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    OMAN UNITED INSURANCE

     Most importatnt Board decisions and recommendation of cash dividends of 22%

    Feb 19, 2015 09:08 AM

    Dear honorable shareholders and investors community,

    We would like to announce that the Board of Oman United Insurance Company SAOG  held its  meeting on yesterday evening (Wednesday 18h February 2015) and approved the audited  financial statements of the company  for the year ended 31/12/2014. Hereinafter the most important Board decisions:

     

    Firstly: Approval of Audited Financial Statements as at 31st December 2014.

    The Board approved the audited financial statements of the company for the year ended 31/12/2014. The following table illustrates the performance of the year 2014.

     

    Particulars

    2014) RO(

    2013   (RO)

    Change

    Gross Written Premiums

    41,361,819

    40,339,232

    2.5%

    Net Underwriting Results

    4,589,379

    3,491,594

    31.4%

    Investment  and   other Income

    2,896,481

    5,360,524

    (45.9%)

    General & Administration Expenses

    (3,542,206)

    (3,485,547)

    1.6

    Operating Profit before income tax

    3,943,654

    5,366,571

    (26.51%)

    Income Tax

    (373,586)

    (342,910)

    8.95%

    Profit after Tax

    3,570,068

    5,023,661

    (28.9%)

     

    Secondly:  Cash Dividend Distribution

    The Board recommends to distribute cash dividends of  22% of the paid up capital i.e. (22 Bzs.) per share. The recommendation has been put forward  to the AGM of the company scheduled on 30/3/2015, for approval.

    Note: As per insurance Companies’ law, an amount of RO.1,406,840 /- (2013 – RO1,197,232) has been provided for contingency reserve from net profit. The said reserve is part of the shareholders’ equity  and the accumulated contingency reserve stands at RO. 8,303,436/- as at 31st December 2014. The company should continue reserving for contingency reserve till it equalize to the company’s paid up capital i.eRO. 10 million

    Spokes Person

    Nassir Bin Salim Al Busaidi

      

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