Orient Insurance opens state of the art Motor Centre

Orient Insurance Ltd., the fastest growing general insurance company in Sri Lanka, opened its fully-fledged state of the art Motor Centre at No. 59, Edward Lane, Colombo 3. The new office premises is situated a few blocks away from the head office at Bullers Road, Colombo 4. The new office was ceremoniously opened by Chairman Omer Elamin in the presence of Company Deputy Chairman Deshabandu Tilak De Zoysa, Director S.S. Mathiaparanan, CEO Tanuj Edward, staff and senior management of the company. The new Motor Centre provides all motor related insurance services, including underwriting and claim settlement,

Commenting on the expansion trajectory, Orient Insurance Ltd. Chief Executive Officer Tanuj Edward commented, “This growth momentum is directly in line with our vision to be the premier general insurer of choice.” He further added, “Orient Insurance Sri Lanka has made its mark as one of the fastest growing general insurance companies in Sri Lanka. A fully owned subsidiary of Orient Insurance PJSC, a prominent member of the prestigious Al-Futtaim Group,one of the largest trading houses in United Arab Emirates and operating in 29 other countries with more than 42,000 employees, we are proud to introduce the best practices of the Orient Insurance PJSC and the Al-Futtaim Group to Sri Lanka and offer innovative and dynamic insurance solutions, along with integrity and unmatched service.” Orient Insurance Limited was incorporated in 2011. The company’s introduction to Sri Lanka is consequent to the acquisition of Associated Motorways Ltd. (AMW) in 2008 by Al-Futtaim Group. AMW, being the foremost vehicle importer in Sri Lanka and with AMW Capital Leasing & Finance PLC, Orient Insurance will fuse seamlessly to provide an excellent customer service to the segment of new vehicle buyers and yield a strong business synergy. 

Orient’s financial strength is reflected by the company’s capitalisation backed by its Head Office in Dubai and its strong ratings. Licensed to sell all classes of general insurance policies, Orient’s re-insurance panel is made up with highly rated world class multinational reinsurers. With its special strengths, Orient Sri Lanka provides a wide array of insurance products covering the broad areas of motor, marine, property, liability, general accident, engineering, and medical insurance to the Sri Lanka market.  

Orient Insurance PJSC, Sri Lanka’s parent company’s status as the undisputed leader in UAE backed by outstanding financial ratings (AM Best “A” Excellent and S&P “A” rating) in the past year, reflect the insurer’s excellence in technical/market performance, and robust business profile. With significant pressure on premium rates in the market, the company embarked on a mission of “Sustainable Quality Growth” to ensure growth, profitability and a meaningful customer journey, and with these elements combined boosted growth and profitability of the business. Orient Sri Lanka reported 43% growth in gross written premiums (GWP) in the last financial year and a staggering 105% growth in profit after tax (PAT). 

Recognised as the year of “Sustainable Quality Growth”, the year 2017 saw Orient’s growth strategy on the right track. Orient prides itself of an empowered workforce, continued premium growth, profitability, a solid balance sheet, substantial growth in shareholder returns, and healthy partnerships with customers and intermediaries. “With a portfolio of strong growth potential, balanced product mix, financial backing of a multinational, and a highly empowered management team, Orient Insurance Sri Lanka is rightly poised to move from Good to Great in 2018,” observed the company’s CEO Tanuj Edward.