Oman Insurance net at Dh250m, 50% cash dividend proposed

Oman Insurance Company posted a strong 41 per cent increase in the gross written premium amounting to Dh2.14 billion as compared to 2007.

Oman Insurance Company also achieved a net profit of Dh250 million for the year ended December 31, 2008. This includes Dh220m from technical operations, which is an increase of 26 perc ent over 2007.

The Board of Directors in the meeting held on Tuesday 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, while 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 Matar Humaid Al Tayer, Chairman of Oman Insurance Company.

Al Tayer, confirmed that the board of directors is focused to follow the best practices in business, hence a host of global consultants have been appointed to improve the service levels the company provides and also to enhance the product portfolio of the company in order to achieve customer satisfaction, while fulfilling their requirements.

Abdul Muttalib Mustafa al Jaidi, Chief Executive Officer, said: "The results achieved reinforce the company's position as the undisputed leader in the UAE Insurance market. This will allow us to continue to achieve higher customer confidence and satisfaction, while ensuring further growth both locally and regionally in 2009"

Oman Insurance Company has been rated A (Excellent) by AM Best and A- by Standard & Poors.

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