United India Insurance Q3 profit up 24%

United India Insurance Company has reduced the claims ratio to 81.45 per cent for the nine-month period ended December 31, 2011, which resulted in the combined ratio (a measure of the profitability of insurance operations), dropping to 114.69 per cent from 127.64 per cent during the corresponding period of the previous year.

The investment income of the company for the period stands at over Rs 1,106 crore. The market value of the company's total investment portfolio at the end of the third quarter was at Rs 15,603 crore.

Business growth

The net worth of the company stood at a robust Rs 4,660 crore as at December 31, 2011.

For the period under consideration, its business grew at 27 per cent to Rs 5,872 crore, with an accretion of Rs 1,239 crore over the same period last year. It reported a net profit of Rs 414,41 crore, a growth 24 per cent over Rs 333.25 crore posted during the corresponding previous year period.

A press release from the company says that it will continue its thrust on the retail, MSME (micro, small and medium enterprises) and rural sectors.

During the third quarter of the current financial year, it secured the mandate to implement the Tamil Nadu Chief Minister's comprehensive health insurance scheme for 1.34 crore BPL families in the State.