UAE-based Orient Insurance has confirmed plans to expand its operations into Australia, Egypt, and Saudi Arabia, targeting both Takaful and life insurance markets.
The company is currently conducting market research in Australia, exploring opportunities in the Takaful segment, with official announcements to be made once studies are completed.
In Egypt, Orient Insurance operates a General Takaful subsidiary and is evaluating further growth prospects in the life insurance sector.
Meanwhile, in Saudi Arabia, the company received approval to establish a branch in February 2020. However, the COVID-19 pandemic delayed the start of operations. Orient Insurance now expects to finalise licensing procedures and launch its Saudi operations soon.
Founded in 1982 as part of the Al-Futtaim Group, Orient Insurance has steadily expanded its footprint across the Middle East.
The company has a strong presence in the UAE, Oman, and Bahrain, providing a wide range of insurance services through both traditional branches and digital platforms.
Orient Insurance’s offerings cover both personal and commercial insurance lines, including policies for fire, property, motor vehicles, marine cargo, and business interruption. The insurer also specialises in niche products such as professional indemnity for engineers and medical malpractice insurance for healthcare providers.
S&P Global Ratings reaffirmed Orient Insurance’s A+ rating in May 2024, noting the company’s robust capital and financial position.
The revised risk-based capital models introduced by S&P had minimal impact on Orient Insurance’s ratings, with the company’s capital base and earnings remaining strong. The outlook for the insurer over the next two years is stable, according to S&P.
In 2023, Orient Insurance’s insurance revenue increased by 22%, reaching AE$6.4 billion (US$1.74 billion), with 89% of this coming from the UAE and the rest from international markets. The company also reported a net profit of AE$636 million, up from AE$519 million in 2022. The company’s operational efficiency, reflected in a net combined ratio of 78% under IFRS 17, contributed to this growth.
As Orient Insurance looks to expand into new regions and enhance its existing market presence, the company is expected to continue its focus on maintaining a strong capital base and adhering to its conservative underwriting policies.
With ongoing efforts in Australia, Egypt, and Saudi Arabia, the insurer is positioned to further strengthen its role in both regional and global markets.
