Oman Insurance achieves 41% increase in gross written premium

Oman Insurance Company (PSC) also achieved a net profit of Dhs250m for the year ended 31 December 2008. This includes Dhs220m from technical operations which is an increase of 26% over 2007.

The Board of Directors in the meeting held on the 3rd February 2009 has decided to recommend a distribution of (50%) cash dividend to the company's shareholders in the general assembly meeting.

H.E. Matar Humaid Al Tayer, Chairman of Oman Insurance Company (PSC), said:

"The company's strategy focuses on the technical business, to develop the Insurance portfolio allowing the company to improve its underwriting standards whilst maintaining its leading position. Technical profits have contributed in supporting the overall net profit and reduce the negative impact on investment income caused by the global economic crisis."

Furthermore, H.E. Matar Humaid Al Tayer, confirmed that the Board of Directors is focused to follow the best practices in business, hence a host of global consultants have been appointed to improve the service levels the company provides and also to enhance the product portfolio of the Company in order to achieve customer delight whilst fulfilling their requirements.

Adding to this Mr. Abdul Muttalib Mustafa al Jaidi, Chief Executive Officer, Oman Insurance Company (PSC) said, "We owe our success to our loyal customers, hardworking staff and strong management support. Our ever-growing success and increasing market share are clear results of the trust and confidence our customers hold in the company in response to the quality service the company provides.

"The results achieved reinforce the Company's position as the undisputed leader in the UAE Insurance market. This will allow us to continue to achieve higher customer confidence and satisfaction whilst ensuring further growth both locally and regionally in 2009," he added.

Oman Insurance Company has been rated A (Excellent) by AM Best and A- by Standard & Poors.