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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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