Oman Re sees 9M’24 reinsurance revenue climb 17% despite recurrent nat cat events

Oman Re, the Sultanate of Oman’s sole reinsurer, has reported reinsurance revenue of OMR 37.4 million ($97.2 million) in the first nine months of 2024, up 17% compared to the same period of 2023.

Meanwhile, Oman Re’s net profit after tax stood at OMR 1.4 million ($3.7 million) in the first 9M of 2024, down from OMR 1.9 million ($4.8 million) in the same period of 2023.

According to the firm, natural catastrophe activity in key markets along with a decreasing interest rate environment weighed on its net reinsurance results in the period, which totalled OMR 548K ($1.4 million), down from OMR 2.1 million ($5.4 million) in the first 9M of 2023.

With this in mind, Oman Re’s overall combined ratio stood at 98.2%, up compared to the 91.1% recorded in the same period of 2023.

However, the firm did disclose a 22% rise in net investment and other income in the first 9M of 2024, reaching OMR 2.4 million ($6.3 million), up from OMR 2.0 million ($5.1 million) last year.

Romel Tabaja, CEO of Oman Re, commented, “Despite recurrent natural catastrophe events, our disciplined underwriting approach has allowed us to maintain positive net reinsurance results for 9M 2024.

“The decrease in the discount rate during the period led to a shift from finance income to finance expense for the underwriting results.

“However, with a strong capital position and favourable market conditions for reinsurance, we remain focused on meeting our annual targets and continuing to deliver value to our stakeholders.”

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