Oman Re, theSultanate of Oman’s sole reinsurer, has announced a significant surge in itsnet profit after tax for the first quarter of 2024, reaching an impressive OMR977K (USD 2.5 million). This remarkable achievement marks an 83% increasecompared to the same period last year, when the net profit stood at OMR 534K(USD 1.4 million). Driven by resilient underwriting performance and a robustinvestment portfolio, Oman Re’s reinsurance revenue for Q1 2024 stood at OMR10.1 million (USD 26.3 million), similar to Q1 2023.

The company'sunwavering commitment to excellence across all lines of business has led to aremarkable 41% increase in net reinsurance results, totaling OMR 874K (USD 2.3million) for the first quarter of 2024, compared to OMR 618K (USD 1.6 million)for the same period in the preceding year. Notably, Oman Re achieved a 0.7%point improvement in its combined ratio, reaching at 89.5% during Q1 2024.

Oman Re's prudent investment strategies, coupled with favorable interest rates, have significantly contributed to a 23% increase in net investment and other income, totaling OMR 775K (USD 2.0 million) for Q1 2024, compared to OMR 628K (USD 1.6million) recorded during the first quarter of 2023. As of 31 March 2024, OmanRe's net equity has soared to OMR 33.5 million (USD 87.2 million), showcasing a4% growth since December 2023, underlining the company's strong financial footing and stability.

Romel Tabaja, CEO of Oman Re, expressed his confidence in the company's outlook, stating, "We have made a strong start to the year, and amidst the challenges posed by the uncertain macroeconomic environment, we are focused on achieving our targeted reinsurance revenues of OMR 45.7 million (USD 118.7million) and profit after tax target of OMR 2.9 million (USD 7.6 million) for the year. The exceptional performance in the first quarter positions us well to achieve our financial targets. Beyond financial success, Oman Re remains dedicated to creating value for stakeholders and fostering resilience in the communities we serve."