OIC sees profits fall to Dh189m

Oman Insurance Company (OIC) profit fell to Dh189 million in 2009 from Dh250m in 2008.

The company said it saw especially strong growth in its technical operations, which is income accruing from underwriting operations, in 2009.

Profits from technical operations reached Dh317m, an increase of 44 per cent compared to Dh220m in 2008. The company additionally reported strong growth in its total gross written premiums, which reached Dh2.3 billion for 2009, an increase of 9.5 per cent compared to Dh2.1bn in 2008.

OIC Chairman Matar Humaid Al Tayer said: "During a year that began with ongoing challenges to the stability of the global economy and financial system and concluded with clear signs of international economic recovery… [the company] maintained a consistent focus on meeting the needs of clients by upholding the highest standards of service excellence and product innovation."

He said: "Moving ahead, we will continue to expand our reach across the Gulf, contributing to the economic growth, diversification and stability of this young and vibrant region."

Abdul Muttalib Mustafa Al Jaidi, Chief Executive Officer, said: "In 2010, we will continue to strengthen our core operations, while also increasing our market share at home in the UAE and in key regional growth markets, such as Oman and Qatar," he said.

"We recognise that, during this period of global financial recovery, the challenges that lie ahead will be significant, but we at Oman Insurance Company are confident of overcoming these challenges through our technical excellence and focused customer service, maintaining our leadership position."

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