Orient announced its first quarter results of 2020.
Orient has not been impacted by the COVID19. It 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%.
Responding swiftly to the changing environment, Orient has made substantial changes in the structure of its business operation, with its turbo-charged digital transformation. The robust digital platform that Orient offers for sales and services has eliminated the need for the physical presence in many areas, which was needed in the past. The number of branches have been trimmed to six in the UAE. Three branches in Dubai, two in Abu Dhabi and one in Fujairah have been closed, resulting in headcount going down by 26%. A transparent, seamless, mobile friendly and efficient omnichannel experience integrated with technologies and backed by its more than 500 sales representatives made this possible for Orient.
Orient, being the sole insurance provider to Expo 2020, will continue 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 pandemic event, both operationally and financially. The company continues to remain financially robust with cash liquidity in excess of AED 3 billion.
Orient continues to be the highest rated insurer in the Middle East, with an ‘A’ rating from S & P and ‘a+’ from AM Best.