Oman: National reinsurer posted net profit growth of almost 400% for 9M18
Source: Middle East Insurance Review | Dec 2018
Oman Re, the first reinsurer established in Oman, said its net profit rose by 396.2% y-o-y to OMR363,700 ($945,904) for the first nine months of 2018.
GWP reached OMR20.2m for the first three quarters of this year, about double the OMR10.6m posted for the corresponding period last year.
Consistent with previous quarters, the reinsurer focused on growing profitably by continuing to emphasise portfolio diversification and underwriting efficiency. Despite challenging market conditions, this strategy proved to be effective as shown in the company’s net underwriting result, which increased to OMR503,400 compared to a loss of OMR161,200 for the same period last year.
Investment income reached OMR168,500 in the first nine months of the year, compared with OMR470,600 in the corresponding period last year. The y-o-y decline is due to impairment provisions on equity investments, Oman Re said in a statement.
Commenting on the financial performance for the first nine months of this year, Oman Re’s CEO Romel Tabaja said, “Through strict adherence to our risk appetite and disciplined underwriting, we were able to report vastly improved results for the period, despite various challenges in the market which are beyond our control.
“We remain confident about the resilience of our long-term business strategy and we value the constant support of our business partners; as such, we are optimistic about the full year outcome.” M
OMR1 = $2.60