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Thursday 7 November 2013

United India Insurance absorbs Rs 900 cr from Uttarakhand floods

















The United India Insurance Company has absorbed around Rs 900 crore loss arising out of Uttarakhand Floods, according to the company announcement. It has also reported an increase of 4% in Profit After Tax (PAT) for the first half of the financial year, ended September 30, 2013, to Rs 364.54 crore as against the PAT of Rs 350.59 crore during the same period of last year.

Announcing its half yearly result, the Insurance firm said, "The Company was able to absorb the huge catastrophic losses arising out the Uttarkhand Floods, totaling 15 property damage claims, involving about Rs 900 Crore". The flood caused by cloudburst along with the adverse geographic conditions has claimed thousands of life in the region, in June, 2013.

The company has reported a premium of Rs 4,768 crore for the half year ended September 30, 2013 and the investment income of the company for the first half of the year stood at over Rs 953 crore as against Rs 855 crore for the corresponding period in the previous year, an increase of 11.46%.

The company was able to reduce the claims ratio from 87% to 83.75% during the first half of the financial year, resulting in reduction of the combined ratio (a measure of the profitability of insurance operations) to 111.62% from 112.62%. Market value of its total investment portfolio at the end of the first half was Rs 19788 crore, it said. The networth of the company is registered at Rs 5322 crore as on September 30, 2013.

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