Oman Re, the Sultanate of Oman’s sole reinsurer, has reported an increase in reinsurance revenue for the first nine months of 2026 to OMR 41.1 million (USD 107 million), up from OMR 40.2 million (USD 104.7 million) in the comparable prior year period.
The reinsurer explained that stronger technical earnings were a key contributor, as the net reinsurance result rose by 134% to OMR 4.2 million (USD 10.9 million), compared with OMR 1.8 million (USD 4.7 million) for 9M’25.
Net profit after tax increased 58% to OMR 5.1 million (USD 13.2 million), compared to OMR 3.2 million (USD 8.4 million) in the prior year period.
The reinsurer’s stronger earnings for 9M’26 were supported by improved reinsurance profitability and growing investment income.
In terms of top-line growth, gross written premium rose by 16% to OMR 57.6 million (USD 150 million), compared with OMR 49.5 million (USD 128.9 million) in 9M’25.
The combined ratio improved to 87.4%, from 98.2% in 9M’25, driven by what the reinsurer describes as a sustained emphasis on underwriting quality and careful portfolio management.
On the asset side, net investment and other income were up 14% to OMR 3.4 million (USD 8.8 million), providing further support to overall profitability.
Net equity reached OMR 45.5 million (USD 118.3 million) as of 30 September 2026, an increase of 7% from December 2025, reinforcing the company’s capital strength.
Romel Tabaja, Chief Executive Officer, Oman Re, commented, “Oman Re delivered a strong nine-month performance despite regional geopolitical uncertainty and a softening reinsurance market. Disciplined underwriting and prudent investment management drove growth in both reinsurance earnings and investment income, strengthening our overall profitability.
“As we enter the final quarter, we remain focused on achieving our objectives for the year while safeguarding our financial strength and delivering sustainable value. This progress reflects the collective efforts of our people and the strength of the relationships that continue to drive Oman Re forward.”
