families. The company also secured the mandate to implement the TN Government Pensioners’ Health Insurance Scheme in the current year.
The company will continue to launch initiatives to further the insurance inclusion in the Country by opening 200 Micro Offices in tier 4 towns and below, taking the total of such offices to 1,314. The company has 66,500 agents and plans to take it to 80,000 by the year end. Of this, there are 193 micro insurance agents who take general insurance to the door step of common man in the rural areas.
The company has 51 Bancassurance tie-ups which includes many major nationalized banks.
The company continues to innovate on product offerings by recently launching a revised and improved Family Medicare product with an unique “remote medical opinion” benefit.
The company has successfully deployed mobile insurance applications and insurance kiosks to facilitate easy access to buy insurance for the customers.
