Oman Re net profit increases 83% in Q1 2024

Oman Re, the sole reinsurer in the Sultanate of Oman, has reported a net profit after tax of OMR977K (USD 2.5 million), a remarkable 83% increase compared to the same period last year, when the net profit stood at OMR 534K (USD 1.4 million).

Driven by resilient underwriting performance and a robust investment portfolio, Oman Re’s reinsurance revenue for Q1 2024 stood at OMR10.1 million (USD 26.3 million), similar to Q1 2023.

The reinsurer, which was recently granted a retakaful licence, also reported an increase in net reinsurance results, up 41% to OMR 874K (USD 2.3million) in Q1 2024 from OMR 618K (USD 1.6 million) in Q1 2023.

Notably, Oman Re achieved a 0.7%point improvement in its combined ratio, reaching at 89.5% during Q1 2024.

The company’s net investment and other income was 775K (USD 2.0 million) for Q1 2024, a 23% increase for the OMR 628K (USD 1.6million reported in the prior year quarter.

As of 31 March 2024, OmanRe’s net equity has soared to OMR 33.5 million (USD 87.2 million), showcasing a 4% growth since December 2023, underlining the company’s strong financial footing and stability.

Romel Tabaja, CEO of Oman Re, stated: “We have made a strong start to the year, and amidst the challenges posed by the uncertain macroeconomic environment, we are focused on achieving our targeted reinsurance revenues of OMR 45.7 million (USD 118.7million) and profit after tax target of OMR 2.9 million (USD 7.6 million) for the year.

“The exceptional performance in the first quarter positions us well to achieve our financial targets. Beyond financial success, Oman Re remains dedicated to creating value for stakeholders and fostering resilience in the communities we serve.”

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