The Oriental Insurance Company Ltd. is a public sector company and is one of the four subsidiary companies of the General Insurance Corporation of India. The Oriental Fire & General Insurance Co. Ltd., was incorporated in the year 1947 as a subsidiary of Oriental Government Security Life Assurance Co. Ltd. In 1956, Oriental became a subsidiary of the Life Insurance Corporation of India. On 13th May 1971, Government of India (GOI) took over the management of all general insurance companies in India.
This was followed by the nationalisaton of general insurance business with effect from 1st January 1973 and the Oriental Fire and General insurance company came under the General Insurance Corporation of India as one of the four subsidiaries. It commenced its operations from 1st January 1975. Later on in 2002, with the passage of Insurance amendment Bill (2002), The Oriental Insurance Company Ltd. has been delinked from GIC and has been functioning as an independent company.
The company has its Head office in New Delhi. The Company has 21 Regional Offices, 311 Divisional Offices and 635 Branch offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai.
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FINANCIAL PROFILE(Rupees In Lacs)
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| Particulars |
1999-2000 |
2000-2001 |
Gross Direct Premium |
216655 |
224710 |
| Net Premium |
163203 |
172535 |
| Net Claims |
133217 (81.6%) |
150206 (87.1%) |
| Operating Expenses |
49424 (30.3%) |
45741 (26.6%) |
| Operating Surplus |
(19438) (-11.9%) |
23412 (-13.6%) |
| Increase in reserve for un-expired risks |
10412 (6.4%) |
4148 (2.4%) |
| Underwriting Profit/Loss |
(29850) (-18.3%) |
27560 (-16.0%) |
| Interest, Dividend and Rent |
36753 |
39623 |
| Profit before Tax |
6080 |
7513 |
| Tax |
561 |
95 |
| Profit after Tax |
5519 |
7418 |
| Paid-Up Capital |
4000 |
10000 |
| General Reserve |
80325 |
81886 |
| Reserve For Unexpired Risks |
88206 |
92353 |
| Capital Reserve and other Reserves |
837 |
837 |
| Net Worth |
173368 |
185076 |
| Total Funds Investments |
344943 |
360555 |
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