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Oct 2019

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UAE: Oman Insurance posted a 75% surge in 1H net profit

Source: Middle East Insurance Review | Sep 2019

Oman Insurance Company (OIC) retained its positive business momentum as net profit in the first half of 2019 grew by 75% to AED105.6m ($28.8m), supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The profit was the highest half yearly net profit over five years. 
 
OIC said its solvency ratio now stands above 225%, more than double the minimum regulatory requirement of 100%. While GWP was lower by 7% to AED2bn for 1H2019, this was driven by selective underwriting and pruning of loss-making accounts as the insurer focused on delivering sustainable profitability, 
 
“Our half yearly results reflect our strategy to become a reference in the region. The company’s solvency has indeed now reached a very healthy level over 225%, the strict risk selection and premium collection were translated in a very strong increase of the profits, while our customer satisfaction scores have reached an all-time high,” said OIC CEO Jean-Louis Laurent Josi. 
 
S&P Global Rating’s recent assessment of ‘A-’ stable outlook rating for Oman Insurance, acknowledges the strong creditworthiness of the company, with a capital adequacy above the ‘AAA’ level being robust and sufficient to support its business growth and diversification plans. The rating agency has improved OIC’s liquidity position to ‘exceptional’ from ‘very strong’ due to efforts made in de-risking the investment portfolio and overall financial risk profile moved to ‘very strong’ from ‘strong’. M 
 
AED1 = $0.27
 
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