Oriental Insurance net profit up 75%

Oriental Insurance Company has reported a 75% jump in net profit from Rs 283.91 crore in the previous fiscal to Rs 497.27 crore for 2006- 07. The OIC chairman and Managing Director, M. Ramadoss said that the growth in profit is due to detariffing of the 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% as against 50% in 2005- 06. Gross collection premium collections rose from Rs 3609 crore to Rs 4020 crore to Rs 4020 crore during this period.