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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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