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      OMAN UNITED INSURANCE

       Initial Un-audited Results for the year ended 31st December 2017

      Jan 15, 2018 01:23 PM

      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 2017, as following:

       

      Values in (RO)

       

      Particulars

       

       

      2017

      Un-Audited

       

      2016

      Audited

       

      Change%

      Gross Written Premium

      38,412,421

      38,545,295

      -0.3

      Gross Underwriting Results

      7,004,284

      5,726,981

      +22.3

      Total Investment Income & other income (Realized)

      3,920,733

      4,072,299

      -3.7

      Unrealized Investment losses

      (2,254,506)

      (1,185,433)

      +90.2

      Net Investment Income

      1,666,227

      2,886,866

      -42.3

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

      (4,534,789)

      (4,166,250)

      +8.8

      Provision for Income Tax

      (791,013)

      (394,404)

      +100.6

      Net Profit After Income Tax

      3,344,709

      4,053,193

      -17.5

      Earnings per Share EPS

      0.033

      0.041

      -17.5

      Available for sale investments fair value gain / (Losses)

      (221,112)

      754,453

      -129.3

      Total Comprehensive income for the period

      3,123,597

      4,807,646

      -35.0

      Retained Earnings after provisioning of Contingency Reserve

      4,105,762

      3,761,053

      +9.2

      Net Asset Value per share

      0.291

      0.290

      +0.03

       

      Notes:

      • Comparative figures of 2016 are extracted from the audited financials.
      • The above results are preliminary and subject to audit, approval of Audit Committee, Board of Directors and shareholders at AGM scheduled on 29/03/2018.

      Nassir Bin Salim Al Busaidi

      Managing Director / Spokes Person

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