Oriental Insurance Company net profit up at Rs 497 crore

Oriental Insurance Company Ltd has reported a 75 per cent jump in net profit to Rs 497.27 crore for 2006-07 from Rs 283.91 crore in the previous fiscal.

The growth in profit is the result of detariffing of prices on insurance products from January, rise in business in certain sectors and cut in losses on motor insurance.

The company also declared a dividend of 100% as against 50% in 2005-06. Gross premimum collections rose from Rs 3,609 crore to Rs 4,020 crore during this period.

With surplus cash of about Rs 2,000 crore, the company plans to expand operations in the Middle-east countries, after doing a business of around Rs 90 crore in overseas markets including Dubai and Kuwait.

The company did a business of Rs 150 crore last fiscal in rural areas and is targeting to enter rural health insurance in a big way. Oriental Insurance expects at least 10 per cent growth in business during the current financial year.

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