Takaful Oman stays committed to sustained growth

Takaful Oman stays committed to sustained growth

Muscat: Takaful Oman Insurance (SAOG), rooted in the power of visionary leadership, strategic realignment, and operational optimisation, has showcased remarkable business transformation and unwavering resilience amidst challenging market conditions.

In line with its growth strategy, Takaful Oman has achieved several milestones, i.e. raising the capital, improving financial performances, strengthening leadership team, onboarding a digital platform and establishing an omnichannel contact centre to provide a seamless customer experience.

In June 2022, the company successfully floated OMR 6 million rights issue, fully subscribed, raising the company's capital from OMR 10 million to OMR 16 million. This achievement demonstrates the shareholders' trust and confidence in the company's future. This transaction has resulted in the company becoming the Ominvest group subsidiary, one of the region's most prestigious and growing groups.

On the financial front, Takaful Oman has recorded a significant improvement. The deficit of RO 6 million in the participants' fund in 2021 has reduced significantly to RO 0.6 million. This positive momentum continues in 2023, turning into a Surplus of RO 0.3 million for six months, ending June 30, 2023. The Net Loss Ratios have improved from 96% (2021) to 79% (2022). This has improved to 71% in the first six months of 2023.

The Combined Ratios