United India to cross 10,000 cr premium by FY13 end: CMD

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SummaryThe total premium touched Rs 4,757 crore for the six month period ending September 30, 2012.

Public sector United India Insurance would cross the Rs 10,000 crore premium mark by the end of this financial year, a growth rate of 26 per cent, a top company official said today.

"We are confident of crossing Rs 10,000 crore on total premium collected. We expect to grow at 26 per cent by the end of March 2013," United India Insurance Chairman and Managing Director Milind Kharat told reporters here.

Kharat recently assumed office as Chairman and MD of the Chennai-based insurance provider, replacing G Srinivasan.

He said the company would focus on micro, small and medium enterprises, retail and rural insurance segments in the next six months and added "we need to bring down the underwriting losses".

Kharat said the company would add 410 micro offices by this fiscal with focus on micro-finance. "We got the approval from IRDA. We will add 410 offices. Currently we have about 300 micro offices in rural areas", he said.

He said the micro offices would be "one man office," focusing on issuing insurance products in Tier-III and IV locations,with population of less than 10,000.

Declaring the company's results for the half year ending Sept 30, 2012, he said the company registered a profit after tax of Rs 350.59 crore, as against Rs 341 crore registered during the same period of last year.

The total premium touched Rs 4,757 crore for the six month period ending September 30, 2012, up by 18 per cent from Rs 4,030 crore registered during the same period last year.

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