Last year it was Rs 528 crore
United India Insurance hopes to earn Rs 650 crores this fiscal
Chennai: Public sector insurer United India Insurance Company is pegging to clock double the growth of the industry and hopes to earn a net profit of Rs 650 crore this fiscal.
“We are looking at total profit after tax of Rs 650 crore for this financial year. Last year it was Rs 528 crore,” United India Insurance Company chairman and managing director Milind Kharat said.
The company has set a target premium of RS 11,000 crore by end of current financial year and is confident of growing at 13 per cent more than the industry growth of eight per cent, he added.
Announcing the half yearly result of the company for the second quarter, Mr Kharat said the company has registered profit after tax at RS 376 crore for the period. The firm’s growth trajectory was fuelled by health insurance growing at 22 per cent, motor at 18 per cent and fire insurance at 5.6 per cent, he said. Total premium for the period under review stood at Rs 5,291 crore.
( Source : dc correspondent )
Next Story
