OUIC
In compliance with Article (3) of Disclosure Rules issued by CMA, the Management of Oman United Insurance Company SAOG, is pleased to disclose the preliminary summarized un-audited results for the year ended 31st December 2014, as following:
Values in (RO)
|
Particulars
|
2014 Un-Audited |
2013 Audited |
Change% |
| Gross Written Premium |
41,361,820 |
40,339,233 |
+2.5 |
| Gross Underwriting Results |
4,589,377 |
3,491,593 |
+31.4 |
| Net realized Investment & other Income |
4,001,515 |
3,968,808 |
+0.8 |
| Unrealized Investment Profit (Losses) |
(1,105,033) |
1,391,717 |
-179.4 |
| Total Investment Income & other income |
2,896,482 |
5,360,525 |
-46.0 |
| Management Expenses (including Depreciation and Provision for Bad and doubtful Debts) |
(3,542,205) |
(3,485,547) |
+1.6 |
| Net Profit After Income Tax |
3,570,068 |
5,023,661 |
-28.9 |
| Earnings per Share EPS |
0.036 |
0.050 |
-28.9 |
| Available for sale investments fair value gain |
206,382 |
346,766 |
-40.5 |
| Total Comprehensive income for the period |
3,776,450 |
5,370,427 |
-29.7 |
| Retained Earnings after provisioning of Contingency Reserve |
2,693,819 |
4,030,591 |
-33.2 |
| Net Asset Value per share |
0.261 |
0.259 |
+0.80 |
Notes:
- Comparatives of 2013, are extracted from the audited financials of the year 2013.
- As per insurance Companies’ law, an amount of RO.1,406,840/- (2013 – RO. 1,197,232) has been provided for contingency reserve from net profit. The said reserve is a part of the shareholders’ equity . Now the accumulated contingency reserve stands at RO. 8,303,436 as at 31st December 2014. The company shall continue reserving for contingency reserve till equalize to the company’s capital.
- The above results are preliminary and subject to audit, approval of Audit Committee, Board of Directors and shareholders at AGM scheduled on 30/03/2015.
Nassir Bin Salim Al Busaidi
Managing Director / Spokes Person
