DUBAI: Orient Insurance Company (PJSC), a subsidiary of Al-Futtaim Group and a leader in the insurance market, announced today its impressive financial performance for the year ending on 31/12/2023. The company reported a net profit of AED 636 million, a 23% increase from AED 519 million in 2022. Its insurance revenue also rose by 28.4% to reach AED 6.4 billion, compared to AED 5 billion in the previous year.
The company’s financial strength was reflected in its growth in shareholders’ equity, assets, and cash and investments. Shareholders’ equity increased by 11.5% to AED 4.3 billion, assets grew by 18.3% to AED 11.9 billion, and cash and investments rose by 20% to AED 8 billion.
Omer Elamin, the CEO of Orient Insurance, attributed the company’s success to its high credit ratings and its innovative insurance solutions. He said that the company’s credit rating was upgraded to A+ by S&P in 2023, the highest rating for an insurance company in the Middle East, and that it maintained its A+ rating by A.M. Best. He added that these ratings confirmed the company’s financial stability and enhanced its business volume and customer trust. He also said that the company was offering cutting-edge insurance products that met the needs of its diverse clientele.
Orient Insurance acquires ADCB Group’s shares in Orient Takaful