Oman Re, the Sultanate’s sole reinsurer, has reported a strong financial performance for the first quarter ended 31 March 2026, underpinned by disciplined underwriting, sustained premium growth and prudent investment strategies.

Reinsurance revenue increased to OMR 13.7 million (USD 35.6 million), reflecting a 4% growth compared to OMR 13.2 million (USD 34.2 million) recorded during the same period in 2025. Gross Written Premium (GWP) rose significantly to OMR 36.0 million (USD 93.6 million), up from OMR 26.1 million (USD 68.0 million) in Q1 2025, demonstrating continued momentum in business generation across key markets. Net profit after tax recorded a notable 59% increase, reaching OMR 1.8 million (USD 4.6 million), compared to OMR 1.1 million (USD 2.9 million) in the corresponding period last year, reflecting strong underwriting results

Net reinsurance results showed strong growth of 79%, rising to OMR 1.5 million (USD 3.8 million) for the three months ended 31 March 2026, compared to OMR 828 thousand (USD 2.2 million) in Q1 2025. The combined ratio improved by 5.9 percentage points to 86.6%, highlighting enhanced portfolio quality and effective risk selection.

Oman Re’s investment performance remained profitable, with net investment and other income increasing by 6% to reach OMR 1.0 million (USD 2.7 million), compared to OMR 976 thousand (USD 2.5 million) in the same period last year, supported by a well-diversified investment portfolio. The company’s financial strength was further reinforced by a 19% increase in net equity since December 2025, reaching OMR 43.7 million (USD 113.7 million) as of 31 March 2026, thereby underscoring Oman Re’s solid capital position and resilience in a dynamic global reinsurance environment.

Romel Tabaja, CEO of Oman Re, commented: “Our first-quarter performance reflects strong underwriting discipline, and selective growth amid a market shaped by geopolitical uncertainty, evolving catastrophe risks and shifting capacity dynamics. Growth in premiums and earnings was driven by strengthened client partnerships and enhanced risk assessment, while the improved combined ratio underscores the effectiveness of our underwriting strategy. Looking ahead, we remain cautiously optimistic. Oman Re is well-positioned to navigate regional and global volatility, supported by a robust capital base and disciplined risk appetite.”