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Oman Insurance Posts 41pc Increase in Gross Premiums

DUBAI — Oman Insurance Company (PSC) has witnessed a 41 per cent increase in gross written premiums with a total of Dh2.14 billion in 2008.

The net profit during the same period reached Dh250 million — out of which Dh220 million was contributed from technical operations — indicating an increase of 26 per cent over 2007.

In an Annual General Assembly Meeting the company confirmed to distribute 50 per cent cash dividend to its shareholders. Mattar Humaid Al Tayer, Chairman, Oman Insurance Company (PSC) appointed new board members for the next three years, who are expected to drive the business expansion with guaranteed lucrative returns.

“We are pleased with the 2008 outcome and results. The achievement of these figures despite tough competition and economical crisis clearly states that Oman Insurance Company is the leading insurance company in the GCC region and still retains market confidence” said Mattar Humaid Al Tayer, Chairman, Oman Insurance Company (PSC).

“2008 was not just a competitive year but a challenging one. With the dynamics of world’s economy being challenged it meant that we had to identify our advantage to survive the potential and sometime drastic decline. The result we achieved assures us that we have retained a strong foothold in this highly competitive insurance sector. Last year we largely focused on growing the technical business which has allowed us to meet our goals”, added Al Tayer.

In addition to the effective contribution to develop the insurance sector, the strategies for 2009 will focus to retain its leading position by concentrating on technical profits and the performance criteria which in-turn will contribute to serve the national economy.

business@khaleejtimes.com