Oman Insurance sees net profits increase in FY19

The company’s net earned insurance premium rose by 4.3%

Dubai – Mubasher: The net profits of Oman Insurance Company increased to AED 190.5 million in fiscal year 2019 from AED 10.1 million in 2018, achieving the best performance in years, according to the company’s consolidated financial statements for 2019.

The company’s net earned insurance premium rose by 4.3% to AED 1.64 billion in 2019 from AED 1.57 billion the prior year, reflecting its leading position as a primary insurer among the listed companies in the UAE.

At the same time, the earnings per share (EPS) stood at AED 0.40 last year, compared to AED 0.02 in 2018.

Meanwhile, the insurance provider has been assigned for the first time an ‘A2’ Insurance Financial Strength Rating (IFSR) by Moody's Investors Service, while being rated ‘A- Stable Outlook’ by Standard & Poor’s Global Rating Agencies.

It is noteworthy to mention that during the third quarter of 2019, Oman Insurance recorded AED 37.987 million profits attributable to the owners of the company from AED 24.717 million in the same period of the prior year.

Source: Mubasher

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