OMAN Re’s Gross Written Premium up by 11% in Third Quarter

Oman Re, the Sultanate of Oman’s sole reinsurer reported Gross Written Premium (GWP) of OMR 24.1 million [USD 62.7 million] as of 30 September 2021, which is higher by 11% compared to OMR 21.8 million [USD 56.7 million] during for the same period last year. Oman Re’s investment income increased by 12% during Q3 2021 to reach at OMR 1.5 million [USD 3.9 million] in comparison to OMR 1.3 million [USD 3.5 million] during Q3 2020. The combined ratio stood at 101.4% compared to 97.5% of same period last year. Increase in combined ratio is mainly on account of higher acquisition cost ratio of 25.6% as at 30 September 2021 from 20.2% for the same period in 2020. The profit before tax stood at OMR 720k [USD 1.9 million] as at 30 September 2021, compared to OMR 1.1 million [USD 2.9 million] for the same period in 2020. The Company’s net equity stands at OMR 26.2 million [USD 68.1 million].