Published: Jul 13, 2014
Source: Muscat Daily


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OUIC net profit up marginally at 1% in first half

Despite good growth in underwriting results, the net profit of Oman United Insurance Co (OUIC) grew at a lower rate of 1.1 per cent during the six-month period ended June 30, 2014, mainly due to a sharp fall in the company's investment income.

Oman United Insurance Co reported its first half 2014 net profit at RO2.71mn, compared with RO2.68mn in the same period last year. The company's gross written premiums remained almost flat at RO24.3mn, compared with the corresponding period of the previous year, according to the company’s preliminary results disclosed to the MSM on Sunday.

The company's gross underwriting results jumped by 50.2 per cent to RO2.94mn, compared with RO1.96mn for the same period last year. The ­company reported a 32.8 per cent decline in its net investment income at RO1.64mn, compared with RO2.44mn in the first half of 2013.

The company's earnings per share remained unchanged at 27bz during the first half of 2014.

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