Meager drop in net profit of Oriental Insurance by 2.15% to Rs 20 crore

Oriental Insurance has posted slight decrease in its net profit by 2.15% in the fourth quarter (Q4) of the current fiscal year 2073/74. As per the unaudited report for the fourth quarter published today, the insurance company reported a net profit of Rs 20.00 crore in Q4 of current fiscal year, down from Rs 20.44 crore in the corresponding period last year. The company’s earnings from premiums surges to Rs.63.85 crore in Q4 from Rs 57.49 crore in the corresponding quarter and made claims of Rs 31.55 crore in the Q4. The reserve fund of the company still negative at Rs 8.45 crore and insurance fund stands at Rs 46.54 crore in the Q4 of the FY 2073/74. The company will be issuing Initial Public Offering (IPO) in upcoming days. The company’s number of policy holders has risen to 21, 705 in Q4 as compared to 20,219 reported in the same period last year.