Orient Insurance picks up gains on profits, premiums in first-half 2020
Gains were led by fewer claims and cost benefits from digital shift
Dubai: Orient Insurance secured better than expected gross written premium growth for the first six months of 2020, totaling Dh2.56 billion from a 13.6 per cent gain. The gains were led across all of the insurer’s business lines and came about despite the COVID-19 imposed restrictions during the better part of eight weeks.
Profits were up to Dh282.3 million from Dh270.3 million a year ago, brought on by fewer claims and cost savings from the ongoing “digital transformation”.
“The use of digital channels enabled Orient to consolidate the operations of seven branches in the UAE,” said a statement.
Orient, which is the largest insurer - measured by gross written premium - in the UAE did see investment income decline, through unrealized losses on equity investments and low interest rates.