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In accordance with the new IFRS 17 accounting standards, Oman Re recorded reinsurance revenue of 24.5 million OMR (63.7 million USD) as at 30 June 2024, up by 2.2% on the 21 million OMR (54.6 million USD) posted twelve months earlier.
Net profit declined by 8.3% from 1.2 million OMR (3.2 million USD) at 30 June 2023 to 1.1 million OMR (2.8 million USD) a year later.
Reinsurance results of 354 000 OMR (920 000 USD) were down 72.8%. This figure was impacted by flood-related losses in the United Arab Emirates, which cost the Omani reinsurer 2 million OMR (5.2 million USD).
The combined ratio stood at 98.2%.
Investments and other income amounted to 1.6 million OMR (4.2 million USD), a 33.3% increase over one year.
During the reporting period, the company's shareholders' equity amounted to 33.5 million OMR (87.2 million USD).
