Oman Insurance Company (OIC), a leading insurance provider in the UAE, has reported a net profit of Dh189 million ($51.4 million) for 2009 demonstrating strong performance in its core operations despite extremely volatile economic conditions.

Announcing the financial results for the 12 months ending December 31, 2009, Matar Humaid Al Tayer, OIC chairman said it witnessed strong growth in total gross written premiums, which surged to Dh2.34 billion for 2009 registering an increase of 9.5 per cent compared to Dh2.14 billion in 2008.

The UAE’s leading insurer saw especially strong growth in its technical operations, which is income accruing from underwriting operations, in 2009. The net profits from technical operations reached Dh317 million, an increase of 44 per cent compared to Dh220 million in 2008.

“During a year that began with ongoing challenges to the stability of the global economy and financial system and concluded with clear signs of international economic recovery, OIC maintained a consistent focus on meeting the needs of clients by upholding the highest standards of service excellence and product innovation,” said Al Tayer.

“As today’s announcement demonstrates, OIC has successfully risen to meet the challenges posed by the global financial crisis while simultaneously identifying opportunities for growth,” he said.

“Moving ahead, we will continue to expand our reach across the Gulf, contributing to the economic growth, diversification and stability of this young and vibrant region,” he added.

Abdul Muttalib Mustafa Al Jaidi, OIC chief executive officer, said, "At a time of global uncertainty, OIC has provided peace of mind to corporate entities, small and medium-sized enterprises, and individuals from a broad diversity of backgrounds."

"By forging lasting partnerships with our clients, built upon a foundation of trust, we have been able to continually grow our operations over the three and a half decades since the company was founded," Al Jaidi remarked.

"In 2010, we will continue to strengthen our core operations, while also increasing our market share at home in the UAE and in key regional growth markets, such as Oman and Qatar," he added.-TradeArabia News Service