United India Insurance's PAT jumps nearly 200%

Chennai : State-run United India Insurance today announced nearly 200 per cent jump in its profit after tax for the year ending March 31, 2012.

The Chennai-based insurance provider clocked a PAT of Rs 387 crore for the period ending March 31, 2012 up by 196.4 per cent from Rs 130.54 crore registered during the previous year, United India Insurance CMD G Srinivasan said.

During the year, the company's total business grew by 28.2 per cent to Rs 8,179 crore as against Rs 6,377 crore in the previous year, he said announcing the results.

"The industry is on a growth path. last year, the industry grew by 23 per cent so we expect there will be 20 per cent plus growth in current year also. There is a lot of awarness also. The industry has taken off well. We are very optimistic..", he told reporters.

He said the company declared a dividend of 52 per cent for the year and added they would surpass Rs 10,000 crore premium this fiscal.

"In terms of premium income we will cross Rs 10,000 crore. Our focus will be on motor, personal lines..", he said, adding they would soon come out with a insurance product targeting the small and medium enterprise sector.

"There are about four crore SMEs in the country. We need to create more awareness on SMEs. We will be coming out with a product (for SME sector)", he said.