Oman Re, the Sultanate's first and only reinsurer, has announced a robust increase in its reinsurance revenue, reaching OMR49.9m ($129.8m) for the fiscal year ended 31 December 2024 (FY2024).

This represents a strong 19% growth compared to the previous year’s revenue of OMR42.1m.

The Gross Written Premium (GWP), measured in accordance with IFRS4, increased to OMR56.1m, up from OMR46.2m in 2023, representing a 21.4% surge.

Net profit after tax saw an 18% rise, reaching OMR3.0m, compared to OMR2.6m in the prior year.

In a year marked by heightened natural catastrophe events, Oman Re’s net reinsurance results stood at OMR2.0m for 2024, compared to OMR2.7m in 2023. The combined ratio for the year was 94% compared to 91% recorded in the previous year.

Strategic investment decisions played a key role in strengthening Oman Re’s financial position, driving a notable 27% increase in net investment and other income, which reached OMR3.5m, up from OMR2.7m in 2023.

The company’s net equity grew by 10% to OMR35.3m as of 31 December 2024, compared to OMR32.2m in the previous year.

Oman Re CEO Mr Romel Tabaja said, “The outstanding performance in 2024 reflects the collective strength of our organisation, built on disciplined underwriting, robust risk management, and a shared commitment to excellence.”

Oman Re, which began operations in 2009, is the first and only reinsurance company in Oman. It writes facultative and treaty business from local and international markets. Oman Re’s current territorial scope includes the Middle East, Afro-Asian countries, CEE and CIS markets and it writes marine and non-marine lines of business. In August 2021, Oman Re launched its branch at the Qatar Financial Centre. In January 2025, the company introduced shariah-compliant retakful solutions after securing a retakaful window licence.