Oman Re: results for the first three quarters of 2023

Oman Re has published its financial results for the first nine months of 2023.

In accordance with the new IFRS 17 accounting standards, the reinsurance income reached 31.8 million OMR (82.7 million USD) as at 30 September 2023, against 23.9 million OMR (62.1 million USD) recorded a year earlier, which represents a 33% increase.

The net profit was up by 35% to 1.8 million OMR (4.8 million USD). The combined ratio dropped by one point to 91%.

Investments and other income climbed by 26% to 2 million OMR (5.1 million USD).

During the period under review, the company's shareholders' equity stood at 28.2 million OMR (73.4 million USD).