Oman Re, the Sultanate of Oman’s sole reinsurer, has reported reinsurance revenue of OMR 37.4 million (USD 97.2 million) as of 30 September 2024, representing a robust 17% growth compared to OMR 31.8 million (USD 82.8 million) for the same period in the previous year. The company's net profit after tax stood at OMR 1.4 million (USD 3.7 million), down from OMR 1.9 million (USD 4.8 million) in the first nine months of 2023.

Natural catastrophe activity in key markets along with a decreasing interest rate environment weighed on net reinsurance results, which totaled OMR 548K (USD 1.4 million) for 9M 2024, compared to OMR 2.1 million (USD 5.4 million) in the same period in 2023. The overall combined ratio stood at 98.2% against 91.1% over the prior year’s comparable period.

The company saw a notable 22% rise in net investment and other income in the first nine months of 2024, reaching OMR 2.4 million (USD 6.3 million), up from OMR 2.0 million (USD 5.1 million) during the corresponding period last year. As of 30 September 2024, the company’s net equity had grown by 9%, totaling OMR 35.0 million (USD 91.2 million), further solidifying its financial strength.

Romel Tabaja, CEO of Oman Re, commented, “Despite recurrent natural catastrophe events, our disciplined underwriting approach has allowed us to maintain positive net reinsurance results for 9M 2024. The decrease in the discount rate during the period led to a shift from finance income to finance expense for the underwriting results. However, with a strong capital position and favorable market conditions for reinsurance, we remain focused on meeting our annual targets and continuing to deliver value to our stakeholders.”