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Omani insurance sector shifts to losses in Q3

Omani insurance sector shifts to losses in Q3
The Muscat Securities Market (Photo credit: Arabianeye - Reuters)
OUIC
OUIC
0.00% 0.25 0.00
Dhofar Insurance
DICS
-0.49% 0.20 -0.00
Takaful Oman
TAOI
0.00% 0.05 0.00

Al Madina Takaful
AMAT
0.00% 0.08 0.00
Muscat Insurance
MCTI
-2.86% 0.34 -0.01

By: Islam Fadl

Mubasher: The insurance companies listed on the Muscat Securities Market (MSM) suffered a net losses of OMR 1.77 million ($4.58 million) in the third quarter of fiscal 2016, compared to a total profit of OMR 628,600 ($1.63 million) for Q3-15.

The sector’s total profits for the first nine months amounted to OMR 1.87 million, 72.77% down from OMR 6.86 million for the corresponding period last year.

Oman United Insurance Company recorded the highest gains in the two periods with a net profit of OMR 788,300 for Q3-16 and OMR 4.3 million for the nine-month period.

Takaful Oman Insurance Company came second with a net profit of OMR 510,000 for Q3-16 and OMR 2.13 million for the January-September period of 2016.

Meanwhile, Al Madina Takaful Company reported the lowest net profit of OMR 173,600 for Q3-16.

Dhofar Insurance suffered the highest losses of OMR 3.48 million in Q3-16; the company also posted a net loss of OMR 6.47 million for the first nine months of 2016.

Al Madina Takaful recorded the biggest growth of 283.71% in Q3-16 profits, while Muscat National Holding registered the highest rise of 182.85% in the nine-month profits.

Translated by: Elwy el-Manzalawy