Orient Insurance Achieves 10% Profit Growth in H1 2024, Reaching AED 416 Million
Orient Insurance, a leading insurance provider in the Middle East and a subsidiary of Al-Futtaim Group, has reported a significant financial performance for the first half of 2024, with net profits reaching AED 416 million. This represents a 10% increase compared to the AED 377 million recorded during the same period last year. The company also reported a substantial 21% increase in insurance income, which rose from AED 2.9 billion in H1 2023 to AED 3.6 billion in H1 2024.
Key Financial Highlights:
- Net Profit: AED 416 million, a 10% increase from H1 2023.
- Insurance Income: AED 3.6 billion, a 21% increase year-on-year.
- Shareholders’ Equities: Increased by 19%, reaching AED 4.7 billion.
- Total Assets: Grew by 36%, from AED 10.8 billion to AED 14.6 billion.
- Bank Deposits and Investments: Rose by 24%, totaling AED 8.4 billion.
Strategic Growth Amid Challenges
Omer Elamin, President of Orient Group, attributed the company’s remarkable performance to its prudent underwriting policy, despite market challenges such as heavy rainfall and floods in the first half of the year. He noted that the increase in property and car insurance prices anticipated in the second half of 2024 would help offset some of the losses incurred earlier.
Sustainable Financial Growth
The company's ability to generate sustainable financial growth is evident in the robust increase in both net profits and insurance income. The significant growth in assets and shareholders’ equities underscores Orient Insurance’s effective resource management and solidifies its leading position in the Middle East's insurance market.
Resilience in Adverse Conditions
Despite the challenges posed by inclement weather, Orient Insurance demonstrated resilience by achieving strong financial results, reflecting its capability to adapt and mitigate external risks. This performance enhances confidence among customers and investors, showcasing the company's effective approach to business and risk management.
Orient Insurance's consistent growth trajectory and prudent financial strategies continue to reinforce its competitive edge in the region, ensuring its leadership in the insurance sector.
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