Oman Re: Q1 2024 results

Oman Re has published its key business indicators for the first quarter of 2024.

As at 31 March of the current year, the Sultanate's sole reinsurer posted a reinsurance revenue comparable to that recorded during the first quarter of 2023, standing at 10.1 million OMR (26.3 million USD).

The quarterly net profit increased by 83% to reach 977 000 OMR (2.5 million USD) against 534 000 OMR (1.4 million USD) during the same period of 2023.

The combined ratio improved by 0.7 points to 89.5%.

Investments and other income amounted to 775 000 OMR (2 million USD), up by 23% over one year.

During the reporting period, the company's equity totalled 33.5 million OMR (87.2 million USD).

Oman Re's CEO Romel Tabaja believes that the satisfactory financial results were made possible thanks to a resilient underwriting performance and a robust investment portfolio.

The company is expecting to generate reinsurance revenues of 45.7 million OMR (118.7 million USD) and a net profit of 2.9 million OMR (7.6 million USD) for the current financial year.