| The Oriental Insurance Company Limited | |
| Industry: | Insurance |
| Founded: | in Mumbai, India |
| Founders: | --> |
| Hq Location City: | New Delhi |
| Hq Location Country: | India |
| Areas Served: | --> |
| Key People: | Sh. R. R. Singh Ms Yogita Arora |
| Revenue: | (2022-23)[1] |
| Operating Income: | (2022-23) |
| Net Income: | (2022-23) |
| Assets: | (2022-23) |
| Num Employees: | 8,281 (2022-23)[2] |
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 [3] during the year 2022-23. It recorded a gross premium of [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]
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.[5]
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.[5]
OICL made a modest beginning with a first-year premium of in 1950. The company's goal was “service to clients”, and achievement was helped by the strong traditions built up over time.[6]
From less than a lakh at its inception, the gross premium figure stood at in FY 2022–23.[4]
OICL has constituted the following Committees as part of its Corporate Governance structure.[7]
The following Board Committees have been constituted following the provisions of the IRDA Corporate Governance Regulations, 2016:
The company's overall operational performance resulted in an operational loss of in 2022-23 as against in 2021-22, thus recording a decrease of . The net incurred claims ratio increased to 112.14% in 2022-23 from 110.80% in 2021-22.
The profits generated by the sale of investments increased by, though the income from interest, dividends, and rent increased by . The management expenses increased by mainly on account of wage revision . This, coupled with underwriting losses, resulted in a loss before tax of during 2022-23 compared to a loss before tax of during the previous year, after taking into account both operating profit and investment income.[8]
OICL also has two Joint Ventures/associate companies.[9]
OICL has one wholly-owned subsidiary, The Industrial Credit Company Limited, with a paid-up capital of .[10]
OICL also holds a stake in the following companies: