Oman Re: improved 2022 results

Oman Re, the Sultanate's sole reinsurer, has published its main activity indicators as at 31 December 2022. As of this date, the turnover has increased by 32.5% to reach 36.6 million OMR (95 million USD).

The net profit went up by 20% over one year to 1.6 million OMR (4.2 million USD).

The company's continued profitability is driven by a 63.3% improvement of the technical result to 3.4 million OMR (8.7 million USD) and a remarkable investment portfolio performance.

The combined ratio was up 3.3 points to stand at 96.1% at the end of 2022.

During the period under review, the amount of investments and other revenues has climbed by 10.6% to 2.3 million OMR (6 million USD).

Oman Re's equity amounted to 29.1 million OMR (75.6 million USD).