Oriental Insurance sees 66% reduction in profit

Oriental Insurance Company Ltd, the second largest state-owned general insurer, expects a steep fall of at least 66% in profit for 2008-09 over the previous year as the economic slowdown raises payment defaults and company lowers premium charges. The current scenario has definitely taken a hit on our profits. We are looking at a profit before tax (PBT) to the tune of Rs.100-150 crore this fiscal, OICL CMD M Ramadoss said on Thursday. The insurer s profits were at Rs 453 crore in 2007-08, he said. The company s premium collections grew 4.5% to Rs 3,960 crore in 2008-09 from Rs 3,800 ...

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