Oman Re has reported good results for 2018. Turnover reached 22.4 million OMR (58.1 million USD), up by 80.6% compared to the 12.4 million OMR (32.2 million USD) of premiums recorded in 2017.
Property damage insurance with in particular engineering accounted for the bulk of the portfolio. Growth related to both treaties and facultative acceptances. Underwritings emanated mainly from Oman, Qatar, the United Arab Emirates, Turkey, India and Pakistan.
For the second consecutive year, the Omani reinsurer recorded an increase in its net profit at 660 600 OMR (1 715 800 USD) in 2018 against 96 000 OMR (245 300 USD) a year earlier, up by 588% in 12 months.
The combined ratio improved by 12.7 points at 91.5% compared to 104.2% in 2017.
The company's financial strength was significantly reinforced during the past year. Net technical reserves rose from 12.5 million OMR (32.4 million USD) in 2017 to 15 million OMR (38.9 million USD) by the end 2018.
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