Oman Re’s profit before tax increased by 53% to reach at OMR 458k [USD 1.2 million] for Q1 2021 compared to OMR 298k [USD 775k] for Q1 2020. Gross Written Premium (GWP) also increased by 12% to reach at OMR 12.4 million [USD 32.2 million] as at 31 March 2021, compared to OMR 11.1 million [USD 28.7 million] for the same period in 2020.

The robust growth in profit is due to buoyant underwriting results as well as strong performance of investment portfolio. Net underwriting profit increased by OMR 128k [USD 332k] to reach at OMR 157k [USD 408k] for the first quarter. The improvement is on account of reduction in combined ratio by 3% to reach at 95.9% for the first quarter. Investment income improved by OMR 37k [USD 96k] to reach at OMR 562k [USD 1.5 million]. Oman Re’s net equity stands at OMR 25.9 million [USD 67.3 million] as at 31 March 2021.

The Company’s CEO, Romel Tabaja commented: “We have had a good start and our results for first quarter of 2021 demonstrate Oman Re’s continued resilience amidst challenging circumstances. Our performance exceeded the forecasts and we have also noticed improvements in prices and conditions within the regional reinsurance market.”

He added, “The prevailing COVID-19 pandemic has taken record number of lives during early 2021 and our thoughts go out to those who have lost loved ones. Over the one and half year period, the pandemic has affected several businesses and industries across the globe. At Oman Re, we remain focused towards continuing our support to our clients and partners based on our strong balance sheet and prudent risk management practices.”

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