New Delhi: Indian state-run non-life insurer United India Insurance Co Ltd's net profit rose nearly three-fold to Rs 3.87 billion for the full financial year ended March 31, 2012 against Rs 1.30 billion in the same period a year ago, Chairman and Managing Director G Srinivasan said.
The company's turnover grew by 28.2% to Rs 81.79 billion during the year as compared to Rs 63.77 billion in the previous fiscal 2010-11, he said, adding that he expects the growth momentum to sustain this year as well.
"The industry is on a growth path. Last year, the industry grew by 23% so we expect there will be 20% plus growth in current year also. There is a lot of awareness also. The industry has taken off well. We are very optimistic," Srinivasan said.
The insurer's net earned premium grew 30.97% to Rs 60.87 billion during the year against Rs 46.48 billion a year ago, expanding the company's market share to 14.93% from 14.46%, he said.
The state-run insurer plans to introduce insurance products targeting the small and medium enterprise sector in the current fiscal, he said.
The company declared a dividend of 52% for the last fiscal year against 20% paid in the previous year.
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