United India Insurance solvency at 0.74, less than stipulated ratio
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One of the candidates for privatisation, United India Insurance Company's solvency ratio has gone down to 0.74 as against the sectoral regulator's norm of 1.5.
In a regulatory filing, the central government owned non-life insurer had said its solvency margin as on September 30, 2021 was 0.74 per cent.
The sectoral regulatory Insurance Regulatory and Development Authority of India (IRDAI) has stipulated the solvency margin ratio for insurers as 1.5.
The company closed the first half of the current fiscal with a gross premium income of Rs 7,649.40 crore and a net loss of Rs 966.49 crore.
For the corresponding period of the previous year, United India had earned a gross premium of Rs 7,797.89 crore and a net profit of Rs 169.36 crore.
The central government had earlier announced that it would privatise one of its three insurers - United India, National Insurance Company and The Oriental Insurance Company Ltd.
