Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 15.3 million [USD 39.6 million] as of 31 March 2022, which is higher by 23% compared to OMR 12.4 million [USD 32.2 million] for the same period last year. Based on buoyant underwriting results, the Company’s net underwriting profit increased by 37% to reach at OMR 215k [USD 559k] against OMR 157k [USD 407k] secured during Q1 2021. Combined ratio remained at the same level as last year and was 96.1% for Q1 2022.
The Company posted profit after tax of OMR 290k [USD 753k] against OMR 381k [USD 990k] during first quarter 2021. Investment income stood at OMR 470k [USD 1.2 million] compared to OMR 563k [USD 1.4 million]. The decrease in investment income is due to volatile investment markets. Oman Re’s net equity stands at OMR 28.9 million [USD 75.1 million] as of 31 March 2022.
The Company’s CEO, Romel Tabaja commented: “With comprehensive focus on underwriting excellence and portfolio quality, we have worked hard for a good start and towards strengthening our business performance during the year ahead. Determined by this momentum and improvements within the regional reinsurance market, we are confident that our performance will continue to grow.”
He added, “Supported by our strong capital position and sustained resilience, we will ensure to capitalize on opportunities across our lines of business within all the markets where we operate and remain a reliable partner to our clients. Furthermore, I greatly admire the dedication of our qualified team as well as significant support from the Board of Directors and business partners towards our collective accomplishments for the period.”