Orient Group, the UAE's biggest insurer in terms of insurance income and profits, is on an expansion drive that includes opening new branches in the Gulf and Middle East countries and abroad, according to Mr Omer Elamin, president of Orient Group and chairman of Orient Takaful Insurance Egypt.
In an interview with the Egyptian daily newspaper, Al-Ahram, he revealed that Orient Group has formed a committee to study entry into the Kuwaiti market.
Kuwait
He said that the State of Kuwait is currently undergoing a major renaissance, and Orient hopes to participate in this resurgence. He added that once approval was obtained from the regulatory authorities in the Emirates and Kuwait, Orient Group would begin immediately the process for opening a new branch in the country.
Saudi Arabia
He also said that the group is about to start its operations in Saudi Arabia. It is currently in the final stage of obtaining a licence to operate after regulatory approval to establish the branch. The group had deferred the commencement of operations in Saudi Arabia because of the COVID-19 pandemic during which there were restrictions on movement and travel across the world.
Egypt
Mr Elamin revealed that the Orient Group is conducting a study on the feasibility of establishing a life insurance company in Egypt, adding that the group is currently in the process of selecting a partner with distribution channels. Once the partner is decided on, an application for a life insurance licence will be submitted to the regulatory authorities.
The idea for a life insurer in Egypt from the success that the group has achieved in general insurance business through Orient Takaful Insurance Company – Egypt. The general insurer was established in 2009 as an affiliated company of the group. In 2021, Orient Group acquired an additional 20% stake in the Egyptian insurer, taking its total stake in the latter to 80%. It is today the second largest general insurer in the Egyptian market.
Australia
Mr Elamin gave an update on Orient Group’s previously-announced plans to enter the Australian market which has a Muslim community. He said, “We will be the first takaful company in Australia.”
Consultants have been appointed and a business plan and the findings of a feasibility study submitted to the Australian regulatory authorities.
“As soon as they are accepted, we will submit a request for approval to the regulatory authorities in the Emirates. It is expected that the company’s capital will be between A$50m ($32m) and A$75m,” said Mr Elamin.