Chennai:
United
India Insurance Company reported a healthy premium of Rs 4768 Crs for the half
year ended September 30, 2013. The
Company has also reported an impressive first Half Yearly (H1) Profit after Tax
(PAT) of Rs 364.54Crs, as against the PAT of Rs 350.59 crore of last year.
The
Investment income of the Company for the first half year stood at over
Rs 953 crore as against Rs 855 crore for the corresponding period in the previous year.
Rs 953 crore as against Rs 855 crore for the corresponding period in the previous year.
The
Company was able to absorb the huge catastrophic losses arising out the Uttarkhand
Floods, totaling 15 property damage claims, involving about Rs 900 crore. The Company, through efficient claims
management, was able to reduce the claims ratio from 87% to 83.75% during first
half, resulting in reduction of the combined ratio (a measure of the
profitability of insurance operations) to 111.62% from 112.62%. The Market
value of the Company's total investment portfolio at the end of the second
quarter was Rs.19788 Crores and the networth of the Company stood at a robust
Rs 5322 Crores as on September 30.
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