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The Board of Oman United Insurance Company SAOG recommends dividends of 7.5%
Feb 21, 2012    

First. The Board approved the audited financial statements  for the period ended 31/12/2011.  The following table illustrates the performance of the year 2011.

Particulars

2011

2010

Change

RO 

RO 

Gross Written Premiums

30,292,578

20,993,809

44.30%

Gross Underwriting Results

3,307,193

2,608,209

26.80%

Net Investment Income

1,022,877

3,352,432

(69.50%)

Management Expenses

(2,801,854)

(2,993,855)

(6.40%)

Profit after Tax

1,110,063

2,790,786

(60.20%)

 Second.  The Board recommends  to distribute cash dividends of 7.5% of the paid up capital i.e. (7.5 Bzs.) per share. The recommendation has been put forward  to the AGM of the company  scheduled on 24/3/2012.    

Note: As per the regulations of insurance companies’ Law, a contingency reserve of RO. 894K has been provided from the retained earnings of 2011, as against RO. 755K in 2010. 

Eventually, the accumulated contingency reserve as at 31st December 2011, amounted to RO. 4.7 million as against RO.3.8 million in 2010.  

Nassir Bin Salim Al Busaidi  

Spokes person / Managing Director  

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