August 24, 2016 9:48 AM ET

Insurance

Company Overview of The Oriental Insurance Company Limited

Company Overview

The Oriental Insurance Company Limited offers general insurance services in India and internationally. It offers policies for motor insurance, personal accident, individual mediclaim, overseas mediclaim, shopkeepers, householders, family floater, and others. The company offers its products through marketing and development officers, direct agents, brokers, and bancassurance partners, as well as online. The Oriental Insurance Company Limited was incorporated in 1947 and is headquartered in New Delhi, India. The Oriental Insurance Company Limited operates as a subsidiary of General Insurance Corporation of India.

Oriental House

A-25/27, Asaf Ali Road

New Delhi,  110002

India

Founded in 1947

Phone:

91 11 4365 9595

Key Executives for The Oriental Insurance Company Limited

Chairman, Managing Director, Member of Investment Committee, Member of Risk Management Committee, Member of Policyholder"s Protection Committee, Member of IT Committee and Member of Property Review Committee
Age: 60
Chief Financial Officer, General Manager and Financial Adviser
Chief Vigilance Officer and General Manager
Company Secretary
General Manager and Whole-Time Director
Compensation as of Fiscal Year 2016.

The Oriental Insurance Company Limited Key Developments

The Central Government Owns Seven General Insurers Mulls IPO

General Insurance Corporation of India, The Oriental Insurance Company Limited, The New India Assurance Co. Ltd., United India Insurance Co. Ltd., National Insurance Company Limited, Agriculture Insurance Company of India Limited and Export Credit Guarantee Corporation of India Ltd. is looking to list its shares through an public offer. United India Insurance Company Ltd has taken a preliminary decision to list its shares through a public offer raising around INR 15 billion, said top officials. "The Board has taken a view to list the shares and rise around INR 15 billion. This is the first step and not the final step. The owner central government has to take the final call on the matter," the officials told on the condition of anonymity. "We have not decided on the share capital and the premium at which the shares are to be listed," they added. Presenting the 2016-17 budget, Finance Minister Arun Jaitley said "Public shareholding in government owned companies is a means of ensuring higher levels of transparency and accountability. To promote this objective, the general insurance companies owned by the government will be listed in the stock exchanges."

Six Companies Mulls IPO

At least six firms have lined up initial public offerings (IPOs), five of them state-owned as they look to feed government coffers. The sixth is ICICI Prudential Life Insurance Company Ltd. The combined offerings could raise more than INR 300 billion from the market based on private transactions although valuation details are still sketchy. Investment bankers are yet to be engaged for the sale of stakes in the state-owned companies, said executives at these firms. The state-run companies are general insurers are The New India Assurance Co. Ltd., National Insurance Company Limited, United India Insurance Co. Ltd., The Oriental Insurance Company Limited and General Insurance Corporation of India. All have submitted share-sale proposals to the government. Boards of most companies are seeking approval for 10% stake sale from the ministry," said the chairman of a state-run insurance company who did not want to be identified.

National Insurance Gearing Up For Share Sale

National Insurance Company Limited (NIC) is gearing up for its maiden share sale either through strategic divestment or initial public offer (IPO). "NIC is owned fully by the government. We are gearing up for a possible strategic divestment by the government or an IPO. It is a decision which will be taken by the government," company CMD K Sanath Kumar said. The company requires capital for future and also for meeting the solvency requirements as per IRDA guidelines, he said. The stake sale process would possibly start soon and the entire exercise was expected to be completed this financial year, he told reporters on the sidelines of an event. The four public sector insurers NIC, The Oriental Insurance Company Limited, The New India Assurance Co. Ltd. and United India Insurance Co. Ltd. had floated a TPA for the health vertical, he said. "Health Insurance TPA of India Ltd. will ultimately be the common arm for the four companies in future", he said.

Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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