26 March 2012
Muscat: Oman United Insurance Company (OUIC), one of the leading insurance companies in Oman, achieved a phenomenal growth of 44 per cent in business with an underwriting profit of RO3.2 million last year, according to its annual report released recently.
Although the global economy was not encouraging last year, the underwriting profit of OUIC in all lines of insurance business amounted to RO3.2 million as compared to RO2.5 million in 2010.
There was an improvement of 26 per cent and the gross underwriting profit margin of the company stood at 10.4 per cent.
Sayyid Salim bin Nassir al Busaidi, chairman, OUIC said; "OUIC is committed in promoting and developing quality and technical excellence in the Omani insurance sector. We have a futuristic vision and a deep understanding of the day to day insurance needs of the general public, industrial, business and medical sectors."
The gross insurance premium revenue of OUIC amounted to RO30.3 million in 2011 as compared to RO20.9 million in 2010, registering a growth of 44 per cent.
In general insurance sector, the gross premium income amounted to RO21.9 million registering a growth of 33 per cent as compared to RO16.4 million in 2010.
The company is ranked second in terms of market share in life and medical business and registered a growth of 83 per cent in the segment with a gross premium income of RO8.4 million as compared to RO4.6 million in 2010. OUIC has its own auto services division where they repair around 2,000 vehicles annually.
The gross operational profit of the division increased by 44 per cent to RO144,000 as compared to RO100,000 in 2010.
The company policy in dividend distribution has also maintained a fine balance by retaining and distributing annual profits and at the same time considering the future growth of the company.
Muscat: Oman United Insurance Company (OUIC), one of the leading insurance companies in Oman, achieved a phenomenal growth of 44 per cent in business with an underwriting profit of RO3.2 million last year, according to its annual report released recently.
Although the global economy was not encouraging last year, the underwriting profit of OUIC in all lines of insurance business amounted to RO3.2 million as compared to RO2.5 million in 2010.
There was an improvement of 26 per cent and the gross underwriting profit margin of the company stood at 10.4 per cent.
Sayyid Salim bin Nassir al Busaidi, chairman, OUIC said; "OUIC is committed in promoting and developing quality and technical excellence in the Omani insurance sector. We have a futuristic vision and a deep understanding of the day to day insurance needs of the general public, industrial, business and medical sectors."
The gross insurance premium revenue of OUIC amounted to RO30.3 million in 2011 as compared to RO20.9 million in 2010, registering a growth of 44 per cent.
In general insurance sector, the gross premium income amounted to RO21.9 million registering a growth of 33 per cent as compared to RO16.4 million in 2010.
The company is ranked second in terms of market share in life and medical business and registered a growth of 83 per cent in the segment with a gross premium income of RO8.4 million as compared to RO4.6 million in 2010. OUIC has its own auto services division where they repair around 2,000 vehicles annually.
The gross operational profit of the division increased by 44 per cent to RO144,000 as compared to RO100,000 in 2010.
The company policy in dividend distribution has also maintained a fine balance by retaining and distributing annual profits and at the same time considering the future growth of the company.
© Times of Oman 2012
