THE ORIENTAL INSURANCE COMPANY LIMITED
.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. The Company is a pioneer in laying down systems for smooth and orderly conduct of the business. The strength of the company lies in its highly trained and motivated work force that covers various disciplines and has vast expertise. Oriental specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. The Company has a highly technically qualified and competent team of professionals to render the best customer service. Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime. ORIENTAL with its head Office at New Delhi has 26 Regional Offices and nearly 900+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2008-09 the figure stood at a mammoth Rs. 4077.90 crores. • Our Corporate Mission To contribute to the socio economic objectives of the nation by being a vibrant and viable organization catering to the growing insurance needs of the community. Towards this end we will strive for effective management of business operations. • Our Corporate Objectives 1. To serve better the insurance needs of the entire community, keeping CUSTOMER as the focus. 2. To strengthen our tradition of being CUSTOMER - FRIENDLY, in order to provide quality service. 3. To manage Business profitably, manage funds judiciously and deploy investible funds for optimum yield. 4. To optimise the retention of Indian business and conduct reinsurance and international operations in the best interest of the country. 5. To work towards minimisation of losses and develop Risk Management Technologies. 6. To function as a strong and dynamic non-life insurer. • Management Oriental Insurance is a professionally managed independent Board-run Company. Illustrious personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ), Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the Governor of West Bengal) were among our past Chairmen. At present Shri M.Ramadoss is Chairman-Cum-Managing Director of our Company. The Board of Directors of our Company include eminent personalities in various fields. • Financials
The Company´s Gross Direct Premium Income in India during the year 2008-09 (Audited) was Rs.3964.26 crores and the Premium Income outside India was Rs.113.64 crores. The Gross Direct Premium in India & abroad showed a growth of ?4.55%. The Net Premium Income (Domestic and Foreign), on the other hand grew by 12.38% from Rs. 2878.67 crores in 2007-.08 ?to Rs. 3235.10 crores in 2008-09.
The company´s operations in Nepal, Dubai and Kuwait yielded a Gross Direct Premium of Rs. 113.64 crores during the year 2008-09 as against Rs. 92.07 crores during the previous year. The net premium on foreign operations stood at Rs. 111.26 crores as against this, the Net Incurred Claims during this year in respect of foreign operations were Rs.65.95 crores at 59.27%. The foreign operations have resulted in an overall surplus of Rs. 15.27 crores. After taking into account the income from Interest, Dividend & Rent of Rs 608.23 crores and Profit on sale of Investments of Rs 387.39, we have posted a pre-tax loss of Rs 82.66 crores & post-tax loss of Rs. 52.66 crores for the year 2008-09. As against the desirable Solvency Margin of 1.5 mandated by the Indian regulatory body, IRDA, the available Solvency Margin is 1.66 ?as at 31st March 2009. The Company had a documents issuance ratio of more than 98% during the year, having issued 96.55 lacs documents approximately. The claims disposal ratio for non-suit claims settlement ratio was 86.30%. The Company is not only ?IT friendly? but also ?Technology Savvy?. We have our own website in place. An integrated Non-Life Insurance Application Software (INLIAS) has been implemented in all the 1018 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 2008-09 & 2007-08 Figures in brackets are percentage to net premium Fire 2008-09 2007-08 Marine 2008-09 2007-08 Miscellaneous 2008-09 2007-08 (Rs. in lakhs) Total 2008-09 2007-08
Gross Direct Prem ium: In India Outside India Gross Direct Prem ium Total Net Premium Ratio of Net to Gross Profit on Sale of Investments (Policy Holders´) Int./Div./ Rent (Polic y Holde rs´) Commission and other income (Net Income(+)/ Net Outgo (-)) NPA (Provision (+)/ Write back(-)) Diminution in value of shares (-)/ written back (+)
44066 47820 2296 1786
33259 33906 1588 1261
319101 299087 7480 6160
396426 380813 11364 9207
46362
49606
34847
35167
326581
305247
407790
390020
31947 68.90 %
29712 59.90 %
17715 50.84 %
18629 52.97 % 1851 ?(9.9 %)
273848 83.85 %
239526 78.47 %
323510 79.33 %
287867 73.81 %
2729 (8.54 %)
3469 (11.7%)
1292 (7.29%)
23765 (8.68%)
34715 (14.5%)
27786 (8.59%)
40035 (13.9%)
4284 (13.41%)
3470 (11.7%)
2029 (11.45%)
1851 (9.9%)
37313 (13.63%)
34730 (14.5%)
43626 (13.48%)
40051 (13.9%)
-379 (-1.19%) 132 (0.41%) -16 (-0.05%)
679 (2.3%) 71 (0.2%) -1 (-0.0%)
-1251 (-7.06%) 63 (0.36%) -7 (-0.04%)
-1042 (-5.6%) 38 (0.2%) 0 (0.0%)
-18689 (-6.83%) 1152 (0.42%) -143 (-0.05%)
-12737 (-5.3%) 705 (0.3%) -9 (0.0%)
-20319 (-6.28%) 1347 (0.42%) -166 (-0.05%)
-13100 (-4.6%) 814 (0.3%) -10 (0.0%)
Increase (-)/ Decrease (+) in unexpired risks reserve Net Incurred claims Expenses of Management Amortization expenses Investment Written off
-454 (-1.42%)
-36245 (113.45%) -10583 (-33.13%)
2730 (9.2%)
-31037 (104.5%) -10688 (-36.0%)
785 (4.43%)
-17226 (-97.24%) -5613 (-31.68%)
-1689 (-9.1%)
-11008 (-59.1%) -5560 (-29.8%)
-17161 (-6.27%)
-252248 (-92.11%) -75248 (-27.48%)
-1284 (-0.5%)
-218177 (-91.1%) -66112 (-27.6%)
-16830 (-5.20%)
-305719 (-94.50%) -91444 (-28.27%)
-24 (-0.1%)
-260222 (-90.4%) -82360 (-28.6%)
-77 -74 -37 (-0.24%) (-0.2%) (-0.21%) -65 -8 -31 (-0.20%) (0.0%) (-0.17%) -8727 Net Operating -1677 -2281 (Profit (-5.6%) (-12.87%) 27.32%) Interest, Dividends & Rent (Shareholders´) Profit on sale of Investments (Shareholders´) Other Income/ Outgo Profit (+) / Loss (-) before Tax Prior period income & expenses IT deducted at source and Provision for Tax Provision for Tax for earlier years Net Profit/ Loss after Tax Transfer to General Reserve Provision for Dividend Corporate Dividend Tax
-39 (-0.2%) -4 (0.0%) 3027 (16.2%)
-671 (-0.25%) -561 (-0.20%) -28643 (10.46%)
-738 (-0.3%) -76 (0.0%) 10543 (4.4%)
-785 (-0.25%) -657 (-0.20%) -39651 (-12.26%) 17197 10953 2659 -8842 -94 -1167 4837 -5266 -5266 00 00
-851 (-0.3%) -88 (0.0%) 11893 (4.1%) 17118 17110 -1886 44235 000 -4429 -38876 930 53 750 127
* Percentages mentioned above are to Net Premium
Five Year Digest
(Amount in lacs)
2004-05 Gross Direct Premium Net Premium Net Claims 309055 221802 190838 (86.0%) 72988 (32.9%) 21338 (9.6%) 14918 47170 33052 10000
2005-06 360977 250046 206475 (82.6%) 85076 (34.0%) 14438 (5.8%) 12169 33419 28392 10000
2006-07 402078 287974 235885 (81.9%) 75423 (26.2%) 29833 (10.3%) 15732 62964 49727 10000
2007-08 390020 287867 260222 (90.40%) 82360 (28.6%) 11893 (4.1%) 17118 44235 930 10000
2008-09 407790 323510 305719 (94.50 %) 91444 (28.27%) -39651 (12.26 %) 17197 -8842 -5266 10000
Operating Expenses
Underwriting Profit / Loss (-) ** Interest, Dividend and Rent ** Profit Before Tax Profit After Tax Paid-up Capital
General Reserve Reserve for Unexpired Risk Capital Reserve & Other Reserve % means percentage to net premium
131836 111937 2565
154526 126399 2565
192553 145295 2565
192606 145539 2565
187339 162369 2565
** W.e.f 1.4.2003, Underwriting Profit/Loss is after apportionment of a share of profit on Sale of Investments, Int./Div./Rent, NPA Provision, Diminution in value of Shares, Amortization and Investment Written Off
Popular Policies A few of our most widely sold and most useful policies are: • • • • • • • • • • • • • • • • • • • Motor Policies - Terms & Conditions Comprehensive Health Insurance Scheme Electronic Equipment Insurance Policy Group Mediclaim Policy Householders Insurance Policy Individual Mediclaim Policy Kissan Package Insurance Motor Cycle Package Policy Nagrik Suraksha Policy Office Umbrella Policy Overseas Mediclaim Business and Holiday Overseas Mediclaim Employment and Study Pedal Cycle Insurance Policy Personal Accident - Individual Private Car Package Policy Shopkeeper's Insurance Policy Swasthya Bima Policy Sweet Home Insurance Policy Universal Health Insurance Scheme
BHAGYASREE CHILD WELFARE POLICY Policy Proposal Form CATTLE INSURANCE Cattle Insurance Proposal Form Cattle Insurance Prospectus Cattle Insurance Claim Form Sheep & Goat Insurance Proposal Form GRAMIN PERSONAL ACCIDENT POLICY Prospectus Proposal Form Claim Form JANTA PERSONAL ACCIDENT POLICY Prospectus Proposal Form
Claim Form KISAN PACKAGE POLICY. Prospectus Proposal Cum Policy RAJRAJESHWARI MAHILA KALYAN BIMA YOJNA Policy Proposal Form UNIVERSAL HEALTH INSURANCE SCHEME
Five Year Digest
(Amount in lacs)
2004-05 Gross Direct Premium Net Premium Net Claims 309055 221802 190838 (86.0%) 72988 (32.9%) 21338 (9.6%) 14918 47170 33052 10000 131836 111937 2565
2005-06 360977 250046 206475 (82.6%) 85076 (34.0%) 14438 (5.8%) 12169 33419 28392 10000 154526 126399 2565
2006-07 402078 287974 235885 (81.9%) 75423 (26.2%) 29833 (10.3%) 15732 62964 49727 10000 192553 145295 2565
2007-08 390020 287867 260222 (90.40%) 82360 (28.6%) 11893 (4.1%) 17118 44235 930 10000 192606 145539 2565
2008-09 407790 323510 305719 (94.50 %) 91444 (28.27%) -39651 (12.26 %) 17197 -8842 -5266 10000 187339 162369 2565
Operating Expenses
Underwriting Profit / Loss (-) ** Interest, Dividend and Rent ** Profit Before Tax Profit After Tax Paid-up Capital General Reserve Reserve for Unexpired Risk Capital Reserve & Other Reserve % means percentage to net premium
** W.e.f 1.4.2003, Underwriting Profit/Loss is after apportionment of a share of profit on Sale of Investments, Int./Div./Rent, NPA Provision, Diminution in value of Shares, Amortization and Investment Written Off
Citizen's Charter
Our Mission: • To develop general insurance business in the best interest of the community. • To provide financial security to individuals, trade and commerce by offering insurance products and service of high quality at affordable cost. Our Values: • Highest priority to customer needs. • High standards of public conduct. • Transparency in operations. Our Commitment: TO THE CITIZENS WE WILL • in areas coming within competence of GIC respond to all commercially viable general insurance requirements of the citizens, not hitherto available within three months from the date on which such a demand is received. • in areas covered by tariff, appropriate proposals will be submitted to the Tariff Advisory Committee with appropriate comments within two months. • continue to provide customized insurance products for weaker sections of the society at affordable price within six months of receipt of a request for a specific type of cover. • establish customer information counters at all regional centers by December, 1997 and computerise these centers by March, 1998. These computerised centers will be extended to divisional offices in stages by December, 1999. • establish ‘May I Help You’ facility to cater to customers information requirements at the Headquarters of the insurance companies by 15th August, 1997. • ensure issuance of 90% of documents within a period of 30 days from 15th August, 1997 and progressively reduce the period to 15 days by August, 1998 and to 7 days by August, 1999. • prepare booklets on standard policy covers setting out essential information and make such booklets readily available for purchase at suitable places. • set up Zonal Advisory Committees at the four metropolitan cities by December, 1997 to interact
with customers and get feedback on insurance services. • promote customer education in general insurance service by holding workshops in important regional centers. • make available to a customer, on request to the policy issuing office, the status of his claim and/or claim settlement details within 7 working days. • settle all claims within a times schedule envisaged hereunder :a) personal line insurance claims within 30 days on completion of all requirements. b) property claims within 60 days on completion of all requirements. c) liability claims within 30 days on completion of process of law. • endeavour to set up a system of Ombudsman at the four metropolitan cities to conciliate disputes on personal line insurance claims
Senior Executives
Chairman-Cum-Managing Director M.Ramadoss General Managers S. K. Chanana D. Singh S. Surenther Niraj Kumar A. K. Saxena N. K. Singh Chief Vigilance Officer A.K.Gupta Company Secretary Mrs. Rashmi Bajpai
DGMs in Head Office
Office Address
M. K. Jindal , D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23264168 E-Mail: [email protected]
P. Mahajan , D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23243694 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23278265 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23276828 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23283941, 43659205 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23266115, 43659403 Email : [email protected]
A. K. Bhandari , D.G.M. Head Office
P. K. Jha , D.G.M. Head Office
D. K. Soni, D.G.M. Head Office
Virander Kumar , D.G.M. Head Office
B.N.Prasad, D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23269010 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23242294, 43659103 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23243693 Email : [email protected]
T.K.Chattopadhaya, D.G.M. Head Office
Mita Bhattacharjee, D.G.M. Head Office
Anil Kumar, D.G.M. Head Office
Regional Incharge
Office Address
P. C. Hota, C.R.M. RO Ahmedabad
Navjivan Trust Bldg. , 3rd Floor , B/H Gujarat Vidhyapith, Off Ashram Road, Ahmedabad - 380014 Phone : (079) 27541103
E-Mail: [email protected] A.K.Das, D.G.M. RO Ambala LIC Building, 2nd Floor, Jagadhari Road, Ambala Cantt., Haryana - 133001 Ph. (0171) 2640290 E-Mail: [email protected] 1st Floor & 4th Floor, Leo Shopping Complex, 44/45 , Residency Road Cross, Bangalore - 560025 Ph. (080) 25593693,25581123 E-Mail: [email protected] Alok Bharti Tower, 4th Floor, Sahid Nagar, Bhubaneswar - 751007 Phone : (0674) 2547761 E-Mail: [email protected] , [email protected] S.C.O. No 109-110-111, Surendra Building, Sector-17d, Chandigarh - 160017 Phone : (0172) 2704257 E-Mail: [email protected] P.B.No. 1877, U. I. L. Building, III& IV Floor, 8, Esplanade, Chennai - 600108 Phone : (044) 25341578, 23458211 E-Mail: [email protected] , [email protected] Metro Palace, North Railway Station Road, Ernakulam, Cochin - 682018 Phone : (0484) 2396988 E-Mail: [email protected] May Flower Building - 2nd Floor, 72,Dr.Balasundaram Road, ATT Colony Coimbatore- 641018 Ph: CRM(Direct) : 0422-2244662 CRM Secretariat: 0422-2244661 Fax: 0422-2244672 E-Mail: [email protected] Office: [email protected] 24-A, IIIrd. Floor, NCR Plaza, Hathibarkala, New Cantt. Road, Dehradun - 248001 (Uttarakhand) E-Mail: [email protected] G. S. Road, Ulubari, Guwahati - 781007 Ph. (0361) 2730523,2730527 E-Mail: [email protected]
P.R. Meenakshisundaram, D.G.M. RO Bangalore
D K Mishra, C.R.M. RO Bhubaneswar
Amrish Gupta, C.R.M. RO Chandigarh
G. Anandan, D.G.M. RO Chennai
Dr. Israel K.Mani , D.G.M. I/C RO Cochin
Dr. M. Johnson, C.R.M. RO Coimbatore
Ashwani Kumar, C.R.M. RO Dehradun
B. Basumatary, C.R.M. RO Guwahati
K. Vardarajan, CRM RO Hubli
2nd floor, Sumangala Complex, Opp. HDMC ,Lamington Road HUBLI- 580020 Mobile No: 99454-99727 E-Mail: [email protected] 6-3-871, Snehlata Greenlands Road, Begumpet, Hyderabad - 500016 Ph. (040) 23410698, 23400698 E-Mail: [email protected] IDA Building, 4th Floor, 7, Race Course Road, Indore - 452003 Ph. (0731) 2549061 E-Mail: [email protected] 'Anand Bhawan', 3rd Floor, S.C. Road, Post Box No. 158 , Jaipur - 302001 Ph. (0141) 5113555,2361560,2374818,5113666,5118650 Fax No. 2363312 E-Mail: [email protected] 43, Hazratganj, Lucknow - 226001 Ph. (0522) 2614886 E-Mail: [email protected] Oriental House, 2nd Floor, 7, Jamshedji Tata Road, Churchgate,Mumbai - 400020 Ph.(022) 22821243 E-Mail: [email protected] Oriental House, 7th Floor, 7, Jamshedji Tata Road, Churchgate, Mumbai - 400020 Ph.(022) 22821933/22840500 Board Nos.22852660/61/63/64 E-Mail: [email protected] “ORIENTAL”, 4TH FLOOR, S.K. TOWER NELSON SQUARE , CHHINDWARA ROAD, NAGPUR 440013 Ph.(0712) 2585533 (D) /2585535//36/37 EPBx: 0712-2580488/2580639/2580420 FAX NO. 0712-2585534 E-Mail: [email protected] Jeevan Bharti Bldg. , 9th Floor , Tower-I , 124 , Connaught Circus, New Delhi 110001 Ph.(011) 23324495 E-Mail: [email protected] 1st Floor, Core-1, Scope Minar District Centre, Laxmi Nagar, Delhi - 110092 Ph.(011) 22449481 E-Mail: [email protected] 4, Lyons Range, Kolkata - 700001 Ph.(033) 22203421, 22307995 E-Mail: [email protected] ,
Nagraj M. Sarma, D.G.M. I/C RO Hyderabad
Akhilesh Mishra, C.R.M. RO Indore
R.K.P. Rajpal, C.R.M. RO Jaipur
O. P. Pandey, D.G.M. RO Lucknow
P.S.K.Rao, D.G.M. RO -1 Mumbai
Reena Bhatnagar, D.G.M. RO -2 Mumbai
Dr. M. S. Kumar, C.R.M. RO Nagpur
C.S.Tandon, D.G.M. RO - 1 New Delhi
S. Kaushik, D.G.M. RO - 2 New Delhi
S. K. Nasipuri, D.G.M. RO Kolkata
[email protected] Pirmohani, Rajendra Path, Patna - 800003 Ph.(0612) 665838, 3290707 E-Mail: [email protected] Mayfair Towers, 1st Floor, Wakade Wadi, Pune-Mumbai Road, Shivaji Nagar, Pune - 411005 Ph.(020) 25512009 E-Mail: [email protected] FIRST FLOOR, R.K. PLAZA, RING ROAD NO. 1, RAIPUR (C.G.) 492001 TEL. NO. 0771-2274556 (DIRECT), 2274558, 2274559 E-Mail: [email protected]
Sushil Kumar, C.R.M. RO Patna
Rahul Duggal, C.R.M. RO Pune
Dr. R.K.Shrivastava, CRM RO Raipur
V. Sajan, C.R.M. RO Vadodara
A G Chambers, University Road, Fatehgunj, Vadodara - 390002 Ph.(0265) 2782494 Mobile : 9879544763 E-Mail: [email protected] Regional office Visakhapatnam, 28-1-1, 'BALAJI', 2nd floor, Daba Gardens, VISAKHAPATNAM - 530020. PH : 0891- 2792208 E-Mail: [email protected]
P.S.Haranadh, CRM RO Visakhapatnam
R.C. Jaiswal, Principal OSTC-Faridabad
Oriental Staff Training College, Sector No. 11, Bata More, Mathura Road, Faridabad - 121006 Ph. (0129) 2283058, 2299039, Fax No. 2220133 Pbx Nos : 2290175,2285470 Training Deptt. : 2281995 Fax No. : 2291156
doc_903077267.doc
.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. The Company is a pioneer in laying down systems for smooth and orderly conduct of the business. The strength of the company lies in its highly trained and motivated work force that covers various disciplines and has vast expertise. Oriental specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. The Company has a highly technically qualified and competent team of professionals to render the best customer service. Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime. ORIENTAL with its head Office at New Delhi has 26 Regional Offices and nearly 900+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2008-09 the figure stood at a mammoth Rs. 4077.90 crores. • Our Corporate Mission To contribute to the socio economic objectives of the nation by being a vibrant and viable organization catering to the growing insurance needs of the community. Towards this end we will strive for effective management of business operations. • Our Corporate Objectives 1. To serve better the insurance needs of the entire community, keeping CUSTOMER as the focus. 2. To strengthen our tradition of being CUSTOMER - FRIENDLY, in order to provide quality service. 3. To manage Business profitably, manage funds judiciously and deploy investible funds for optimum yield. 4. To optimise the retention of Indian business and conduct reinsurance and international operations in the best interest of the country. 5. To work towards minimisation of losses and develop Risk Management Technologies. 6. To function as a strong and dynamic non-life insurer. • Management Oriental Insurance is a professionally managed independent Board-run Company. Illustrious personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ), Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the Governor of West Bengal) were among our past Chairmen. At present Shri M.Ramadoss is Chairman-Cum-Managing Director of our Company. The Board of Directors of our Company include eminent personalities in various fields. • Financials
The Company´s Gross Direct Premium Income in India during the year 2008-09 (Audited) was Rs.3964.26 crores and the Premium Income outside India was Rs.113.64 crores. The Gross Direct Premium in India & abroad showed a growth of ?4.55%. The Net Premium Income (Domestic and Foreign), on the other hand grew by 12.38% from Rs. 2878.67 crores in 2007-.08 ?to Rs. 3235.10 crores in 2008-09.
The company´s operations in Nepal, Dubai and Kuwait yielded a Gross Direct Premium of Rs. 113.64 crores during the year 2008-09 as against Rs. 92.07 crores during the previous year. The net premium on foreign operations stood at Rs. 111.26 crores as against this, the Net Incurred Claims during this year in respect of foreign operations were Rs.65.95 crores at 59.27%. The foreign operations have resulted in an overall surplus of Rs. 15.27 crores. After taking into account the income from Interest, Dividend & Rent of Rs 608.23 crores and Profit on sale of Investments of Rs 387.39, we have posted a pre-tax loss of Rs 82.66 crores & post-tax loss of Rs. 52.66 crores for the year 2008-09. As against the desirable Solvency Margin of 1.5 mandated by the Indian regulatory body, IRDA, the available Solvency Margin is 1.66 ?as at 31st March 2009. The Company had a documents issuance ratio of more than 98% during the year, having issued 96.55 lacs documents approximately. The claims disposal ratio for non-suit claims settlement ratio was 86.30%. The Company is not only ?IT friendly? but also ?Technology Savvy?. We have our own website in place. An integrated Non-Life Insurance Application Software (INLIAS) has been implemented in all the 1018 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 2008-09 & 2007-08 Figures in brackets are percentage to net premium Fire 2008-09 2007-08 Marine 2008-09 2007-08 Miscellaneous 2008-09 2007-08 (Rs. in lakhs) Total 2008-09 2007-08
Gross Direct Prem ium: In India Outside India Gross Direct Prem ium Total Net Premium Ratio of Net to Gross Profit on Sale of Investments (Policy Holders´) Int./Div./ Rent (Polic y Holde rs´) Commission and other income (Net Income(+)/ Net Outgo (-)) NPA (Provision (+)/ Write back(-)) Diminution in value of shares (-)/ written back (+)
44066 47820 2296 1786
33259 33906 1588 1261
319101 299087 7480 6160
396426 380813 11364 9207
46362
49606
34847
35167
326581
305247
407790
390020
31947 68.90 %
29712 59.90 %
17715 50.84 %
18629 52.97 % 1851 ?(9.9 %)
273848 83.85 %
239526 78.47 %
323510 79.33 %
287867 73.81 %
2729 (8.54 %)
3469 (11.7%)
1292 (7.29%)
23765 (8.68%)
34715 (14.5%)
27786 (8.59%)
40035 (13.9%)
4284 (13.41%)
3470 (11.7%)
2029 (11.45%)
1851 (9.9%)
37313 (13.63%)
34730 (14.5%)
43626 (13.48%)
40051 (13.9%)
-379 (-1.19%) 132 (0.41%) -16 (-0.05%)
679 (2.3%) 71 (0.2%) -1 (-0.0%)
-1251 (-7.06%) 63 (0.36%) -7 (-0.04%)
-1042 (-5.6%) 38 (0.2%) 0 (0.0%)
-18689 (-6.83%) 1152 (0.42%) -143 (-0.05%)
-12737 (-5.3%) 705 (0.3%) -9 (0.0%)
-20319 (-6.28%) 1347 (0.42%) -166 (-0.05%)
-13100 (-4.6%) 814 (0.3%) -10 (0.0%)
Increase (-)/ Decrease (+) in unexpired risks reserve Net Incurred claims Expenses of Management Amortization expenses Investment Written off
-454 (-1.42%)
-36245 (113.45%) -10583 (-33.13%)
2730 (9.2%)
-31037 (104.5%) -10688 (-36.0%)
785 (4.43%)
-17226 (-97.24%) -5613 (-31.68%)
-1689 (-9.1%)
-11008 (-59.1%) -5560 (-29.8%)
-17161 (-6.27%)
-252248 (-92.11%) -75248 (-27.48%)
-1284 (-0.5%)
-218177 (-91.1%) -66112 (-27.6%)
-16830 (-5.20%)
-305719 (-94.50%) -91444 (-28.27%)
-24 (-0.1%)
-260222 (-90.4%) -82360 (-28.6%)
-77 -74 -37 (-0.24%) (-0.2%) (-0.21%) -65 -8 -31 (-0.20%) (0.0%) (-0.17%) -8727 Net Operating -1677 -2281 (Profit (-5.6%) (-12.87%) 27.32%) Interest, Dividends & Rent (Shareholders´) Profit on sale of Investments (Shareholders´) Other Income/ Outgo Profit (+) / Loss (-) before Tax Prior period income & expenses IT deducted at source and Provision for Tax Provision for Tax for earlier years Net Profit/ Loss after Tax Transfer to General Reserve Provision for Dividend Corporate Dividend Tax
-39 (-0.2%) -4 (0.0%) 3027 (16.2%)
-671 (-0.25%) -561 (-0.20%) -28643 (10.46%)
-738 (-0.3%) -76 (0.0%) 10543 (4.4%)
-785 (-0.25%) -657 (-0.20%) -39651 (-12.26%) 17197 10953 2659 -8842 -94 -1167 4837 -5266 -5266 00 00
-851 (-0.3%) -88 (0.0%) 11893 (4.1%) 17118 17110 -1886 44235 000 -4429 -38876 930 53 750 127
* Percentages mentioned above are to Net Premium
Five Year Digest
(Amount in lacs)
2004-05 Gross Direct Premium Net Premium Net Claims 309055 221802 190838 (86.0%) 72988 (32.9%) 21338 (9.6%) 14918 47170 33052 10000
2005-06 360977 250046 206475 (82.6%) 85076 (34.0%) 14438 (5.8%) 12169 33419 28392 10000
2006-07 402078 287974 235885 (81.9%) 75423 (26.2%) 29833 (10.3%) 15732 62964 49727 10000
2007-08 390020 287867 260222 (90.40%) 82360 (28.6%) 11893 (4.1%) 17118 44235 930 10000
2008-09 407790 323510 305719 (94.50 %) 91444 (28.27%) -39651 (12.26 %) 17197 -8842 -5266 10000
Operating Expenses
Underwriting Profit / Loss (-) ** Interest, Dividend and Rent ** Profit Before Tax Profit After Tax Paid-up Capital
General Reserve Reserve for Unexpired Risk Capital Reserve & Other Reserve % means percentage to net premium
131836 111937 2565
154526 126399 2565
192553 145295 2565
192606 145539 2565
187339 162369 2565
** W.e.f 1.4.2003, Underwriting Profit/Loss is after apportionment of a share of profit on Sale of Investments, Int./Div./Rent, NPA Provision, Diminution in value of Shares, Amortization and Investment Written Off
Popular Policies A few of our most widely sold and most useful policies are: • • • • • • • • • • • • • • • • • • • Motor Policies - Terms & Conditions Comprehensive Health Insurance Scheme Electronic Equipment Insurance Policy Group Mediclaim Policy Householders Insurance Policy Individual Mediclaim Policy Kissan Package Insurance Motor Cycle Package Policy Nagrik Suraksha Policy Office Umbrella Policy Overseas Mediclaim Business and Holiday Overseas Mediclaim Employment and Study Pedal Cycle Insurance Policy Personal Accident - Individual Private Car Package Policy Shopkeeper's Insurance Policy Swasthya Bima Policy Sweet Home Insurance Policy Universal Health Insurance Scheme
BHAGYASREE CHILD WELFARE POLICY Policy Proposal Form CATTLE INSURANCE Cattle Insurance Proposal Form Cattle Insurance Prospectus Cattle Insurance Claim Form Sheep & Goat Insurance Proposal Form GRAMIN PERSONAL ACCIDENT POLICY Prospectus Proposal Form Claim Form JANTA PERSONAL ACCIDENT POLICY Prospectus Proposal Form
Claim Form KISAN PACKAGE POLICY. Prospectus Proposal Cum Policy RAJRAJESHWARI MAHILA KALYAN BIMA YOJNA Policy Proposal Form UNIVERSAL HEALTH INSURANCE SCHEME
Five Year Digest
(Amount in lacs)
2004-05 Gross Direct Premium Net Premium Net Claims 309055 221802 190838 (86.0%) 72988 (32.9%) 21338 (9.6%) 14918 47170 33052 10000 131836 111937 2565
2005-06 360977 250046 206475 (82.6%) 85076 (34.0%) 14438 (5.8%) 12169 33419 28392 10000 154526 126399 2565
2006-07 402078 287974 235885 (81.9%) 75423 (26.2%) 29833 (10.3%) 15732 62964 49727 10000 192553 145295 2565
2007-08 390020 287867 260222 (90.40%) 82360 (28.6%) 11893 (4.1%) 17118 44235 930 10000 192606 145539 2565
2008-09 407790 323510 305719 (94.50 %) 91444 (28.27%) -39651 (12.26 %) 17197 -8842 -5266 10000 187339 162369 2565
Operating Expenses
Underwriting Profit / Loss (-) ** Interest, Dividend and Rent ** Profit Before Tax Profit After Tax Paid-up Capital General Reserve Reserve for Unexpired Risk Capital Reserve & Other Reserve % means percentage to net premium
** W.e.f 1.4.2003, Underwriting Profit/Loss is after apportionment of a share of profit on Sale of Investments, Int./Div./Rent, NPA Provision, Diminution in value of Shares, Amortization and Investment Written Off
Citizen's Charter
Our Mission: • To develop general insurance business in the best interest of the community. • To provide financial security to individuals, trade and commerce by offering insurance products and service of high quality at affordable cost. Our Values: • Highest priority to customer needs. • High standards of public conduct. • Transparency in operations. Our Commitment: TO THE CITIZENS WE WILL • in areas coming within competence of GIC respond to all commercially viable general insurance requirements of the citizens, not hitherto available within three months from the date on which such a demand is received. • in areas covered by tariff, appropriate proposals will be submitted to the Tariff Advisory Committee with appropriate comments within two months. • continue to provide customized insurance products for weaker sections of the society at affordable price within six months of receipt of a request for a specific type of cover. • establish customer information counters at all regional centers by December, 1997 and computerise these centers by March, 1998. These computerised centers will be extended to divisional offices in stages by December, 1999. • establish ‘May I Help You’ facility to cater to customers information requirements at the Headquarters of the insurance companies by 15th August, 1997. • ensure issuance of 90% of documents within a period of 30 days from 15th August, 1997 and progressively reduce the period to 15 days by August, 1998 and to 7 days by August, 1999. • prepare booklets on standard policy covers setting out essential information and make such booklets readily available for purchase at suitable places. • set up Zonal Advisory Committees at the four metropolitan cities by December, 1997 to interact
with customers and get feedback on insurance services. • promote customer education in general insurance service by holding workshops in important regional centers. • make available to a customer, on request to the policy issuing office, the status of his claim and/or claim settlement details within 7 working days. • settle all claims within a times schedule envisaged hereunder :a) personal line insurance claims within 30 days on completion of all requirements. b) property claims within 60 days on completion of all requirements. c) liability claims within 30 days on completion of process of law. • endeavour to set up a system of Ombudsman at the four metropolitan cities to conciliate disputes on personal line insurance claims
Senior Executives
Chairman-Cum-Managing Director M.Ramadoss General Managers S. K. Chanana D. Singh S. Surenther Niraj Kumar A. K. Saxena N. K. Singh Chief Vigilance Officer A.K.Gupta Company Secretary Mrs. Rashmi Bajpai
DGMs in Head Office
Office Address
M. K. Jindal , D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23264168 E-Mail: [email protected]
P. Mahajan , D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23243694 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23278265 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone : (011) 23276828 E-Mail: [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23283941, 43659205 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23266115, 43659403 Email : [email protected]
A. K. Bhandari , D.G.M. Head Office
P. K. Jha , D.G.M. Head Office
D. K. Soni, D.G.M. Head Office
Virander Kumar , D.G.M. Head Office
B.N.Prasad, D.G.M. Head Office
"Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23269010 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23242294, 43659103 Email : [email protected] "Oriental House", A-25/27, Asaf Ali Road, New Delhi - 110002 Phone: (011) - 23243693 Email : [email protected]
T.K.Chattopadhaya, D.G.M. Head Office
Mita Bhattacharjee, D.G.M. Head Office
Anil Kumar, D.G.M. Head Office
Regional Incharge
Office Address
P. C. Hota, C.R.M. RO Ahmedabad
Navjivan Trust Bldg. , 3rd Floor , B/H Gujarat Vidhyapith, Off Ashram Road, Ahmedabad - 380014 Phone : (079) 27541103
E-Mail: [email protected] A.K.Das, D.G.M. RO Ambala LIC Building, 2nd Floor, Jagadhari Road, Ambala Cantt., Haryana - 133001 Ph. (0171) 2640290 E-Mail: [email protected] 1st Floor & 4th Floor, Leo Shopping Complex, 44/45 , Residency Road Cross, Bangalore - 560025 Ph. (080) 25593693,25581123 E-Mail: [email protected] Alok Bharti Tower, 4th Floor, Sahid Nagar, Bhubaneswar - 751007 Phone : (0674) 2547761 E-Mail: [email protected] , [email protected] S.C.O. No 109-110-111, Surendra Building, Sector-17d, Chandigarh - 160017 Phone : (0172) 2704257 E-Mail: [email protected] P.B.No. 1877, U. I. L. Building, III& IV Floor, 8, Esplanade, Chennai - 600108 Phone : (044) 25341578, 23458211 E-Mail: [email protected] , [email protected] Metro Palace, North Railway Station Road, Ernakulam, Cochin - 682018 Phone : (0484) 2396988 E-Mail: [email protected] May Flower Building - 2nd Floor, 72,Dr.Balasundaram Road, ATT Colony Coimbatore- 641018 Ph: CRM(Direct) : 0422-2244662 CRM Secretariat: 0422-2244661 Fax: 0422-2244672 E-Mail: [email protected] Office: [email protected] 24-A, IIIrd. Floor, NCR Plaza, Hathibarkala, New Cantt. Road, Dehradun - 248001 (Uttarakhand) E-Mail: [email protected] G. S. Road, Ulubari, Guwahati - 781007 Ph. (0361) 2730523,2730527 E-Mail: [email protected]
P.R. Meenakshisundaram, D.G.M. RO Bangalore
D K Mishra, C.R.M. RO Bhubaneswar
Amrish Gupta, C.R.M. RO Chandigarh
G. Anandan, D.G.M. RO Chennai
Dr. Israel K.Mani , D.G.M. I/C RO Cochin
Dr. M. Johnson, C.R.M. RO Coimbatore
Ashwani Kumar, C.R.M. RO Dehradun
B. Basumatary, C.R.M. RO Guwahati
K. Vardarajan, CRM RO Hubli
2nd floor, Sumangala Complex, Opp. HDMC ,Lamington Road HUBLI- 580020 Mobile No: 99454-99727 E-Mail: [email protected] 6-3-871, Snehlata Greenlands Road, Begumpet, Hyderabad - 500016 Ph. (040) 23410698, 23400698 E-Mail: [email protected] IDA Building, 4th Floor, 7, Race Course Road, Indore - 452003 Ph. (0731) 2549061 E-Mail: [email protected] 'Anand Bhawan', 3rd Floor, S.C. Road, Post Box No. 158 , Jaipur - 302001 Ph. (0141) 5113555,2361560,2374818,5113666,5118650 Fax No. 2363312 E-Mail: [email protected] 43, Hazratganj, Lucknow - 226001 Ph. (0522) 2614886 E-Mail: [email protected] Oriental House, 2nd Floor, 7, Jamshedji Tata Road, Churchgate,Mumbai - 400020 Ph.(022) 22821243 E-Mail: [email protected] Oriental House, 7th Floor, 7, Jamshedji Tata Road, Churchgate, Mumbai - 400020 Ph.(022) 22821933/22840500 Board Nos.22852660/61/63/64 E-Mail: [email protected] “ORIENTAL”, 4TH FLOOR, S.K. TOWER NELSON SQUARE , CHHINDWARA ROAD, NAGPUR 440013 Ph.(0712) 2585533 (D) /2585535//36/37 EPBx: 0712-2580488/2580639/2580420 FAX NO. 0712-2585534 E-Mail: [email protected] Jeevan Bharti Bldg. , 9th Floor , Tower-I , 124 , Connaught Circus, New Delhi 110001 Ph.(011) 23324495 E-Mail: [email protected] 1st Floor, Core-1, Scope Minar District Centre, Laxmi Nagar, Delhi - 110092 Ph.(011) 22449481 E-Mail: [email protected] 4, Lyons Range, Kolkata - 700001 Ph.(033) 22203421, 22307995 E-Mail: [email protected] ,
Nagraj M. Sarma, D.G.M. I/C RO Hyderabad
Akhilesh Mishra, C.R.M. RO Indore
R.K.P. Rajpal, C.R.M. RO Jaipur
O. P. Pandey, D.G.M. RO Lucknow
P.S.K.Rao, D.G.M. RO -1 Mumbai
Reena Bhatnagar, D.G.M. RO -2 Mumbai
Dr. M. S. Kumar, C.R.M. RO Nagpur
C.S.Tandon, D.G.M. RO - 1 New Delhi
S. Kaushik, D.G.M. RO - 2 New Delhi
S. K. Nasipuri, D.G.M. RO Kolkata
[email protected] Pirmohani, Rajendra Path, Patna - 800003 Ph.(0612) 665838, 3290707 E-Mail: [email protected] Mayfair Towers, 1st Floor, Wakade Wadi, Pune-Mumbai Road, Shivaji Nagar, Pune - 411005 Ph.(020) 25512009 E-Mail: [email protected] FIRST FLOOR, R.K. PLAZA, RING ROAD NO. 1, RAIPUR (C.G.) 492001 TEL. NO. 0771-2274556 (DIRECT), 2274558, 2274559 E-Mail: [email protected]
Sushil Kumar, C.R.M. RO Patna
Rahul Duggal, C.R.M. RO Pune
Dr. R.K.Shrivastava, CRM RO Raipur
V. Sajan, C.R.M. RO Vadodara
A G Chambers, University Road, Fatehgunj, Vadodara - 390002 Ph.(0265) 2782494 Mobile : 9879544763 E-Mail: [email protected] Regional office Visakhapatnam, 28-1-1, 'BALAJI', 2nd floor, Daba Gardens, VISAKHAPATNAM - 530020. PH : 0891- 2792208 E-Mail: [email protected]
P.S.Haranadh, CRM RO Visakhapatnam
R.C. Jaiswal, Principal OSTC-Faridabad
Oriental Staff Training College, Sector No. 11, Bata More, Mathura Road, Faridabad - 121006 Ph. (0129) 2283058, 2299039, Fax No. 2220133 Pbx Nos : 2290175,2285470 Training Deptt. : 2281995 Fax No. : 2291156
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