Oman Re, the sole national reinsurer of Oman, has reported significant growth in the first quarter of 2025, demonstrating a strong start to the fiscal year.
Reinsurance revenue increased 30% to OMR13.2m ($34.2m) in 1Q2025, up from OMR10.1m in 1Q2024. The company also saw a healthy uptick in Gross Written Premium to OMR26.1m, a rise from OMR20.5m in the same quarter last year. Net profit after tax grew by 13% to OMR1.1m.
While the net reinsurance result saw a slight dip to OMR828,000 in 1Q2025, compared to OMR874,000 during the corresponding quarter in 2024.
The company maintained a combined ratio of 92.5% in 1Q2025, albeit higher than the 89.5% recorded in 1Q2024.
Oman Re's financial strength was buttressed by a 26% increase in net investment and other income, at OMR976,000. The company's net equity also saw a solid 10% growth since December 2024, standing at OMR36.8m as of 31 March 2025.
Oman Re CEO Romel Tabaja said, “Our results reflect the strength of our disciplined underwriting, prudent risk management, and strategic investment approach. In an environment marked by heightened competition and an evolving risk landscape, Oman Re remains well-positioned to navigate emerging challenges and capture growth opportunities.”
In operation since 2009, Oman Re is the first and only reinsurance company in Oman, writing facultative and treaty business from local and international markets. Since January 2025, Oman Re has been offering shariah-compliant retakaful solutions after securing a retakaful window licence.
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.