United India Insurance Company Limited announced its earnings for the July-September quarter of the current fiscal year.
The lender reported a net profit of Rs 204.30 crore for the quarter under review from Rs 347.44 crore net loss logged in the same quarter of the previous fiscal year.
The net premium during the quarter stood at Rs 4,163.80 crore, which is an 18% year-on-year increase from Rs 3,517.97 crore reported in the year-ago quarter. The net claims during the quarter stood at Rs 3, 845.95 crore during the quarter against Rs 3,707.56 crore reported in Q2FY23.
The operating profit in the miscellaneous portfolio was at Rs 98.04 crore against the loss of Rs 491.86 crore reported in the corresponding quarter of the previous fiscal year, whereas in the marine portfolio, the company reported an operating profit of Rs 13.71 crore during the quarter from Rs 11.09 loss reported in Q2 of the previous fiscal year.
Furthermore, the operating profit under the insurance portfolio has seen a decline to Rs 95.31 crore from Rs 130.79 crore reported in the previous year’s corresponding period.