Oman Re [4] has ended the first quarter of 2023 with a 24% increase in its turnover. It has reached 18.9 million OMR (49.1 million USD) against 15.3 million OMR (39.6 million USD) recorded during the same period of 2022.
As at 31 March 2023, the Omani reinsurer posted a net loss of 426 000 OMR (1.1 million USD) compared to a net profit of 290 000 OMR (753 000 USD) one year earlier. The underwriting result showed a loss of 715 000 OMR (1.9 million USD). During the period under consideration, the combined ratio has lost 15.1 points to stand at 111.2%.
Oman Re's results were mainly affected by the claims related to the recent earthquakes in Turkey.
The amount of investments and other revenues has progressed by 33.6% to reach 628 000 OMR (1.6 million USD) at the end of March 2023.
The company's shareholders' equity amounted to 29.1 million OMR (75.6 million USD).