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United India Insurance expects profit despite higher claims from natural calamities

The company is expecting net profit of Rs 650 crore and total premium of Rs 11,000 crore by year end

Even as major natural calamities ravaged two parts of the country, pushing up insurance claims during the current financial year, United India Insurance Company Ltd is expecting a profit after tax of Rs 650 crore.In the last financial year, its profit was Rs 528 crore. The company is expecting claims of around Rs 1,100 crore from both the calamities. “In Andhra Pradesh, we have received claims for around Rs 440 crore so far, related to the damages due to the cyclone. It is likely to go up to Rs 750-800 crore. In Jammu and Kashmir, the claims were around Rs 300 crore for us,” ...