Orient Insurance, a prominent insurance company in the Middle East and a subsidiary of Al-Futtaim Group, achieved exceptional financial outcome during the first half of 2024, recording AED 416 million in net profit as compared to AED 377 million during the corresponding period last year, signifying a 10 per cent growth. Furthermore, the company witnessed a 21 per cent increase in insurance income, reaching AED 3.6 billion from AED 2.9 billion during the same period last year.
Over the past six months, shareholders’ equities have increased significantly, experiencing a 19 per cent increase. Moreover, the total amount reached AED 4.7 billion, exceeding last year’s figure of AED 3.9 billion during the same period. Additionally, the company’s assets rose substantially during this period, increasing by 36 percent from AED 10.8 billion to AED 14.6 billion. There was also a substantial rise in bank deposits and investments, with a 24 percent increase from AED 6.8 billion to AED 8.4 billion.
Omer Elamin, President of Orient Group, said: “It is our pleasure to share the remarkable growth of the company in terms of insurance income and net profits during the first half of 2024. Orient achieved outstanding results owing to its prudent underwriting policy, despite facing market losses caused by heavy rainfall and floods during the first six months of the year.” He anticipates that during the second half of 2024, rise in property and car insurance prices will enable the market to offset some of the losses incurred.
The company’s ability to achieve sustainable financial growth is evident by the increase in net profits and insurance income, further reinforcing its leading position in the Middle East’s insurance market. The growth in assets and shareholders’ equities highlights the efficient management and effective utilisation of resources, further enhancing the company’s competitive edge.
Despite the losses incurred due to inclement weather conditions, the company achieved robust results, showcasing its capability to adapt and mitigate external risks and challenges. This further instils a sense of confidence among both customers and investors. The successful achievement of profit growth and generation of insurance income, while adhering to cautious underwriting policy, highlights the company’s effective approach towards business and risk management.