Oman Re reported a 21% increase in turnover in 2020. The latter went from 20.4 million OMR (52.85 million USD) as at 31 December 2019 to 24.8 million OMR (64.26 million USD) a year later.
The net profit increased by 78% to reach 1.45 million OMR (3.75 million USD) compared to 814 000 OMR (2.1 million USD) recorded a year earlier. This performance is mainly due to a 58% increase in the technical result which reached 1.96 million OMR (5.07 million USD) as at 31 December 2020.
During the period under review, the Omani reinsurer's investment income reached 1.9 million OMR (4.92 million USD) compared to 1.5 million OMR (3.88 million USD) in 2019.
Despite the claims experience generated by the Beirut explosions of August 2020, Oman Re posted a combined ratio that has improved by 3.8 points amounting to 97.9%.
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