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Oman United Insurance posts RO2.2mn 9M net profit  Join our daily free Newsletter

MENAFN - Muscat Daily - 15/10/2012

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(MENAFN - Muscat Daily) On the back of growth in premiums and improved investment income, Oman United Insurance (OUI) reported a net profit of RO2.23mn in the first nine months of this year from a loss of RO56,957 in the same period  last year, according to the company's filing to Muscat Securities Market (MSM) on Monday.The insurer's gross written premium increased by 25.3 per cent to RO30.2mn compared to RO24.1mn in the same period last year, while gross underwriting results increased by 30.7 per cent to RO2.58mn against RO1.97mn in the same period last year.Commenting on the company's financial performance, Nassir bin Salim al Busaidi, managing director of Oman United Insurance, said that the company has taken calculated risks to make good profits this year. ''The company made good profits from its investments on improved selling and buying of shares. Non-motor insurance products saw better performance than last year in the same period. The company has achieved the targets which are reflected in good bottom-line performance.''Busaidi also added that the company made profits in all the contracts which helped them saw a rise in net profit. ''We worked on each of the portfolio separately, surveyed the risks associated and accordingly took calculative measures. Opportunities exist in the market that needs to be tapped into correctively.''OUI's realised investment income saw an increase of 7.5 per cent to RO1.92mn in this period as compared to RO1.79mn in the same period last year, whereas total investment and other income increased to RO2.1mn in the nine-month period this year.

 






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