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Oman Insurance Posts 41pc Increase in Premium

DUBAI — Oman Insurance Company (PSC) posted a strong 41per cent increase in the gross written premium amounting to Dh2.14 Billion as compared to 2007. Oman Insurance Company (PSC) also achieved a net profit of Dh250 million for the year ended 31 December 2008. This includes Dh220 million from technical operations which is an increase of 26 percent over 2007.

The Board of Directors in the meeting held on the 3^rd February 2009 has decided to recommend a distribution of (50 per cent) cash dividend to the company’s shareholders in the general assembly meeting.

“The company’s strategy focuses on the technical business, to develop the Insurance portfolio allowing the company to improve its underwriting standards whilst maintaining its leading position. Technical profits have contributed in supporting the overall net profit and reduce the negative impact on investment income caused by the global economic crisis,” said Matar Humaid Al Tayer, Chairman of Oman Insurance Company (PSC).

Furthermore, Matar Humaid Al Tayer, confirmed that the Board of Directors is focused to follow the best practices in business, hence a host of global consultants have been appointed to improve the service levels the company provides and also to enhance the product portfolio.