Online edition of India's National Newspaper
Saturday, Jul 07, 2007
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Online edition of India's National Newspaper Saturday, Jul 07, 2007 ePaper |
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Special Correspondent
NEW DELHI: Oriental Insurance Company on Friday announced its overseas expansion plan while reporting a 75 per cent jump in net profit to Rs. 497.27 crore for 2006-07 from Rs. 283.91 crore in the previous fiscal. The expansion plan included starting operations at least in two more countries in the Middle East. “The growth in profit is the result of detariffing of prices on insurance products from January, rise in business in certain sectors and cut in losses on motor insurance,” Chairman and Managing Director, M. Ramadoss, said while sharing the financial results with the media persons here. As against 50 per cent in 2005-06, the company declared a dividend of 100 per cent for the fiscal ending March 31, 2007. Gross premium collections rose from Rs. 3,609 crore to Rs. 4,020 crore.
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