Dubai-based Oman Insurance Company (OIC) said its net profit increased eight per cent in the first half of 2010 to Dh154m as against Dh142m for the same period last year.
In a statement to Dubai Financial Market, leading insurer said the gross written premium for the first half rose to Dh1.43 billion as against Dh1.36 billion during H1 2009, an increase of five per cent.
It posted technical profit of Dh150m for the half year ended on June 30, 2010. While revenues grew by five per cent.
Assets increased to Dh5.04 billion as on June 30, 2010 as against Dh4.98 billion as at the year-end 2009.
Abdul Aziz Al Ghurair, Chairman, said: “Oman Insurance has achieved a commendable result in the face of the acute competition and the challenging economic environment.”
Abdulmuttalib Mustafa Al Jaidi, CEO, said: “The company’s strategy focuses on the technical business, to develop the insurance portfolio that allows the company to improve its underwriting standards whilst maintaining its leading position. Technical profits have contributed in supporting the overall net profit. 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