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Oman Re closed the first three quarters of 2024 with reinsurance revenue of 34.4 million OMR (97.2 million USD), up 17% year-on-year.
The reinsurer's net profit of 1.4 million OMR (3.7 million USD) was down by 26.3% compared with the same period of 2023. The combined ratio fell by 7.1 points to 98.2%.
Oman Re's results were impacted by natural catastrophe claims in key markets and by the low interest rate environment.
Investments and other income increased by 22% to 2.4 million OMR (6.3 million USD).
The company's shareholders' equity stood at 35 million OMR (91.2 million USD) at end September 2024.
