Oman Re, the Sultanate’s first and only reinsurer, reported Gross Written Premium (GWP) of OMR 36.6m (USD 95.0m) for the year end 31 December 2022, representing a 32.5% rise compared to previous year’s OMR 27.6m (USD 71.7m). The Company posted 20.0% growth in Profit After Tax of OMR 1.6m (USD 4.2m) against OMR 1.4m (USD 3.6m) during year 2021.
Apart from the improvements within the reinsurance markets, Oman Re’s continued profitability was driven by substantial increase in underwriting results and remarkable performance of the Company’s investment portfolio. The Net Underwriting Result for the year was OMR 3.4m (USD 8.7m) in comparison to OMR 2.1m (USD 5.3m) during 2021 representing a notable 63.3% improvement. These results reflect Oman Re’s prudent underwriting practices despite higher claim activity during the year, which is attributed to development in the business volume.
The combined ratio for year 2022 stood at 96.1% compared to 99.4% for the previous year, which is 3.3% point improvement. Furthermore, the Investment and Other Income grew by 10.6% during the year 2022 to reach OMR 2.3m (USD 6.0m) compared to previous year’s OMR 2.1m (USD 5.5m) based on proactive investment management as well as significant cash generation. The Company’s net equity stood at OMR 29.1m (USD 75.6m) as at 31 December 2022.
The Company’s CEO, Romel Tabaja commented: “Although the macroeconomic environment remained challenging, Oman Re’s proactive strategy and strong capital position enabled us to deliver sustainably positive performances across all classes of business.”
He added, “From strengthening foothold in the Sultanate of Oman to reinforcing growth within the Afro-Asian markets and beyond, the Company witnessed notable progress by executing our strategic initiatives. While we remain committed to drive resilient results and create value for all our stakeholders, we are firmly adhering towards becoming the preferred reinsurance partner in our target markets.”