Oman Insurance Company's net profit increases by 53%

Dubai: Oman Insurance Company PSC yesterday reported a net profit of Dh334 million for the period ended September 30 against a net profit of Dh218 million in the same period last year, a growth of 53 per cent.

The gross written premium for the nine months stood at Dh1.66 billion, a growth of 46 per cent over the previous period premium income of Dh1.14 billion, indicating the success of its prudent business development strategies.

Mattar Humaid Al Tayer, chairman of Oman Insurance Company, said the results reflected the company's relentless pursuit of excellence and professional service.

"At Oman Insurance Company, raising the bar on our service has always been a top priority and this is reflected in the high ratings we got from international rating agencies. All our strategies are aimed at delivering optimum customer delight. The results of the first nine months are an indicator that the strategic growth and expansion plans of OIC are yielding fruit," Al Tayer said.

The results showed robust growth in all fields. Technical profits rose by over 101 per cent to Dh214 million, from Dh106 million in the corresponding period last year.

Investment income stood at Dh137 million for the half-year.

Shareholders' equity rose tot Dh2.39 billion, against Dh2.36 billion at year-end 2007.

The total assets of the company stood at Dh5.56 billion against Dh4.68 billion at the end of 2007.