Oman Insurance Company, one of the leading insurance providers in the Middle East, has posted double-digit growth in net profit to AED160.2m ($43.6m) for the first three quarters of this year. The increase in net profit was 11% compared to that for the corresponding period last year.
Total Gross Premium Written (GPW) for the first nine months of the year stood at AED2.9bn, higher than the AED2.8bn reported for the corresponding period last year. The company’s Net Premium Earned (NPE) for the January-September period remained the same as for the corresponding period last year at AED1.2bn and the highest in UAE market.
Mr Jean-Louis Laurent Josi, CEO of Oman Insurance, said, “Despite a challenging environment, all our key indicators are going in the right direction.”
The solvency ratio exceeded 250%, among the highest in the country. In addition, the company reported a customer satisfaction index of 88%, two points above 2019 average.
Reflecting its mission to be the benchmark in terms of customer satisfaction, the company successfully launched several projects including a new cloud-hosted corporate website, a Straight Through Process motor insurance sales portal and a fully digitalised motor claims system.
Oman Insurance was established in 1975 and has operations in the UAE as well as in Oman and Turkey.