Oman Re, the sole reinsurer operating in the Sultanate of Oman, reported profit before tax of OMR 788.5k [USD 2.0m] for H1 2021, which is higher by 19% compared to OMR 664.3k [USD 1.7m] during H1 2020. Gross Written Premium (GWP) also increased by 11% to reach OMR 18.2m [USD 47.3m] as at 30 June 2021 compared to OMR 16.4m [USD 42.5m] for the same period in 2020.

Resilient underwriting results as well as robust performance of the investment portfolio led to strong growth in profit. Net underwriting profit increased by 65% to reach OMR 204.5k [USD 531k] in H1 2021 against OMR 123.6k [USD 321k] during H1 2020. Combined ratio witnessed 0.3% improvement to reach 97.6% for the first half of year 2021. Investment income improved by 10% to reach OMR 1.0m [USD 2.7m] against OMR 0.9m [USD 2.4m]. Oman Re’s net equity stands at OMR 26.4m [USD 68.5m] as at 30 June 2021.

The Company’s CEO, Romel Tabaja commented: “We are gratified with our enhanced profitability during first half of this year. Our efforts towards prudent underwriting, meticulous investments and our strong capital position allowed us to pursue our strategic plans effectively to secure improved results.”

He added, “Although the pandemic situation still remains, we are confident that our various lines of business will continue to perform sturdily during the rest of the year. We also remain focused to develop our market position, maintain our strict risk management practices as well as endure with our customer-centric approach in offering best reinsurance protection to our customers in the current challenging times and beyond.”

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