United India targets Rs 8,000 cr biz in FY12

Government-run general insurance firm United India Insurance Company, is targeting a business of Rs 8,000 crore in the fiscal year 2011-12 focusing on micro, small and medium enterprises (MSME) segment and rural market. The company reported a profit after tax of Rs 130.54 crore for fiscal-ended March 31, 2011, according to a company announcement.

The company plans to focus on the emerging MSME segment of the economy, along with expanding presence in rural sector by opening more micro offices.

It has posted a business of Rs 6,376.66 crore during fiscal-ended March 31, 2011, from Rs 5,239.05 crore in the previous fiscal, a growth of 21.71 per cent. The Profit After Tax was Rs 130.54 crore after absorbing the impact of Rs 900 crore approximately due to wage revision, enhanced Pension Fund and Gratuity provisions and increased provisions for Motor Third Party Pool claims as per the directions of IRDA , announced the company.

The investment income witnessed a growth of 10.53 per cent at Rs 1,831.80 crore during fiscal 2010-11, as against Rs 1,657.31 crore posted last fiscal. Market value of its investments by fiscal year was Rs 15,938 crore while the networth is at Rs 4,245.45 crore.

It has a solvency ratio of 2.75 against the IRDA requirement of 1.50, it added.