United India Insurance reports PAT Rs 364 crore

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. 

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.