Oman Re, the Sultanate’s first and only reinsurer, has reported a significant increase in its financial performance for the fiscal year ending 31 December 2024 (FY2024). The company’s reinsurance revenue rose to OMR49.9m ($129.8m), marking a strong 19% growth compared to OMR42.1m in the previous year.
The Gross Written Premium (GWP), measured under IFRS4, climbed to OMR56.1m, up from OMR46.2m in 2023, reflecting a 21.4% increase. Net profit after tax also saw an 18% rise, reaching OMR3.0m compared to OMR2.6m in the prior year.
Despite a year marked by heightened natural catastrophe events, Oman Re’s net reinsurance results stood at OMR2.0m for 2024, compared to OMR2.7m in 2023. The combined ratio for the year was recorded at 94%, up from 91% in the previous year.
Strategic investment decisions contributed to a 27% increase in net investment and other income, reaching OMR3.5m, up from OMR2.7m in 2023. The company’s net equity also grew by 10% to OMR35.3m as of 31 December 2024, compared to OMR32.2m the previous year.
Commenting on the company’s strong performance, Oman Re CEO Mr. Romel Tabaja stated, “Our outstanding results in 2024 reflect the collective strength of our organization, built on disciplined underwriting, robust risk management, and a shared commitment to excellence.”
Founded in 2009, Oman Re is the first and only reinsurance company in Oman. The company writes facultative and treaty business from local and international markets, covering the Middle East, Afro-Asian countries, CEE, and CIS markets, with operations in both marine and non-marine lines of business. In August 2021, Oman Re established a branch at the Qatar Financial Centre. Expanding its offerings, the company introduced shariah-compliant retakaful solutions in January 2025 after securing a retakaful window license.
