United India Insurance Company Limited has reported a 197.69 per cent growth in net profit to Rs 387 crore for the financial year ended March 31, 2012, as compared to Rs 130 crore a year ago.
The company’s gross premium touched Rs 8,179 crore from Rs 6,377 crore, an increase of 28.25 per cent. The company has said that it was looking at crossing the Rs 10,000-crore mark in premium income and will focus on the retail side and rural areas.
The insurer has reported a 30.97 per cent growth in net earned premium, which was at Rs 6.087 crore, as compared to Rs 4,648 crore a year ago.
Its market share grew marginally to 14.93 per cent from 14.46 per cent last year.
United India’s total investment portfolio was at Rs 17,101 crore in 2011-12, from Rs 15,938 crore. While its net worth rose to Rs 4,541 crore from RS 4,245 crore, the solvency ratio dropped to 2.71 per cent from 2.89 per cent.
