The Oriental Insurance Company

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The Oriental Insurance Company Limited
Company type Central Public Sector Undertaking
Industry Insurance
Founded12 September 1947;77 years ago (1947-09-12) in Mumbai, India
Headquarters
New Delhi
,
India
Key people
Sh. R. R. Singh
(Chairman & MD)
Ms Yogita Arora
(Appointed Actuary)
Products
RevenueIncrease2.svg₹15,992 crore (US$1.8 billion) (2022-23)
Increase2.svg₹−3,374 crore (US$−390 million) (2022-23)
Increase2.svg₹−4,968 crore (US$−570 million) (2022-23)
Total assets Increase2.svg₹35,167 crore (US$4.1 billion) (2022-23)
Owner Government of India
Number of employees
8,281 (2022-23)
Website orientalinsurance.org.in/en/home

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$44 million) during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$1.8 billion) in the financial year 2022–23.

Contents

History

OICL was incorporated at Mumbai on 12 September 1947. The company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out general insurance business. Following the nationalisation of the life insurance business and the formation of the Life Insurance Corporation of India under statutory law, the company became a subsidiary of the Life Insurance Corporation of India from 1956 to 1973 (until the general insurance business was nationalized in the country). Following the nationalisation of the general insurance industry by the General Insurance Business (Nationalisation) Act, 1972 (GIBNA), the Government of India transferred all the shares it held of the general insurance companies to the General Insurance Corporation of India (GIC). OICL became one of the four subsidiaries of GIC, with its headquarters in New Delhi. [1]

With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force on March 21, 2003, GIC ceased to be a holding company of its subsidiaries. The ownership of the four erstwhile subsidiary companies and the General Insurance Corporation of India was vested with the Government of India. All company shares held by the GIC were transferred to the central government. [1]

OICL made a modest beginning with a first-year premium of ₹99,946 (US$1,200) in 1950. The company's goal was “service to clients”, and achievement was helped by the strong traditions built up over time.

From less than a lakh at its inception, the gross premium figure stood at ₹15,993 crore (US$1.8 billion) in FY 2022–23.

Subsidiaries and Joint Ventures

OICL also has two Joint Ventures/associate companies.

OICL has one wholly-owned subsidiary, The Industrial Credit Company Limited, with a paid-up capital of ₹5 lakh (US$5,800).

OICL also holds a stake in the following companies:

See also

References

  1. 1 2 "History in Brief". www.gicre.in/en/. General Insurance Corporation of India. Retrieved 2 February 2024.
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