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      OMAN UNITED INSURANCE

       The Board of Oman United Insurance Company SAOG recommends dividends of 7.5%

      Feb 21, 2012 09:38 AM
      Dear honorable shareholders and investors community.
      We would like to announce that the Board of Oman United Insurance Company  held a meeting yesterday evening  20th  February 2012,  and approved the audited financial statements for the period ended 31/12/2011. Hereinafter the most important  Board decisions:
       
      First. The Board approved the audited financial statements  for the period ended 31/12/2011.  The following table illustrates the performance of the year 2011.
       
      Particulars
      2011
      RO
      2010
      RO
      Change
      Gross Written Premiums
      30,292,578
      20,993,809
      44.3%
      Gross Underwriting Results
      3,307,193
      2,608,209
      26.8%
      Net Investment Income
      1,022,877
      3,352,432
      (69.5%)
      Management Expenses
      (2,801,854)
      (2,993,855)
      (6.4%)
      Profit after Tax
      1,110,063
      2,790,786
      (60.2%)
       
      Second.  The Board recommends  to distribute cash dividends of 7.5% of the paid up capital i.e. (7.5 Bzs.) per share. The recommendation has been put forward  to the AGM of the company  scheduled on 24/3/2012.  
       
      Note: As per the regulations of insurance companies’ Law, a contingency reserve of RO. 894K has been provided from the retained earnings of 2011, as against RO. 755K in 2010.
      Eventually, the accumulated contingency reserve as at 31st December 2011, amounted to RO. 4.7 million as against RO.3.8 million in 2010.
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