The combined insurance service results of listed insurance companies in Oman plunged by 85% to OMR2.6m ($6.8m) for the first nine months of this year from OMR16.9m for the corresponding period in 2023, according to an analysis by Badri Management Consultancy.
Badri has issued the report, titled “Oman – Listed Insurance Industry Performance Analysis – Q3 2024”, which is based on the preliminary financial disclosures by the eight listed insurers.
The eight insurers analysed are Al Madina Takaful (AMAT); Arabia Falcon Insurance Company (AFIC); Dhofar Insurance (DICS); Muscat Insurance (MCTI); Liva Group; Oman United Insurance (OUIC); Oman Qatar Insurance (OQIC); and Takaful Oman Insurance (TAOI).
AMAT and TAOI released their preliminary financials based on IFRS 4; therefore Badri has utilised their net underwriting income in place of insurance service result for the purposes of the analysis.
The leading three companies – AMAT, TAOI, and DICS – posted a 13% increase in combined insurance service results to OMR13.0m for the January-September period this year from OMR11.5m for the corresponding period last year.
Net profit/loss
Their combined net result decreased by 126% to a loss of OMR2.5 m for the first three quarters of this year, from profits of OMR9.5m for the corresponding nine months in 2023.
Three out of the eight insurers reported a year-on-year increase in profits. They are AMAT, AFIC, and MCTI.
Badri is an international company offering actuarial services, financial services, Strategic HR consulting, data management, and business intelligence.