United India eyeing premium target of Rs 4,300 cr

United India Insurance, a leading public sector non life insurance company, is targetting a premium of Rs 4,300 crore this year, a top official today said.

During 2007-08, the company recorded a premium of Rs 3,740 crore and registered a net profit of Rs 631.62 crore.

Till November this year, the company, which is the second largest non life insurer in the country in terms of reserves, profits, net worth and solvency margins, had completed a business of Rs 2,750 crore and was growing at the rate of 12.67 per cent, against 10 per cent market growth, Company Chairman and Managing Director G Srinivasan, told reporters here.

 

Among the four PSU insurance companies, United Insurance's market share was 23 per cent, the highest, while overall it was 13.5 per cent. This is the first time that the company has increased its market share and it was confidant that the trend would continue.

The company, which presently has over 300 micro offices spread all over the country, hopes to increase it to 500 by 2010. In Kerala, about 50 micro offices are planned by the end of next fiscal.

Asked if the current recession was a boon or curse to the insurance sector, he said it had not been felt in the sector so far. Insurance is linked to economic prosperity. The stock market is not doing well and companies would reduce their expansion and curtail costs which could impact the insurance sector. So we would like a booming economy, he said adding that the industry will continue to do well despite recession.