News Middle East17 Feb 2020

UAE:Orient Insurance leads market in premiums, profits and more

17 Feb 2020

Orient Insurance has reported sterling results for the financial year ended 31 December 2019, that show its top ranking in several financial parameters.

The company reported GWP of AED 3.9bn ($1,1bn) for 2019, 5.5% higher than the AED3.7bn posted in 2018. Net profit for 2019 reached AED425m, 6% higher than in 2018.

The company says in a statement that the financial results strengthen its position as the market leader in the UAE.

Highlights of the 2019 financial performance are as follows:

 

 AED

Market Position

Gross Written Premium

3.9 bn

1

Net Profit

425 m

1

Technical Profit

220 m

1

Investment Income

205 m

1

Equity

3.1bn

1

Investments

4.3bn

1

Cash and Bank Deposits

3.0bn

1

Credit Rating (MENA)

a+ from AM Best

A from S & P

1

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 — premium, 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, also says that 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 received already the approval of the Saudi Arabian Monetary Authority to appoint Mr Sarran Mane Abu Saq as CEO of the company in Saudi Arabia. Mr Sarran, 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.


 


 

| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.