Oriental Insurance reports increase in net profit by more than 180% for the end of the second quarter; number of in-force policies almost reaches 10 thousand

Tue, Mar 5, 2019 1:48 PM on Financial Analysis, Latest, Others,
Oriental I...

Oriental Insurance has posted a massive increase in its net profit by 182.90% in the second quarter of the ongoing fiscal year 2075/76. Publishing the financial report today, it posted net profit of Rs 8.50 crore in Q2 of the FY 2075/76, up from Rs 3 crore in the corresponding quarter of the FY 2074/75. While its income from net premium has also increased from Rs 36.39 crore to Rs 38.09 crore at the end of Q2 this year, its income from reinsurance commission has increased to Rs 2.35 crore. Its reserve fund has increased from negative of Rs 7.65 crore to positive Rs 3.20 crore by the end of the second quarter. It will be issuing IPO shares to the general public in upcoming days. Likewise, it has paid claim of Rs 27.83 crore. The number of in-force policies stands at 9,940 policies.