Oman Re's Jan-Sep profits doubled to $1.9m
Source: Middle East Insurance Review | Dec 2019
Oman Re has posted net profit of OMR725.3K ($1.9m) for the nine months ended 30 September 2019, representing a 99.4% leap compared to the corresponding period in 2018.
Investment income, a major contributor to the overall profitability, grew strongly to reach OMR1m at end-September, exceeding the budgeted target and the performance for the corresponding period of 2018 (9M2018: OMR168.5K), the reinsurer said in a statement.
The company also improved significantly its combined ratio which reached 99.4% as at 30 September 2019 compared to 104.5% as at 30 June 2019. The quarter-on-quarter underwriting profitability (net of administrative expenses) improved substantially and the company generated net underwriting profit of OMR213.1K for the third quarter resulting in the total net underwriting profit of OMR36.2K for the first nine months of this year.
Commenting on Oman Re’s performance for 9M2019, CEO Romel Tabaja said, despite the challenges of rate pressures and market conditions, the company’s improved profitability shows the resilience of its business model. He added, “We remain committed to providing effective solutions to our business partners in all our areas of operation.” M
OMR1 = $2.60