Oman Re, the Sultanate of Oman's sole reinsurer, has reported stronger earnings for the nine months ended 30 September 2026 (9M2026), supported by improved reinsurance profitability and growing investment income.
In a statement, Oman Re said that reinsurance revenue reached OMR41.1m ($107.0m), up from OMR40.2m in the corresponding period of 2025. Gross Written Premium (GWP) rose by 16% to OMR57.6m, compared with OMR49.5m during 9M2025.
Net profit after tax increased by 58% to OMR5.1m, against OMR3.2m a year earlier. Stronger technical earnings were a key contributor, with the net reinsurance result advancing by 134% to OMR4.2m, compared with OMR1.8m in the same period last year. The combined ratio improved to 87.4%, from 98.2% during 9M2025, reflecting the company’s sustained emphasis on underwriting quality and careful portfolio management.
Net investment and other income increased by 14% to OMR3.4m, providing further support to overall profitability through a prudent and diversified investment approach.
Net equity reached OMR45.5m as of 30 September 2026, an increase of 7% from December 2025, reinforcing the company’s capital strength.
Oman Re CEO Mr Romel Tabaja stated, “Oman Re delivered a strong nine-month performance despite regional geopolitical uncertainty and a softening reinsurance market. Disciplined underwriting and prudent investment management drove growth in both reinsurance earnings and investment income, strengthening our overall profitability. As we enter the final quarter, we remain focussed on achieving our objectives for the year while safeguarding our financial strength and delivering sustainable value."
Oman Re, which commenced operations in 2009, is the first and only reinsurance company in Oman to write 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, Oman Re introduced Shariah-compliant retakaful solutions after securing a retakaful window licence.