Oman’s leading reinsurance entity has recently divulged its financial outcomes for the fiscal year 2023, painting a picture of robust growth and resilience amidst challenges. Let’s delve into the highlights of its performance and what drove this remarkable achievement.
In a testament to its steadfast trajectory, the company reported a noteworthy surge in reinsurance revenue, reaching an impressive OMR42.1 million (equivalent to US$109.3 million) for the year concluding on December 31, 2023. This marks a remarkable 29% increase from the preceding fiscal year’s OMR32.5 million (US$84.5 million).
Moreover, the firm experienced a surge in gross written premium (GWP) according to the standards set by IFRS 4, soaring to OMR46.2 million (US$119.8 million) from OMR36.6 million (US$95.0 million) in the previous year. Additionally, the company’s net profit after tax exhibited a commendable growth rate of 20%, reaching OMR2.6 million (US$6.6 million), compared to OMR2.1 million (US$5.5 million) in 2022.
Despite grappling with heightened occurrences of natural calamities, Oman Re managed to report a significant 20% surge in net reinsurance results, totaling OMR2.7 million (US$7.1 million) for the year 2023, a notable rise from OMR2.3 million (US$5.9 million) in the preceding year. Notably, the firm’s combined ratio, inclusive of discount impact, remained steady at 91% in 2023, mirroring the figure from 2022.
What fueled this remarkable upswing, one might wonder? A key catalyst was Oman Re’s strategic investment approach, which witnessed net investment and other income escalate by 20% to OMR2.7 million (US$7.1 million), compared to OMR2.3 million (US$5.9 million) in the prior year.
As the curtains drew on December 31, 2023, the company’s net equity had burgeoned by an impressive 14% to OMR32.2 million (US$83.7 million), up from OMR28.3 million (US$73.6 million) in 2022. This reaffirms Oman Re’s resilience and strategic prowess in navigating through market dynamics while delivering value to its stakeholders.
