INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Public sector general insurer Oriental Insurance posted a profit of Rs 1,510 crore for the financial year ended March 31, 2018 as
it further consolidated it business
The insurer was in red with a loss of Rs 1,691 crore in 2016-17.
Oriental Insurance chairman A V Girijakumar said that the company followed
crore in 2017-18, as against Rs 11,117 crore in the previous fiscal.
The investment income of the insurance increased with improvement in
treasury operation to Rs 3,323 crore from Rs 2,341 crore in the FY 17.
The insurer reported improved solvency margin and also cut down on
Underwriting losses have come down to Rs 1,923 crore as against Rs 43,36 crore in the previous fiscal
The solvency margin of the company improved to 1.67 last fiscal, from 1.11 in the 2016-17.
Oriental has grown broadly at par with the market
in respect of motor business which is largest portfolio, said Girijakumar adding that the combined ratio of the company also enhanced to 117
per cent from 148 per cent in the previous year.
On the issue of merger, Girijakumar said that the company is in the process of appointing a
National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd
The process of merger is likely to be completed during the current fiscal.
