Oman Insurance Company's profits soar by 53%, business gains up 46%

The company has announced a net profit of Dhs334m for the period ended September 30, 2008, against a net profit of Dhs218m in the same period last year, representing a growth of 53%.

The gross written premium for the nine months stood at Dhs1.66bn, a growth of 46% over the previous period premium income of Dhs1.14bn, indicating the success of its prudent business development strategies.

Announcing the results, H.E. Matar Humaid Al Tayer, Chairman of Oman Insurance Company, said the results reflected the company's relentless pursuit of excellence and professional service.

"At Oman Insurance Company, raising the bar on our service has always been a top priority and this is reflected in the high ratings we got from international rating agencies. All our strategies are aimed at delivering optimum customer delight. The results of the first nine months are an indicator that the strategic growth and expansion plans of OIC are yielding fruit," H.E. Matar Humaid Al Tayer said.

The results showed robust growth in all fields. Technical profits rose by over 101% to
Dhs214m, from Dhs106m in the corresponding period last year. Investment income stood at Dhs137m for the half-year. Shareholders' equity was up at Dhs2.39bn, against Dhs2.36bn at year-end 2007. The total assets of the company stood at Dhs5.56bn, against Dhs4.68bn at the end of 2007.

Mr. Abdul Muttalib Mustafa, General Manager, said:

"The strong financial performance is the result of customer loyalty and the confidence reposed in Oman Insurance Company by our customers and business partners. We constantly innovate and seek to exceed customer expectations. The remarkable results take us closer to our goal of becoming the leaders in our field in the region."

Oman Insurance Company enjoys the ratings of A (Excellent) from AM Best and A- from Standard & Poors. The company has implemented the first phase of its regional expansion plans, with branches in Oman and Doha becoming fully operational.