Oman Re's GWP surged 36% to $32 mln in 2017
Source: Middle East Insurance Review | Apr 2018
Oman Re has achieved GWP of OMR12.4 million (US$32.2 million) for the financial year ended 31 December 2017, up 36.3% y-o-y, according to a corporate statement.
The company also turned around its bottom line to a profit of OMR96,000 for 2017 compared to a loss of OMR483,000 for 2016.
The successful implementation of a turnaround strategy led by the company’s management from the latter half of 2016 onwards, as well as the adoption of a more disciplined underwriting approach, resulted in the considerably improved performance, the statement said.
The reinsurer benefited from a 5.1 percentage point improvement in its expense ratio and very strong non-technical performance which showed gains of OMR687,900 for 2017 compared to a loss of OMR77,000 for 2016.
“We are very pleased to report a profitable performance for 2017 despite being afflicted by an unfavourable claims environment during the period. Our results demonstrate the resilience of our business model and, with the further embedding of risk controls into all our activities, we are confident of upholding our commitment to providing innovative and responsive solutions that meet our stakeholders’ needs of today and goals of tomorrow,” said Mr Romel Tabaja, CEO of Oman Re.
Oman Re, rated B+ by A.M. Best, is the first reinsurer to be established in Oman with the purpose of writing facultative and treaty business from local and international markets, which include all Afro-Asian countries. It writes marine and non-marine lines of business. It was incorporated in 2009 and has a paid-up capital of OMR30 million. Bahrain-headquartered Trust Re is the strategic partner of Oman Re. M
OMR1 = US$2.60