Orient Insurance’s profits exceed over $85mln in H1-22

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Dubai - Orient Insurance Company has posted net profits attributable to the equity holders worth AED 313.28 million during the first half (H1) of 2022, a jump from AED 296.69 million in H1-21.

The basic and diluted earnings per share (EPS) attributable to the equity holders went up to AED 62.66 in H1-22 from AED 59.34 in H1-21, according to the unaudited income statements.

The DFM-listed insurer reported net written premiums worth AED 1.06 billion during the first six months (6M) of 2022, lower than AED 928.26 million in the year-ago period.

Meanwhile, the net incurred claims amounted to AED 336.70 million in H1-22, compared to AED 340.66 million during the same period a year earlier.

In the second quarter (Q2) of 2022, the company’s net profits attributable to the equity holders surged to AED 117.68 million from AED 106.70 million in Q2-21.

Furthermore, the basic and diluted EPS attributable to the equity holders stood at AED 23.54 during the April-June period in 2022, versus AED 21.34 during the corresponding period in 2021.

The net written premiums increased to AED 566.04 million in Q2-22 from AED 510.35 million in Q2-21, whereas the net incurred claims plummeted to AED 168.29 million from AED 179.58 million.