United India Insurance Company Limited has reported a Profit after Tax (PAT) of Rs 301 crore in 2014-15. Investment income of the Company for the year stood at Rs 2,126 crore as against Rs 1857 crore in the previous year, an increase of over 14%.
Market value of the company's total investment portfolio at the end of the year stood at Rs 25,385 crore and the networth of the company stood at Rs 5,589 crore as against Rs 5,361 crore at the end of last year, an increase of over 4%.
The insurer clocked a premium of Rs 10,692 crore in 2014-15, up by over 10%. Growth trajectory was fuelled by health insurance growing at over 19%, motor at over 12% and fire insurance at over 5%, Milind Kharat, chairman-cum-managing director commented.
The net incurred claims were impacted due to the unprecedented catastrophic floods in J&K State and HudHud cyclone losses which affected coastal districts of Andhra Pradesh, the like of which was not seen in the last hundred years. The Company received 5005 claims from both the catastrophes amounting to Rs 1,200 crore.
More than 95% of these claims were settled within first month itself. Despite this, the Company, through efficient claims management, was able to post a claims ratio of 84.42% which is a nominal increase of 1.86% compared to last year, according to the company.
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