Wednesday, December 13, 2017

Oriental Insurance announces listing plan

Oriental Insurance plans to list on several bourses in the next financial year, with the final decision on the value and extent of stake sale to be announced at the end of this financial year.

The plan was revealed by AV Girija Kumar, the company’s chairman and managing director.

According to Kumar, there is high degree of certainty that the firm will list in line with the government’s programme in 2018-19.

After finalising the results of the current fiscal year in March 2018, the government will do the necessary reviews and is expected to take up Oriental Insurance’s application for listing.

The insurer had initially witnessed its solvency ratio drop below the mandatory level of 150%, but this has improved to 152% for the fiscal half-year ending September 2017.

Its profit after tax also increased to Rs 7.05 billion (US$109 million) in the six months ending September this year.

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