The public sector, United India Insurance is likely to cross Rs 10,000 crore premium mark by the end the current financial year which will be a growth rate of 26 per cent, a top official of United India Insurance said.
Mr. Milind Kharat, Chairman and Managing Director of United India Insurance said, "We are confident of crossing Rs 10,000 crore on total premium collected. We expect to grow at 26 percent by the end of March 2013".
Mr. Kharat was recently appointed as Chairman and Managing Director of the Chennai-based insurance company. He replaced Mr. G Srinivasan.
The company would add 410 micro offices by the end of this year focusing mainly on micro-finance, said Mr. Kharat. He further added, "We got the approval from IRDA. We will add 410 offices. Currently we have about 300 micro offices in rural offices".
The micro office would be focusing on the issuing insurance product to Tier -III and IV locations with population of less than 10,000.
Mr. Kharat declared Q2 results; he said that the company posted a profit of Rs 350.59 crore after tax as against Rs 341 crore during the corresponding quarter of previous year. The total premium touched Rs 4757 crore for half year which ended on September, 30, 2012 which is up by 18 per cent.