(MENAFN- Muscat Daily) Oman United Insurance Co (OUIC) has reported a 3.6 per cent increase in net profit for the quarter ended March 31, 2013.
The company posted a net profit of RO1.72mn in the first quarter of 2014, against RO1.66mn in the same period last year, according to the company's preliminary results disclosed to the MSM.
Despite a decline of 8.2 per cent in written premiums to RO12.14mn in the first quarter, the company reported a nearly 48 per cent growth in its gross underwriting numbers, at RO1.68mn, in the 2014 quarter, as against RO1.13mn in the previous year.
Speaking to Muscat Daily, managing director Nassir al Busaidi said that the company is focused on improving the quality of its portfolio. ''We are cleaning up our portfolio and trying to retain only good quality businesses; and this has resulted in a slowdown in written premiums.''
''We are focusing on the bottom-line too, and not just premiums. We are taking a cautious approach in writing new business and expect premiums to decline in the coming quarters. Some of the big projects that were insured by the company have already been completed and will not require renewals.''
The company's management expenses rose 4.4 per cent to RO815,451, from RO780,973 in the first quarter of the previous year. OUIC's earnings per share (EPS) remained unchanged at 17bz.
''The strategy to clean up the portfolio and focus on good business will continue to ensure that the businesses we take on are good. Our focus is on the bottom-line, and not only the top-line,'' Busaidi added.
OUIC's investment and other income increased marginally, by 0.7 per cent to RO1.19bn, from RO1.18mn a year ago.
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