Oman: Takaful operators' profit register sharp decline in 1H

Source: Middle East Insurance Review | Nov 2021

The preliminary results for listed providers in Oman showed that takaful operators’ profit fell 134% in 1H 2021, according to a report issued by Badri Management Consultancy.

In Oman, out of 10 listed insurance companies, two takaful operators (Takaful Oman and Al-Madina Takaful) contributed 15% of the total written business in 1H 2021, a 2% increase from 1H 2020.

While the market premium income has increased by 2% in 1H, takaful contributions grew by 13% to OMR33m ($85.5m). However, the report noted that conventional business had a 24% decline in profits, while takaful business had a loss of OMR682,000, a decrease of 134% against 1H 2020.

In 1H 2021, Takaful Oman had a fall in profit of 342% (loss of OMR1.88m) while Al-Madina showed a profit growth of 27% at OMR1.2m. M

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