Chennai, Nov 18 (IANS): Concluding the turnaround story of the three public sector general insurers, United India Insurance Company Ltd has declared a net profit of Rs 204.30 crore for the second quarter of FY24 from a loss of Rs 347.44 crore logged during corresponding period the previous year.
For the quarter ended September 30, United India had earned a net premium of Rs 4,163.80 crore (Q2FY23 Rs 3,517.97 crore) and a net profit of Rs 204.30 crore (net loss of Rs 347.44 crore).
During the quarter under review, United India’s net claims paid stood at Rs 3,845.95 crore up from Rs 3,707.56 crore paid during Q2FY23.
The total operating profit for the period under review stood at Rs 207.05 crore (loss Rs 372.16 crore) boosted by profit on sale/redemption of investments of Rs 434.38 crore (Rs 284.34 crore) and interest/dividend and rent Rs 624.96 crore (Rs 613.23 crore).
The operating profit under miscellaneous and marine insurance portfolio’s stood at Rs 98.04 crore (Q2FY23 loss of Rs 491.86 crore) and Rs13.71 crore (loss of Rs 11.09 crore), respectively.
On the other hand, the operating profit under the fire insurance portfolio has gone down to Rs 95.31 crore from Rs 130.79 crore booked during the previous year corresponding period.
However the solvency margin stands at 0.38 against the stipulated 1.5.
Earlier, the National Insurance Company Ltd had declared a net profit of Rs 44.82 crore for the first half of the current fiscal from a net loss of Rs 1,768.46 crore registered during the previous year corresponding period.
On its part, The Oriental Insurance Company Ltd slashed its first half loss to Rs 42.17 crore from a net loss of Rs 3,586.93 crore during the first half of FY23.
Curiously, at a time when its siblings are moving towards profitability, the industry leader and a public sector listed general insurer.
The New India Assurance Company Ltd had declared a net loss of Rs 199.99 crore for the second quarter of FY24 from a net profit of Rs 260.23 crore posted during Q2FY23.
For the half year ended September 30, The New India had posted a net profit of Rs 60.24 crore down from Rs 151.93 crore booked during H1FY23.
(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)