Strong profitability and robust revenue growth underscore Orient Insurance's successful 2024 performance
Orient Insurance, the leading UAE insurance provider and a subsidiary of Al-Futtaim, has announced its preliminary financial results for the year ending 31 December 2024, indicating significant growth across key financial indicators. The company recorded a 22 per cent rise in Gross Written Premium, reaching AED 9.04 billion compared to AED 7.43 billion in 2023. Furthermore, the company witnessed a 19 per cent growth in insurance revenue, reaching AED 7.60 billion from AED 6.37 billion. Additionally, net profit after tax increased by 15 per cent to AED 731 million, up from AED 636 million in the same period last year.
Key Financial Highlights for FY 2024:
- Gross Written Premium: AED 9.04 billion, up by 22% from AED 7.43 billion in 2023
- Insurance Revenue: AED 7.60 billion, marking a 19% increase from AED 6.37 billion in 2023
- Net Profit After Tax: AED 731 million, rising 15% from AED 636 million in 2023
- Total Equity: AED 5.21 billion, increasing 20% from AED 4.34 billion in 2023
- Total Assets: AED 15.71 billion, a 32% surge from AED 11.95 billion in 2023
- Total Investments: AED 9.71 billion, a 21 % increase from AED 8.04 billion in 2023
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.”
Orient Insurance’s remarkable growth is a direct result of the company’s solid market position and effective underwriting and investment strategies. In December 2024, the company secured licensing from the Saudi Arabian Insurance Authority (IA) 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.
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