Orient Insurance, the biggest insurer in the UAE, has reported net profit after tax attributable to shareholders of AED521.24m for the first three quarters of this year, 6.7% higher compared to AED488.67m ($142m) for the corresponding period last year.
The increase is attributed to higher net investment results.
Financial highlights for the first three quarters of this year include:
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Insurance revenue: AED5.5bn, increasing by 18.8%
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Net profit after tax: AED536m, increasing by 6.4% year on year
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Total equity as of 30 September 2024: AED4.9bn, compared to AED4.3bn as of 31 December 2023
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Total assets as of 30 September 2024: AED15.3bn, compared to AED11.9bn as of 31 December 2023.
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Summary of Financial Results for the first nine months of 2024
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Jan-Sep 2024
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Jan-Sep 2023
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Change
|
|
AED ‘000
|
AED ’000
|
%
|
|
Insurance revenue
|
5,548,429
|
4,669,797
|
18.8
|
|
Insurance Service Results
|
241,460
|
312,163
|
-22.6
|
|
Net investment results
|
482,416
|
307,877
|
56.7
|
|
Net insurance finance results
|
-98,489
|
-38,226
|
-157.7
|
|
Net profit after tax attributable to shareholders
|
521,241
|
488,674
|
6.7
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Source: Orient Insurance