Orient Insurance Company, the biggest insurer in the UAE in terms of insurance income, has posted a net profit attributable to shareholders of AED404.5m ($110.1m) for the first half of 2024.
The figure is 10% higher than the AED366.9m for the corresponding half of 2023, according to unaudited interim financial statements released by Orient.
|
Orient Insurance
|
1H2024
|
1H2023
|
Y-oY change
|
|
AED ‘000
|
AED ‘000
|
%
|
|
Insurance revenue
|
3,599,332
|
2,976,450
|
20.9
|
|
Insurance service expenses
|
(4,509,720)
|
(2,087,115)
|
116.1
|
|
Net income/ (expenses) from reinsurance contracts held
|
1,102,178
|
(670,280)
|
-
|
|
Insurance service results
|
191,790
|
219,055
|
-12.4
|
|
Net investment results
|
374,231
|
223,302
|
67.6
|
|
Net insurance finance results
|
(81,251)
|
(11,910)
|
582.2
|
|
Other operating income
|
9,249
|
9,794
|
-5.6
|
|
Other operating expenses
|
(35,331)
|
(47,163)
|
-25.1
|
|
Net profit before tax
|
458,688
|
393,078
|
16.7
|
|
Tax
|
(43,169)
|
(15,956)
|
170.6
|
|
Net profit after tax
|
415,519
|
377,122
|
10.2
|
|
Attributable to shareholders
|
404,467
|
366,919
|
10.2
|
|
Source: Orient Insurance
|
Insurance income for 1H2024 rose by 20.9% year on year to AED3.6bn.
Mr Omer Elamin, CEO of Orient Group, described the 1H2024 performance as outstanding, as the insurer achieved a significant increase in insurance income and net profits while maintaining a sound underwriting policy, reported the newspaper Al-Khaleej. This approach enabled the insurer to achieve the sterling results despite the losses incurred by the market due to the rains and floods that occurred during the first half of the year.
Mr Elamin added that price increases on property and car insurance are expected to compensate the market for some of these losses in the second half of the year.