Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 24.1 million [USD 62.7 million] as of 30 September 2021, which is higher by 11% compared to OMR 21.8 million [USD 56.7 million] during for the same period last year.
Oman Re’s investment income increased by 12% during Q3 2021 to reach at OMR 1.5 million [USD 3.9 million] in comparison to OMR 1.3 million [USD 3.5 million] during Q3 2020. The combined ratio stood at 101.4% compared to 97.5% of same period last year. Increase in combined ratio is mainly on account of higher acquisition cost ratio of 25.6% as at 30 September 2021 from 20.2% for the same period in 2020. The profit before tax stood at OMR 720k [USD 1.9 million] as at 30 September 2021, compared to OMR 1.1 million [USD 2.9 million] for the same period in 2020. The Company’s net equity stands at OMR 26.2 million [USD 68.1 million].
The Company’s CEO, Romel Tabaja commented: “We continued with our focus towards disciplined underwriting and to capitalize on opportunities across our lines of business, especially within the regional market. This gives us the confidence to deliver stronger performance for the remainder of the year and beyond.”
He added, “During this quarter, higher claim activity contributed to increase in the loss ratio to 64.2% against 62.5%. However, the underlying profitability of the Company remained intact even though we took precautionary reserves for Cyclone Shaheen. Our annual targets remain within reach and our commitment to offer best reinsurance protection to our customers remains at the heart of all that we do.”