Na­tional Life’s PAT jumps 303%

Com­pany’s H1 2017 profit af­ter tax ex­ceeds full year’s profit num­bers of 2016

Muscat Daily - - FRONT PAGE -

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.

S Venkat­acha­lam, CEO, Na­tional Life

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