Oman Re: Sharp turnover increase in H1 2023

Oman Re reported a 33% turnover increase during first half of 2023. The written premiums grew from 21.9 million OMR (57 million USD) as at 30 June 2022 to 29.2 million OMR (76 million USD) a year later.

The half-year net profit rose by 5% to 707 000 OMR (1.8 million USD) against 673 000 OMR (1.7 million USD) twelve months earlier. The underwriting income (before management expenses) amounted to 1.7 million OMR (4.5 million USD), up 9.3% compared to the same period of 2022. The combined ratio of 97% is slightly higher than the one of H1 2022 (96.2%).

The investment and other income reached 1.2 million OMR (3.2 million USD), up 11.7% over one year.

The company's shareholder's amounted to 30.2 million OMR (78.5 million USD).