Orient Insurance Company announced a net profit of 171 million dirhams during the first quarter of 2020, compared to about 166 million dirhams during the same period last year, with an increase in the total written premiums from 1.3 billion dirhams to 1.5 billion dirhams, an increase of 15%.
The company revealed its success in continuing the growth of all its operations, which include installments, technical profits, net profits, shares, assets, cash balances and bank deposits, despite the difficult period that companies go through all over the world.
On the other hand, the value of the company’s shares exceeded the barrier of 3 billion dirhams, to be the only company in the country that achieved this achievement, registering an increase from 2.8 billion to 3.1 billion dirhams, an increase of 11%.
Orient’s assets also increased from 7.7 billion dirhams to 8.8 billion dirhams, in conjunction with an increase in cash balances and bank deposits from 2.5 billion to 3.2 billion dirhams, an increase of 24%.
As the company endeavors to forecast future needs of customers and against the backdrop of an ever-changing business environment, Orient has embarked on a rapid digital transformation journey with the aim of enhancing efficiency levels within its system. The superior digital platform developed by Orient for sales and services has contributed to the elimination of the requirement for personal presence in many locations, which was previously mandatory.
Accordingly, the company can continue to operate at the present time despite the reduction in the number of its six branches in the United Arab Emirates. The company was able to achieve this achievement because of its ability to provide a smooth and multi-channel experience that can be utilized via mobile devices or integrated with the latest technology solutions supported by more than 500 sales representatives.
The company maintained its prestigious rankings, a + from AM Best and A Strong from Standard and Poor’s, and being the only company in the Middle East to carry such a complex and high rating.
Orient, the exclusive provider of insurance services for Expo 2020, reaffirms its full commitment to continuing to provide seamless insurance protection services, despite the compelling circumstances that led to the postponement of the event.
It should be noted that Orient was not affected by the repercussions of the Covid-19 pandemic, both operationally and financially, and continues to maintain its financial strength with cash liquidity in excess of 3 billion dirhams.
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