National Life’s PAT jumps 303%
Company’s H1 2017 profit after tax exceeds full year’s profit numbers of 2016
National Life and General Insurance Co, the leading composite insurer in Oman, has set new records in premium and profit after tax (PAT) during the first half of 2017.
The company’s PAT jumped by 303 per cent to RO4.703mn in the first half of 2017 from RO1.16mn in the same period of the previous year. National Life in the first half of this year has already exceeded the PAT of the entire year 2016 which was RO4.7mn, according to a press release issued by the company.
National Life posted 21 per cent year-on-year growth in gross written premium for January – June period of 2017. Its gross written premium rose to RO68.4mn in the first half of this year from RO56.5mn in the same period a year ago.
National Life enjoys a leadership position in Oman’s insurance market, having more than 190 sales/service touch points spread across the sultanate and with a solid base of more than 700,000 customers.
The company posted a robust 146 per cent growth in net underwriting result, while its investment income grew by 18 per cent.
S Venkatachalam, CEO of National Life, said, “We have been growing year on year and crossed RO100mn in 2016. The trend looks very encouraging this year and we are all set to create new records. We are very thankful to our loyal customers and their trust, which is growing in numbers day by day. We do have ambitious goals and shall keep doing our best in providing world class insurance products and services and create value for our customers and stakeholders.”
National Life, which is a subsidiary of Ominvest, offers a wide range of life and general insurance products and is a clear market leader in the sultanate, especially in medical insurance and also has UAE operations.