Oman Insurance Company (P.S.C.) Reports 18% Revenue Growth and Acquisition Deal
Summary
Sukoon reported an 18% growth in insurance revenue, reaching AED 3.4 billion. Net profit reached AED 185 million, and net investment income grew by 31% to AED 125 million. The company attributes these results to prudent underwriting, cost discipline, a balanced investment portfolio, and customer service. It has also signed a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio, pending regulatory approval.The UAE-based Oman Insurance Company (P.S.C.), also known as Sukoon, has reported significant growth in its insurance revenue and net profit for the nine-month period ending 30 September 2023. The company has also announced a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio. Despite a few challenges, the company's outlook remains cautiously optimistic for the end of the financial year.
Oman Insurance Company P.S.C., a leading insurance provider in the UAE, has reported impressive growth in its insurance revenue for the nine-month period ending 30 September 2023. The company's insurance revenue grew by 18%, reaching AED 3.4 billion. Despite inflationary pressures, the insurance service results hit AED 157 million. Additionally, the company's net investment income grew by 31% to AED 125 million, and the net profit reached AED 185 million. The company attributes these positive results to its prudent underwriting, cost discipline, a balanced investment portfolio, and superior customer service. In addition to its financial growth, Sukoon has announced a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio, which is pending regulatory approval. This acquisition could potentially increase the company's market share and strengthen its position in the UAE's insurance market. However, the company remains cautiously optimistic for the end of the financial year. It cites the Central Bank of the UAE's cancellation of the 50% discount on motor minimum insurance premiums as a stabilizing factor. Nonetheless, the company acknowledges the risks from sustained high interest rates and ongoing inflation. Given these factors, the future of the company appears to be neutral.
