Takaful Oman stays committed to sustained growth; records rise in profit and turnover

Business Tuesday 08/August/2023 15:50 PM
By: Times News Service
Takaful Oman stays committed to sustained growth; records rise in profit and turnover

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 the 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 OMR6 million in the participants' fund in 2021 has reduced significantly to OMR0.6 million. This positive momentum continues in 2023, turning into a surplus of OMR0.3 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 of the company have improved from 151% (2021) to 119% (2022). This has improved to 102% in the first six months of 2023.

Recognising the significance of digitalisation as a driver of growth, Takaful Oman has transformed its call centre into an omnichannel platform, enhancing B2C and B2B interactions. Leveraging its technological prowess, the company has created a user-friendly, intuitive, responsive platform that boosts customer satisfaction.

Commenting on the company's renewed business approach, Sulaiman Hamad Al Harthy, Chairman of Takaful Oman, said, "It gives me great pride to say that Takaful Oman has thrived in a continuously evolving market by leading with innovative solutions, refining its core competencies, and placing increased emphasis on the budding needs of customers. The company has embarked on an exciting journey driven by key strategic initiatives. I am confident that the company remains steadfast in achieving its ambitious goals while contributing to the betterment of the communities."

Takaful Oman Insurance (SAOG) is one of the leading takaful insurers in Oman, established in 2014. With a customer-centric approach and a diverse distribution network, the company effectively meets Oman's changing market demands. Takaful Oman offers a comprehensive range of insurance solutions, including commercial insurance for small, mid-market, and large risks, as well as personal insurance covering motor, medical, home, travel, and personal accident needs. The company's commitment to excellence, innovation, and ethical conduct drives its success in the industry.