United India Insurance coverage has posted a web revenue of Rs2.04bn ($24.47m) for the second quarter (Q2) of the 2024 fiscal yr (FY2024) as towards a lack of Rs3.47bn a yr in the past.
For the quarter that ended on 30 September 2023, the corporate earned a web premium of Rs41.63bn as towards Rs35.17bn in Q2 FY2023.
Web claims paid grew to Rs38.4bn from Rs37.07bn within the earlier yr’s Q2.
The corporate’s complete working revenue for the quarter was Rs2.07bn in contrast with a lack of Rs3.72bn in Q2 FY2023.
The corporate attributed the swing to the revenue on the sale/redemption of investments, curiosity/dividend and lease.
Miscellaneous and marine insurance coverage portfolios generated an working revenue of Rs980m and Rs137.1bn, respectively, in contrast with a lack of Rs4.91bn and Rs110.9m in the identical quarter a yr in the past.
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The working revenue generated by the hearth insurance coverage portfolio declined to Rs953.1m from Rs1.3bn crore within the year-ago interval.
Moreover, the solvency margin of United India Insurance coverage was at 0.38 towards the required 1.5.
Final yr, United India Insurance coverage was being thought of as a candidate for privatisation by the Indian Authorities, the Hindu Enterprise Line reported.
Not too long ago, Life Insurance coverage Corp of India (LIC) posted a revenue after tax of Rs79.25bn ($951.4m) for Q2 FY2023, a drop of fifty% from Rs159.52bn a yr in the past.
The drop was attributed to diminished earnings from insurance coverage premiums.
LIC’s web premium earnings for the quarter that ended on 30 September 2023 plummeted by 18.7% to Rs1.07bn from Rs1.32bn a yr earlier.