UAE: Oman Insurance posted record GWP in 2017
Source: Middle East Insurance Review | May 2018
Oman Insurance Company (OIC) has achieved its highest-ever GWP totalling AED3.72bn ($1bn) in 2017 against AED3.56bn in 2016, representing an increase of 4.5%.
Furthermore, the insurer, listed on Dubai Financial Market, increased its net profit by 32% to AED104.49m in 2017 against AED79.89m in 2016, according to a company statement. The total assets of the company increased to AED7.4bn at end-2017, compared to AED7.26bn at the end of 2016.
The Board approved the proposal to distribute cash dividends for 2017 at the rate of 10% of the nominal value of the share.
In 2017, OIC made great strides in digital transformations with the launch of e-commerce platform, as well as several online portals to support its service delivery and surveys to gain immediate customer feedback. The insurer also bolstered its underwriting practice with actuarial insights, and strengthened staff expertise by creating the right learning and development programmes for its employees. M
AED1 = $0.27