Oman Re, the Sultanate of Oman's sole reinsurer, has announced strong financial results for the six months ended 30 June 2025, highlighting the company's operational resilience and steadfast commitment to strategic delivery.
Net profit after tax more than doubled, climbing by 107% to OMR2.2m ($5.7m) in 1H2025, up from OMR1.1m in the corresponding period in 2024. This performance was underpinned by a 171% increase in net reinsurance results, which reached OMR962,000 in 1H2025, compared to OMR354,000 in the corresponding period of 2024.
Reinsurance revenue rose by 8% year-on-year to OMR26.5m in 1H2025, compared to OMR24.5m during the same period in 2024. Gross Written Premium (GWP), reported in accordance with IFRS4, increased to OMR36.7m in 1H2025 from OMR 35.4m in 1H2024.
The combined ratio improved by 2.8 percentage points in 1H2025, reaching 95.4%, compared to 98.2% in the first half of the previous year, reflecting disciplined underwriting and efficient claims management. Simultaneously, net investment and other income grew by 25% to OMR2.0m, driven by a measured and diversified investment approach.
As of 30 June 2025, net equity reached OMR38.8m, marking a 10% increase since December 2024 and reinforcing the company’s sound capital foundation.
Mr Romel Tabaja, CEO of Oman Re, said that the company’s first-half performance reflects its continued focus on executing strategic priorities. He added, “We also recognise the challenges in this competitive and softening market and are addressing them to achieve our full-year objectives.”