MUSCAT: Oman Insurance Company (OIC) issued a statement that company recorded 11 percent surplus in 2014.
Net profits weighed in at Dh224.9 million while total assets are placed at Dh6 billion plus.
“Although 2014 was a challenging year, the company performed robustly and emerged stronger than ever,” said Patrick Choffel, CEO. “We diversified our income by focusing on new products such as pensions and trade credit, by offering reinsurance capacity to a broader geographical base and by expanding our strategic international partnerships.”
The insurer confirmed further improvements are in the works on its internal processes. “We are constantly enhancing our internal controls with stronger teams in audit, actuarial and analytics,” the CEO added.
“Moreover, the efficient processes put in place by the receivable team have improved our cash flow position and our sophisticated underwriting models have attracted a world-class reinsurance panel.”
Apart from the UAE, OIC has operations in Oman and Qatar and a subsidiary in Turkey. It also owns a medical third-party administrator in Iraq.
