 | Company: Orient Insurance Company |
| Date of creation: 1982 |
| Classes of business: Life and non-life |
| Geographical presence: UAE, Oman, Bahrain, Syria, Egypt, Sri Lanka and Turkey |
Orient Insurance Company: contact
| Head office | Orient Building, Al Badia Business Park, Dubai Festival City P.O. Box 27966, Dubai |
| Phone | +971 4 2531300 |
| E-mail | orient [at] alfuttaim [dot] com |
| Website | www.insuranceuae.com |
Orient Insurance Company: rating
| Agency | Rating | Outlook |
| Standard and Poor’s | A | Negative |
| AM Best | A | Stable |
Orient Insurance Company: management
| Chairman of the board of directors | Abdullah Hamad Al Futtaim |
| President | Omer Elamin |
| Deputy CEO | Xavier Arputharaj |
Orient Insurance Company: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 136 110 000 | 136 110 000 | - |
| Shareholder’s equity | 1 033 277 976 | 931 512 340 | 10.92% |
| Shareholders | % |
| Al Futtaim Development Services (LLC) | 90 |
| Al Futtaim Company (LLC) | 5 |
| Al Futtaim Private Company (LLC) | 5 |
Orient Insurance Company: turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 1 363 212 972 | 1 156 141 751 | 17.91% |
| Net result | 129 605 303 | 117 169 205 | 10.61% |
Orient Insurance Company: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| General takaful (1) | 1 184 367 154 | 1 041 152 756 | 13.76% | 86.88% |
| Life insurance (2) | 178 845 818 | 114 988 955 | 55.53% | 13.12% |
| Total | 1 363 212 972 | 1 156 141 751 | 17.91% | 100% |
(1) Including motor, marine, fire, engineering, general accident and medical
(2) Including individual and group life insurance
Orient Insurance Company: main indicators
Figures in %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 57.80 | 53.88 | 7.27 |
| Net management expenses ratio (1) | 37.18 | 41.72 | -10.88 |
| Net combined ratio (1) | 94.98 | 95.60 | -0.65 |
| Shareholder's equity / Technical reserves | 56.34 | 62.66 | -10.09 |
| Shareholder's equity / Gross written premiums | 75.80 | 80.57 | -5.92 |
| Net result / Gross written premiums | 9.51 | 10.13 | -6.19 |
| Net result / Shareholder's equity (ROE) | 12.54 | 12.58 | -0.28 |
(1) Calculated only for the non life activity.
Notes:
- Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
- Net management expenses ratio = Overhead expenses and acquisition costs / Net written premiums
- Net combined ratio = Loss ratio + Management expenses ratio
Exchange rate as at 31/12/2020 : 1 AED = 0.27222 USD ; at 31/12/2021 : 1 AED = 0.27222 USD
