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Insurance Value

Aug 16, 2007 (LBO) – Net profits of Union Assurance surged 84 percent to 30 million rupees in the June quarter, interim accounts released by the insurer showed. General and life insurance premiums for the quarter grew by 23 percent, to 1.1 billon rupees in 2007 from 924 million in 2006.

The firm paid 711 million rupees in claims, up 45 percent over the same quarter in 2006.

Profits for the six months to June was up two percent to 51 million rupees over the 49 million recorded in the previous year.

Cumulative life and general insurance premiums for the first half of the year increased by 22 percent to 2.5 billion rupees as at June 2007 from 2.1 billion.

In the same period claims grew 36 percent to 1.3 billion rupees.

Union Assurance consolidated assets were at 10.8 billion rupees. The company said it had recently launched a new motor insurance policy that allows customers involved in an accident to drive off after logging an entry with the call centre.