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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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