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Oman Re has recorded a strong 30% increase in reinsurance revenue at end-March 2025, reaching 13.2 million OMR (34.2 million USD), compared with 10.1 million OMR (26.3 million USD) a year earlier.
Gross written premiums (IFRS 4) amounted to 26.1 million OMR (68 million USD) against 20.5 million OMR (53.3 million USD) in the first quarter of 2024, reflecting a 27% growth.
Oman Re, the Sultanate's sole reinsurer, closed the first quarter of the current year with a net profit of 1.1 million OMR (2.9 million USD), up 13% on the 977 000 OMR (2.5 million USD) posted twelve months earlier.
The combined ratio declined by 3 points to 92.5%, compared with 89.5% at the end of March 2024. Investments and other income totaled 976 000 OMR (2.5 million USD), which represents a year-on-year increase of 26%.
During the reporting period, the company's shareholders' equity stood at 36.8 million OMR (95.7 million USD).
Read also | Oman Re: improved results in 2024
