Magazine date:
Feb 2024 Top 10 insurance companies in Oman by 2022 turnover
Figures in thousands
| Ranking 2022 | Companies | 2022 turnover | 2021 turnover | 2021-2022 turnover (1) | 2022 shares | ||
|---|---|---|---|---|---|---|---|
| OMR | USD | OMR | USD | ||||
| 1 | National Life & General Insurance (NLIF) | 231 076 | 598 380 | 146 459 | 379 272 | 57.78% | 42.69% |
| 2 | Dhofar Insurance (DICS) | 65 069 | 168 499 | 55 021 | 142 483 | 18.26% | 12.02% |
| 3 | Al Medina Takaful (AMAT) | 44 708 | 115 773 | 44 124 | 114 264 | 1.32% | 8.26% |
| 4 | Oman & Qatar Insurance (OQIC) | 37 655 | 97 509 | 31 394 | 81 298 | 19.94% | 6.96% |
| 5 | Oman United Insurance (OUIC) | 32 187 | 83 350 | 30 458 | 78 874 | 5.68% | 5.94% |
| 6 | Takaful Oman Insurance (TAOI) | 31 548 | 81 695 | 26 655 | 69 026 | 18.36% | 5.83% |
| 7 | Arabian Falcon Insurance (AFIC) | 23 112 | 59 849 | 20 443 | 52 939 | 13.06% | 4.27% |
| 8 | Vision Insurance SAOG (VISN) | 21 263 | 55 061 | 17 609 | 45 601 | 20.75% | 3.93% |
| 9 | Al Ahlia Insurance (AINS) | 21 026 | 54 448 | 17 571 | 45 502 | 19.66% | 3.88% |
| 10 | Muscat Insurance (MCTI) | 15 263 | 39 524 | 13 807 | 35 755 | 10.55% | 2.82% |
| Total top 10 companies | 522 907 | 1 354 088 | 403 541 | 1 045 014 | 185.36% | 96.60% | |
| Reste of the market (2) | 18 419 | 47 697 | 76 316 | 197 629 | -75.86% | 3.40% | |
| Total market | 541 326 | 1 401 785 | 479 857 | 1 242 643 | 12.81% | 100% | |
(1) Evolution in local currency
(2) 10 companies
Sources: Company reports et https://cma.gov.om/Home/InsuranceMarketReview
Exchange rate as at 31/12/2022 : 1 OMR = 2.58954 USD ; as at 31/12/2021 : 1 OMR = 2.58961 USD
Insurance companies in Oman: net result 2021-2022
Figures in thousands USD
| Compagnies | 2022 | 2021 | Evolution 2021-2022 (1) | Parts 2022 |
|---|---|---|---|---|
| Dhofar Insurance (DICS) | 9 752 | 6 614 | 47,45% | 12,77% |
| National Life & General Ins (NLIF) | 8 048 | 19 355 | -58,42% | 10,54% |
| Al Ahlia Insurance (AINS) | 7 562 | 9 910 | -23,70% | 9,90% |
| Oman & Qatar Ins (OQIC) | 7 442 | 8 129 | -8,44% | 9,74% |
| Oman United Ins (OUIC) | 7 142 | 10 255 | -30,35% | 9,35% |
| Al Medina Takaful (AMAT) | 2 748 | 2 473 | 11,10% | 3,60% |
| Arabian Falcon Insurance (AFIC) | 2 716 | 4 340 | -37,41% | 3,56% |
| Vision Insurance SAOG (VISN) | 2 007 | -4 646 | -143,20% | 2,63% |
| Muscat Insurance (MCTI) | 1 233 | 1 994 | -38,18% | 1,61% |
| Takaful Oman Ins (TAOI) | -2 214 | 1 971 | -212,35% | -2,90% |
| Total | 46 436 | 60 395 | -23,11% | 60,79% |
| Reste du marché (2) | 29 953 | 6 313 | 374,45% | 39,21% |
| Total marché | 76 389 | 66 708 | 14,51% | 100% |
(1) Growth rate in local currency
(2) 10 companies
Insurance companies in Oman: share capital 2021-2022
Figures in thousands USD
| Compagnies | 2022 | 2021 | Evolution 2021-2022 (1) | Parts 2022 |
|---|---|---|---|---|
| National Life & General Ins (NLIF) | 103 160 | 68 625 | 50,33% | 13,37% |
| Al Medina Takaful (AMAT) | 45 317 | 45 318 | - | 5,87% |
| Takaful Oman Ins (TAOI) | 41 433 | 25 896 | 60% | 5,37% |
| Muscat Insurance (MCTI) | 28 550 | 28 550 | - | 3,70% |
| Dhofar Insurance (DICS) | 28 485 | 25 896 | 10,00% | 3,69% |
| Arabian Falcon Insurance (AFIC) | 26 750 | 26 751 | - | 3,47% |
| Oman & Qatar Ins (OQIC) | 25 895 | 25 896 | - | 3,36% |
| Oman United Ins (OUIC) | 25 895 | 25 896 | - | 3,36% |
| Al Ahlia Insurance (AINS) | 25 895 | 25 896 | - | 3,36% |
| Vision Insurance SAOG (VISN) | - | - | - | - |
| Total | 351 380 | 298 724 | 17,63% | 45,55% |
| Reste du marché (2) | 420 044 | 412 538 | 1,82% | 54,45% |
| Total marché | 771 424 | 711 262 | 8,46% | 100% |
(1) Growth rate in local currency
(2) 10 companies
Insurance companies in Oman: shareholder’s equity 2021-2022
Figures in thousands USD
| Compagnies | 2022 | 2021 | Evolution 2021-2022 (1) |
|---|---|---|---|
| National Life & General Ins (NLIF) | 327 530 | 172 020 | 90,41% |
| Al Ahlia Insurance (AINS) | 105 485 | 104 398 | 1,04% |
| Oman United Ins (OUIC) | 78 106 | 79 838 | -2,17% |
| Dhofar Insurance (DICS) | 76 410 | 70 064 | 9,06% |
| Oman & Qatar Ins (OQIC) | 59 262 | 53 797 | 10,16% |
| Al Medina Takaful (AMAT) | 56 788 | 58 859 | -3,52% |
| Arabian Falcon Insurance (AFIC) | 52 239 | 52 763 | -0,99% |
| Takaful Oman Ins (TAOI) | 47 329 | 75 865 | -37,61% |
| Muscat Insurance (MCTI) | 46 482 | 45 269 | 2,68% |
| Vision Insurance SAOG (VISN) | - | - | - |
| Total | 849 631 | 712 873 | - |
(1) Growth rate in local currency
(2) 10 companies
Insurance companies in Oman: ROE 2021-2022
| Compagnies | 2022 | 2021 |
|---|---|---|
| Dhofar Insurance (DICS) | 12,76% | 9,44% |
| Oman & Qatar Ins (OQIC) | 12,56% | 15,11% |
| Oman United Ins (OUIC) | 9,14% | 12,84% |
| Al Ahlia Insurance (AINS) | 7,17% | 9,49% |
| Arabian Falcon Insurance (AFIC) | 5,20% | 8,23% |
| Al Medina Takaful (AMAT) | 4,84% | 4,20% |
| Muscat Insurance (MCTI) | 2,65% | 4,40% |
| National Life & General Ins (NLIF) | 2,46% | 11,25% |
| Takaful Oman Ins (TAOI) | -4,68% | 2,60% |
| Vision Insurance SAOG (VISN) | - | - |
Read also | Omani insurance market [4]
