Oman Insurance Company posts 5% revenue growth in first half

Dubai: (PSC) Oman Insurance Company, a leading insurer in the UAE, posted a five per cent growth in revenue for the half-year ended June 30 over the same period of the previous year.

The net profit for the period increased by 8 per cent to reach Dh154 million as against Dh142 million for the previous year.

Oman Insurance Company also posted a strong technical profit of Dh150 million for the half year ended June 30.

The gross written premium for the half year ended June 30 is Dh1.43 billion as against the previous year of Dh1.36 billion. The company's assets stand at Dh5.04 billion as on June 30.

Commendable result

Abdul Aziz Al Ghurair, Chairman, Oman Insurance Company PSC, said, "Oman Insurance has achieved a commendable result in the face of the acute competition and the challenging economic environment."

"The company has achieved this result due to the strong customer support and dedicated workforce. We ... have confidence in the direction taken by the company and the expected results during the year."

Abdul Muttalib Mustafa Al Jaidi, CEO Oman Insurance Company, added, "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... The company is committed to achieving complete customer satisfaction in its quest for excellence..."

"We see massive opportunities for the growth and development of insurance in the region in the coming years. Our drive to succeed and to further enhance our position as the market leaders stems from this belief, and further driven by our technology, underwriting skills, customer service and our commitment towards society, ably supported by a well constituted board of directors," he added.