Oman Reinsurance Company has kicked off 2026 with a 59% jump in net profit, a 38% surge in gross written premiums and a sharply lower combined ratio, extending a momentum streak that has now stretched across five straight quarters for the Sultanate's only reinsurer.
Net profit after tax climbed to OMR 1.8 million ($4.6 million), from OMR 1.1 million ($2.9 million) a year earlier. The acceleration follows a 54% full-year profit gain in 2025 to OMR 4.6 million ($12.1 million).
Gross written premium hit OMR 36.0 million ($93.6 million), up from OMR 26.1 million ($68.0 million). That is more than the entire H1 2025 GWP booked in a single quarter.
Reinsurance revenue rose just 4% to OMR 13.7 million ($35.6 million). The gap between the two figures points to a heavy pipeline of new business and renewals still to flow through earned premium under IFRS 17, a forward indicator brokers will want to watch.
Net reinsurance results jumped 79% to OMR 1.5 million ($3.8 million). The combined ratio improved to 86.6% from 92.5% a year ago, a 5.9-point swing that Oman Re tied to portfolio quality and risk selection. It also marks a sharp step down from the 93.4% full-year 2025 ratio.
Net investment and other income rose 6% to OMR 1.0 million ($2.7 million). Net equity grew 19% from December to OMR 43.7 million ($113.7 million).
The capital position follows Fitch Ratings' December upgrade of Oman Re's Insurer Financial Strength Rating to BBB from BBB-, on the back of the Sultanate's sovereign upgrade. Fitch said the reinsurer's risky-assets-to-capital ratio improved to 46% from 72%, but flagged its small operating scale against global peers.
Oman Re's gains run against a softening market. Aon reported that global reinsurance pricing fell more than expected at January 1, 2026 renewals, with abundant capital and weak catastrophe loss support.
Gallagher Re described the renewal as a buyer's market, with property catastrophe pricing down 10% to 20% across major geographies.
The MENA backdrop is no easier. AM Best has said regional reinsurers face inflation, geopolitical strain and rising natural catastrophe losses, with pricing gains that "have not matched those seen in the broader global reinsurance market."
The April 2024 UAE floods and February 2023 Türkiye earthquakes have prompted MENA reinsurers to review structures and lift retentions, the rating agency noted, while regional geopolitical risk increased notably in early 2025.
CEO Romel Tabaja said the quarter reflects "strong underwriting discipline, and selective growth amid a market shaped by geopolitical uncertainty, evolving catastrophe risks and shifting capacity dynamics."
He credited deeper client relationships and sharper risk assessment for the premium and earnings gains, and pointed to the lower combined ratio as proof the strategy is working. Tabaja said Oman Re remains cautiously optimistic about navigating regional and global volatility.
