Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 31.3 million [USD 81.3 million] as of 30 September 2022, which is higher by 30% compared to OMR 24.1 million [USD 62.7 million] for the same period last year. Based on robust underwriting performance, the Company’s underwriting profit (before management expenses) during nine months ending 30 September 2022 increased by 127% to reach at OMR 2.9 million [USD 7.4 million] against OMR 1.3 million [USD 3.3 million] secured during same period last year. Combined ratio witnessed 7.9% point improvement to reach 93.5% for the nine months ending 30 September 2022 compared to same period last year.
Oman Re’s investment and other income improved by 5% to reach OMR 1.6 million [USD 4.1 million] against OMR 1.5 million [USD 3.9 million]. The Company’s net profit after tax for the nine months ending 30 September 2022 was OMR 1.3 million [USD 3.4 million], which is an increase by 112% compared to OMR 0.6 million [USD 1.6 million] for the same period last year. Oman Re’s net equity stands at OMR 27.7 million [USD 72.0 million] as at 30 September 2022.
The Company’s CEO, Romel Tabaja commented: “Our continued strong results and profitable growth during the nine months demonstrates Oman Re’s resilience through prudent underwriting as well as exceptional risk and capital management. However, we did face higher market volatility due to the rapidly rising interest rates resulting in lower trading activity that affected our current investment income.”
He added, “With solid capital position and encouraging operating performance across all lines of business, our annual targets remain within reach. Also, we stay vigilant and are committed to take relevant actions to offer best reinsurance protection to our customers.”