• News
      OMAN UNITED INSURANCE

       Board Meeting - Important Decesions

      Feb 19, 2013 10:07 AM
      Dear honorable shareholders and investors community.
      We would like to announce that the Board of Oman United Insurance Company held a meeting on Monday- Yesterday  evening  18th February 2013, and approved the audited financial statements for the period ended 31/12/2012. Hereinafter the most important Board decisions:
       
      First. The Board approved the audited financial statements for the period ended 31/12/2012. The following table illustrates the performance of the year 2012.
      Particulars
      2012
      RO
      2011
      RO
      Change
      Gross Written Premiums
      36,357,180
      30,292,577
      20.0%
      Net Underwriting Results
      3, 114,373
      3,307,194
      (5.8%)
      Investment Income
      3,018,450
      1,022,877
      195.1%
      Management Expenses
      (3,276,943)
      (2,923,134)
      12.1%
      Profit after Tax
      2,642,972
      1,110,063
      138.1%
       
      Second. The Board recommends to distribute cash dividends of 15% of the paid up capital i.e. (15 Bzs.) per share. The recommendation has been put forward to the AGM of the company scheduled on 28/3/2013.
      Note: As per the regulations of insurance companies’ Law, a contingency reserve of RO. 997K has been provided from the retained earnings of 2012, as against RO. 894K of 2011.
      Eventually, the accumulated contingency reserve as at 31st December 2012, amounted to RO. 5.7 million as against RO.4.7 million of 2011.
       
      Third: The Board agreed in principle  to incorporate of Takaful Insurance Company and suggested to discuss that subject  in the Annual General  Ordinary Meeting scheduled on March 28, 2013 for consideration and approval and to  authorize the Board of Directors to take the necessary action.
      Forth:  The Board decided to Restructure the  Audit Committee and Executive Committee as follows.
      1-       Composition of Audit Committee
      No.
      Director’s  Name
      Position in the board
      Position in the Committee
      1.
      Mr. Nassir bin Khamis Al Hashar
      Director
      Chairman
      2.
      Sayyid Khalid Bin Mahfoudh Al Busaidi
      Director
      Member
      3.
      Mr. Mustafa Bin Ahmed Salman
      Director
      Member
      4.
      Sayyid  Salim Bin Ahmed Al Busaidi
      Director
      Member
       
      2-       Composition of Executive & Investment Committee
      No.
      Director’s  Name
      Position in the board
      Position in the Committee
      1.
      Sayyid Salim Bin Nassir Al Busaidi
      Chairman
      Chairman
      2.
      Mr. Saud Bin Ahmed Al-Nahari
      Dy.  Chairman
      Member
      3.
      Mr. Ahmed Bin Alawi Abdullah
      Director
      Member
      4.
      Mr. Rahul Kar
      Director
      Member
      X
      X