Oman Insurance H1 profit rises 8% to Dh154m

Dubai-based Oman Insurance Company has posted 8 per cent increase in net profit at Dh154 million for the first half of 2010 against Dh142 m for the corresponding period last year.

The company has reported a 5 per cent growth in revenue for the period, according to a statement.

Technical profit rose to Dh150m. The gross written premium for the half year was Dh1.43 billion against Dh1.36b for the previous year. The company’s assets stood at Dh5.04 Billion as on June 30,  2010 against Dh 4.98 bn as at the year-end 2009.

“Oman Insurance has achieved a commendable result in the face of the acute competition and the challenging economic environment,”  OIC Chairman Abdul Aziz Al Ghurair said in the statement.

“The company’s strategy focuses on the technical business, to develop the insurance portfolio that allows the company to improve its underwriting standards while maintaining its leading position. Technical profits have contributed in supporting the overall net profit,” said Abdul Muttalib Mustafa Al Jaidi, CEO of IC.

“We see massive opportunities for the growth and development of Insurance in the region in the coming years. Our drive to succeed and to further enhance our position as the market leaders stems from this belief, and further driven by our technology, underwriting skills, customer service and our commitment towards society, ably supported by a well constituted board of directors," he added

Oman Insurance Company is the largest insurance provider in the UAE, with 10 branches across the country.

Follow Emirates 24|7 on Google News.