1Q2026 signals a strong and confident start to the year for Oman’s insurance sector, building on the recovery momentum established in 2025 while introducing a sharper contrast in profitability across market players, according to BADRI Management Consultancy, an international actuarial and risk consulting company.
BADRI, in its report titled “Oman—Listed Insurance Industry Performance Analysis —1Q2026”, analysed the preliminary first-quarter results of the eight insurers listed on the Muscat Stock Exchange.
The combined insurance revenue of the eight insurers increased by 12%, reaching OMR190m ($494m) in 1Q2026, compared to OMR170m in 1Q2025, and reflecting continued demand growth. This expansion was largely driven by market leaders, with LIVA maintaining its dominant position and recording insurance revenue of OMR111m for 1Q2026, up by 18% from OMR94m in the corresponding period in 2025.
Topline growth remains concentrated at the top, as the three leading insurers—LIVA, Dhofar Insurance and Oman Qatar Insurance—reported a 15% increase in combined revenue to OMR152m. In contrast, the rest of the market remained relatively stagnant, with only a marginal 1.1% increase in revenue to OMR38.4m, highlighting persistent competitive and structural challenges for smaller players.
Profits
Profitability showed a marked improvement, with total profit after tax rising by 74% to OMR14.3m in 1Q2026, compared to OMR8.2m in 1Q2025. This growth was underpinned by a significant turnaround in performance among leading insurers, particularly Oman United Insurance, which recorded the highest profit of OMR5.1m against OMR0.4m in the prior year, thanks to bumper investment income.
The three insurers with the highest profits—Oman United Insurance, Oman Qatar Insurance and Dhofar Insurance—collectively delivered an exceptional 263% increase in profit, reaching OMR11.0m, reinforcing their strong operational leverage and improved underwriting outcomes.
Other insurers reported a 37% decline in combined profits to OMR3.3m from OMR5.2m, indicating ongoing margin pressures, competitive pricing, and potentially higher claims impact within this segment. M