Oman Insurance posts strong growth in 2014

(MENAFN- Muscat Daily) Oman Insurance Co (OIC) is the first insurance company in the UAE to cross the AED3bn mark as gross written premium grew by 11.3 per cent in 2014 to reach AED3.25bn. 

Commenting on the results chief executive officer Patrick Choffel said 'Although 2014 was a challenging year the company performed robustly and emerged stronger than ever. We have diversified our income by focusing on new products such as pensions and trade credit by offering reinsurance capacity to a broader geographical base and by expanding our strategic international partnerships. We are constantly enhancing our internal controls with stronger teams in audit actuarial and analytics. Moreover the efficient processes put in place by the receivable team have improved our cash flow position and our sophisticated underwriting models have attracted a world class reinsurance panel.'

OIC has operations across UAE as well as in Oman Qatar and a subsidiary in Turkey.

The significant increase in revenues underlines the company's strategy based on strong distribution network cooperation with international partners and great client servicing capabilities a press release said.

Net profitability remained strong at AED224.9mn with total assets at over AED6bn.