Oman Reinsurance Company (Oman Re)

Oman Re
  • Date of creation: 4 August 2008, Muscat, Oman
  • Classes of business: Non-life
  • Rating: Fitch Ratings : BB+ / Positive
  • Regional structures: Doha, Qatar

Oman Re in 2022

Juma Bin Ali Al Juma
Romel Tabaja
Juma Bin Ali Al Juma
Chairman of the Board of Directors
Romel Tabaja
CEO
Share capital84 800 000 USD
Turnover95 164 000 USD
Assets 285 000 000 USD
Shareholder’s equity76 000 000 USD
Net result 4 232 000 USD
ROE5.57%
Net loss ratio 58.41%
Management expenses ratio37.69%
Net combined ratio96.1%

Management

Juma Bin Ali Al JumaChairman of the Board of Directors
Romel TabajaChief Executive Officer (CEO)
Muzamil HussainChief Financial Officer (CFO)
Bashar RaoofGeneral Manager − QFC Branch

Shareholding as at 31/12/2022

Shareholders Shares 
Trust Insurance and Reinsurance Company (Trust Re), Bahrain27.2%
Qatar General Insurance & Reinsurance Company (QGIRCO), Qatar22.3%
Ziliano Investments, Cyprus9.1%
Zawawi Trading Company, Oman8.6%
Omar Zawawi Establishment (OMZEST), Oman8.4%
Others 24.4%

Oman Re: main technical highlights: 2018-2022

Figures in USD

Highlights 20182019202020212022
Gross written premiums58 107 00053 022 00064 431 00071 796 00095 164 000
Net written premiums23 972 00023 433 00036 238 00053 073 00075 113 000
Net earned premiums 20 032 00022 601 00030 649 00046 389 00065 707 000
Net incurred losses11 060 00015 037 00019 047 00029 262 00038 381 000
Management expenses (1)8 699 0008 238 00012 972 00019 276 00028 309 000
Net loss ratio (2)55.21%66.54%62.14%63.08%58.41%
Management expenses ratio (3)36.29%35.15%35.8%36.32%37.69%
Combined ratio (4)91.5%101.69%97.94%99.4%96.1%
Net result (after tax)1 716 0002 118 0003 772 0003 525 0004 232 000

(1) Data estimated based on loss ratio and combined ratio provided by Oman Re.
(2) Net loss ratio = Net incurred losses / Net earned premiums
(3) Management expenses ratio = Management expenses / Net written premiums
(4) Combined ratio = Net loss ratio + Management expenses ratio
Exchange rate as at 31/12/2022 : 1 OMR = 2.58954 USD ; 31/12/2021 : 1 OMR = 2.58961 USD ; 31/12/2020 : 1 OMR = 2.59113 USD ; 31/12/2019 : 1 OMR = 2.59079 USD ; 31/12/2018 : 1 OMR = 2.59062 USD

Oman Re: turnover breakdown by class of business : 2018-2022

Figures in USD

Classes of business201820192020202120222022  shares2021-2022 evolution (1) 
Property damage NA39 163 00048 974 00038 914 00050 415 00052.98%29.55%
Motor NA1 904 0004 105 0005 694 0005 414 0005.69%-4.92%
Marine NA3 051 0003 212 0004 066 0005 077 0005.33%24.86%
Other risks NA8 904 0008 140 00023 122 00034 258 00036%48.16%
Total 58 107 00053 022 00064 431 00071 796 00095 164 000100%32.55%
Oman Re Turonover

Oman Re: net written premiums by type of activity: 2018-2022

Figures in USD
 201820192020202120222021-2022 evolution (1) 
Facultative business9 653 00013 566 00017 418 00023 373 00039 046 00067.06%
Treaties 14 319 0009 867 00018 820 00029 700 00036 067 00021.44%
Total23 972 00023 433 00036 238 00053 073 00075 113 00041.53%

Oman Re: net earned premiums by type of activity: 2018-2022

Figures in USD

 201820192020202120222021-2022 evolution (1)
Facultative business7 262 00011 305 00014 698 00019 449 00033 418 00071.82%
Treaties 12 770 00011 296 00015 951 00026 940 00032 289 00019.86%
Total20 032 00022 601 00030 649 00046 389 00065 707 00041.65%

Oman Re: net incurred losses by type of activity: 2018-2022

Figures in USD

 201820192020202120222021-2022 evolution (1) 
Facultative business3 210 0007 482 0008 472 0007 816 00018 792 000140.44%
Treaties 7 850 0007 555 00010 575 00021 446 00019 589 000-8.66%
Total11 060 00015 037 00019 047 00029 262 00038 381 00031.17%

(1)Growth rate in local currency
Exchange rate as at 31/12/2022 : 1 OMR = 2.58954 USD ; 31/12/2021 : 1 OMR = 2.58961 USD ; 31/12/2020 : 1 OMR = 2.59113 USD ; 31/12/2019 : 1 OMR = 2.59079 USD ; 31/12/2018 : 1 OMR = 2.59062 USD

Oman Re: net loss ratio by type of activity: 2018-2022

Figures in USD

 20182019202020212022
Facultative business44.19%66.18%57.64%40.19%56.23%
Treaties 61.47%66.89%66.29%79.61%60.67%
Total55.21%66.54%62.14%63.08%58.41%

(1)Growth rate in local currency
Exchange rate as at 31/12/2022 : 1 OMR = 2.58954 USD ; 31/12/2021 : 1 OMR = 2.58961 USD ; 31/12/2020 : 1 OMR = 2.59113 USD ; 31/12/2019 : 1 OMR = 2.59079 USD ; 31/12/2018 : 1 OMR = 2.59062 USD

Oman Re

Oman Re: Contact

Head office
Coral Building, 6th Floor- Al Khuwair South, P.O. Box 1968 Postal Code 114 Muscat, Oman
Phone
+968 2439 7700
Fax
+968 2439 7777
E-mail
info [at] omanre [dot] com [dot] om
Website
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