Orient Insurance completes first year of operations

Thursday, 10 January 2013 00:00 - - {{hitsCtrl.values.hits}}

Orient Insurance ended its first year of operations on a high note with a gross written premium of Rs. 326 million.

Orient CEO Deepthi Lokuarachchi commended the high performance stating, “It’s a great achievement by a great team at Orient Insurance.

This stronger than expected result was a consequence of the wide and immediate recognition and acceptance of Orient’s insurance products and solutions by the Sri Lankan market within a short period. The results were bolstered by thecompany’s efficient and prompt settlement of claims and exceptional customer service.”

The turnover of Rs. 326 million constituted a balanced product mix generated through multiple distribution channels focused on corporate and retail segments.

Further, Lokuarachchi thanked all corporate and retail customers for the trust reposed in Orient Insurance and sharing in its success. “This was made possible due to the company’s immense financial strength and technical knowhow, being fully owned and backed by Arab Orient Insurance PSC., a member company of the Middle East based global financial powerhouse and diversified conglomerate Al-Futtaim Group.

“Going forward, Orient Sri Lanka will come up with novel risk solutions bringing international best practices harnessed with local expertise to serve the people and industries in a more efficient manner giving value for money spent on insurance. The company also has very ambitious expansion plans for 2013 and plans to penetrate and develop the insurance market in Sri Lanka.”

Orient Sri Lanka was established with a direct foreign investment of Rs. 750 million by Arab Orient Insurance PSC., a company headquartered in the United Arab Emirates. Arab Orient enjoys an A rating from Standard & Poor’s and an A (Excellent) from AM Best and is a member company of the prestigious Al-Futtaim group also headquartered in Dubai, UAE. Al-Futtaim owns Associated Motorways (AMW) group of companies, a pioneer automobile supplier to the Sri Lankan market.