For the year end 2024, insurance service results for the listed insurers in Oman experienced a 46% decrease, from OMR24.7m ($64.4m) to OMR13.4m ($34.9m), said Badri Management Consultancy.
The leading three companies that were analysed, saw a collective 19% increase, moving from OMR14.4m to OMR17.2m during the same period last year.
"Liva Insurance reported significant losses due to the impact of weather-related events for their UAE operations. Excluding Liva Insurance, the combined insurance service results for Q4 2024 reflect a 21% rise over the same period last year," said Badri, in its official statement.
The industry's net profit decreased by 64%, reaching OMR7.8m, from OMR21.5m. Four out of eight companies experienced an increase in profits compared to Q4 2023. Excluding Liva Insurance, the combined profitability for Q4 2024 declined by 16% over the same period last year.
The consultancy noted that in its analysis, two companies - Al Madina Insurance and Takaful Oman Insurance - released their preliminary financials using IFRS 4 format. As such, Badri utilised their net underwriting income in place of insurance service result for the analysis.