Oman United Insurance named Top Performing Company at 2022 AIWA Awards

Roundup Thursday 06/October/2022 14:08 PM
By: Times News Service
Oman United Insurance named Top Performing Company at 2022 AIWA Awards

Leading insurance services provider Oman United Insurance Company SAOG (OUIC) was ranked among Oman’s top performing publicly traded firms in the latest edition of the prestigious Alam-Al-Iktisaad Awards (AIWA) held at Grand Millennium Muscat recently.

Muscat-headquartered OUIC was among five listed companies in the ‘Mid-Cap’ category that were named winners of the much-coveted Best Performing Company awards – annual recognitions first instituted in 2009. Organised by UMS Events, the AIWA Awards honour listed companies that perform consistently and credibly on the Muscat Stock Exchange (MSX) based on a set of criteria.

Collecting the award on behalf of OUIC was Sayyid Nassir bin Salim Al Busaidi, Chief Management Executive. Senior company officials were also in attendance at the gala event to celebrate this proud moment in OUIC’s history.

Significantly, it’s not the first time that OUIC has been recognised and honoured at the annual AIWA Awards. The latest award is the seventh in a long list of trophies to be conferred upon OUIC for its consistently strong performance over the years. It’s a testament to the company’s unmatched standing as a top-tier player in Oman’s insurance sector with a solid market presence across key product segments of the industry.

OUIC clinched the latest honour because its 2021 performance on the MSX ticked all the boxes for success. The company delivered a high score across the following seven financial parameters: Revenue growth, Operating profit growth, Net profit growth, Return on average assets, Return on average equity, Operating profit margin and Net profit margin.

Commenting on OUIC’s repeat honour, Sayyid Nassir said: “We are thrilled to be recognised for the seventh time as Best Performing Company on the Muscat Stock Exchange. We dedicate this award to our customers who have supported us since our inception in 1985. OUIC greatly values their continuing trust and confidence in our company. We also applaud the hard work put in by every employee of the company to position OUIC strongly in the insurance industry. Our grateful thanks also to our shareholders and board members for the continued support and guidance.”

OUIC prides itself on its vision to continually excel as Oman's insurance services provider of choice across all segments of its portfolio: Corporate, Motor, Healthcare and General Insurance. Underpinning this vision is a longstanding commitment to integrity, customer care, sustainable value creation and teamwork.

As an innovation driven company, OUIC is also focused on creating new products, strengthening its operational processes, and diversifying its business. At the same time, the company is eager to expand its retail business by harnessing the capabilities of its agencies and its branches. OUIC is also committed to developing the skill-sets of its Omani staff, upgrading its IT systems and enhancing efficiency across its operations.