Oman Insurance Company (OIC) said yesterday its full-year 2016 net profit was flat, despite an 11.45 per cent increase in gross written premiums.
Net profit attributable to equity owners reached Dh80.82 million last year, almost unchanged from Dh80.94 a year before, the company said in a statement to Dubai Financial Market.
Gross written premiums rose to Dh3.56 billion from Dh3.19bn a year earlier, led by general insurance.
OIC said it managed to achieve these results, despite a slowing economy, volatile oil prices and a saturated insurance market.
“The growth achieved in the past year endorses various business initiatives that were rolled out,” said Christos Adamantiadis, OIC’s chief executive.
“These programmes worked towards digital transformations in service delivery, stronger implementation of data-based actuarial and underwriting practices and refined corporate governance. We look forward to these programmes gathering momentum in 2017 and the profound advantages it will bring our clients and partners.”
Total premiums in general insurance rose 11.24 per cent to Dh1.76bn from Dh1.58bn a year earlier, with net profit in this division rising to Dh75.7m from Dh31.4m a year earlier.
Total premiums in life and medical segment increased by 11.66 per cent to Dh1.78bn from Dh1.60bn a year earlier, with net profit soaring to Dh30.1m versus a loss of Dh1.1m a year earlier.
This week, OIC and Bupa Global launched tiered international private medical insurance plans to cater to small businesses in Dubai looking for more than the mandatory level of cover. OIC is among the health insurance companies approved by Dubai Health Authority (DHA) to administer the minimum health plan under the emirate’s insurance law for employers.
Earlier this month, Abu Dhabi National Insurance Company announced its first annual profit in three years, following its decision to raise motor and medical premiums.
The insurer posted a Dh205m net profit for 2016, compared with a loss of Dh334.5m the year earlier.
dalsaadi@thenational.ae
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