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November 26, 2023

Oman Re Achieves 33% Growth in Reinsurance Revenue Over Nine-Month Period

Oman Re, the sole reinsurer in the Sultanate of Oman, announced reinsurance revenue of OMR 31.8 million (USD 82.7 million) as of 30 September 2023, reflecting a significant 33% increase compared to OMR 23.9 million (USD 62.1 million) for the corresponding period last year. The company recorded an impressive 35% growth in net profit after tax, reaching OMR 1.8 million (USD 4.8 million) as opposed to OMR 1.3 million (USD 3.6 million) during the first nine months of 2022.

Attributable to its resilient underwriting performance amidst the challenges posed by recurrent natural catastrophes, the company's net reinsurance results for the first nine months of 2023 experienced a noteworthy growth of 13%, amounting to OMR 2.1 million (USD 5.4 million), compared to OMR 1.8 million (USD 4.8 million) for the same period the preceding year. The overall combined ratio for this period stood at 91%, marginally higher than 90% reported during same period in the prior year.

Demonstrating adept management in investments, leveraging a favorable interest rate environment, and a notable increase in invested assets, the company's net investment and other income surged by 29% in the first nine months of 2023, totaling OMR 2.0 million (USD 5.1 million), in contrast to OMR 1.5 million (USD 4.0 million) recorded during the same period in the preceding year. As of 30 September 2023, the net equity reached OMR 28.2 million (USD 73.4 million), marking a commendable 6% growth compared to OMR 26.6 million (USD 69.2 million) for the corresponding period last year.

The Company’s financial results for the nine-month period were prepared in accordance with IFRS 17 and other applicable reporting requirements.

Oman Re's CEO, Romel Tabaja commented: "In the face of an environment marked by frequent natural catastrophes and escalating geopolitical uncertainties, the Company has consistently exhibited resilience, emerging as a financially robust partner for our clients. This achievement instills confidence in our ability to deliver enhanced performance not only for the remainder of this year but also well into the future."

He added, "With a sound capital position and commendable operating performance across all lines of business, we remain steadfast in our pursuit of annual targets."