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| Company type | Central Public Sector Undertaking |
|---|---|
| Industry | Insurance |
| Founded | 12 September 1947; 78 years ago (1947-09-12) inMumbai,India |
| Headquarters | , |
Key people | Sh. Sanjay Joshi (Chairman &MD) Ms Yogita Arora (Appointed Actuary) |
| Products | |
| Revenue |  ₹15,992 crore (US$1.9 billion) (2022-23) |
| ₹−3,374 crore (US$−400 million) (2022-23) | |
| ₹−4,968 crore (US$−590 million) (2022-23) | |
| Total assets | ₹35,167 crore (US$4.2 billion) (2022-23) |
| Owner | Government of India |
Number of employees | 8,281 (2022-23) |
| Website | orientalinsurance |
The Oriental Insurance Company Ltd. (OICL) is an Indianpublic sector insurance company owned by theGovernment of India and administered by theMinistry of Finance. Headquartered inNew Delhi, the company has 29 regional offices and more than 1500 active branches nationwide. It also has branches inNepal,Kuwait, andDubai that together yielded a Gross Premium of₹377.70 crore (US$45 million) during the year 2022-23. It recorded a gross premium of₹15,993 crore (US$1.9 billion) in the financial year 2022–23. Also In the financial year 2024-25 It recorded a gross premium of 20,434 crore globally
OICL was incorporated atMumbai on 12 September 1947. The company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry outgeneral insurance business. Following the nationalisation of thelife insurance business and the formation of theLife Insurance Corporation of India under statutory law, the company became a subsidiary of the Life Insurance Corporation of India from 1956 to 1973 (until the general insurance business was nationalized in the country). Following the nationalisation of the general insurance industry by the General Insurance Business (Nationalisation) Act, 1972 (GIBNA), the Government of India transferred all the shares it held of the general insurance companies to theGeneral Insurance Corporation of India (GIC). OICL became one of the four subsidiaries of GIC, with its headquarters in New Delhi.[1]
With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force on March 21, 2003, GIC ceased to be a holding company of its subsidiaries. The ownership of the four erstwhile subsidiary companies and the General Insurance Corporation of India was vested with the Government of India. All company shares held by the GIC were transferred to the central government.[1]
OICL made a modest beginning with a first-year premium of₹99,946 (US$1,200) in 1950. The company's goal was “service to clients”, and achievement was helped by the strong traditions built up over time.
From less than a lakh at its inception, the gross premium figure stood at₹15,993 crore (US$1.9 billion) in FY 2022–23.
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OICL also has two Joint Ventures/associate companies.
OICL has one wholly owned subsidiary,The Industrial Credit Company Limited, with a paid-up capital of₹5 lakh (US$5,900).
OICL also holds a stake in the following companies:
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