Dubai: Oman Insurance Company, one of the largest insurance providers in the UAE, Monday reported net profit of Dh189 million for 2009.
The insurer saw especially strong growth in its technical operations, which is income accruing from underwriting operations, in 2009.
Profit from technical operations reached Dh317 million, an increase of 44 per cent compared to Dh220 million in 2008.
The results were announced following the company's board of directors meeting on January 28.
The company additionally reported strong growth in its total gross written premiums, which reached Dh2.34 billion for 2009, an increase of 9.5 per cent compared to Dh2.14 billion in 2008.
Mattar Humaid Al Tayer, chairman of Oman Insurance Company, said: "During a year that began with ongoing challenges to the stability of the global economy and financial system and concluded with clear signs of international economic recovery, Oman Insurance Company maintained a consistent focus on meeting the needs of clients by upholding the highest standards of service excellence and product innovation.
"As today's announcement demonstrates, Oman Insurance Company has successfully risen to meet the challenges posed by the global financial crisis while simultaneously identifying opportunities for growth," he said.
Strategy
"Moving ahead, we will continue to expand our reach across the Gulf, contributing to the economic growth, diversification and stability of this young and vibrant region."
Abdul Muttalib Mustafa Al Jaidi, CEO, added: "At a time of global uncertainty, Oman Insurance Company has provided peace of mind to corporate entities, small and medium-sized enterprises, and individuals from a broad diversity of backgrounds. By forging lasting partnerships with our clients, we have been able to continually grow our operations."
