Oman Insurance Company held its Annual General Assembly meeting yesterday which was presided over by H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of the Board of Directors. The Board approved the proposal to distribute cash dividends for 2017 at the rate of 10% of the nominal value of the share.
The Chairman announced that the company achieved its highest ever gross written premiums reaching AED 3.72 billion against AED 3.56 billion in 2016. The company, listed on Dubai Financial Market stock exchange, increased its net profit by 32% to reach AED 104,485 million in 2017 against AED 79.89 million in 2016. The total assets of the Company increased to AED 7.4 billion.
The members of the Board of Directors were happy with the performance of the Company during 2017 considering the challenging year faced by both the global economy and local insurance industry. Oman Insurance witnessed successes towards its four strategic pillars to constantly outperform, lead through service, move boundaries and empower customers.
Commenting on the results, Christos Adamantiadis, Chief Executive Officer of Oman Insurance Company said “2017 saw us take great strides in digital transformations with the launch of our eCommerce platform, several online portals to support our service delivery and surveys to gain immediate customer feedback. We bolstered our strong underwriting practice with actuarial insights, and strengthened our staff expertise by creating the right learning and development programs for our employees. We are excited about our business plans rolling out in 2018 as many of our new initiatives, like our award winning corporate wellness program LivFit, continue to gain traction and strengthen our leading position in this market.”
About Oman Insurance Company
Oman Insurance Company (P.S.C.) was established in 1975 and is one of the leading insurance providers in the Middle East. Oman Insurance Company has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey.
OIC provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.72 billion in 2017, OIC is rated ‘A Excellent’ by AM Best and ‘A- Stable Outlook’ by Standard & Poor’s.
Additional information about Oman Insurance Company can be found at www.tameen.ae
Julien Audrerie
Head of Marketing
Oman Insurance Company
Tel: +971 4 233 7539
Email: media@tameen.ae
Cecelia Almeida
Senior Marketing & Communications Manager
Oman Insurance Company
Tel: +971 4 233 7970
Email: media@tameen.ae
