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Oman Re, the Sultanate of Oman’s sole reinsurer, has reported an increase in reinsurance revenue for the first half of 2026 to OMR 27.5 million ($71.4 million), an increase on the prior year’s OMR 26.4 million ($68.8 million), while disciplined underwriting saw the combined ratio improve year-on-year.
In a solid period for the company, net profit after tax grew by 49% to OMR 3.3 million ($8.6 million) from OMR 2.2 million ($5.8 million) in H1’25. The hike was supported by a 143% rise in the net reinsurance result, reported at OMR 2.3 million ($6.1 million), compared to OMR 962 thousand ($2.5 million) in H1’25.
For H1’26, the reinsurer has also recorded a rise in gross written premium to OMR 46.9 million ($122.1 million), from OMR 36.7 million ($95.5 million) in H1’25.
The H1’26 combined ratio improved to 89.2% from 95.4% in H1’25, reflecting the benefits of disciplined underwriting and risk selection, said Oman Re.
Meanwhile, net investment and other income also increased by 16% to OMR 2.3 million ($6.1 million), supported by a “prudent and diversified” investment strategy.
Additionally, as of June 30th, 2026, Oman Re’s net equity stood at OMR 45.9 million ($119.3 million), an 8% increase from December 2025 and further strengthening the capital position.
Oman Re has attributed these strong financial results in the first half of this year to improved technical performance, disciplined underwriting, and continued progress in executing its strategic priorities.
Romel Tabaja, Chief Executive Officer, Oman Re, commented, “Oman Re delivered a strong performance during the first half of 2026 despite increasingly competitive and challenging market conditions. Disciplined underwriting, prudent risk selection, and solid investment returns contributed to the significant improvement in profitability.
“As we progress through the year, we remain focused on maintaining financial strength, delivering our strategic priorities and creating sustainable long-term value. I sincerely thank our employees, clients, brokers, partners and shareholders for their continued dedication, support and confidence.”
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