Oman Re, the Sultanate’s first and only reinsurer, has announced a robust increase in its reinsurance revenue, reaching OMR 49.9 million (USD 129.8 million) for the fiscal year ending 31 December 2024. This represents a strong 19% growth compared to the previous year’s revenue of OMR 42.1 million (USD 109.5 million). The Gross Written Premium (GWP), measured in accordance with IFRS 4, increased to OMR 56.1 million (USD 145.9 million), up from OMR 46.2 million (USD 119.9 million) in 2023. Net profit after tax also saw an 18% rise, reaching OMR 3.0 million (USD 7.8 million), compared to OMR 2.6 million (USD 6.6 million) in the prior year.

Amid a year marked by heightened natural catastrophe events, Oman Re’s net reinsurance results stood at OMR 2.0 million (USD 5.3 million) for 2024, compared to OMR 2.7 million (USD 7.1 million) in 2023. The combined ratio for the year was 94% compared to 91% recorded in the previous year.

Strategic investment decisions played a key role in strengthening Oman Re’s financial position, driving a notable 27% increase in net investment and other income, which reached OMR 3.5 million (USD 9.0 million), up from OMR 2.7 million (USD 7.1 million) in 2023. The company’s net equity grew by 10% to OMR 35.3 million (USD 91.8 million) as of 31 December 2024, compared to OMR 32.2 million (USD 83.8 million) in the previous year.

Romel Tabaja, CEO of Oman Re, commented: “The outstanding performance in 2024 reflects the collective strength of our organization, built on disciplined underwriting, robust risk management, and a shared commitment to excellence. In a year of increased natural catastrophe activity, our ability to navigate challenges is a direct result of the dedication and teamwork across all levels of our company. Our strategic investment approach has further reinforced our financial resilience, ensuring stability in an evolving market. Looking ahead, we remain focused on delivering value to our clients and stakeholders while maintaining our position as a reliable reinsurance partner in the region.”