Calcutta, June 12 :    Calcutta, June 12:  United India Insurance Company (UIIC) will set up a subsidiary to launch personal line insurance schemes. Stating this here today, UIIC chairman and managing director V. Jagannathan said the board of directors has already approved the proposal for setting up a separate subsidiary, to strengthen the focus on personal line schemes. 'A consultant will soon be appointed to prepare a feasibility report, and will be asked to complete the study within two months,' he said. UIIC is also open to the idea of a joint venture and the company will start dialogues with potential foreign companies as soon as the subsidiary is set up, Jagannathan said. Referring to the business potential in personal line insurance, Jagannathan said the company expects a quantum growth in the next couple of years. 'Most people are still not aware of the advantages of medical insurance and other personal insurance products, thanks to the lack of marketing. We have decided to gear up the marketing cell to strengthen the campaign,' he said. The company expects to earn over Rs 400 crore from personal line offerings, including medical insurance. United India is set to report a lower net profit of Rs 100 crore for the year ended March 2001, against a profit of Rs 150 crore in the previous year. 'We had incurred an underwriting loss of Rs 365 crore in the last fiscal year which has pulled down profit,' said Jagannathan. The company, however, has earned Rs 465 crore as investment income. 'Although interest rates were sharply reduced during the year, our good mix of investment portfolios helped us earn a good income,' he said. UIIC's total premium income for the last fiscal stood at Rs 2,449 crore. 'This year our target is to minimise losses and double the net profit,' Jagannathan said. To consolidate its position in the insurance sector, the company has decided to bring all its 1100 offices under a computerised network. Over 300 offices have already been computerised. The company will invest Rs 75 crore for computerisation against last year's investment of Rs 150 crore and has appointed CMC, the public sector information technology major, for the project.