The company earned a net premium of Rs41.63bn versus Rs35.17bn a year ago. Credit: Natee Meepian/Shutterstock.com.

United India Insurance has posted a net profit of Rs2.04bn ($24.47m) for the second quarter (Q2) of the 2024 fiscal year (FY2024) as against a loss of Rs3.47bn a year ago.

For the quarter that ended on 30 September 2023, the company earned a net premium of Rs41.63bn as against Rs35.17bn in Q2 FY2023.

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Net claims paid grew to Rs38.4bn from Rs37.07bn in the previous year’s Q2.

The company’s total operating profit for the quarter was Rs2.07bn compared with a loss of Rs3.72bn in Q2 FY2023. 

The company attributed the swing to the profit on the sale/redemption of investments, interest/dividend and rent.

Miscellaneous and marine insurance portfolios generated an operating profit of Rs980m and Rs137.1bn, respectively, compared with a loss of Rs4.91bn and Rs110.9m in the same quarter a year ago.

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The operating profit generated by the fire insurance portfolio declined to Rs953.1m from Rs1.3bn crore in the year-ago period.

Furthermore, the solvency margin of United India Insurance was at 0.38 against the specified 1.5.

Last year, United India Insurance was being considered as a candidate for privatisation by the Indian Government, the Hindu Business Line reported.

Recently, Life Insurance Corp of India (LIC) posted a profit after tax of Rs79.25bn ($951.4m) for Q2 FY2023, a drop of 50% from Rs159.52bn a year ago.

The drop was attributed to reduced income from insurance premiums.

LIC’s net premium income for the quarter that ended on 30 September 2023 plummeted by 18.7% to Rs1.07bn from Rs1.32bn a year earlier.