Oman Re, the Sultanate’s first and only reinsurer, announced a 17% increase in reinsurance revenue for the first half of 2024, reaching OMR 24.5 million (USD 63.7 million) compared to OMR 21.0 million (USD 54.6 million) for the same period last year. The net profit after tax was OMR 1.1 million (USD 2.8 million) versus OMR 1.2 million (USD 3.2 million) in H1 2023.

Heightened NAT CAT activity in our key markets impacted the net reinsurance results, which stood at OMR 354K (USD 920K) compared to OMR 1.3 million (USD 3.5 million) in H1 2023. The combined ratio reached 98.2% during H1 2024.

Prudent investment strategies led to a 31% rise in net investment and other income, totalling OMR 1.6 million (USD 4.2 million) for H1 2024, up from OMR 1.2 million (USD 3.2 million) in the first half of 2023. As of 30 June 2024, Oman Re's net equity increased to OMR 33.5 million (USD 87.2 million), a 4% growth since December 2023, underscoring the company's financial stability.

Romel Tabaja, CEO of Oman Re, stated, “Significant NAT CAT events during the second quarter, mainly the UAE flood losses, have impacted the company’s net reinsurance results by OMR 2 million (USD 5.2 million). In the meantime, our prudent investment strategies and favourable interest rates have boosted invested assets. With underlying conditions for the reinsurance business remaining strong, our effective management of operating expenses and underwriting discipline affirm our confidence in capitalizing on opportunities and achieving this year's targets.”