Orient Insurance and Subsidiaries Maintain ‘A+’ Ratings, Outlook Stable – S&P Global Ratings
S&P Global Ratings has reaffirmed its ‘A+’ long-term issuer credit and insurer financial strength ratings for UAE-based Orient Insurance P.J.S.C. and its subsidiaries, Orient Takaful PJSC (UAE) and Orient Takaful Insurance Company (S.A.E, Egypt). The ratings come with a stable outlook, reinforcing Orient Insurance's position as the largest insurer in the UAE by revenue.
The reaffirmation highlights Orient Insurance's solid capitalization, prudent underwriting practices, and strong reinsurance partnerships, which collectively ensure the company’s ability to meet policyholder obligations and maintain growth in a competitive market.
Mr. Omer Elamin, President of Orient Group, expressed his gratitude, stating, “The 'A+' rating affirmation underscores our commitment to stakeholders and the communities that we serve. I would like to extend my sincere gratitude to our team for their steadfast commitment and pursuit of excellence, which has enabled us to achieve this incredible feat.” He added, “We are confident that our collaborative spirit and exceptional range of services will bolster our standing in the UAE’s insurance segment over the coming years."
Overview
In November 2023, S&P Global Ratings introduced revised criteria for assessing insurers’ risk-based capital, specifically addressing “Insurer Risk-Based Capital Adequacy–Methodology And Assumptions.” Under these new criteria, Orient Insurance P.J.S.C.'s capital and earnings assessment remains excellent.
Key Strengths
Strong Financial Performance:
Orient Insurance has consistently demonstrated strong financial results, characterized by healthy profitability, robust premium growth, and effective risk management strategies. The company reported a net profit of AED 636 million in 2023, up from AED 519 million in 2022.
Solid Capitalization:
The company maintains a strong capital base, supported by prudent investment strategies and sound capital management practices.
Market Leadership:
As a leading player in the insurance industry, Orient Insurance has a diversified portfolio and a significant market share across various segments.
Operational Excellence:
The company continues to invest in technology, innovation, and customer service to enhance operational efficiency and deliver superior value to its customers.
Orient Insurance P.J.S.C. holds the distinction of being the largest listed insurer in the UAE, with a long track record of strong operating performance contributing to its market prominence.
