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Tuesday, Aug 03, 2004

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Money & Banking - Financial Performance
Corporate Results - General Insurance


Oriental Insurance logs record Rs 322-cr net

Our Bureau


Mr S. L. Mohan, CMD, Oriental Insurance Company Ltd (left), with Mr R. G. Viswanathan, Financial Advisor, at a press conference in the Capital on Monday. - - Ramesh Sharma

New Delhi , Aug 2

ORIENTAL Insurance Co Ltd registered a record net profit of Rs 322 crore for the fiscal ended March 31, 2004, as against Rs 63.99 crore in the previous year.

Profit before tax rose to Rs 454.33 crore against Rs 175.89 crore in the previous year.

Gross premium during the year showed a marginal increase of 1.1 per cent to Rs 2,899.74 crore (Rs 2,868.15 crore) while net premium grew by 7.1 per cent to Rs 2,033.03 crore (Rs 1,898.43 crore).

Net incurred claims rose to Rs 1,587.64 crore (with net incurred claims ratio standing at 78.1 per cent) from Rs 1,466.55 crore (77.3 per cent).

Addressing a press conference, the Chairman and Managing Director, Mr S.L. Mohan, said the company has set itself a target of achieving 12 per cent growth in gross premium during the current fiscal.

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