Oman Insurance organizes annual General Assembly meeting

The company witnessed a 41% increase in gross written premiums with a total of Dhs2.14bn achieved in 2008 and a net profit of Dhs250m out of which Dhs220m is from technical operations - a substantial increase of 26% over their 2007 statistics.

During the meeting Oman Insurance Company (PSC) also confirmed to distribute 50% cash dividend to the company's shareholders. Chaired by H.E. Mattar Humaid Al Tayer, Chairman, Oman Insurance Company (PSC) appointed new board members for the next 3 years, who are expected to drive the business expansion with guaranteed lucrative returns.

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

"We are pleased with the 2008 outcome and results. The achievement of these figures despite tough competition and economical crisis clearly states that Oman Insurance Company is the leading insurance company in the GCC region and still retains market confidence."

"2008 was not just a competitive year but a challenging one. With the dynamics of world's economy being challenged it meant that we had to identify our advantage to survive the potential and sometime drastic decline. The result we achieved assures us that we have retained a strong foothold in this highly competitive insurance sector. Last year we largely focused on growing the technical business which has allowed us to meet our goals," added H.E. Mattar Humaid Al Tayer, Chairman, Oman Insurance Company (PSC).

In addition to the effective contribution to develop the insurance sector, the strategies for 2009 will focus to retain its leading position by concentrating on technical profits and the performance criteria which in-turn will contribute to serve the national economy.

The growing success and increase in market share demonstrates the quality service provided by Oman Insurance Company (PSC) which clearly indicates the trust and confidence of their customers.

Rated A (Excellent) by AM Best and A- by Standard & Poors, Oman Insurance Company (PSC) Board of Directors has recently recommended a distribution of 50% cash dividend to the company's shareholders.