United India Insurance net at Rs 153 crore

Chennai: United India Insurance has recorded a net profit of Rs 152.9 crore as against a loss of Rs 8 crore the previous year. The directors have declared a dividend of 30 per cent (Rs 3 a share).

“The premium income earned by the company stood at Rs 2,771.9 crore — registering a growth of 9.8 per cent — with an accretion of Rs 247.9 crore. The fire portfolio recorded underwriting profits of Rs 211 crore, the marine insurance was at Rs 67 crore, while the motor portfolio suffered a loss of Rs 248 crore,” says United India Insurance chairman and managing director V Jagannathan.

The total investment of the company as on March 2002 aggregated Rs 4,734.7 crore and the annual accretion for the year was at Rs 318.8 crore.

For the current fiscal, Jagannathan says the company would clock net profit in excess of Rs 300 crore. The company plans to open 100 one-man offices for rural markets and also set up 75 per cent personal-line business centres.

“The market value of our equity portfolio as on 31 March 2002 stood at Rs 2105.7 crore as against a book value of Rs 918.5 crore. We booked profit to the tune of Rs 39.1 crore on sale of equity shares during the year,” says Jagannathan.