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      OMAN UNITED INSURANCE

       Initial Un-audited Results for the year ended 31st December 2015.

      Jan 20, 2016 08:29 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 2015, as following:

      Values in (RO)

       

      Particulars

       

       

      2015

      Un-Audited

       

      2014

      Audited

       

      Change%

      Gross Written Premium

      38,710,984

      41,361,819

      -6.4

      Gross Underwriting Results

      5,344,743

      4,589,379

      +16.5

      Net realized Investment &   other Income

      4,185,418

      4,001,514

      +4.6

      Unrealized Investment (Losses)

      (2,143,557)

      (1,105,033)

      +94.0

      Total Investment Income &   other income

      2,041,861

      2,896,481

      -29.5

      Management Expenses (including   Depreciation and Provision for Bad and doubtful Debts)

      (3,798,314)

      (3,542,206)

      +7.2

      Provision for Income Tax

      (332,729)

      (373,586)

      -10.9

      Net Profit After Income Tax

      3,255,561

      3,570,068

      -8.8

      Earnings per Share EPS

      0.033

      0.036

      -8.3

      Available for sale investments   fair value gain / (Losses)

      (693,848)

      206,382

      -436.2

      Total Comprehensive income for the   period

      2,516,713

      3,776,450

      -33.4

      Retained Earnings after   provisioning of Contingency Reserve

      2,479,501

      2,693,820

      -8.0

      Net Asset Value per share

      0.265

      0.261

      +1.5

       

      Notes:

      • Comparative figures of 2014, are extracted from the      audited financials of the year 2014.
      • As per insurance  Companies’ law, an amount of RO. 1,269,880      /- (2014 – RO. 1,406,840/-) has been provided for contingency reserve from      the net profit during the year. The said reserve is a part of the      shareholders’ equity . Now the accumulated contingency reserve stands at      RO. 9,573,316/- as at 31st December 2015. As long as the paid      up capital remains RO. 10 million without any increase,  then the balance amount of RO 426,684/-  should only be provided in 2016 till the      provision equalizes the paid up capital.
      • The above results are preliminary and subject to audit, approval      of Audit Committee, Board of Directors and shareholders at AGM scheduled      on 30/03/2016.

      Nassir Bin Salim Al Busaidi

      Managing Director / Spokes Person

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