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United India Insurance logs Rs 204.30 cr profit for Q2
TIWN
United India Insurance logs Rs 204.30 cr profit for Q2
PHOTO : TIWN

New Delhi, Nov 18 : The recent financial performance of United India Insurance Company Ltd signifies a remarkable turnaround story, marking a significant shift from a loss of Rs 347.44 crore in the corresponding period of the previous year to a net profit of Rs 204.30 crore in the second quarter of FY24. This transformation was driven by a notable increase in net premium earnings, reaching Rs 4,163.80 crore compared to Rs 3,517.97 crore in Q2FY23.

During this period, United India witnessed a rise in net claims paid, reaching Rs 3,845.95 crore, reflecting an active response to obligations. The company's total operating profit for this quarter reached Rs 207.05 crore, a significant turnaround from a loss of Rs 372.16 crore, notably boosted by profits from the sale/redemption of investments and other income sources.

Operating profits from miscellaneous and marine insurance portfolios turned positive, marking a substantial improvement from previous periods. However, the operating profit from the fire insurance portfolio experienced a slight decline compared to the corresponding period in the previous year.

Yet, despite these positive strides, concerns over solvency margins remain, with United India reporting a solvency margin of 0.38, significantly below the stipulated 1.5.

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