Dubai: Oman Insurance Company, one of the heavyweights in the UAE insurance space, recorded net profits of Dh110.2 million in the first-half of 2020, brought on by a 4 per cent gain on 2019.
This continues a trend whereby local insurers have managed to come up with convincing performances despite the overhang from the pandemic.
OIC’s gross premium written at the end of June was Dh2.1 billion, up 3 per cent, while net investment income gained 5 per cent to Dh57.6 million.
“Our current results clearly reflect our leading position as a primary insurer amongst listed companies in the UAE, which is in alignment with our strategy to better select risks and retain healthier risks on our balance-sheet,” said Jean-Louis Laurent Josi, CEO.
The insurer ended the first-half of 2020 with a solvency ratio above 250 per cent.
In past months, we have accelerated payments to healthcare providers to support them during the peak of the pandemic, while we also were the first to give discounts on motor insurance to take into account the decreased usage of cars during the confinement.