Oman: Oman Re's net results for the first half of 2024 impacted by Nat CAT but saved by investment gains

Source: Middle East Insurance Review | Sep 2024

Oman Re announced a 17% increase in reinsurance revenue for the first half of 2024, reaching OMR 24.5m ($63.7m) compared to OMR21.0m for the corresponding period last year.

The net profit after tax was OMR1.1m for 1H2024, 8% lower than the OMR1.2m registered in 1H2023.

Oman Re said in a statement that heightened Nat CAT activity in the company’s markets impacted the net reinsurance results, which stood at OMR354,000 in 1H2024 compared to OMR1.3m in 1H 2023. The combined ratio reached 98.2% during 1H2024.

However, prudent investment strategies led to a 31% rise in net investment and other income, totalling OMR1.6 m for 1H2024, up from OMR1.2m in the first half of 2023.

As of 30 June 2024, Oman Re’s net equity increased to OMR33.5m, a 4% growth since December 2023, underscoring the company’s financial stability. M

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