عربي
SEARCH
 
   
Home  
Contact  
Customer e-Services    
Home About us Personal Insurance Small Business Corporate Insurance Bancassurance Life & Medical Contact Us
 
Corporate News Careers OUIC Award Media & Investor Relations

 CORPORATE NEWS

Chairman’s Report
Apr 28, 2011    

Chairman’s Report

Dear Shareholders, 

On behalf of the Board of Directors of Oman United Insurance Company SAOG, I have the pleasure to present to you the Un-audited Financial Statements of the company for the three months period ending 31st  March 2011. 

Insurance Operations

The company's gross premium income generated from all operations has been increased by 90% to RO. 9.8 million as against RO. 5.2 million in the corresponding period of the previous year. We were able to achieve the above-mentioned growth despite the ongoing severe competition among insurance companies in the Sultanate. Compared with the corresponding period of the previous year, the gross premium income of non-motor business grew by 129%, while the income generated from Motor Insurance grew by 55%.  The income of Medical & Life Business also grew by 88%. 

Performance of Divisions:  

The Gross Underwriting profits (before management expenses) amounted to RO. 840K as against RO. 302K in the corresponding period of 2010, resulting an increase of 178%. 

 

The Underwriting profit generated from General Insurance Division (before management expenses) amounted to RO. 481K as against loss of RO. 11K for the corresponding period of the previous year registering a growth of 4,459%. To this effect, the underwriting results of motor business have been witnessing some improvements backed by the selective underwriting policy adopted by the company.   

The Underwriting profit generated from Medical and Life Insurance Business, (before management expenses), amounted to RO. 359K as against a profit of RO.313K for the corresponding period of the previous year registering an increase of 15%.  

Investment Income:  

The quarter saw MSM 30 Index plunge by 8.730 % and lost 587.55 points to close at 6,167.36 points. The Banking & Investment Index was the most affected as it has slumped down by 16.8%.There was no exception for Industrial Sector as its index has also dipped down by 6.54%  Service & Insurance Sector was the lesser affected as it lost 3.58% only

Accordingly, the unrealized investment losses amounted to  RO. 792K as against unrealized profit of 550K  for the corresponding period of the previous year. It is worth mentioning that the realized investment income for the period under review amounted RO. 1.03 million as against 865K for the corresponding period of the previous year registering a growth of 19%. 

 

To this effect, the Company’s investment portfolio achieved net investment income of RO. 238K as against RO.1.4 million for the corresponding period of the previous year.

 

Net Profit:

The company reported a net profit of RO. 363K as against RO. 1.0 million in the corresponding period of the previous year registering a decline of 65%. 

Accordingly, the Earnings per Share (EPS) for the period stood at 4 baizas as compared to 10 baizas in corresponding period of the previous year. 

Outlook Vision: 

Due to the ongoing turbulence the short-term outlook in the regional markets is not very clear, meanwhile, the long-term outlook for GCC economies remains positive driven by oil price sustaining at the current levels. 

As far as Oman  is concerned, the expected growth in the gross domestic product (GDP) in 2011 accompanied with the substantial spending amounts in new projects all together will enhance the growth of 's economy.

Acknowledgements:

On behalf of the Board, I wish to express  our gratitude to His Majesty Sultan Qaboos Bin Said for his wise leadership and we all pray to Almighty Allah  to shower him with blessings and keep him in good health and give him long life . Our thanks are also extended to His Majesty's Government and Capital Market Authority for their unlimited support in developing national economy.

Thank You and Kindest Regards 

Salim Bin Nassir Al Busaidi 
Chairman

 

 

 April/ 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latest News

Important decisions of AGM 30-Mar-2016 more »
S&P reaffirmed OUIC's BBB rating with stable outlook more »
OUIC's results and dividends 2015- Announced more »
Site Map | Help (FAQ’s) | Contact | Terms & Conditions | Privacy Policy