Oman Insurance to pay 40% dividend and 10% bonus

Oman Insurance Company (OIC), the largest insurance company in the UAE, will distribute 40 per cent cash dividend and 10 per cent bonus for 2009.

The annual general meeting held yesterday approved the payout recommendation by the board of directors.

The DFM-listed company has reported net profit of Dh189 million for the year ending December 31, 2009.

Net profit from technical operations reached Dh317m, an increase of 44 per cent compared to Dh220m in 2008. OIC saw strong growth in its technical operations, which is income accruing from underwriting operations, in 2009, said a statement. The company also saw an increase of 9.5 per cent in its total gross written premiums, reaching Dh2.34 billion in comparison to Dh2.14bn in 2008.

"The overall strong performance in 2009 reflects Oman Insurance Company's growing market share across different sectors and high customer loyalty in the region," the statement added.

"Through last year, we have been able to successfully maintain and consolidate our leadership position within a highly competitive market space, even as all of us faced an extremely adverse economic climate," OIC Chairman Matar Humaid Al Tayer said in a statement.

"We look forward to expanding across the Gulf and broadening our horizons, while positively contributing to the economic recovery and growth of the region," he said.

"Knowing that the regional economy is still recovering from the impact of the economic downfall faced last year, OIC will continue to strongly support their clients and customers, assisting them in their growth, reinforcing their confidence and strengthening the bond created over a period of 35 years," Executive Chairman Abdul Muttalib Mustafa Al Jaidi said.

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