United India Q1 profit at Rs 228.76 crore

State-run United India Insurance has reported an increase of 8.54 per cent in its profit- after-tax at Rs 228.76 crore for the first quarter ended June 30, 2014.

The Chennai-based company had reported a profit of Rs 210.76 crore during the same period last year.

The investment income of the company for the first quarter stood at Rs 531 crore as against Rs 447 crore registered during the corresponding period of the previous year, a company statement said.

The premium for the quarter ended June 30 stood at Rs 2,729 crore, it said.

"...The company is optimistic to comfortably complete a premium of Rs 11,000 crore in the current fiscal," it said.

On the focus areas during the current financial year, the company said it would continue its thrust on the retail, micro, small and medium enterprises and rural insurance.

The market value of the company's total investment portfolio for the quarter under review stood at Rs 24,155 crore while the net worth of the company was Rs 5,589 crore, the statement said.

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