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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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