Oman Insurance Company (DFM: OIC), the largest insurance provider in the UAE, today announced positive financial results for the 12 months ending December 31, 2009, demonstrating continued strong performance in its core operations despite extremely volatile global economic conditions, which have impacted the sector worldwide.
Oman Insurance Company reported net profits of AED 189 million for the full-year 2009. The UAE’s leading insurer saw especially strong growth in its technical operations, which is income accruing from underwriting operations, in 2009. Net profits from technical operations reached AED 317 million, an increase of 44 per cent compared to AED 220 million in 2008.
The company additionally reported strong growth in its total gross written premiums, which reached AED 2.34 billion for 2009, an increase of 9.5 per cent compared to AED 2.14 billion in 2008.
These results were announced following the company’s Board of Directors’ meeting held on January 28, 2010.
“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, Oman Insurance Company maintained a consistent focus on meeting the needs of clients by upholding the highest standards of service excellence and product innovation,” said His Excellency Matar Humaid Al Tayer, Chairman of Oman Insurance Company.
“As today’s announcement demonstrates, Oman Insurance Company has successfully risen to meet the challenges posed by the global financial crisis while simultaneously identifying opportunities for growth,” 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.”
Mr. Abdul Muttalib Mustafa Al Jaidi, Chief Executive Officer, Oman Insurance Company, added: “At a time of global uncertainty, Oman Insurance Company has provided peace of mind to corporate entities, small and medium-sized enterprises, and individuals from a broad diversity of backgrounds. By forging lasting partnerships with our clients, built upon a foundation of trust, we have been able to continually grow our operations over the three and a half decades since the company was founded.
“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.”