Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company's preliminary financial results for the year ended 31 December 2024.
Other key financial highlights for 2024 are:
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Gross Written Premium: AED9.04bn, up by 22% from AED7.43bn in 2023
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Insurance Revenue: AED7.60bn, marking a 19% increase from AED6.3bn in 2023
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Total Equity: AED5.21bn, increasing 20% from AED4.34bn in 2023
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Total Assets: AED15.71bn, a 32% surge from AED11.95bn in 2023
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Total Investments: AED9.71bn, a 21% increase from AED8.04bn in 2023
Mr Omer Elamin, president of Orient Insurance, said, “Orient Insurance’s consistent performance across 2024 underscores our commitment to sustainable, long-term value creation for our shareholders, partners and customers. Despite external pressures, including severe weather events and market fluctuations, our prudent risk management and operational efficiency allowed us to maintain our growth momentum while upholding the highest standards of customer service. We are confident in the strong adaptability of our business model as we expand into new areas of opportunity and strengthen our market leadership.”
In December 2024, the company secured licensing from the Saudi Arabian Insurance Authority to operate in the kingdom. This expansion represents a significant milestone in Orient's growth strategy, providing access to a dynamic and rapidly developing market.
Moving forward, Orient Insurance will continue to leverage digitalisation, including its ongoing integration of artificial intelligence, to drive further operational efficiencies and deliver exceptional customer experiences across its expanded market presence.