Oman National Investment Corporation Holding (ONIC) has reported a net profit of RO3.08mn for the first quarter ended March 31, 2013, which nearly tripled from the RO1.04mn net profit posted during the first quarter of 2012, according to the company's filing with the Muscat Securities Market (MSM).
The net profit of ONIC Holding's subsidiary, National Life and General Insurance Co, grew 89 per cent to RO1.7mn from RO900,000 in the same period last year. The subsidiary's gross premium grew 39 per cent.
"Premium growth was largely in the medical insurance business in UAE. There has been a significant improvement in the medical loss-ratio during 2013," ONIC Holding chairman Hassan al Nabhani said in the chairman's report.
"The first quarter for 2013 ended on an optimistic note with the insurance sector in GCC performing exceptionally well. The returns from equity markets have been positive. The outlook for Oman and GCC markets is positive," added Nabhani.
ONIC's share of profits from associates for the first quarter of 2013 was RO1.6mn compared to RO1.05mn for the same period in the previous year.
Oman Investment Fund (OIF), the sovereign wealth fund of the sultanate, had recently acquired a 41.13 per cent holding, representing 71,323,988 shares, in ONIC Holding from Dubai Insurance Group (DIG), a subsidiary of Dubai Group.