Oman Re, the Sultanate’s sole reinsurer, has reported a robust increase in its reinsurance revenue, reaching OMR 13.2 million (USD 34.2 million) for the first quarter ended 31 March 2025. This marks a strong 30% growth compared to OMR 10.1 million (USD 26.3 million) recorded during the same period in 2024. Gross Written Premium (GWP), measured in accordance with IFRS 4, rose to OMR 26.1 million (USD 68.0 million), up from OMR 20.5 million (USD 53.3 million) in Q1 2024. Net profit after tax also grew by 13%, reaching OMR 1.1 million (USD 2.9 million), compared to OMR 977 thousand (USD 2.5 million) in the first quarter of the previous year.

Net reinsurance results stood at OMR 828 thousand (USD 2.2 million) for the three months ended 31 March 2025, compared to OMR 874 thousand (USD 2.3 million) during the same period in 2024. The combined ratio for Q1 2025 was 92.5%, compared to 89.5% recorded in the corresponding period of the previous year.

Prudent investment strategies further strengthened Oman Re’s financial position, driving a notable 26% increase in net investment and other income, which reached OMR 976 thousand (USD 2.5 million), up from OMR 775 thousand (USD 2.0 million) during Q1 2024. As of 31 March 2025, Oman Re's net equity rose to OMR 36.8 million (USD 95.7 million), reflecting a 10% increase since December 2024 and underscoring the company’s strong financial footing and stability.

Romel Tabaja, CEO of Oman Re, commented: “We are pleased to report a strong start to 2025, setting a solid foundation for achieving our full-year objectives. Our results reflect the strength of our disciplined underwriting, prudent risk management, and strategic investment approach. In an environment marked by heightened competition and an evolving risk landscape, Oman Re remains well-positioned to navigate emerging challenges and capture growth opportunities. We move forward with confidence, firmly committed to delivering sustainable value to our clients, partners and stakeholders.”

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