Oman Re highlights surge in revenue in Q1 outcomes

Oman Re, the only reinsurer within the Sultanate of Oman, has reported a major improve in its web revenue after tax for the primary quarter of 2024, recording OMR977,000 (US$2.5 million).

This determine represents an 83% rise from OMR534,000 (US$1.4 million) throughout the identical interval within the earlier yr. Based on insights from Moody’s, this progress has been fueled by a powerful underwriting efficiency and a sturdy funding portfolio, with reinsurance income for Q1 2024 sustaining at OMR10.1 million (US$26.3 million), in step with the primary quarter of 2023.

The corporate has skilled a 41% improve in web reinsurance outcomes, totaling OMR874,000 (US$2.3 million) for Q1 2024, up from OMR618,000 (US$1.6 million) in Q1 2023. Moreover, Oman Re reported a 0.7 proportion level enchancment in its mixed ratio, which now stands at 89.5% for the primary quarter of the yr.

Oman Re’s monetary efficiency was additionally bolstered by its funding actions. The corporate’s prudent funding methods and favorable rates of interest contributed to a 23% improve in web funding and different earnings, which amounted to OMR775,000 (US$2.0 million) for Q1 2024, in comparison with OMR628,000 (US$1.6 million) recorded throughout the identical interval final yr.

As of March 31, 2024, Oman Re’s web fairness reached OMR33.5 million (US$87.2 million), marking a 4% progress since December 2023.

Romel Tabaja, CEO of Oman Re, commented on the corporate’s efficiency and future outlook.

“Now we have made a powerful begin to the yr, and amidst the challenges posed by the unsure macroeconomic setting, we’re targeted on attaining our focused reinsurance revenues of OMR45.7 million (US$118.7 million) and revenue after tax goal of OMR2.9 million (US$7.6 million) for the yr. The distinctive efficiency within the first quarter positions us effectively to realize our monetary targets. Past monetary success, Oman Re stays devoted to creating worth for stakeholders and fostering resilience within the communities we serve,” Tabaja stated.

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