G Srinivasan, chairman and managing and director, UII said that company's gross premium rose by 7 per cent to Rs 3,739.56 crore from Rs 3,498.77 crore, while net premium increased by 14 per cent to Rs 2,880.66 crore from Rs 2,529.53 crore.
He added, while traditional agency channel and others contributed 80 per cent of the busines other channels include brokers and bancassurance contributed 10 per cent each.
Investment on income rose to Rs 1,474.23 crore in 2007-08 from Rs 1,274.20 crore in 2006-07. Operating expenses increased to Rs 912.55 crore from Rs 894.45 crore. Net Commission increased to Rs 136.61 crore from Rs 67.75 crore.
Net incurred claims increased to Rs 2,506.28 crore in 2007-08 from Rs 2,142.06 crore 2006-07.
Srinivasan said that the company has set a target of Rs 4,200 crore new business premium for the year 2008-09. Focus would be mainly on retail segment which will drive company's growth, he added.
The other segment which will drive company's growth will be micro insurance. Currently UII has around 250 micro institution offices across the country which contributed business of Rs 125 crore and plans to add another 50 such offices, said Srinivasan.
