ORIENT Insurance PJSC

Orient Insurance Company, part of the Al-Futtaim Group, reported a 23% increase in net profits for the financial year ending 31/12/2023, reaching AED 636 million compared to AED 519 million in 2022. The company also saw a 28.4% increase in insurance revenue, reaching AED 6.4 billion, and an 11.5% increase in shareholders' equity, reaching AED 4.3 billion. The company's assets grew by 18.3% to AED 11.9 billion, and cash and investments increased by 20% to AED 8 billion. This growth was supported by the company's credit rating upgrade to A+ by S&P, the highest for an insurance company in the Middle East, and its maintenance of an A+ rating by A.M. Best.

The text is a review report and interim condensed consolidated financial statements of Orient Insurance PJSC and its subsidiaries as of 30 September 2023. The document is unaudited.