Fitch Ratings affirms Oman Re's “BBB-” rating

Fitch Ratings has confirmed the “BBB-” financial strength rating of Oman Reinsurance Company (Oman Re). The outlook remains stable.

This decision was prompted by several key factors, including the company's good profile and capitalization, as well as its prudent investment strategy.

The rating also reflects Oman Re's strong financial performance, underpinned by a combined ratio of 88.6% and a return on equity (ROE) of 8.4% in 2023.

The Omani reinsurer ended the financial year 2023 with a net profit of 2.5 million OMR (6.5 million USD), generated thanks to solid financial and underwriting results.