New Delhi, Sept. 1: Oriental Insurance Company has turned around with a net profit of Rs 64 crore last fiscal and targets to achieve about 10 per cent growth in premium income in 2003-04.
“It was not an easy task to recover from Rs-235-crore loss in 2001-02 and post a net profit in 2002-03. This fiscal, we will improve upon our net profits of last fiscal,” said chairman S. L. Mohan.
He said the company targets a 10 per cent growth in gross premium income at over Rs 3,060 crore this fiscal compared with Rs 2,868 crore in 2002-03.
“There are visible signs of market expansion. We will be concentrating on personal and health insurance segment,” Mohan said, adding its health portfolio was growing by 30 per cent. The turnaround has been possible despite a Rs 49.54 crore outgo for VRS and adherence to strict accounting norms in providing for all known liabilities.