June 21, 2024
PRESS RELEASES

Orient Insurance And Subsidiaries ‘A+’ Ratings Affirmed On Revised Capital Model Criteria; Outlook Stable – S&P Global Ratings

S&P Global Ratings affirmed this month its ‘A+’ long-term issuer credit and insurer financial strength ratings on UAE-based Orient Insurance P.J.S.C. (Orient) and its subsidiaries, Orient Takaful PJSC (UAE ) and Orient Takaful Insurance Company ( S.A.E , EGYPT ), with a stable outlook, consolidating its position as UAE’s largest insurer by insurance revenue.

The A+ rating affirmation by S&P Global reflects Orient Insurance’s solid capitalization, prudent underwriting practices, and strong reinsurance partnerships. These factors collectively contribute to the company’s ability to meet policyholder obligations and sustain growth in a competitive market.

Mr. Omer Elamin, President, Orient Group, commented, “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”.

“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 published revised criteria for analyzing insurers’ risk-based capital, specifically addressing “Insurer Risk-Based Capital Adequacy–Methodology And Assumptions.”

Under the new criteria, Orient Insurance P.J.S.C.’s capital and earnings assessment remain excellent, according to S&P Global Ratings report.

The ‘A+’ issuer credit and insurer financial strength ratings were affirmed for Orient Insurance and its subsidiaries.

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’s strong operating performance and improved investment results contributed to 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 its operational efficiency and deliver superior value to its customers.

Orient Insurance P.J.S.C. (Orient) holds the distinction of being the largest listed insurer in the United Arab Emirates (UAE). Its long track record of strong operating performance has contributed to its prominence in the market.

Last Updated on 3 weeks by Middle East News 247

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