Oman Insurance Company

First company of the Emirati market, Oman Insurance is a significant institution in the Middle East. Founded in 1975, the company is accustomed to holding first ranks of end of the year podia, earning the title of local market’s first company in 2006 and 2007 and rewarded three times in a row for its training policy. Moreover, it is holder of the financial market’s best company title in 2007.

Oman Insurance, a life and non-life company, relies on its headquarters in Dubai to market its products through 16 branches in the United Arab Emirates and two others respectively located in Qatar and Oman. Despite a slowdown of its turnover during the past three years, the company continued to report remarkable technical results.
With non-life combined ratios of around 50% to 75% between 2010 and 2012, Oman Insurance is strengthening its financial base. Nearly 50% of its 2012 turnover is underwritten in life insurance.

Abdulaziz Abdulla Al-Ghurair	Patrick Choffel
Chairman of the board	CEO

Main technical highlights: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution
Gross written premiums	659 385	637 625	665 203	4.33%
Written premiums net of reinsurance	383 905	320 102	314 603	-1.72%
Gross earned premiums	659 357	663 420	677 350	2.10%
Gross incurred losses	367 586	304 958	356 358	16.85%
Net incurred losses	171 516	153 232	178 271	16.34%
Gross management expenses	125 791	111 784	117 067	4.72%
Non life gross management expenses	96 035	81 857	82 987	1.38%
Gross loss ratio*	49,86%	40.08%	50.51%	-
Gross expenses ratio*	20.52%	19.83%	24.64%	-
Combined ratio	70.38%	59.91%	75.15%	-
Financial income	669	2 261	9 853	335.76%
Net technical result	64 575	91 386	51 252	-43.92%
Net result	25 621	29 451	51 006	73.18%

* Non life only in thousands USD

Breakdown of gross written premiums per class of business: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	467 851	412 746	336 784	-18.40%	50.63%
Life insurance and medical	191 533	224 879	328 419	46.04%	49.37%
Total	659 385	637 625	665 203	4.32%	100%

Breakdown of gross written premiums per class of business in 2012

Breakdown of gross earned premiums per class of business: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	468 430	436 790	372 697	-14.67%	55.02%
Life insurance and medical	190 927	226 630	304 653	34.43%	44.98%
Total	659 357	663 420	677 350	2.10%	100%

Breakdown of net earned premiums per class of business: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	254 621	236 050	186 717	-20.89%	56.66%
Life insurance and medical	82 904	95 887	142 847	48.97%	43.34%
Total	337 525	331 937	329 564	-0.71%	100%

Net technical results : 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	56 464	68 464	20 348	-70.27%	39.70%
Life insurance and medical	8 110	22 922	30 904	34.82%	60.30%
Total	64 574	91 386	51 252	-43.91%	100%

Gross incurred losses: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	233 568	175 101	188 264	7.52%	52.83%
Life insurance and medical	134 018	129 857	168 094	29.44%	47.17%
Total	367 586	304 958	356 358	16.85%	100%

Net incurred losses: 2010-2012

in thousands USD

	2010	2011	2012	2011/2012 evolution	2012 shares
Non life insurance	125 639	112 772	105 942	-6.05%	59.43%
Life insurance and medical	45 877	40 460	72 329	78.76%	40.57%
Total	171 516	153 232	178 271	16.34%	100%

Non life technical ratios : 2010-2012

Exchange rate AED/USD as at 31/12	2010	2011	2012
	0.27231	0.2723	0.27226