Oman Re, the Sultanate of Oman’s sole reinsurer, announced strong financial results for the six-month period ended 30 June 2025, highlighting the company’s operational resilience and steadfast commitment to strategic delivery. Reinsurance revenue rose by 8% year-on-year to OMR 26.5 million (USD 68.8 million), compared to OMR 24.5 million (USD 63.8 million) during the same period in 2024. Gross Written Premium (GWP), reported in accordance with IFRS 4, increased to OMR 36.7 million (USD 95.5 million), from OMR 35.4 million (USD 92.0 million) in H1 2024.

Net profit after tax more than doubled, climbing by 107% to OMR 2.2 million (USD 5.8 million), up from OMR 1.1 million (USD 2.8 million) in the prior-year period. This performance was underpinned by a 171% increase in net reinsurance results, which reached OMR 962 thousand (USD 2.5 million), compared to OMR 354 thousand (USD 921 thousand) in the corresponding period of 2024.

The combined ratio improved by 2.8 percentage points, reaching 95.4%, compared to 98.2% in the first half of the previous year, reflecting disciplined underwriting and efficient claims management. Simultaneously, net investment and other income grew by 25% to OMR 2.0 million (USD 5.2 million), driven by a measured and diversified investment approach. As of 30 June 2025, net equity reached OMR 38.8 million (USD 101.0 million), marking a 10% increase since December 2024 and reinforcing the company’s sound capital foundation.

Romel Tabaja, CEO of Oman Re, stated: “We are pleased with our first-half performance, which reflects our continued focus on executing our strategic priorities. We also recognise the challenges in this competitive and softening market and are addressing them to achieve our full-year objectives. I would like to thank our team, clients and partners for their ongoing support and confidence as we work towards delivering sustainable growth over the long term.”