Oman Re Reports 19% Surge in Annual Reinsurance Revenue

Oman Reinsurance Company SAOG, the Sultanate’s first and only reinsurer, has announced a robust increase in its reinsurance revenue, reaching OMR 49.9 million (USD 129.8 million) for the fiscal year ending 31 December 2024. This represents a strong 19% growth compared to the previous year’s revenue of OMR 42.1 million (USD 109.5 million). The Gross Written Premium (GWP), measured in accordance with IFRS 4, increased to OMR 56.1 million (USD 145.9 million), up from OMR 46.2 million (USD 119.9 million) in 2023. Net profit after tax also saw an 18% rise, reaching OMR 3.0 million (USD 7.8 million), compared to OMR 2.6 million (USD 6.6 million) in the prior year.

Amid a year marked by heightened natural catastrophe events, Oman Re’s net reinsurance results stood at OMR 2.0 million (USD 5.3 million) for 2024, compared to OMR 2.7 million (USD 7.1 million) in 2023. The combined ratio for the year was 94% compared to 91% recorded in the previous year.