UAE – Oman ins. co. achieved 75% Net Profit Growth in H1
Thursday, 08 08 2019, Category: Insurance and Reinsurance, Country: U.A.E
Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year. This growth is supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The company has posted the highest half yearly net profit over 5 years that marks a key milestone for the company. The solvency ratio now stands above 225%, more than double the minimum regulatory requirement of 100%.
While the Gross Premium Written (GPW) is down 7% at AED 2 billion vs AED 2.2 billion in 2018, this was driven by selective underwriting and pruning of loss-making accounts, the insurer is very focused in delivering sustainable profitability. The company's Net Premium Earned, top in the UAE market, increased by 6.5% to reach AED 824 Million in 1H2019 compared to 1H2018. Premium retention ratio improved to 49% (up by 5%) reflecting the company's enhanced prudent risk appetite.
Source: Public Now