On May 16, 2024, S&P Global Ratings affirmed its ‘A+’ long-term issuer credit and insurer financial strength ratings on UAE-based Orient Insurance P.J.S.C. (Orient) and its guaranteed subsidiaries, Orient Takaful PJSC and Orient Takaful Insurance Company (S.A.E). The outlook is stable.
Excerpts from the report:
“Orient has maintained its position as the largest listed UAE insurer measured by insurance revenue. The company’s insurance revenue increased by about 22% in 2023 to UAE dirham (AED)6.4 billion (US$1.74 billion) from AED5.0 billion (US$1.36 billion) in 2022, supported by
growth across all business lines. We expect Orient’s insurance revenue will continue to increase by at least 10% per year in 2024 and 2025, as the insurer continues to expand its business in the UAE and in the wider Middle East and North Africa region.
Orient’s capital and earnings remain excellent, with a significant buffer above our ‘99.99%’ benchmark in our new risk-based capital model. The company’s shareholders’ equity stood at about AED4.3 billion at year-end 2023 (2022: AED3.9 billion). We expect Orient’s capital base will continue to widen and we do not foresee any significant changes in our assessment over the next two years.”
Read More : S & P – Research Update – Orient