Explanation:

- Option 1: National Insurance Company

- National Insurance Company has been facing financial challenges and reported losses in recent years, including 2021.

- Option 2: Oriental Insurance Company Limited

- Oriental Insurance Company Limited also reported significant losses in 2021, adding to its financial difficulties.

- Option 3: New India Assurance Co. Ltd

- New India Assurance Co. Ltd is typically more financially stable compared to some other state-run insurers and has been profitable, hence not a loss-making company in 2021.

- Option 4: Only I and II

- This option suggests that National Insurance and Oriental Insurance were loss-making in 2021, which aligns with the reported financial condition of these companies.

- Option 5: Only III

- Incorrect, as New India Assurance Co. Ltd was not a loss-making company in 2021.

Correct Answer: Option 4: Only I and II