emirates7 - Dubai, 15 November 2024 - Orient Insurance, the leading insurance provider in the UAE and a subsidiary of Al-Futtaim, today announced strong financial results for the third quarter of 2024, reflecting robust growth across key financial metrics. The company reported an 18.8% increase in insurance revenue, reaching AED 5.5 billion, compared to AED 4.7 billion in Q3 2023. Additionally, net profit after tax grew by 6.4%, totalling AED 536 million, up from AED 504 million in the same period last year.
Key Financial Highlights for Q3 2024:
•Insurance Revenue: AED 5.5 billion, up by 18.8% from AED 4.7 billion in Q3 2023.
•Net Profit After Tax: AED 536 million, representing a 6.4% increase from AED 504 million in Q3 2023.
•Total Equity: AED 4.9 billion, a strong 19.5% increase from AED 4.1 billion in Q3 2023.
•Total Assets: AED 15.3 billion, up by 35.9% from AED 11.3 billion in Q3 2023.
•Total Investments: AED 8.9 billion, reflecting a 26.3% increase from AED 7.0 billion in Q3 2023.
Omer Elamin, President of Orient Group, said: “We are pleased to report another outstanding quarter, marked by impressive growth across insurance revenue, net profit, and investment income. Despite external challenges in the market, we have not only maintained our growth trajectory but have accelerated it, thanks to our team’s unwavering commitment to prudent risk management, operational efficiency, delivering exceptional customer service, and a dynamic, diversified investment strategy. We are confident in our ability to continue driving exceptional growth and delivering value throughout the remainder of the year and beyond.”
The company’s growth is a testament to its strong market position and effective strategies in both underwriting and investments. The increase in insurance revenue and net profit reflects both the resilience of Orient Insurance’s business model and its ability to capture opportunities within the dynamic UAE insurance market and overseas. The company's robust financial health and ongoing investments underscore its commitment to long-term growth and further geographical expansion.
Key Financial Highlights for Q3 2024:
•Insurance Revenue: AED 5.5 billion, up by 18.8% from AED 4.7 billion in Q3 2023.
•Net Profit After Tax: AED 536 million, representing a 6.4% increase from AED 504 million in Q3 2023.
•Total Equity: AED 4.9 billion, a strong 19.5% increase from AED 4.1 billion in Q3 2023.
•Total Assets: AED 15.3 billion, up by 35.9% from AED 11.3 billion in Q3 2023.
•Total Investments: AED 8.9 billion, reflecting a 26.3% increase from AED 7.0 billion in Q3 2023.
Omer Elamin, President of Orient Group, said: “We are pleased to report another outstanding quarter, marked by impressive growth across insurance revenue, net profit, and investment income. Despite external challenges in the market, we have not only maintained our growth trajectory but have accelerated it, thanks to our team’s unwavering commitment to prudent risk management, operational efficiency, delivering exceptional customer service, and a dynamic, diversified investment strategy. We are confident in our ability to continue driving exceptional growth and delivering value throughout the remainder of the year and beyond.”
The company’s growth is a testament to its strong market position and effective strategies in both underwriting and investments. The increase in insurance revenue and net profit reflects both the resilience of Orient Insurance’s business model and its ability to capture opportunities within the dynamic UAE insurance market and overseas. The company's robust financial health and ongoing investments underscore its commitment to long-term growth and further geographical expansion.