Government will invest capital in loss-making government general insurance companies based on performance

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New Delhi: The Finance Ministry will consider injecting capital into three loss-making public sector general insurance companies in the fourth quarter of the current fiscal. Capital will be infused into these companies based on their performance in the first nine months of the current financial year.

Last year, the government merged three insurance companies - National Insurance Company Ltd., Oriental Insurance Company Ltd. And to United India Insurance Company Rs. 5,000 crore capital was provided.

Among these the highest Rs. 3,700 crores was given to National Insurance Company. Apart from this, capital of Rs 1,200 crore was provided to Oriental Insurance Company and Rs 100 crore to United India Insurance Company.

Sources said the finance ministry had last year asked three companies - National Insurance, Oriental Insurance D and United India Insurance Company to focus on profit rather than business and accept only good proposals.

Sources said that the financial review will know what impact the restructuring has had on the companies' profit figures and solvency margins. Solvency margin is the excess capital that companies have to maintain over and above the amount of potential claims. It acts as financial security in adverse circumstances, helping the company settle all claims.

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