688:
29:
1589:
1074:
257:
234:
211:
188:
389:
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)
364:
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
397:
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
365:
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.
992:
966:
940:
828:
735:
1192:
1628:
1613:
1325:
710:"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)"
1623:
1383:
1137:
791:(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
709:
377:
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
1265:
1569:
1618:
1062:
1018:
408:(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.
1559:
1040:
447:
The following Board
Committees have been constituted following the provisions of the IRDA Corporate Governance Regulations, 2016:
1517:
845:
The financial results for 2022-23 reflect that the company registered growth of 14.07 % on a gross basis with a premium of
1543:
1454:
1431:
1110:
623:
391:
1086:
1512:
1449:
1356:
1310:
1157:
320:
39:
561:(US$ 380 million) during the previous year, after taking into account both operating profit and investment income.
390:
Act, 1972 (GIBNA), the
Government of India transferred all the shares it held of the general insurance companies to the
1330:
1223:
1213:
1147:
203:
914:
1507:
1393:
1182:
1172:
1055:
1474:
1270:
1162:
1142:
1132:
1095:
780:(US$ 35 million) last year. The net Incurred Claims during this year in respect of foreign operations were
1522:
1228:
516:(US$ 50 million). The net incurred claims ratio increased to 112.14% in 2022-23 from 110.80% in 2021-22.
335:, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in
1574:
1441:
1409:
1564:
1260:
1250:
1592:
1048:
328:
398:
the
Government of India. All company shares held by the GIC were transferred to the central government.
1502:
1275:
1177:
752:
The
Company's foreign operations in Nepal, Dubai and Kuwait together yielded a Gross Direct Premium of
386:
1070:
547:(US$ 290 million)). This, coupled with underwriting losses, resulted in a loss before tax of
1315:
1242:
1633:
1497:
1479:
1335:
1378:
1187:
426:
OICL has constituted the following
Committees as part of its Corporate Governance structure.
873:(US$ 1.5 billion) during the FY 2021-22 thus registering a growth rate of 16.58 %.
394:(GIC). OICL became one of the four subsidiaries of GIC, with its headquarters in New Delhi.
1320:
1285:
8:
1538:
1218:
526:(US$ 39 million), though the income from interest, dividends, and rent increased by
324:
274:
1300:
1078:
618:
168:
158:
28:
1124:
642:
378:
143:
138:
113:
888:
1370:
1295:
941:"Annual Report 2022-23 - Board Committee Details during the Financial Year 2022-23"
601:
153:
148:
1280:
1152:
993:"Annual Report 2022-23: Details of Subsidiary/Joint Ventures/Associate Companies"
495:
The company's overall operational performance resulted in an operational loss of
1305:
600:
India International Insurance Pte Ltd. Singapore (Total Paid-up Share Capital:
382:
163:
354:(US$ 45 million) during the year 2022-23. It recorded a gross premium of
1607:
1167:
173:
295:
859:(US$ 1.7 billion) during the FY 2021-22, whereas the Net premium was
650:
Medical Insurance for State Employees and Pensioners, Government of Kerala
411:
From less than a lakh at its inception, the gross premium figure stood at
1423:
1255:
766:(US$ 37 million) during the previous year. The Net Premium was at
554:(US$ 590 million) during 2022-23 compared to a loss before tax of
226:
1290:
973:. The Oriental Insurance Company Limited. 29 May 2023. pp. 19–20
947:. The Oriental Insurance Company Limited. 29 May 2023. pp. 30–42
332:
86:
49:
590:
Health Insurance TPA of India Limited (Total Paid-up Share Capital:
461:
1388:
1340:
1197:
109:
429:
999:. The Oriental Insurance Company Limited. 29 May 2023. p. 23
835:. The Oriental Insurance Company Limited. 29 May 2023. p. 12
742:. The Oriental Insurance Company Limited. 29 May 2023. p. 20
649:
628:
123:
509:(US$ 360 million) in 2021-22, thus recording a decrease of
442:
967:"Annual Report 2022-23: Operating Results, Overall Performance"
374:
340:
71:
519:
The profits generated by the sale of investments increased by
1073:
344:
336:
249:
92:
75:
533:(US$ 18 million). The management expenses increased by
540:(US$ 230 million) mainly on account of wage revision (
659:
401:
OICL made a modest beginning with a first-year premium of
759:(US$ 45 million) during the year 2022-23 as against
605:
654:
866:(US$ 1.7 billion) in the year 2022-23 as against
716:. The Oriental Insurance Company Limited. 27 June 2023
569:
OICL also has two Joint Ventures/associate companies.
361:(US$ 1.9 billion) in the financial year 2022–23.
1570:
Insurance Regulatory and Development Authority (IRDA)
689:"The Oriental Insurance Company Financial Statements"
586:
OICL also holds a stake in the following companies:
597:(US$ 14 million) - Oriental's stake: 23.75%);
784:with a net Incurred Claims Ratio of 66.96 % (
564:
1629:Companies nationalised by the Government of India
462:Board Committees as per the Government guidelines
1614:Financial services companies established in 1947
1605:
660:India International Insurance Pte Ltd. Singapore
805:(US$ 14 million) during the previous year.
430:Board Committees as per the Companies Act, 2013
381:business. Following the nationalisation of the
1624:Government-owned insurance companies of India
1056:
829:"Annual Report 2022-23: Chairman's Statement"
502:(US$ 310 million) in 2022-23 as against
443:Board Committees as per the IRDAI regulations
1402:
1349:
1206:
1103:
704:
702:
736:"Annual Report 2022-23: Foreign Operations"
1063:
1049:
798:(US$ 300,000) as against a net surplus of
683:
681:
679:
677:
675:
1357:Life Insurance Corporation of India (LIC)
823:
821:
819:
817:
815:
813:
699:
608:37.31 million) - Oriental's stake: 20%).
474:
347:that together yielded a Gross Premium of
921:. The Oriental Insurance Company Limited
895:. General Insurance Corporation of India
1518:Pradhan Mantri Jeevan Jyoti Bima Yojana
1019:"THE INDUSTRIAL CREDIT COMPANY LIMITED"
728:
672:
421:
1606:
1111:Agriculture Insurance Company of India
810:
624:General Insurance Corporation of India
572:OICL has one wholly-owned subsidiary,
490:
418:(US$ 1.9 billion) in FY 2022–23.
392:General Insurance Corporation of India
22:The Oriental Insurance Company Limited
1044:
883:
881:
655:Health Insurance TPA of India Limited
574:The Industrial Credit Company Limited
1619:General insurance companies of India
1544:Industrial Policy Resolution of 1956
480:The Information Technology Committee
1513:Pradhan Mantri Suraksha Bima Yojana
457:Policyholders' Protection Committee
387:Life Insurance Corporation of India
313:The Oriental Insurance Company Ltd.
13:
907:
878:
852:(US$ 1.9 billion) as against
385:business and the formation of the
14:
1645:
1508:Pradhan Mantri Fasal Bima Yojana
773:(US$ 43 million) as against
634:
243:(US$ −600 million) (2022-23)
220:(US$ −400 million) (2022-23)
40:Central Public Sector Undertaking
1588:
1587:
1410:Employees' State Insurance (ESI)
1072:
266:(US$ 4.2 billion) (2022-23)
256:
255:
233:
232:
210:
209:
197:(US$ 1.9 billion) (2022-23)
187:
186:
27:
1475:Agricultural insurance in India
1011:
565:Subsidiaries and Joint Ventures
323:insurance company owned by the
1523:Rashtriya Swasthya Bima Yojana
985:
959:
933:
1:
1575:Insurance Repository in India
665:
483:Appeal and Memorial Committee
1565:Insurance Institute of India
945:orientalinsurance.org.in/en/
919:orientalinsurance.org.in/en/
576:, with a paid-up capital of
16:Indian public-sector insurer
7:
612:
10:
1650:
1503:Biju Swastya Kalyan Yojana
368:
1583:
1552:
1531:
1488:
1467:
1440:
1422:
1369:
1241:
1123:
1094:
1085:
997:orientalinsurance.org.in/
971:orientalinsurance.org.in/
833:orientalinsurance.org.in/
740:orientalinsurance.org.in/
714:orientalinsurance.org.in/
486:Human Resources Committee
467:Property Review Committee
454:Risk Management Committee
373:OICL was incorporated at
290:
280:
270:
247:
224:
201:
182:
131:
99:
81:
55:
45:
35:
26:
693:orientalinsurance.org.in
327:and administered by the
1498:Ayushman Bharat Yojana
1480:National Health Policy
1229:United India Insurance
475:Other Board Committees
470:Remuneration Committee
61:; 77 years ago
59:12 September 1947
1143:Aditya Birla Capital
451:Investment Committee
422:Corporate Governance
1539:Insurance Act, 1938
1384:ManipalCigna Health
1219:New India Assurance
491:Overall Performance
331:. Headquartered in
329:Ministry of Finance
325:Government of India
282:Number of employees
275:Government of India
23:
1224:Oriental Insurance
1214:National Insurance
1079:Insurance in India
1023:The Economic Times
889:"History in Brief"
619:Insurance in India
169:Aviation insurance
159:Property insurance
21:
1601:
1600:
1463:
1462:
1418:
1417:
1365:
1364:
1237:
1236:
1173:Kotak Mahindra GI
1119:
1118:
1025:. 2 February 2024
379:general insurance
310:
309:
296:orientalinsurance
144:Vehicle insurance
139:General insurance
124:Appointed Actuary
1641:
1591:
1590:
1400:
1399:
1347:
1346:
1296:ICICI Prudential
1276:Canara HSBC Life
1204:
1203:
1178:Reliance General
1148:Cholamandalam MS
1101:
1100:
1092:
1091:
1077:
1076:
1065:
1058:
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1042:
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1035:
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937:
931:
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928:
926:
911:
905:
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902:
900:
893:www.gicre.in/en/
885:
876:
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758:
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749:
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732:
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706:
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685:
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643:Official website
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252:
242:
240:
236:
235:
219:
217:
213:
212:
204:Operating income
196:
194:
190:
189:
154:Marine insurance
149:Health insurance
127:
119:Ms Yogita Arora
117:
105:Sh. R. R. Singh
69:
67:
62:
31:
24:
20:
1649:
1648:
1644:
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1642:
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1639:
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1602:
1597:
1579:
1548:
1527:
1490:
1484:
1459:
1436:
1414:
1398:
1379:Care (Religare)
1361:
1345:
1233:
1202:
1193:Shriram General
1163:Future Generali
1115:
1081:
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435:Audit Committee
432:
424:
413:
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403:
402:
371:
356:
355:
349:
348:
319:) is an Indian
294:
286:8,281 (2022-23)
283:
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238:
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229:
215:
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206:
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12:
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5:
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1323:
1318:
1313:
1308:
1303:
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1288:
1283:
1278:
1273:
1271:Birla Sun Life
1268:
1263:
1258:
1253:
1247:
1245:
1239:
1238:
1235:
1234:
1232:
1231:
1226:
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1190:
1185:
1183:Royal Sundaram
1180:
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1170:
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1155:
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1135:
1129:
1127:
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1060:
1053:
1045:
1037:
1036:
1010:
984:
958:
932:
906:
877:
809:
782:₹241.28 crores
727:
698:
670:
669:
667:
664:
663:
662:
657:
652:
647:
636:
635:External links
633:
632:
631:
626:
621:
614:
611:
610:
609:
598:
566:
563:
559:3,146.87 crore
552:4,956.23 crore
538:1,949.16 crore
507:3,025.25 crore
500:2,604.12 crore
492:
489:
488:
487:
484:
481:
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383:life insurance
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164:Crop insurance
161:
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1634:Indian brands
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1350:Public sector
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1316:Reliance Life
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1261:Bajaj Allianz
1259:
1257:
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1240:
1230:
1227:
1225:
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1209:
1207:Public sector
1205:
1199:
1196:
1194:
1191:
1189:
1186:
1184:
1181:
1179:
1176:
1174:
1171:
1169:
1168:ICICI Lombard
1166:
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1161:
1159:
1156:
1154:
1151:
1149:
1146:
1144:
1141:
1139:
1136:
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1133:Bajaj Allianz
1131:
1130:
1128:
1126:
1122:
1112:
1109:
1108:
1106:
1104:Public sector
1102:
1099:
1097:
1093:
1090:
1088:
1084:
1080:
1075:
1066:
1061:
1059:
1054:
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1024:
1020:
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994:
988:
972:
968:
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890:
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874:
834:
830:
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627:
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620:
617:
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603:
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589:
588:
587:
584:
583:(US$ 6,000).
575:
570:
562:
517:
485:
482:
479:
478:
469:
466:
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456:
453:
450:
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438:CSR Committee
437:
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395:
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388:
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321:public sector
318:
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269:
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185:
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175:
174:Fidelity bond
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1532:Legislations
1027:. Retrieved
1022:
1013:
1001:. Retrieved
996:
987:
975:. Retrieved
970:
961:
949:. Retrieved
944:
935:
923:. Retrieved
918:
909:
897:. Retrieved
892:
871:12,300 crore
864:14,339 crore
857:14,020 crore
850:15,993 crore
844:
837:. Retrieved
832:
803:115.49 crore
778:294.07 crore
771:360.34 crore
764:309.47 crore
757:377.70 crore
751:
744:. Retrieved
739:
730:
718:. Retrieved
713:
692:
585:
573:
571:
568:
531:149.92 crore
524:329.16 crore
518:
514:421.13 crore
494:
446:
425:
416:15,993 crore
410:
400:
396:
372:
363:
359:15,993 crore
352:377.70 crore
316:
312:
311:
264:35,167 crore
250:Total assets
241:−4,968 crore
218:−3,374 crore
195:15,992 crore
82:Headquarters
36:Company type
18:
1489:Government
1424:Reinsurance
1394:Star Health
1336:Sriram Life
1326:Sahara Life
1311:PNB MetLife
1188:SBI General
1096:Agriculture
789:93.30 crore
545:2,425 crore
1608:Categories
1442:Repository
1321:Kotak Life
1266:Bharti AXA
1138:Bharti AXA
1029:2 February
1003:2 February
977:2 February
951:2 February
925:2 February
899:2 February
839:1 February
796:2.47 crore
746:1 February
720:1 February
666:References
227:Net income
101:Key people
66:1947-09-12
1291:HDFC Life
1281:Edelweiss
1158:HDFC ERGO
1153:Edelweiss
1087:Companies
915:"Profile"
604:5 crore (
595:120 crore
333:New Delhi
87:New Delhi
50:Insurance
1593:Category
1389:Max Bupa
1341:Tata AIA
1331:SBI Life
1306:Peerless
1301:Max Life
1198:TATA AIG
613:See also
132:Products
110:Chairman
46:Industry
1491:schemes
1125:General
629:MEDISEP
369:History
291:Website
183:Revenue
64: (
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1468:Policy
1432:GIC-Re
1371:Health
581:5 lakh
406:99,946
375:Mumbai
343:, and
341:Kuwait
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1553:Other
1286:Exide
1256:Aviva
1251:Aegon
345:Dubai
337:Nepal
304:/home
271:Owner
93:India
76:India
1560:CISR
1455:NSDL
1450:CDSL
1243:Life
1031:2024
1005:2024
979:2024
953:2024
927:2024
901:2024
841:2024
748:2024
722:2024
606:US$
317:OICL
298:.org
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302:/en
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