Oman Re, the Sultanate's sole reinsurer, has reported a strong financial performance for the first quarter ended 31 March 2026, underpinned by disciplined underwriting, sustained premium growth and prudent investment strategies.
Net profit after tax recorded a notable 59% increase, reaching OMR1.8m ($4.6m) in 1Q2026, compared to OMR1.1m in the corresponding quarter last year, reflecting strong underwriting results.
Reinsurance revenue increased to OMR13.7m ($35.6m), reflecting a 4% growth compared to OMR13.2m recorded during the corresponding quarter in 2025. Gross written premium (GWP) rose significantly to OMR36.0m, up from OMR26.1m in 1Q2025, demonstrating continued momentum in business generation across key markets.
Net reinsurance results showed strong growth of 79%, rising to OMR1.5m in 1Q2026, compared to OMR828,000 in 1Q2025. The combined ratio improved by 5.9 percentage points to 86.6%, highlighting enhanced portfolio quality and effective risk selection.
Investment performance
Oman Re’s investment performance remained profitable, with net investment and other income increasing by 6% to reach OMR1.0m, compared to OMR976,000 in the corresponding quarter last year, supported by a well-diversified investment portfolio. The company’s financial strength was further reinforced by a 19% increase in net equity since December 2025, reaching OMR43.7m as of 31 March 2026, thereby underscoring Oman Re’s solid capital position and resilience in a dynamic global reinsurance environment.
Mr Romel Tabaja, Oman Re CEO, said, “Our first-quarter performance reflects strong underwriting discipline, and selective growth amid a market shaped by geopolitical uncertainty, evolving catastrophe risks and shifting capacity dynamics.
“Growth in premiums and earnings was driven by strengthened client partnerships and enhanced risk assessment, while the improved combined ratio underscores the effectiveness of our underwriting strategy. Looking ahead, we remain cautiously optimistic. Oman Re is well-positioned to navigate regional and global volatility, supported by a robust capital base and disciplined risk appetite.”