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    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