UAE: OIC's GWP up 10% to US$871 mln in 2014
Source: Middle East Insurance Review | Mar 2015
Oman Insurance Company (OIC) said its GWP grew by 10.3% in 2014 to hit AED3.2 billion (US$871.2 million).
Net profits for the year stood at AED224.9 million while the total assets crossed AED6 billion.
Mr Patrick Choffel, CEO of OIC, said: “Although 2014 was a challenging year, the company performed robustly and emerged stronger than ever. We have diversified our income by focussing on new products such as pensions and trade credit, by offering reinsurance capacity to a broader geographical base and by expanding our strategic international partnerships. We are constantly enhancing our internal controls with stronger teams in Audit, Actuarial and Analytics.”
AED1 = US$0.27