Oman Re: sales increase in Q1 2022

Oman Re has posted a 23% increase in its turnover in Q1 2022. The figure went from 12.4 million OMR (32.11 million USD) as of 31 March 2021 to 15.3 million OMR (39.62 million USD) at the end of March 2022.

The net profit of 290.000 OMR (751.019 USD) dropped by 23.8% from 381.000 OMR (986.641 USD) realized in the three months of 2021. The underwriting result increased by 37% as it was set at 215.000 OMR (556.790 USD) at the end of Q1 2022. The combined ratio remained stable at 96.1%.

During the period under review, the investment income amounted to 470 000 OMR (1.217 million USD), a decrease of 16.5% over one year. Such decrease is due to the volatility of the investment markets.