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Orient Ins. saw its bottom line grow 22% y-o-y in 2023 to AED 636 mn, its financial statements (pdf) show Its Takaful subsidiaries and its overseas entities helped drive profitability. Revenues were up 28% y-o-y at AED 6.3 bn.
Looking ahead: The company plans in 2024 to finalize setting-up shop in Saudi Arabia and is currently exploring setting up a Takaful branch in Australia. It is also in talks with major Egyptian banks to introduce life ins. there.
MEANWHILE- Orient Takaful’s net income stood at AED 50.1 mn in 2023, up 74% y-o-y, its financial statements (pdf) show. The firm attributes improved profitability to its cautious approach to underwriting and handling of claims as well as effective management of expenses. Revenues rose to AED 640 mn in 2023, up 37% y-o-y.
