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      OMAN UNITED INSURANCE

       Most Important Decisions Passed by the Board

      Feb 17, 2014 09:35 AM
      Dear honorable shareholders and investors community.
      We would like to announce that the Board of Oman United Insurance Company held a meeting on Sunday- Yesterday evening 16th February 2014, and approved the audited financial statements for the period ended 31/12/2013. Hereinafter the most important Board decisions:
      Firststly. Approval of Audited Financial Statements as at 31st December 2013.
      The Board approved the audited financial statements for the period ended 31/12/2013. The following table illustrates the performance of the year 2013.
      Particulars
      2013 (RO)
      2012 (RO)
      Change
      Gross Written Premiums
      40,339,233
      36,357,181
      11.0%
      Gross Underwriting Results
      3,491,593
      3, 114,373
      12.1%
      Investment Income
      5,360,524
      3,018,448
      77.6%
      Management Expenses
      (3,485,547)
      (3,276,943)
      6.4%
      Profit after Tax
      5,023,660
      2,642,975
      90.1%
       
      Secondly: Dividends
       The Board recommends to distribute cash dividends of 35% of the paid up capital i.e. (35 Bzs.) per share. The recommendation has been put forward to the AGM of the company scheduled on 30/3/2014.

      ·         Note: 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 the company’s paid up capital.
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