National Life and General Insurance (NLGIC), the largest insurer in Oman in terms of premiums and profits, has posted after-tax profits of OMR8.4 million for 2017, 79% higher than the OMR4.7 million (US$21.8 million) chalked up in 2016.
GWP reported for 2017 stood at OMR114.6 million, 13% higher than in 2016. Net underwriting results achieved last year amounted to OMR16.6 million, 57% more than in 2016. Investment income surged by 24% to OMR2.6 million last year.
The insurer was listed on the local bourse last November following an IPO to raise OMR21.2 million. It has also started operations in Kuwait. Apart from Oman and Kuwait, NGLIC also operates in the UAE.