United India expects Rs 10,000 cr premium

Last Updated: Sat, Nov 10, 2012 04:11 hrs

United India Insurance expects to cross a premium of Rs 10,000 crore, a growth of around 25 per cent, during the current fiscal, said Milind Kharat, chairman-cum-managing director of the public sector insurance company.

Announcing the half-yearly results here, he said, “We will be crossing Rs 10,000 crore revenues in March, 2013. We will also be adding around 410 micro offices this year across the country to increase our presence.”

It is also expected to post a net profit of Rs 700 crore this fiscal.The company has around 300 micro offices situated in rural areas and manned by one person.

The business from the rural market is around 18 per cent for the company and is expected to grow 20 per cent in the near future, he added.

For the half-year ended September 2012, the company’s gross premium stood at Rs 4,757 crore, with an accretion of Rs 724 crore, as against Rs 4,033 crore for the same period last fiscal. Profit after tax grew 3 per cent to Rs 350.59 crore as compared with Rs 341 crore.

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