Tuesday, September 21, 2021

UAE: Insurance market leader Orient posts 10% increase in net profit for 1H

The net profit attributable to equity holders of Orient Insurance, the UAE’s leading insurer, increased by 10% to AED297m ($81m) for the first six months of this year compared to the corresponding period in 2020, according to interim financial results released by the insurer.

During the second quarter of this year, net profits rose by 2% year on year to AED106.7m. This is attributed to the improvement in net written premiums by about 24% during the second quarter, in addition to higher investment gains that increased by about 27%.

The highlights of the financial results of Orient Insurance, which is listed on the Dubai Financial Market, are summarised below:

1H2021

AED ‘000

1H2020

AED ‘000

Increase %

GWP

2,914,277

2559,000

13.9

Net premium written

928,264

756,665

22.7

Net premium earned

631,318

558,192

13.1

Gross underwriting income

632,955

555,227

14.0

Net underwriting income

292,288

291,378

0.3

Investment income

129,891

117,873

10.2

General & admin expenses

(124,715)

(122,103)

2.1

Profit after tax

310,411

282,299

10.0

Profit attributable to equity holders of the company

296,694

269,720

10.0

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