The combined insurance revenue of the listed insurance companies in Oman jumped by 13%, increasing to OMR541.6m ($1.4bn) in the first three quarters of 2025 (3Q2025) from OMR479.60m in the corresponding period in 2024, according to an analysis by Badri Management Consultancy, an international actuarial and risk consultancy.
In a report titled “Oman— Listed Insurance Industry Performance Analysis – Q3 2025”, Badri said that the top three insurers were the primary growth drivers, collectively posting a 16% rise in insurance revenue, from OMR358m to OMR417m over the same period. The top three are LIVA, Dhofar Insurance and Oman Qatar Insurance.
The analysis is based on preliminary financial reports released by eight listed insurers.
LIVA alone accounted for insurance revenue of OMR300m for the first three quarters of this year, 24.4% higher than the OMR241m posted for the corresponding period in 2024. Its market share was 55% in the first nine months of this year, larger than the 50.3% recorded for the corresponding period in 2024.
When LIVA is excluded from the analysis, the overall insurance revenue still reflects a modest yet positive 1% year on year increase, moving to OMR242m in the first nine months of this year, indicating relatively stable market dynamics across the rest of the companies.
Profitability
On the profitability front, the industry showed a remarkable turnaround. Net profit surged by 919%, reaching OMR28.3m for the first three quarters of this year compared to a net loss of OMR3.5m in the corresponding period in 2024. This significant rebound was broad-based, with all listed companies reporting improved earnings.
Even when excluding LIVA, the combined net profit for the first nine months of this year still reflects a strong 107% year-on-year increase, underscoring a clear recovery in underwriting performance and investment returns across the market.