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      OMAN UNITED INSURANCE

       Initial Preliminary Un-audited Results for the year ending 31st December 2012

      Jan 15, 2013 09:41 AM
      In compliance with Article (3) of Disclosure Rules issued by CMA, the Management of Oman United Insurance Company SAOG,  is pleased to disclose the preliminary summarized un-audited results for the year ended 31st December 2012, as following:
       
      Values in (RO)
       
      Particulars
       
       
      2012
      Un-Audited
       
      2011
       Audited
       
      Change%
      Gross Written Premium
      36,357,181
      30,292,578
      +20
      Gross Underwriting Results
      3,114,378
      3,307,193
      -6
      Net realized Investment Income
      2,865,972
      2,258,136
      +27
      Unrealized Investment Profit / (Loss)
      152,476
      (1,235,259)
      +112
      Total Investment Income
      3,018,448
      1,022,877
      +195
      Management Expenses (including Depreciation and Provision for Bad and doubtful Debts)
      (3,276,943)
      (2,923,134)
      +12
      Net Profit / (Losses) After Income Tax
      2,642,975
      1,110,063
      +138
      Earnings / (Losses) per Share EPS
      0.026
      0.011
      +138
      Retained Earnings after provisioning of Contingency Reserve
      1,704,166
      808,262
      +111
      Net Asset Value per share
      0.220
      0.198
      +11
       
      Notes:
      • Comparatives for 2011, are extracted from the audited financials.
      • As per insurance  Companies’ law, an amount of RO. 997,071/- (2011 – RO. 893,582) has been provided for contingency reserve from net profit. The said reserve is part of the shareholders’ equity . Now the accumulated contingency reserve stands at RO. 5,699,364/-.  The company shall continue reserving for contingency reserve till equalize to the company’s capital.
      • The above results are preliminary and subject to audit and  approval of Audit Committee, Board of Directors and shareholders in AGM.  Proposed AGM date is 28/03/2013.
       
      Nassir Bin Salim Al Busaidi
      Managing Director / Spokes Person
       
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