(MENAFN- Muscat Daily) Kick-starting the earnings season, Oman United Insurance Co has reported a 92 per cent rise in net profit for the full year 2013 to RO5.07mn against RO2.64mn in the previous year, boosted by a robust increase in investment income.
The insurance company's total investment and other income surged 77.6 per cent to RO5.36mn from RO3.02mn as gains in the stock market boosted its returns on investment.
Its gross written premium increased 11 per cent in 2013 to RO40.34mn against RO36.36mn in the previous year, while gross underwriting results grew 12.1 per cent to RO3.5mn.
According to managing director Nassir al Busaidi, ''Most of the growth in profit has mainly come from company's investments. Investment returns benefited hugely from improvements in the market, pushing up profit growth. Our strategy is to invest in solid companies which provide good returns.''
Oman United Insurance' s unrealised investment profit stood at RO1.39mn for 2013, posting a ninefold increase from RO152,476 in 2012. Earnings per share (EPS) almost doubled to 51bz from 26bz in 2012.
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