Financials

The Company's Gross Direct Premium Income in India during the year 2014-15 (Audited) was Rs.7561.93 crores and the Premium Income outside India was Rs.153.97 crores. The Gross Direct Premium in India & abroad showed a growth of 3.83%. The Net Premium Income (Domestic and Foreign), on the other hand grew by 1.42% to Rs. 6472.39 crores in 2014-15.

The company's operations in Nepal, Dubai and Kuwait yielded a Gross Direct Premium of Rs. 153.97 crores during the year 2014-15 as against Rs 154.70 crores during the previous year. The net premium on foreign operations stood at Rs. 155.79 crores as against this, the Net Incurred Claims during this year in respect of foreign operations were Rs.139.73 crores at 64.9%. The foreign operations have resulted in an overall surplus of Rs. 1.29 crores.

After taking into account the income from Interest, Dividend & Rent of Rs 1177.33 crores and Profit on sale of Investments of Rs 923.2 crores, we have posted a pre-tax profit of Rs 617.34 crores & post-tax profit of Rs. 392.10 crores for the year 2014-15.

As against the desirable Solvency Margin mandated by the Indian regulatory body, IRDAI, the available Solvency Margin is 1.68 as at 31st March 2015.

The Company is not only 'IT friendly' but also 'Technology Savvy'. An integrated Non-Life Insurance Application Software (INLIAS) has been implemented in all the offices. This will ensure that our Customer Service parameters grow by leaps and bounds.

No wonder, The Oriental Insurance Company has been enjoying the highest rating from leading Indian credit rating agencies CRISIL and ICRA. The Company has also been rated as B++(Very Good) by AM Best, an international rating agency.

 

Financial Snapshot 2014-15 & 2013-14

 

 

Fire

Marine

Miscellaneous

Total

2014-15

2013-14

2014-15

2013-14

2014-15

2013-14

2014-15

2013-14

Gross Direct Premium:               In India

96162

98447

39793

45856

604841

568481

740796

712784

Outside India

5116

5531

2354

2434

7927

7505

15397

15470

Gross Direct Premium Total

 

101278

 

103978

42147

48290

612768

575986

756193

728254

Net Premium

50678

67326

 

29288

 

31102

567273

539719

647239

638147

Ratio of Net to Gross

50.63 %

64.75%

69.49%

64.41%

92.57%

93.70%

85.59%

87.63%

Profit on Sale of Investments (Policy Holders’)

7924

(15.64%)

8023

(11.92%)

2985

(10.19%)

3194

(10.27%)

61027

(10.76%)

59184

(10.97%)

71936

(11.11%)

70401
(11.03%)

Int./Div./ Rent (Policy Holders’)

10105

(19.94%)

9335

(13.87%)

3807

(13.00%)

3717

(11.95%)

77826

(13.72%)

68867

(12.76%)

91738

(14.17%)

81919

(12.84%)

Commission and other income (Net Income(+)/ Net Outgo (-))

-2383

(-4.70%)

-2157

(-3.20%)

-2746

(-9.37%)

-2963

(-9.53%)

-29503

(-5.20%)

-31050

(-5.76%)

-34632

(-5.35%)

-36170

(-5.67%)

NPA (Provision (-)/ Write back(+))

32

(0.04%)

-10

(-0.01%)

12

(0.04%)

-4

(-0.01%)

245

(0.04%)

-75

(-0.01%)

289

(0.04%)

-89

(-0.01%)

Diminution in value of shares (-)/ written back (+)

20

(0.04%)

-59

(-0.09%)

8

(0.02%)

-23

(-0.07%)

153

(0.02%)

-433

(-0.08%)

181

(0.03%)

-515

(-0.08%)

Increase (-)/ Decrease (+) in unexpired risks reserve

8324

(16.42%)

-1282

(-1.90%)

730

(2.49%)

-2552

(-8.20%)

-13777

(-2.43%)

-38916

(-7.21%)

-4723

(-0.73%)

-42750

(-6.70%)

Net Incurred claims

-42505

(-83.87%)

-55525

(-82.47%)

-12129

(-41.41%)

-16660

(-53.57%)

-471516

(-83.12%)

-438917

(-81.32%)

-526150

(-81.29%)

-511102

(-80.09%)

Expenses of Management

-34469

(-68.02%)

-27522

(-40.88%)

-10163

(-34.70%)

-8821

(-28.36%)

-190166

(-33.52%)

-141201

(-26.16%)

-234798

(-36.27%)

-177544

(-27.82%)

Amortization expenses

-97

(-0.19%)

-96

(-0.14%)

-37

(-0.13%)

-38

(-0.12%)

-751

(-0.13%)

709

(-0.13%)

-885

(-0.13%)

-843

(-0.13%)

Investment Written off

-111

(-0.22%)

-118

(-0.19%)

-42

(-0.14%)

-47

(-0.15%)

-858

(-0.15%)

-873

(-0.16%)

-1011

(-0.16%)

-1038

(-0.16%)

Net Operating Profit /(Loss)

-2482

(-4.90%)

-2085

(-3.09%)

11713

(39.99%)

6905

(22.21%)

-47

(-0.01%)

15596

(2.90%)

9184

(1.42%)

20416

(3.21%)

Interest, Dividends & Rent (Shareholders’)

25995

22911

Profit on sale of Investments (Shareholders’)

20384

19690

Other Income/ Outgo

6963

3056

CSR Expenditure

-792

00

Profit (+) / Loss (-) before Tax

61734

66073

Prior period Income / Expenses

301

-692

IT deducted at source and Provision for Tax

-22820

-19980

Provision for Tax for earlier years

-5

628

Net Profit/ Loss after Tax

39210

46029

Transfer to General Reserve / Contingency Reserve

26010

33393

Provision for Dividend

11000

10800

Corporate Dividend Tax

2200

1836