United India Insurance Company (UIIC) posted an impressive proñt after tax (PAT) of Rs 192 crore for the first quarter ended June 30, a growth of 20.7 per cent compared to Rs 159 crore reported in the corresponding period of the previous year.
Announcing the results here, UIIC Chairman and Managing Director G Srinivasan said, the company’s premium income has grown by 20.7 per cent to Rs 2428 crore, with an accretion of Rs 406 crore over the corresponding period in the previous financial tear, thereby maintaining the momentum of business growth of over 20 per cent in the last four years consecutively.
The company could maintain the claims ratio at 83 per cent during Q1 which resulted in substantial reduction in the combined ratio to 108 per cent from 113 per cent of the corresponding period in the previous year.
The investment income for the first quarter stood at Rs 378 crore. The market value of the company’s total investment portfolio at the end of the first quarter is Rs 17,929 crore against Rs 16,291 crore for the previous year. The networth of the Company as at 30-06-2012 is Rs 4,734 crore.
The company continues to enjoy strong fundamentals, with a solvency ratio of 2.84 (against a Regulatory requirement of 1.40).