Oman Insurance posted a net profit of AED 206.1 million which is a growth of 5 percent over the previous year. The company’s net receivables ratio of 15.4 percent is at an all-time high, reflecting a strong emphasis on generating free cashflows.
Oman Insurance released its 2021 Integrated Report revealed Monday.
The report revealed that the company’s solvency capital requirement before the proposed dividend has reached its highest level of 275 percent. This is an increase of around 15 percent compared to the last year, reaffirming the company’s ability to meet policyholders’ obligations.
“The results are a clear reflection of our industry-leading initiatives, robust financial strength to pay claims timely and our vision to be a reference for customer excellence,” Jean-Louis Laurent Josi, Chief Executive Officer at Oman Insurance, said. “With the strong foundations, we will continue to focus our efforts on digital transformation, improving technical expertise, implementing lean initiatives and enhancing customer satisfaction.”
During 2021, Oman Insurance maintained its strong financial ratings of ‘A’ by AM Best, ‘A with positive outlook’ by Standard & Poor’s and ‘A2’ by Moody’s.
