Orient has grown from strength to strength since its inception in 1982 with consistent underwriting and working results and became the secondlargest insurance company in an extremely competitive UAE market by 2015.
The success of the Dubai Financial Market (DFM)-listed company is attributed to judicious underwriting, sound risk selection, support of strong reinsurers, efficient claims and prudent expense management, with a cautious investment policy and exemplary customer service.
Premiums registered an impressive growth of nearly 15% from AED2.3 billion (US$630 million) in 2015 to AED2.7 billion in 2016 with its profits reaching AED314 million. Its paid-capital of AED5 million rose to AED500 million in 2015, with equity hitting AED2.6 billion.
Orient has secured credit ratings of “A Excellent” from A.M. Best and “A” from S&P and accredited with ISO 9001 Quality Management Certification. It has also won many awards, including the General Insurance Company of the Year at the Middle East Insurance Industry Awards in 2016.
Orient, which adopts global practices tailored to the local market, is engaged in digital transformation using the best innovation in technology. All channels are supported by online systems for fulfilment and service.
Orient reported AED150 million collected premium in individual life and AED160 million GWP in group life in 2016, recording a growth of more than 30% over the previous year. The growth of the individual life portfolio has been substantial since its start in 2013.
Orient’s life department drives its business through various distribution channels: bancassurance tie-ups with all major banks in the UAE; direct sales force of 200 sales professionals; support of major brokers; and its own call centre.
Its life products include innovative guaranteed products with a transparency of guaranteed bonus, guaranteed cash value and other benefits in case of maturity or death.
The insurer also offers innovative riders like family income benefits, waiver of premium, guaranteed investment benefits, passive war risk cover, critical illness cover, permanent total disability, permanent partial disability cover, and terminal illness cover on very economical rates for the insuring community to have maximum coverage at low cost.
Orient’s market leadership is retained with frequent introduction of innovative products. Its latest offering – Orient Embryo Care – provides coverage for any complication to a child before he/she is born.
The company offers innovative market-linked products with clear transparency of charges, flexibility like partial withdrawal, loan against cash value, premium holiday, limited premium payment terms as low as three years and whole-life coverage. Orient’s terms are transparent without any hidden charges or conditions, in accordance with international standards.
Orient covers lives of more than 190 nationalities who work and live in the UAE, and continues to provide insurance cover to customers regardless of the country of relocation. In a relatively short period of time in life insurance, Orient has come to be known in the market for its best practices and products and services, comparable to the established life insurers in the country.