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      OMAN UNITED INSURANCE

       The most important decesions taken by the Board at its meeting held on 17 February 2016

      Feb 17, 2016 07:31 PM

       

      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 17h February 2016) and approved the audited  financial statements of the company  for the year ended 31/12/2015. Hereinafter the most important Board decisions:

       

      Firstly: Approval of Audited Financial Statements for the year  2015.

      The Board approved the audited financial statements of the company for the year ended 31/12/2015. The following table illustrates the performance of the year 2015.

       

      Values in (RO)

       

      Particulars

       

      2015

       

      2014

       

       

      Change%

      Gross Written Premium

      38,710,985

      41,361,819

      -6.4

      Gross Underwriting Results

      5,511,943

      4,589,379

      +20.1

      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 doubtful Debts)

      (3,801,314)

      (3,542,206)

      +7.3

      Provision for Income Tax

      (441,886)

      (373,586)

      +18.3

      Net Profit After Income Tax

      3,310,604

      3,570,068

      -7.3

      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

      2,616,756

      3,776,450

      -30.7

      Retained earnings after   provisioning of Contingency Reserve

      2,534,544

      2,693,820

      -5.9

      Net asset value per share

      0.266

      0.261

      +1.9

       

      Secondly:  Cash Dividend Distribution

      The Board recommends to distribute cash dividends of 24% of the paid up capital  of RO. 10 Million  i.e. (24 Bzs.) per share. The recommendation would be put forward  to the AGM of the company scheduled on 30/3/2016, for approval.

       

       

      Spokes Person

      Nassir Bin Salim Al Busaidi

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