Fitch Ratings: positive outlook for Oman Re

Fitch Ratings has confirmed Oman Re's “BBB-” financial strength rating. The company's outlook has been revised from stable to positive. This reflects the improvement in the reinsurer's investment risk, the consolidation of its capitalization and financial performance.

The rating itself recognizes Oman Re's good reputation in its main markets, its good results, its investment strategy and its prudent reserving policy.

Oman Re closed the 2024 financial year with a net profit of 3 million OMR (7.8 million USD), up 18% year-on-year. Return on equity rose from 8.4% in 2023 to 8.9% in 2024.

The combined ratio (IFRS 17) deteriorated by 2 points to 94% as a result of the floods in the United Arab Emirates.