Oman Insurance reinforces market leadership

Online, February 24, 2010 (Newswire.com) - Oman Insurance Company (OIC), the largest insurance company in the UAE reported their net results for the year 2009 at their Annual General Meeting (AGM) conducted on the 23rd of February, 2010.

In the presence of key shareholders at the AGM, Oman Insurance Company reported net profits of AED 189 million for the Financial Year ending 31st December 2009. The UAE's leading insurer saw especially strong growth in its technical operations, which is income accruing from underwriting operations, in 2009. Net profits from technical operations reached AED 317 million, an increase of 44 per cent compared to AED 220 million in 2008.

In addition, the company also saw an increase of 9.5 percent in its total gross written premiums, reaching AED 2.34 billion in comparison to AED 2.14 billion in 2008. The overall strong performance in 2009 reflects Oman Insurance Company's growing market share across different sectors and high customer loyalty in the region.

In the Annual General Shareholders Meeting, held on 23rd February 2010, the general assembly approved the Board of Directors' recommendation of distributing 40% cash dividends and 10% Bonus share.

"Through last year, we have been able to successfully maintain and consolidate our leadership position within a highly competitive market space, even as all of us faced an extremely adverse economic climate. This has been made possible only because Oman Insurance Company has always efficiently prepared to face challenges and has proactively strived to turn difficulties into growth opportunities," said His Excellency Matar Humaid Al Tayer, Chairman of Oman Insurance Company.

"It is also important to note that OIC has always given the utmost priority to their customers. Irrespective of external factors, we have consistently and diligently improved the quality of products and services offered to our clients. With this spirit, we look forward to expanding across the Gulf and broadening our horizons, while positively contributing to the economic recovery and growth of the region" he said.

Mr. Abdul Muttalib Mustafa Al Jaidi, Chief Executive Officer, Oman Insurance Company, added, "Oman Insurance Company has consistently maintained their high standards of product quality and customer service - be it for enterprises - big or small, or individuals from varying backgrounds. As we continue to build on our rich history of serving the region, we look forward to working closely with our various clienteles, ensuring their trust and peace of mind, and forging lasting partnerships."

"The results achieved reinforce the Company's position as the undisputed leader in the UAE Insurance market. The high levels of growth and profitability achieved in these challenging times for business confirm our solid fundamentals and impressive growth strategy. Our financial performance and achievement are attributed to our dedicated and experienced team who are constantly outdoing themselves." Mr. Jaidi Added

"Knowing that the regional economy is still recovering from the impact of the economic downfall faced last year, Oman Insurance Company will continue to strongly support their clients and customers, assisting them in their growth, reinforcing their confidence and strengthening the bond created over a period of 35 years. This year will be no different from any of the previous years as we will persistently strive to achieve the best, offering innovative products, unmatched service excellence and focused customer interactions," he concluded.

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