Oman Re, the Sultanate’s first and only reinsurer, announces a significant surge in reinsurance revenue, reaching OMR 42.1 million (USD 109.3 million) for the fiscal year ending on 31 December 2023. This marks an impressive 29% increase compared to the previous year's revenue of OMR 32.5 million (USD 84.5 million). The Gross Written Premium (GWP) measured as per IFRS 4 increased to OMR 46.2 million (USD 119.8 million) compared to the previous year’s GWP of OMR 36.6 million (USD 95.0 million). The company also reports a notable 20% growth in net profit after tax, achieving OMR 2.6 million (USD 6.6 million) as opposed to OMR 2.1 million (USD 5.5 million) in the year 2022.
Despite facing heightened natural catastrophe incidents, Oman Re's resilient underwriting performance has contributed to a remarkable 20% increase in net reinsurance results, totaling OMR 2.7 million (USD 7.1 million) for the year 2023, compared to OMR 2.3 million (USD 5.9 million) in the preceding year. The combined ratio with discount impact stayed at 91% in 2023, similar to 2022.
Oman Re's prudent investment strategies played a pivotal role in enhancing net investment and other income by 20%, totaling OMR 2.7 million (USD 7.1 million), in contrast to OMR 2.3 million (USD 5.9 million) recorded during the previous year. As of 31 December 2023, the net equity reached OMR 32.2 million (USD 83.7 million), showcasing a commendable 14% growth compared to OMR 28.3 million (USD 73.6 million) in 2022.
Romel Tabaja, CEO of Oman Re, commented: “The year 2023 has proven to be exceptional for us, marked by strong results that underscore the strength of our overall operations. In the face of high natural catastrophe activity, this resilience is a testament to the prudent underwriting and robust risk management measures we have in place. Our meticulous investment management not only shields us from market uncertainties but also propels our overall financial performance. The outcome, thus, is a commendable increase in net equity, emphasizing the company’s strength and stability. As we continue with our customer-centric approach, we are well-positioned for sustained success in the future.”
