Oman Re: 2023 results

Oman Re recorded a sharp 29% increase in reinsurance revenue to 42.1 million OMR (109.3 million USD) as at 31 December 2023, against 32.5 million OMR (84.5 million USD) at end-2022.

Gross written premiums under IFRS 4 climbed from 36.6 million OMR (95 million USD) in 2022 to 46.2 million OMR (119.8 million USD) in 2023, representing a 26% growth.

The net profit has progressed by 20% to reach 2.6 million OMR (6.6 million USD) at the end of the 2023 financial year, compared with 2.1 million OMR (5.5 million USD) in 2022. The combined ratio remained stable at 91%.

Investment and other income rose by 20% to 2.7 million OMR (7.1 million USD).

During the reporting period, the company's shareholders' equity stood at 32.2 million OMR (83.7 million USD).