Oman Re, the Sultanate’s first and only reinsurer, reported Gross Written Premium (GWP) of OMR 29.2 million (USD 76.0 million) as of 30 June 2023, which is higher by 33.0% compared to OMR 21.9 million (USD 57.0 million) for the same period last year. The Company posted 5.0% growth in Profit After Tax of OMR 707k (USD 1.8 million) against OMR 673k (USD 1.7 million) during the first half of 2022.
Based on resilient underwriting performance, especially after impact of the major Turkish Earthquake earlier in the year, the Company’s Net Underwriting Result before management expenses in H1 2023 increased by 9.3% to reach at OMR 1.7 million (USD 4.5 million) against OMR 1.6 million (USD 4.1 million) secured during H1 2022. Overall Combined Ratio during the first half of 2023 was 97.0%, which is marginally higher than 96.2% of the same period last year.
With proactive investment management and favourable interest rate environment, the Company’s Investment and Other Income grew by 11.7% during H1 2023 to OMR 1.2 million (USD 3.2 million) against OMR 1.1 million (USD 2.8 million) during the first half of 2022. Net Equity stands at OMR 30.2 million (USD 78.5 million) as at 30 June 2023 compared to OMR 29.1 million (USD 75.5 million) as at 31 December 2022.
Oman Re’s CEO, Romel Tabaja commented: “Oman Re managed to capitalize on the improved reinsurance terms and pricing during 2022 and first half of 2023, while strictly adhering to our underwriting strategy of diversification and efficient exposures’ management. Our underwriting book was tested by the unfortunate Turkish earthquake in February 2023 and our H1 2023 results confirmed the resilience of our book of business, it’s capacity to absorb large event losses, and the quality of our retrocession partners.”
He added, “We acknowledge the importance of collaborative partnerships and have put in place forward-thinking strategies aimed at further strengthening the enduring trust of our valued clients and partners. Furthermore, we firmly believe that our industry has a crucial role to play in building a resilient and sustainable future.”