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Oman Insurance 2014 profit drops 9.4% to Dh225m

Oman Insurance Company CEO Patrick Choffel says 2014 was a challenging year. (Supplied)

By Staff

The UAE-based Oman Insurance Company (OIC) net profit for 2014 dropped 9.38 per cent to Dh224.9 million from Dh246 million in the previous year, the company said in a statement.

The Dubai-listed company said its gross written premium grew by 11.3% in 2014, reaching Dh3.25 billion from Dh2.9 billion in 2013.

Patrick Choffel, Chief Executive Officer of OIC, said 2014 was a challenging year.

“We have diversified our income by focusing on new products such as pensions and trade credit, by offering reinsurance capacity to a broader geographical base and by expanding our strategic international partnerships. We are constantly enhancing our internal controls with stronger teams in audit, actuarial and analytics. Moreover the efficient processes put in place by the receivable team have improved our cash flow position and our sophisticated underwriting models have attracted a world class reinsurance panel,” he added.

The insurance firm said its assets totaled Dh6 billion in 2014 as compared to Dh5 billion in 2013.

The company’s counter on the Dubai Financial Market recorded no trade on Wednesday. Its shares last closed at Dh2.90.