Gross written premium up 41 per cent for Oman Insurance.
Oman Insurance Company turned in a net profit of AED 250 million for the year ended 31 December 2008. This includes AED 220 million from technical operations. At a board meeting on 3 February 2009, the directors 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 H.E. Matar Humaid Al Tayer, Chairman of Oman Insurance Company.
Oman Insurance Company has been rated A (Excellent) by AM Best and A- by Standard & Poor's.
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