Chennai, Oct 22: United India Insurance Company has set itself an ambitious premium income target of Rs 2,575 crore for 1999-2000, as against a business of Rs 2,221.28 crore achieved during 1998-99.Disclosing this at a press conference, the chairman and managing director of UI, KN Bhandari, said the premium business of Rs 2,221.28 crore achieved in 1998-99 was 15.05 per cent more than the previous year.
He said the company, a subsidiary of General Insurance Corporation of India, with its corporate office in Chennai, registered a net profit after tax of Rs 192.10 crore as against Rs 148.52 crore during the corresponding period in the previous year.
Answering a question, Bhandari said the company had issued nearly eight lakh insurance documents during the current year. Over 6.65 lakh claims worth Rs 1,422 crore were settled during this year.
The UI, he said, had prepared itself to face the competition from private and foreign insurers, by investing Rs 100 crore on information technology.
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