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    OMAN UNITED INSURANCE

     Initial Un-audited Results for the year ended 31st December 2016.

    Jan 12, 2017 08:46 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 2016, as following:

    Values in (RO)

     

    Particulars

     

     

    2016

    Un-Audited

     

    2015

    Audited

     

    Change%

    Gross Written Premium

    38,545,294

    38,710,985

    -0.4

    Gross Underwriting Results

    5,059,097

    5,511,943

    -8.2

    Total Investment Income & other income

    3,832,374

    2,041,862

    +87.7

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

    (4,181,751)

    (3,801,314)

    +10.0

    Provision for Income Tax

    (346,170)

    (441,886)

    -21.7

    Net Profit After Income Tax

    4,363,550

    3,310,605

    +31.8

    Earnings per Share EPS

    0.044

    0.033

    +33.3

    Available for sale investments fair value gain / (Losses)

    (191,056)

    (693,848)

    -72.5

    Total Comprehensive income for the period

    4,172,494

    2,616,757

    +59.5

    Retained Earnings after provisioning of Contingency Reserve

    4,071,411

    2,534,544

    +60.6

    Net Asset Value per share

    0.283

    0.266

    +6.4

     

    Notes:

    • Comparative figures of 2015 are extracted from the audited financials of the year 2015.
    • The above results are preliminary and subject to audit, approval of Audit Committee, Board of Directors and shareholders at AGM scheduled on 28/03/2017.

    Nassir Bin Salim Al Busaidi

    Managing Director / Spokes Person

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