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    OMAN UNITED INSURANCE

     Unaudited Prliminary results for 2013

    Jan 12, 2014 10:07 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 2013, as following:
     
    Values in (RO)
     
    Particulars
     
     
    2013
    Un-Audited
     
    2012
    Audited
     
    Change%
    Gross Written Premium
    40,339,233
    36,357,181
    11.0+
    Gross Underwriting Results
    3,491,593
    3,114,378
    12.1+
    Net realized Investment & other Income
    3,968,808
    2,865,972
    38.5+
    Unrealized Investment Profit
    1,391,716
    152,476
    812.7+
    Total Investment Income & other income
    5,360,524
    3,018,448
    77.6+
    Management Expenses (including Depreciation and Provision for Bad and doubtful Debts)
    (3,431,547)
    (3,276,943)
    4.7+
    Net Profit After Income Tax
    5,071,180
    2,642,975
    91.9+
    Earnings per Share EPS
    0.051
    0.026
    96.2+
    Retained Earnings after provisioning of Contingency Reserve
    4,078,111
    1,704,166
    139.3+
    Net Asset Value per share
    0.259
    0.220
    17.7+
     
    Notes:
    • Comparatives for 2012, are extracted from the audited financials.
    • As per insurance  Companies’ law, an amount of RO. 1,197,232 /- (2012 – RO. 997,071) has been provided for contingency reserve from net profit. The said reserve is a part of the shareholders’ equity . Now the accumulated contingency reserve stands at RO. 6,896,596/- as at 31st December 2013.  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 30/03/2014.
     
    Nassir Bin Salim Al Busaidi
    Managing Director / Spokes Person
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