Listed insurance companies in Oman have reported combined net profit growth of 43% to OMR35m ($91m) for 2020 compared to OMR24.6m in 2019, according to data compiled by investment firm Ubhar Capital (U Capital).
The surge in profit was a result of higher underwriting and investment income, says U Capital in its latest weekly report. Underwriting income was supported by lower claims during the year mainly in the health and auto segment because of the COVID-19-related lockdown.
Almost all listed insurance companies reported better profit in 2020 with the exception of Vision Insurance whose profit declined marginally by 2.6%.
The growth in income of the sector was mainly due to the profitability of National Life & General Insurance whose net income jumped by 47% to OMR15m in 2020 compared to OMR 10.2m in 2019.
There are at present 10 listed conventional insurance and takaful companies in Oman.