ONIC Holding posts 9M profit of RO3.3mn

Muscat - 

On positive returns from its investments and robust business growth at its insurance subsidiary, Oman National Investment Corporation Holding (ONIC) has posted a net profit of RO3.3mn for the nine-month period ended September 30, 2012, against a net loss of RO525,000 in the same period last year, the company said in a filing to the Muscat Securities Market (MSM) on Tuesday.

Gross premiums at ONIC's insurance subsidiary, National Life and General Insurance Co, grew 29 per cent to RO33.9mn from RO26.3mn, while net underwriting results rose to RO4.1mn from RO2.3mn.

Abdulrahman al Hareb, chairman of ONIC, said that the insurance subsidiary is further planning to expand its operations in the UAE market.

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