Oriental Insurance net up 75%

Oriental Insurance Company has reported 75 per cent jump in net profit at Rs 497 crore for 2006-07 compared with Rs 284 crore in the previous financial year.

"The growth is the result of detariffing, rise in business in certain sectors," said M Ramadoss, OIC chairman and managing director.

The company has declared a dividend of 100 per cent against 50 per cent in 2005-06.

Gross premium collections of the Delhi-based insurer grew 11.4 per cent to Rs 4,020 crore in 2006-07 compared with Rs 3,609 crore during 2005-06.

OIC, which has a surplus cash of about Rs 2,000 crore, plans to expand operations in the West Asia.

The company expects at least 10 per cent growth in business during the current financial year.

Oriental Insurance, which boasts of clients such as NTPC, Vedanta, Jet Airways and Kingfisher, expects to be the market leader in mega risks.