 | |
| Company type | Central Public Sector Undertaking |
|---|---|
| Industry | Insurance |
| Founded | 12 September 1947 in Mumbai, India |
| Headquarters | , |
Key people | Sh. R. R. Singh (Chairman & MD) Ms Yogita Arora (Appointed Actuary) |
| Products | |
| Revenue |  ₹15,992 crore (US$1.9 billion) (2022-23)[1] |
| ₹−3,374 crore (US$−400 million) (2022-23)[1] | |
| ₹−4,968 crore (US$−600 million) (2022-23)[1] | |
| Total assets | ₹35,167 crore (US$4.2 billion) (2022-23)[1] |
| Owner | Government of India |
Number of employees | 8,281 (2022-23)[1][2] |
| Website | orientalinsurance |
The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of ₹377.70 crore (US$45 million)[3] during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$1.9 billion)[4] in the financial year 2022–23.
It has over 1,343 direct customer interaction and policy issuance branches, over 49,305 agents (99.93% of whom are individuals), and 447 insurance brokers besides 11,005 Point of Salespersons (direct) and 1,731 Motor Insurance Service Providers across India, Bancassurance partnerships with 19 banks enable policy sales and services through bank branches, besides four web aggregators and an online portal for policy purchases, renewals, and claim tracking, helping extend the Company's reach beyond physical offices.[2]
- ^ a b c d e "The Oriental Insurance Company Financial Statements". orientalinsurance.org.in.
- ^ a b "Public disclosure by insurer as per IRDAI's Circular IRDAI/F&A/CIR/MISC/256/09/2023 dated 30/09/2021 (FORM NL-41 OFFICES INFORMATION AS AT 31st March 2023)". orientalinsurance.org.in/. The Oriental Insurance Company Limited. 27 June 2023. Retrieved 1 February 2024.
- ^ "Annual Report 2022-23: Foreign Operations". orientalinsurance.org.in/. The Oriental Insurance Company Limited. 29 May 2023. p. 20. Retrieved 1 February 2024.
The Company's foreign operations in Nepal, Dubai and Kuwait together yielded a Gross Direct Premium of ₹377.70 crore (US$45 million) during the year 2022-23 as against ₹309.47 crore (US$37 million) during the previous year. The Net Premium was at ₹360.34 crore (US$43 million) as against ₹294.07 crore (US$35 million) last year. The net Incurred Claims during this year in respect of foreign operations were ₹241.28 crores with a net Incurred Claims Ratio of 66.96 % (₹93.30 crore (US$11 million) with a net Incurred Claims Ratio of 31.72 % for the last year). Our foreign operations had finally resulted in a net surplus of ₹2.47 crore (US$300,000) as against a net surplus of ₹115.49 crore (US$14 million) during the previous year.
- ^ "Annual Report 2022-23: Chairman's Statement". orientalinsurance.org.in/. The Oriental Insurance Company Limited. 29 May 2023. p. 12. Retrieved 1 February 2024.
The financial results for 2022-23 reflect that the company registered growth of 14.07 % on a gross basis with a premium of ₹15,993 crore (US$1.9 billion) as against ₹14,020 crore (US$1.7 billion) during the FY 2021-22, whereas the Net premium was ₹14,339 crore (US$1.7 billion) in the year 2022-23 as against ₹12,300 crore (US$1.5 billion) during the FY 2021-22 thus registering a growth rate of 16.58 %.