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Orient's Q1 net profit up 3% at Dh171m

Staff Report /Dubai
Filed on May 22, 2020 | Last updated on May 22, 2020 at 12.18 am
Orient has developed robust digital platform for sales and services.

Orient's assets increased from Dh7.7 billion to Dh8.8 billion.

Orient Insurance said its first-quarter 2020 net profit grew three per cent to Dh171 million as compared to Dh166 million for the same period last year.

Its gross written premium increased from Dh1.3 billion to Dh1.5 billion, an increase of 15 per cent. The equity has crossed the Dh3 billion mark, the only company in the country to achieve this feat and reached Dh3.1 billion from Dh2.8 billion, an increase of 11 per cent.

Orient's assets increased from Dh7.7 billion to Dh8.8 billion, whilst cash and bank deposits increased from Dh2.5 billion to Dh3.2 billion, an increase of 24 per cent.

The company said the robust digital platform that Orient has developed for sales and services has eliminated the requirement for the physical presence in many locations, which was needed in the past. As a consequence, Orient is now in a position to operate with a reduced number of branches which stands at six in the UAE. Rated 'a+' by AM Best and 'A Strong' by Standard & Poor's, Orient has cash liquidity in excess of Dh3 billion. - waheedabbas@khaleejtimes.com



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