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July 28, 2022

Oman Re’s underwriting profit up by 30% in first half 2022

Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 21.9 million [USD 57.0 million] as of 30 June 2022, which is higher by 20% compared to OMR 18.2 million [USD 47.3 million] for the same period last year.

Based on resilient underwriting performance, the Company’s underwriting profit (before management expenses) in H1 2022 increased by 30% to reach at OMR 1.6 million [USD 4.1 million] against OMR 1.2 million [USD 3.2 million] secured during H1 2021. Combined ratio witnessed 1.4 % improvement to reach 96.2% for the first half of year 2022.

Oman Re’s investment income improved by 3.4% to reach OMR 1.1 million [USD 2.8 million] against OMR 1.0 million [USD 2.7 million]. The Company’s net profit after tax for the first half of 2022 was OMR 673k [USD 1.7 million] compared to OMR 669k [USD 1.7 million] for the same period last year. Oman Re’s net equity stands at OMR 28.1 million [USD 72.9 million] as at 30 June 2022.

The Company’s CEO, Romel Tabaja commented: “Despite many challenges, all areas of our operation have helped to deliver on our strategic objectives, which have led towards improved financial results during H1 2022. However, considerable volatility within debt markets and currency environment did affect growth of our net profit after tax.”

He added, “Our efforts towards prudent underwriting, meticulous investments and customer-centric approach in offering best reinsurance protection are ongoing. We expect beneficial regional business prospects for the remainder of the year and are fully determined to capitalize on the growth opportunities.”