Oriental Insurance, National Insurance and United India Insurance could get a capital infusion in the fourth quarter

The Union Finance Ministry may consider capital infusion into three loss-making public sector general insurance companies – National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company – in the fourth quarter of the current fiscal, a report by said PTI said on Sunday.

The capital infusion would be based on the financial performance of non-life insurers in nine months, the report added.

According to the PTI In a report citing sources last year, the Treasury Department told three insurers to seek profits rather than profits and only underwrite good deals.

The government made sure of this last year 5,000 crore capital to National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company.

The Calcutta-based National Insurance Company was provided 3,700 crore, followed by Delhi-based Oriental Insurance Company ( 1,200 crore) and Chennai-based United India Insurance ( 100 crore).

In the financial year 2019-20, the government has invested 2,500 crore in these three companies. The following year it rose significantly 9,950 crore and 5,000 crore in the financial year 2021-22.

“The financial audit would provide an insight into the impact of the restructuring initiated on the profitability figures and the solvency margin,” the report said.

The solvency margin serves as financial security in extreme situations, i.e. the additional capital that companies must hold in excess of the amounts of damage that are expected to occur.

The three general insurers were asked to improve their solvency ratio and meet the regulatory requirement of 150%.

The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the company’s ability to pay claims and meet future contingent liabilities and business growth plans.

The solvency ratio of the three public non-life insurance companies is below the regulatory requirement of 150%.

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