DHOFAR INSURANCE Q1 NET PROFIT UP 5% TO RO1.7MN

27/04/2014 06:03 AST

Dhofar Insurance Co has reported a five per cent growth in net profit to RO1.66mn for the first quarter ended March 31, 2014, compared with a net profit of RO1.58mn for the corresponding period of the previous year.

The company's total premium written for the first quarter 2014 amounted to RO18.39mn, compared with RO16.26mn for the same period of the previous year, an increase of 13 per cent.

The company's net underwriting results for the three-month period amounted to RO3.3mn, against RO2.37mn in the first quarter of 2013, a growth of 39 per cent.

"The company continues to adopt a wise underwriting policy, despite the severe competition witnessed by the local market and the strict control for accepting risks at the international level," said Qais al Mashani, chairman of Dhofar Insurance, in the directors' report.

Net investment income decreased to RO405,162 in the first quarter of 2014, compared with RO797,808 in the same period last year.

Muscat Daily

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