Oman Reinsurance Company (Oman Re), the only reinsurer based in the Sultanate of Oman, reported its financial results for the six-month period ending June 30, with increases in both revenue and profitability compared to the same period last year.
Reinsurance revenue rose 8% year-over-year to OMR 26.5 million (US$68.8 million), up from OMR 24.5 million (US$63.8 million) in the first half of 2024. Gross written premium (GWP), presented under IFRS 4 standards, increased to OMR 36.7 million (US$95.5 million) from OMR 35.4 million (US$92 million) in the prior-year period.
Net profit after tax more than doubled, reaching OMR 2.2 million (US$5.8 million), compared to OMR 1.1 million (US$2.8 million) during the same period last year. The rise in profitability was supported by a 171% increase in net reinsurance results, which totaled OMR 962,000 (US$2.5 million), up from OMR 354,000 (US$921,000) in the first half of 2024.
The company’s combined ratio improved to 95.4%, down from 98.2% a year earlier, reflecting changes in underwriting and claims activity. Net investment and other income rose by 25% to OMR 2.0 million (US$5.2 million), as Oman Re continued to apply a diversified investment approach.
As of June 30, the company's net equity stood at OMR 38.8 million (US$101 million), a 10% increase from December 2024.
For the full year ending December 31, 2024, Oman Re reported reinsurance revenue of OMR 49.9 million (US$129.8 million), up 19% from 2023. Gross written premium reached OMR 56.1 million, with net profit after tax totaling OMR 3 million.
Oman Re's first-quarter 2025 performance also showed positive trends, with reinsurance revenue rising 30% year-over-year to OMR 13.2 million (US$34.2 million) and gross written premium up 27% to OMR 26.1 million (US$68 million). Net profit for the quarter increased 13% to OMR 1.1 million (US$2.9 million), while the combined ratio declined to 92.5%.
In earlier commentary, CEO Romel Tabaja (pictured above) noted that natural catastrophe activity, including severe flooding in the UAE, had affected the company’s underwriting results in previous periods.
Comparatively, he says that the first-half performance aligned with the company’s strategic objectives.
“We also recognize the challenges in this competitive and softening market and are addressing them to achieve our full-year objectives. I would like to thank our team, clients and partners for their ongoing support and confidence as we work towards delivering sustainable growth over the long term,” Tabaja said.
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