UAE: Orient Insurance's net profit up 6% to $116m
Source: Middle East Insurance Review | Mar 2020
Orient Insurance saw its net profit grow 6% y-o-y to AED425.1m ($115.8m) in 2019, while its GWP increased by 5.4% y-o-y to AED3.9bn.
The DFM-listed insurer said in a statement that the financial results strengthen its position as the market leader in the UAE.
Mr Omer Elamin, president of Orient Group said, “2019 marked another excellent year for Orient when we delivered strong results consolidating our position as the market leader. The excellent results are a confirmation of our leading market position in all financial parameters – premiums, net profit, equity and investments.
“We look forward to building on the momentum generated as we leverage our proven ability to navigate the current dynamic market. The strong results are a testament to the trust and support of our clients and business partners.”
Branches in Saudi Arabia
Meanwhile, Orient Insurance, a subsidiary of Al Futtaim Group, said it has received approval from the Saudi Arabian Monetary Authority (SAMA) to open branches in Saudi Arabia.
This is the first authorisation of a foreign company to open branches in the kingdom, and the company is currently working to complete the licensing procedures.
The company is expected to start its operation during the year.
It has also already received the approval of SAMA to appoint Mr Sarran Mane Abu Saq as CEO of the company in Saudi Arabia. Mr Abu Saq, who is a Saudi national, is an ACII of the Chartered Insurance Institute and has worked in several prestigious insurance and broking companies over the past 25 years. M
AED1 = $0.27