Oman Insurance Company claims to be the first insurance company in the UAE to cross the AED3 billion mark as the gross written premium grew by 11.3 percent in 2014, reaching AED3.25 billion.

Commenting on the results, Patrick Choffel, CEO of Oman Insurance Company, said “Although 2014 was a challenging year, the company performed robustly and emerged stronger than ever. We have diversified our income by focusing on new products such as pensions and trade credit, by offering reinsurance capacity to a broader geographical base and by expanding our strategic international partnerships. We are constantly enhancing our internal controls with stronger teams in audit, actuarial and analytics. Moreover the efficient processes put in place by the receivable team have improved our cash-flow position and our sophisticated underwriting models have attracted a world-class reinsurance panel.”

The published figures underscore OIC’s position as a leader in the regional insurance sector. The significant increase in revenues underlines the company winning strategy based on strong distribution network, cooperation with international partners and great client servicing capabilities.

The net profitability remains strong at AED224.9 million while the total assets now stand over AED6 billion, highlighting OIC’s strong financial stability.

Choffel added: “I would like to thank our shareholders, our board of directors, our partners and clients for their support in 2014. Last but not least, our achievements can be chiefly attributed to our biggest assets - our employees. It is their hard work, passion and commitment to excellence that help us to stand out in the marketplace and realize our aspirations.”