Muscat – Oman Insurance Company reported a net profit of AED206.1mn for the year 2021, which is a growth of 5 per cent compared to the prior year.

This result has been supported by a solid investment income, lower expenses and a well-controlled underwriting result despite the volatile environment, the company said in a press release.

Oman Insurance released its 2021 Integrated Report on Tuesday which includes full-year financial results along with environmental, social and corporate governance reports.

The company’s net receivables ratio of 15.4 per cent is at its all-time high, which reflects its strong emphasis on generating free cashflows. On top of these results, Oman Insurance reached its highest customer satisfaction score, a key target for the company, with 89 per cent of its customers being satisfied or very satisfied with its services.

The company’s solvency capital requirement before the proposed dividend reached its highest level of approximately 275 per cent (minimum regulatory requirement is 100 per cent). This is an increase of around 15 per cent compared to the last year, reaffirming their strong ability to meet policyholders’ obligations.

Commenting on the results, Jean-Louis Laurent Josi, chief executive officer of Oman Insurance, said, “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. With the strong foundations, we will continue to focus our efforts on digital transformation, improving technical expertise, implementing lean initiatives and enhancing customer satisfaction.”

The company continued to make strategic investments in its digital transformation. Cloud focus, the release of multiple APIs, Zero-code platforms, are some examples of these investments to empower business teams to build customer offerings quickly and independently, ultimately leading to a faster, leaner processes and more satisfied clients.

Oman Insurance also successfully worked on new key business initiatives like the selection of its new health insurance medical management system; the launch of a unique Middle East medical solution;
the approval to launch the first Lloyd’s Syndicate in the Gulf Cooperation Council; the launch of Straight Through Processing for its life insurance policies with partnering banks and brokers.