Orient announced its first quarter results of 2020.
Dubai, United Arab Emirates, May 17, 2020: Despite the challenging times facing businesses across the world, Orient continues its growth trajectory in all areas of insurance operation such as Premium, Technical Profit, Net Profit, Shareholders’ Equity, Assets, Cash and Bank Deposits.
Compared with the same period of last year, the profit has increased from AED 166 million to AED 171 million, with the Gross Written Premium going up from AED 1.3 billion to AED 1.5 billion, an increase of 15%. The Equity has crossed the 3 billion mark, the only company in the country to achieve this feat and reached AED 3.1 billion from AED 2.8 billion, an increase of 11%.
Orient’s assets increased from AED 7.7 billion to AED 8.8 billion, whilst Cash and Bank Deposits increased from AED 2.5 billion to AED 3.2 billion, an increase of 24%.
In anticipation of future customer needs and against the backdrop of the constantly changing business environment, Orient embarked on a turbo-charged digital transformation journey with the aim of continuously bringing efficiencies to the organization. The robust digital platform that Orient has developed for sales and services has eliminated the requirement for the physical presence in many locations, which was needed in the past. As a consequence, Orient is now in a position to operate with a reduced number of branches which stands at six in the UAE. A transparent, seamless, mobile friendly and efficient omnichannel experience, integrated with technologies and backed by more than 500 sales representatives, made this possible for Orient.
Orient is proud to retain the prestigious ratings of ‘a +’ by A M Best and ‘A Strong’ by Standard & Poor’s and to be the only company in the Middle East that carries such a high combined rating.
Orient, the sole insurance provider to Expo 2020, is committed to continuing to provide seamless insurance protection, despite the force majeure conditions that led to the postponement of the event.
Orient has not been affected by the Covid-19 pandemic event, both operationally and financially. The company continues to remain financially robust with cash liquidity in excess of AED 3 billion.