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Kolkata May 9 Oriental Insurance Company Ltd, one of the four public sector non-life insurers, would like to unlock part of its value, courtesy an initial public offering.

The company, which has grown substantially in the past few years and hopes to move ahead rapidly in the current de-tariffed regime, has done a set of back-of-the-envelope calculations, which points to a decent per-share value, assuming a face value of Rs 10 per share.

Oriental Insurance, indicated Mr M. Ramadoss, Chairman and Managing Director, was aware of the regulatory issues before it, ones which have to be addressed before any dilution of government's holding could be addressed. No concrete measures were on the cards with regard to such dilution, he said.

Premium target

The company, which has targeted a 15-per cent growth in premium this year, is looking at more products in the coming months - especially on the fire insurance front.

"We are aiming at offering five or six products, keeping in view the demands thrown up by the market," Mr Ramadoss told newspersons.

The company has a healthy mix of businesses, a significant part of which is on account of motor insurance. It is targeting a number of large institutional clients at this juncture. It has not lost any major mandate to its public-sector peers in recent times, it is pointed out.

OIC recorded a gross direct premium of Rs 3,609 crore in 2005-06 compared to Rs 3,090 crore recorded in the previous year. Its net profit stood at Rs 283 crore. The company's paid-up capital is Rs 100 crore.

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