United India to rejig business set up

May 13th, 2008 - 10:59 pm ICT by admin  


Chennai, May 13 (IANS) City-based non-life insurer United India Insurance Co Ltd will rejig its business set up to focus on the retail as well as the corporate segment in a structured manner, said a top official. Announcing the working results of 2007-08 here Tuesday, the company’s chairman-cum-managing director G. Srinivasan said: “As per Boston Consulting Group’s recommendations we will have specialised office services particular verticals.”

The company closed last fiscal with a gross premium of Rs.37.39 billion and a net profit of Rs.6.31 billion against Rs.34.98 billion and Rs.5.28 billion, respectively, posted for 2006-07.

The company’s board has recommended a dividend of 84 percent amounting to Rs.1.26 billion for the year under review.

According to United India financial advisor Raju Sharan, the company booked a profit of Rs.9 billion from investment activities and the market value of equity portfolio stood at Rs.15.84 billion.

Srinivasan added that the company would open 50 one-man offices this fiscal taking the total to 300.

“The premium earned last year from the one-man offices was around Rs.1.25 billion,” he said.

United India will shortly launch two new health insurance policies.

“We are targeting a premium income of Rs.45 billion this fiscal,” Srinivasan said.

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