Oman: Local reinsurer's net profit surged by more than 15 times in 1Q
Source: Middle East Insurance Review | Jul 2018
Oman Re has posted profits of OMR233,200 ($606,502) for the first quarter of this year, 15.5 times more than the OMR14,100 reported for the corresponding quarter in 2017.
The profit surge was achieved on the back of GWP of OMR9.6m in 1Q18, up 68.4% compared to the same period last year.
The combined ratio of the company improved by 15.3 percentage points to reach 94.8% at the end of 1Q18.
Commenting on the 1Q18 results, Oman Re CEO Romel Tabaja said, “Despite a negative claims environment and continuously challenging market conditions ... our results show that our underwriting strategy, which focuses on portfolio diversification and efficiency, is working. The success of the company’s investment strategy is also apparent with non-technical income contributing significantly to the bottom line.” No details were provided of the company’s non-technical income.
For the financial year ended 31 December 2017, Oman Re achieved GWP of OMR12.4m, up 36.3% y-o-y. It reported profit of OMR96,000 for 2017, compared to a loss of OMR483,000 for 2016. M
OMR1 = $2.60