United India Insurance Company has reported a healthy premium of `5,914 crore for the half year ended 30th September 2015 as against the premium completion of Rs 5,291 crores last year, with a growth rate of 11.77 per cent. The company has also reported Profit after Tax (PAT) of `356.21crore for the half year ending September 30 2015.
The major growth drivers for the company were Motor and Health segments which grew at a rate of 14 per cent and 22 per cent. Through efficient claims management, the claims ratio has been contained at 83.52 per cent during H1 2015-16. The Management Expenses for the half year ended stood at 24per cent which includes the provision for the wage revision.
The investment income of the company for the first half year stood at over Rs 1,073.84 crore as against Rs 1,067.40 crore for the corresponding period in the previous year. The market value of the company’s total investment portfolio at the end of the second quarter was Rs 25,331 crores and the net worth of the Company stood at a robust R s5,947 crores as on 30.09.2015.
The company is the leader in the Rural and Social Sector segment, completing a premium of `503.31 crores under Rural and covering 3.09 crore lives under the Social Sector.
The company continues to enjoy strong fundamentals with a Solvency Ratio of 2.43 as against the Regulatory requirement of 1.50. ICRA has accorded IAAA rating for the 13th successive year to the Company, indicating its highest claim paying credentials. The Company has also secured a rating of B++ (positive) for financial standing rating from AM Best, an International Rating Agency.
The company is efficiently managing the TN Chief Minister's Comprehensive Health Insurance Scheme for BPl families. The Company also secured the mandate to implement the TN Government Pensioners Health Insurance Scheme covering 6,22,445 pensioners. The Company has also secured the mandate to manage the medical insurance for employees of the Banks through the IBA.