Oman Insurance Company's Q1 revenue rises by 32%

Technical profit for the quarter ending 31st March 2009 is higher by 27% over the same period last year and stands at Dhs109m.

Gross written premium for Q1 2009 is Dhs887m as against the previous year's Dhs667m. Total assets of the company as on March 31st 2009 stood at Dhs5.3bn as against Dhs4.9bn at year-end 2008.

HE Matar Humaid Al Tayer, Chairman, Oman Insurance Company, said:

"The economic situation remains challenging and the investment climate is still showing weakness. However, we expect that by the end of the third quarter of 2009 the economic and investment climate will improve in the UAE. We base our positive expectation on various economic initiatives taken by the Government of UAE recently."

Praising the efforts of the Oman Insurance team, he added, "The results achieved have reinforced the company's position as the undisputed leader in UAE's Insurance market. This will allow us to continue to achieve higher customer confidence and delight whilst ensuring further growth."

Added Abdul Muttalib Mustafa al Jaidi, CEO, Oman Insurance Company (PSC): "The company has achieved a net profit of Dhs73m in a challenging market environment. This growth clearly reflects our service quality and indicates the trust and confidence of our customers. It also proves the inherent strength of the company in overcoming challenges. The company will maintain its focus towards achieving targets set for the year 2009."