[dropcap]T[/dropcap]he United Insurance Company of Pakistan Limited (UIC) was established during 1959 and was operational in Pakistan counting East Pakistan (now Bangladesh). UIC is operating greater than 100 branches in the entire country and is doing general business counting Fire Insurance, Marine, Motor – Auto Sure Plan, Livestock, Crop Insurance, Engineering, Travel Insurance, Health Insurance Plan, Travel & Cargo Agents Guarantees, Personal Accident Policy for Students, Shop Secure Plan Plus, Self Secure Plan Plus, Education Secure Plan, Home Secure Plan and Banker’s Blanket Insurance.
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UIC: SELF SECURE PLAN PLUS
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Protection Plans
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Segment
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Gold
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Platinum
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1.Accident Protection
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500,000
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1,000,000
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2.Medical Expenses (Accident)
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25,000 Excess 500
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50,000 Excess 1,000
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3.Inpatient Surgical Expenses (Illness)
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25,000 Excess 1,000
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50,000 Excess 1,000
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4.Burial & Repatriation
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50,000
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100,000
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Figures represent maximum under each plan
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Premium (Per Person)
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Age Group
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Gold
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Platinum
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Upto 30 years
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Rs. 1,300
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Rs. 2 ,000
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31 to 35 years
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Rs. 1,450
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Rs. 2 ,250
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36 to 40 years
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Rs. 1,600
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Rs. 2 ,400
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41 to 45 years
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Rs. 1,700
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Rs. 2 ,600
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46 to 49 years
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Rs. 1,800
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Rs. 2 ,750
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Premium is exclusive of govt. taxes and stamp duty
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The Management had achieved the quarterly goals, which the top management set at the beginning of the financial year 2016. It is evident from the financial statistics that UIC’s performance accelerated during the period of nine months September 30, 2016. The rise of 22.41 percent in the Gross Written Premium reveals the persistent efforts of the Company’s management, dedication and enthusiasm of its field staff.
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UNITED INSURANCE IN PSX DURING JANUARY, 2017 (Rs)
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|---|---|---|---|---|---|---|
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DATE
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LDCP
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OPEN RATE
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HIGH RATE
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LOW RATE
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CLOSING RATE
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TURNOVER
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2
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22.28
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22.28
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23.25
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22.28
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23.25
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151,000
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3
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23.25
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23
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23.39
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22.96
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23.13
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35,500
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4
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23.13
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23.23
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23.25
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22.9
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22.9
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17,500
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5
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22.9
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23.23
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23.23
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23
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23
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34,500
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6
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23
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23
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23.49
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22.66
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23.28
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43,500
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9
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23.28
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23.4
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23.44
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22.92
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22.92
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27,500
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10
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22.92
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22.99
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23.24
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22.96
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23.09
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28,000
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11
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23.09
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23
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23.15
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23
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23.14
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26,500
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12
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23.14
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23.01
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23.6
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22.9
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22.93
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106,000
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The Gross Written Premium for the third quarter was up from Rs2459.949 million during 2015 to Rs3011.277 million in 2016. UIC’s net premium income for the Third quarter reaches at Rs2004.273 millions. The underwriting results explain a rise of 29.51 percent from Rs505.141 million in September 2015 to Rs654.190 million in September 2016.
The Company’s Profit before tax rose by 32.64 percent from Rs432.020 million in September 2015 to Rs573.031 million for the same period in 2016. Profit after tax came to Rs508.807 million during 2016 as compared to Rs392.303 million in September 2015. Earnings per share (basic & diluted) of UIC, for the period rose to Rs2.82 per share as compared to Rs2.18 per share for the same period in September 2015. The investments income escalated to approximately 15.63 percent. The investments during the year 2016 were up to Rs64.744 million from Rs55.993 million in September 2015.
CONCLUSION
Having entered the window takaful market, UIC is poised to grow its market share over the next few years. One reason why the insurance penetration in Pakistan remains meager is because of the religious beliefs of Muslims which prevents them to indulge in any sort of insurance arrangements. But now, conventional insurers have an attractive opportunity to tap that particular segment through offering Islamic insurance products. Whether, it proves to be profitable or not in its early days is another debate, but it is clear that insurance penetration in Pakistan and insurers’ client base is bound to witness a rise.