Dhofar Insurance

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Set up in 1989, Dhofar Insurance Company is the pure outcome of the business-mindedness that characterizes the Sultanate of Oman. Through its own identity, the company takes root in the country's culture and history. Endowed with a capital of 3 million OMR (7.7 million USD) which was, ever since raised to 20 million OMR (52 million USD), Dhofar Insurance is mandated to underwrite both property and life insurance risks.

The company has developed a particular know-how in the motor class of business where is quite active both as an insurer and as a key player in the prevention policy.
Being so close to local customers served by a network of about 29 agencies and considering the quality of its services, the company has been boosted to the rank of a market leader with a 25% share. The country's economic success, especially in the construction sector, has paved the way for the company to expand in a region that is regarded as of high insurance potential.

Dhofar Insurance Company in 2007

Capital
52 million USD
Turnover
129.5 million USD
Net result
18.9 million USD
Shareholder's equity
77.5 million USD
Investment income
27.6 million USD
ROE
29.9%
Share in the market
25%
Market's underwritten policies
48%
Number of agencies
29

Management

Board chairman
Shaikh Salim Bin Mubark Al Shanfari
Board member vice chairman
Shaikh Salim Bin Abdulla Bin Saeed Al Rawas
Board member
Shaikh Hamad Bin Hamood Al Ghafri
Board member
Shaikh Said Bin Ahmed Mohammed Bin Al Rawas
Board member
Shaikh Qais Bin Mustahil Al-Mashani
Board member
H.E Shaikh Salim Bin Abdulla Barham Ba'Omar
Board member
Mustafa Bin Abdul Qadir Al-Ghassani
Board member
H.E Abdul Alim Bin Mustahil Rakhyoot
Board member
Salim Bin Tamman Al-Mashani
Board member
Hani Bin Jumaan Ashoor
Board member
Taher Bin Taleb Kamal Al Heraki

Direct premiums split by class of business1: 2003-2006

in USD

Premiums2003%2004%2005%2006%
Non life
Motor
39 535 83556.941 635 45557.642 661 55957.147 007 49250.3
Property
15 193 07021.912 852 23217.815 812 43221.223 017 62824.6
Marine
3 326 2264.86 075 5808.45 004 8036.78 622 1579.2
Others
8 195 52511.77 812 22110.87 884 49410.59 388 27110.0
Life
Total life
3 275 766 4.7 3 879 944 5.4 3 347 054 4.5 5 479 033 5.9
Total
61 330 897100%72 255 432100%74 710 342100%93 514 581100%

1 The 2007's turnover breakdown is not available

Direct premiums split by class of business in 2006

Loss ratio: 2003-2006

Main financial highlights: 2003-2007

in USD

 20032004200520062007
Net written premiums
93 231 95490 861 64088 136 692108 134 306129 515 161
Gross earned premiums
65 196 42267 987 40370 022 19080 601 703NA
Loss ratio
67%60%61%57%NA
Investment income
5 756 9096 216 1286 834 7592 783 77327 572 608
Management expenses
5 656 5626 085 1707 448 7797 646 5979 544 315
Net result (before tax)
14 150 81714 977 85614 521 81413 836 98119 363 652
Net result (after tax)
13 449 57013 709 29213 210 40611 932 68218 872 051

NA: Non available

Evolution 2003-2007

in millions USD

Exchange rate
OMR/USD as at 31/12
2003
2004
2005
2006
2007
2.599
2.604
2.602
2.607
2.597

Contact



Head office
Ruwi - CBDA P.O Box: 1002,
P.C: 112, Sultanate of Oman
Phone
(+968) 24705305
Fax
(+968) 24793641
E-mail
Website
dhofar [at] dhofarinsurance [dot] com
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Thu, 16/05/2013 - 16:17
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