Oman Re, the Sultanate of Oman's sole reinsurer, has announced its financial results for the six months ended 30 June 2026, which reflect improved technical performance, disciplined underwriting and continued progress in executing its strategic priorities.
Reinsurance revenue increased to OMR27.5m ($71.4m), compared with OMR26.4m in the corresponding half of 2025. Gross Written Premium (GWP) reached OMR46.9m, up from OMR36.7m in 1H2025.
Net profit after tax grew by 49% to OMR3.3m ($8.6m) against OMR2.2m a year earlier. The improvement was supported by a 143% rise in the net reinsurance result, which stood at OMR2.3m, compared with OMR962,000 during the corresponding half in 2025.
The combined ratio improved to 89.2%, from 95.4% in 1H2025, demonstrating the benefits of disciplined underwriting and risk selection. Net investment and other income also increased by 16% to OMR2.3m, supported by the company’s prudent and diversified investment strategy. As of 30 June 2026, net equity stood at OMR45.9m, representing an 8% increase from December 2025 and further strengthening Oman Re’s capital position.
Oman Re CEO Mr Romel Tabaja said, “Oman Re delivered a strong performance during the first half of 2026 despite increasingly competitive and challenging market conditions. Disciplined underwriting, prudent risk selection, and solid investment returns contributed to the significant improvement in profitability. As we progress through the year, we remain focused on maintaining financial strength, delivering our strategic priorities and creating sustainable long-term value.”