The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 1500 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of inr 3777000000 during the year 2022-23. It recorded a gross premium of inr 159930000000 in the financial year 2022–23. Also In the financial year 2024-25 It recorded a gross premium of 20,434 crore globally
History
OICL was incorporated at Mumbai on 12 September 1947. The company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out general insurance business. Following the nationalisation of the life insurance business and the formation of the Life Insurance Corporation of India under statutory law, the company became a subsidiary of the Life Insurance Corporation of India from 1956 to 1973 (until the general insurance business was nationalized in the country). Following the nationalisation of the general insurance industry by the General Insurance Business (Nationalisation) Act, 1972 (GIBNA), the Government of India transferred all the shares it held of the general insurance companies to the General Insurance Corporation of India (GIC).