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Saturday, November 28 - 2009

Oman Insurance Company posts a 16% growth in revenue for the half-year ended 30th June

  • United Arab Emirates: Sunday, July 26 - 2009 at 16:19
  • PRESS RELEASE

Oman Insurance Company (PSC) posted a 16% growth in revenue for the half-year ended 30th June 2009 over the same period of the previous year.

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Oman Insurance Company also posted a strong increase in the technical profits by 36% over the previous year and stands at Dhs179m for the half year ended 30th June 2009.

The net profit for the half-year ended is Dhs142m as compared to Dhs358m for the previous year.

"The company's strategy focuses on the technical business, to develop the Insurance portfolio that allows the company to improve its underwriting standards whilst maintaining its leading position. Technical profits have contributed in supporting the overall net profit and covered the decline in the investment income caused by the global economic crisis,"
said H.E. Matar Humaid Al Tayer, Chairman of Oman Insurance Company (PSC).

The gross written premium for the half year ended 30th June 2009 is Dhs1.36bn as against the previous year of Dhs1.17bn. The company's assets stand at Dhs5.27bn as on 30th June 2009 as against Dhs4.95bn as at the year-end 2008.

Adding to this Mr. Abdul Muttalib Mustafa al Jaidi, Chief Executive Officer, Oman Insurance Company (PSC) said, "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."
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Notes and media contacts

About Oman Insurance Company (PSC):
Oman Insurance Company (OIC) is one of the premier insurance companies in the UAE with 10 branches including the Head Office and an established presence in each Emirate and with operations in Oman and Qatar as part of its Growth strategy. Through the sound leadership of its Top Management, H.E. Mattar Humaid Al Tayer, Mr. Abdulmuttalib Mustafa, and dynamic Board of Directors, the company has ascended to this status and acquired the image of being a quality insurance company. Moreover, OIC commands an image of being a financially sound, professionally managed organization.

The Company practices true customer focused service by means of quality products. In fact, Oman Insurance Company is the first insurance company in the gulf to have a dedicated Call Center for the exclusive benefit of its Customers. Moreover, it is one of the only Financial Services Company in the gulf to have set up an R & D Unit to facilitate the development of new insurance products and ideas to satisfy the specific and other underserved insurance needs of the gulf population.

For more information, please contact:
Dawood Ali
Account Manager
PR Syde| Middle East
Syed Building
Wing A, Office 205
Bar Syed Road
P. O. Box 50187, Dubai, UAE
T: + 971 4 2668085

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