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Oman Insurance Company posts 5% first-half growth

DUBAI — Oman Insurance Company (PSC), or OIC, said that it posted a five per cent growth in revenue in the first half of the year ending on June 30, compared to the same period in 2009.

The net profit for the period increased by eight per cent to reach Dh154 million against Dh142 million in the previous year. OIC also posted a strong technical profit of Dh150 million in the first half.

Gross written premium in the period was Dh1.43 billion compared to Dh1.36 billion in 2009. The company’s assets stand at Dh5.04 billion on June 30 against Dh4.98 billion at the end of 2009.

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

“The company has achieved this result due to the strong customer support and dedicated workforce. We, the Board of Directors of the Company, have confidence in the direction taken by the company and the expected results during the year,” he 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. Technical profits have contributed in supporting the overall net profit,” said OIC Chief Executive Abdul Muttalib Mustafa Al Jaidi.

“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.”

business@khaleejtimes.com