United India Insurance pays Rs. 106 crores dividend

Shri Milind Kharat, CMD, United India Insurance Company presented a Dividend cheque of Rs.106 crores for the year 2012-13 to the Hon. Union Finance Minister Shri P Chidambaram at New Delhi today.

The Dividend of Rs.106 crores declared is 70.66% as against Rs.78 crores at 52% last year. The premium income of the Company for the year 2012-13 stands at Rs.9266 crores growing 13% with an accretion of Rs.1087 crores over last year. The Company earned a net Profit After Tax of Rs.527.33 crores during 2012-13 as against the Net Profit of Rs.386.79 crores during 2011-12, an increase of 36% over last year.

The investment income of the company stood at Rs.1777 crores as against Rs.1600 crores last year and market value of the Company's total investment portfolio is Rs.19950 crores. The solvency margin as at 31.03.2013 is 2.52% as against the statutory requirements of 1.40% for the year 2012-13. The net worth of the company grew to a robust Rs.4952 crores showing an increase of 9%.

The company enjoys strong fundamentals with ICRA according iAAA rating for the 11th consecutive year indicating its highest claim paying credentials. The company has secured B++ (positive) rating from AM Best, an international Rating Agency. The reputation of the company paying dividend to the Government of India continuously over the years remains in tact.

Source : Equity Bulls

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