Oman Re, the sole reinsurer in the Sultanate of Oman, reported an increase in reinsurance revenue to Omani riyals ($71.4 million) in the first half of 2026, up from Omani riyals 26.4 million ($68.8 million) in the previous year, while disciplined underwriting led to a year-on-year improvement in the combined ratio.
During a solid period for the company, net profit after tax grew 49% to Omani riyals 3.3 million ($8.6 million) from 2.2 million Omani riyals ($5.8 million) in the first half of 2025. The upward revision was driven by a 143% increase in net reinsurance results, reported at 2.3 million Omani riyals ($6.1 million), compared with 962,000 Omani riyals ($2.5 million) in the first half of 2025.
The reinsurer’s total written premiums also increased to Omani Rials 46.9 million (US$122.1 million) in 1H26 from 36.7 million Omani Rials (US$95.5 million) in 1H25.
Oman Re said the combined ratio improved to 89.2% in 1H26 from 95.4% in 1H25, reflecting the benefits of disciplined underwriting and risk selection.
Meanwhile, net investment and other income also increased 16% to 2.3 million Omani riyals ($6.1 million), supported by a “prudent and diversified” investment strategy.
In addition, Oman Re’s net equity as of June 30, 2026 was Omani Rial 45.9 million (US$119.3 million), an increase of 8% from December 2025, further strengthening its capital position.
Oman Re attributed its strong financial performance in the first half of the year to improved technical performance, disciplined underwriting and continued progress in executing strategic priorities.
Romel Tabaja, CEO of Oman Re, said: “Oman Re has delivered strong results in the first half of 2026 despite an increasingly competitive and challenging market. Disciplined underwriting, prudent risk selection and solid investment returns have contributed to a significant improvement in profitability.
“As we progress through the year, we remain focused on maintaining financial strength, delivering on our strategic priorities and creating sustainable long-term value. I sincerely thank our employees, customers, brokers, partners and shareholders for their continued dedication, support and confidence.”
