Chennai: State-run United India Insurance Company has set a target of reaching Rs. 11,000 crore premium during the current financial year, a top official said today.
"We will keep the momentum with the industry growth. We are looking at completing premium of Rs. 11,000 crore this financial year, 2014-15...", United India Insurance chairman and managing director Milind Kharat told reporters here while declaring the company's annual results.
The Chennai-based company clocked total premium of Rs. 9,709 crore in 2013-14, an increase of Rs. 443 crore compared to the previous financial year's Rs. 9,266 crore, he said.
"What we have targeted is not a modest growth (on total collection of premium). It is an aggressive growth. The insurance industry has been growing 10-12 per cent and we are looking at an aggressive growth this year (2014-15)..," Mr Kharat told PTI later.
The profit after tax in 2013-14 remained flat at Rs. 527.60 crore as against Rs. 527.33 in 2012-13.
Asked about this, he said it was reflection of the increase in the underwriting loss while the management expenses remaining still high.
"Underwriting loss has slightly gone up compared to last year. Management expenses also remaining high," he said.
The company will give thrust to retail, motor and rural insurance portfolio, Mr Kharat said, adding: "the company has filed two motor insurance products with the market regulator IRDA seeking its approval".
"We are also planning to launch a new health insurance policy for High Networth Individuals in which the sum insured will be up to Rs. 50 lakh. We are also looking at another health insurance product in which the sum insured will be Rs. one to Rs. five lakh", United India Insurance, general manager, Asha Nair said.
On the exposure to Tamil Nadu Chief Minister's Health Insurance scheme, Kharat said so far the company had collected premium of Rs. 1,252 crore covering 1.30 crore families.
It is also planning to introduce insurance policies through online, he said.
On recruitment plans, he said the company inducted 600 personnel last financial year and was looking at adding another 400 staff during the current fiscal.