Profitability improved significantly in 2025 for eight listed insurance companies whose preliminary annual financial results were analysed by BADRI Management Consultancy, a Dubai-headquartered international actuarial and risk consultancy firm.
The combined profit after tax surged by 422%, rising to OMR35.2m ($91.5m) from OMR6.7m in 2024, reflecting a sharp turnaround in underwriting performance and investment outcomes, said BADRI in its report, ”Oman Listed Insurance Companies – Q4 2025 – based on preliminary results”.
LIVA, the Sultanate's biggest insurer, played a central role in this recovery, reporting a profit of OMR14.2m compared to a loss of OMR5.0m in the previous year. The top three insurers collectively generated OMR24.2m in profit, representing a substantial year-on-year increase. Even excluding LIVA, sector-wide profit growth remained robust at 79%, indicating that the recovery was not driven by a single entity.
Overall, 2025 demonstrated a clear improvement in financial resilience across Oman’s insurance industry. While market performance remains concentrated among larger players, the broad-based recovery in profitability suggests strengthening fundamentals, says the report.
Total insurance revenue for the listed companies increased by 13%, reaching OMR716m compared to OMR636m in 2024. Growth remained highly concentrated among the leading players, with the top three insurers posting a 17% increase in insurance revenue to OMR564m, largely driven by LIVA, which recorded the highest insurance revenue of OMR408m. In contrast, insurance revenue for the remaining companies remained broadly flat at OMR152m, highlighting uneven growth dynamics across the market.
Going forward, insurers that continue to refine pricing strategies, enhance risk management frameworks, and optimise capital and investment management will be better positioned to sustain growth and navigate an increasingly complex risk environment.
The eight insurers covered in the analysis were Al Madina Takaful, Arabia Falcon Insurance, Dhofar Insurance, Muscat Insurance, Liva Group, Oman United Insurance, Oman Qatar Insurance and Takaful Oman Insurance.