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The United Insurance Company of Pakistan Limited.

While addressing the 48th Annual General Meeting of the United Insurance Company Limited., on March 28, 2008, at Lahore, the Chairman and Chief Executive, Mian M. A. Shahid, high-lighted the salient features of the unprecedented growth of the Company during 2007. The overall picture of the business growth of the Company had been very appreciable. This increase in all quarters of business i.e. gross direct premium, net premium, profit and investment had been achieved due to the strong support of high-class reinsurers, innovative products evolved by the Company to meet the requirements of customers and the dedicated efforts of the management of the Company.

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The Premium income during the year under review shot up to Rs.501.348 million registering an increase of 47.023% over 2006, and the Net Premium soared to Rs.60.349 million in 2007 as compared to Rs.36.459 million in 2006. The Total Losses Paid during 2007 amounted to Rs.199.561 million as against Rs.119.238 million in 2006. Net Losses were Rs.83.271 million in 2007 as against Rs.50.669 million of last year. The Profit before tax was Rs.108.080 million in 2007 as against Rs.105.638 million in 2006. The overall management expenses remained limited to 5.718% of gross premia in 2007 as against 7.060% in 2006. This decrease in expenses has been achieved by following conservative and extremely careful underwriting policy of the Company.

By the Grace of Allah, the performance of United Insurance Company Limited, during 2008 will be more dynamic and handsome because of the rising trade activities of the country, improving per capita income, and recent active of democratic push, that will open vast field for economic expansion and development in the country and which, in turn, will acceleratey the wheels of insurance business of the country. United Insurance Company Limited, being a part of this industry will also reap the maximum advantage from this acceleration of economic activity.
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Title Annotation:COMPANY PROFILE
Comment:The United Insurance Company of Pakistan Limited.(COMPANY PROFILE)
Publication:Economic Review
Article Type:Brief article
Geographic Code:9PAKI
Date:Jun 1, 2009
Words:334
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