UAE: OIC boosts underwriting profit
Source: Middle East Insurance Review | Sep 2015
Oman Insurance Company (OIC), one of UAE’s largest, has recorded a 31% fall in profits to AED83.3 million (US$22.7 million) in the first half, although it recorded a higher net underwriting result during the same period.
Net underwriting profits amounted to AED31.2 million for the first six months, 5% higher than the AED29.7 million reported for the corresponding period last year. Total earnings were pulled down by a 35% fall in net investment income to AED64.4 million.
Gross premiums from January to June were flat at AED1,809 million, compared to the AED1,815 million chalked up in the first half of last year.
“We expect our profit to be in line with 2014, maybe slightly less depending on investment income. The overall investment environment is quite downbeat right now,” The National newspaper reported, citing CEO Christos Adamantiadis, who joined OIC in May.
“From an underwriting perspective, we expect to see similar results,” he added.
Dubai-listed OIC last year posted a 7.3% fall in net profit attributable to equity owners at AED224.85 million, even as gross premiums grew 11.3% to AED3.25 billion.
AED1 = US$0.27