United India eyes Rs 11,800 crore premium in 2015-16

Riding on the growth of motor and health insurance segments, public sector United India Insurance has set a target of clocking a total premium of Rs 11,800 crore during the current financial year. The Chennai-based company had registered a total premium of Rs 9,709 crore in the same period of the previous year, United India Insurance said in a statement. The company recorded a 11.77 percent rise in its premium for the six month period ending September 30, 2015 at Rs 5,914 crore.

It had recorded total premium of Rs 5,291 crore during the corresponding period last year. "The major growth drivers for the company were motor and health segments, which grew at 14 percent and 22 percent respectively. "The company has set a target of collecting total premium of Rs 11,800 crore during the current financial year," the statement said.

Stating that the first six months' numbers were yielding desired results, the company said it would focus on retail, micro, small and medium enterprises and rural insurance segments in future.