Half Year 2026 Oman Qatar Insurance Company SAOG Earnings Call
Mohammed Jawad: H1 2026. My name is Mohammed Jawad, the Chief Financial Officer and the Investor Relations Officer. I have with me here Ali Abduladheem Al Lawati, Chief Business Officer. We have online, Wafa Al Bustami, Compliance Manager, and Omar Al Shanfari, Head of HR and Admin. Our CEO is actually in an urgent commitment, but I hope he will be able to join us later during the session. Without further ado, we kick off the discussion for H1 2026. Our agenda for today is nine items highlighting key performance elements. We will be shedding light on the board of directors and organization chart, the performance and highlights of H1 2026. That will be the premium and revenue growth in slide 3, the underwriting performance number 4, and the key financial ratios number 5.
Mohammed Jawad: H1 2026. My name is Mohammed Jawad, the Chief Financial Officer and the Investor Relations Officer. I have with me here Ali Abduladheem Al Lawati, Chief Business Officer. We have online, Jawahar Al Ghassani, Compliance Manager, and Omar Al Shanfari, Head of HR and Admin. Our CEO is actually in an urgent commitment, but I hope he will be able to join us later during the session. Without further ado, we kick off the discussion for H1 2026. Our agenda for today is nine items highlighting key performance elements. We will be shedding light on the board of directors and organization chart, the performance and highlights of H1 2026. That will be the premium and revenue growth in slide 3, the underwriting performance number 4, and the key financial ratios number 5.
Speaker #1: 2026. My name is Mohammed Jawad, the Chief Financial Officer, and the investor relations officer, and I have with me here Mr. Ali Mohammed El-Lawati, Chief Business Officer.
Speaker #1: And we have online Ms. Jawahir Al-Ghassani, Compliance Manager, and Mr. Omar Shenferi, Head of HR and Admin. Our CEO is actually in an urgent commitment, but I hope he will be able to join us later during the session.
Speaker #1: So, without further ado, we kick off the discussion for H1 2026. So, our agenda for today is 9 items highlighting key performance elements. So we will be shedding light on the board of directors and organization charts, the performance and highlights of H1 2026 that will be the premium and revenue growth in as in in slide 3, the underwriting performance number 4, and the key financial ratios number 5.
Speaker #1: We will be highlighting the distribution of our gross return premium across different business lines, and we will be concluding with investments and solvency position and market position.
Mohammed Jawad: We will be highlighting the distribution of our Gross Written Premium across different business lines, and we will be concluding with investments and solvency position and market position. In terms of board of directors composition, we have Salem Khalaf Al-Mannai, our Chairman and the Chairman of the Board. We have Musallam Mahad Ali Qatan. He is the Deputy Chairman, board member, and Chairman of Audit and Risk Committee. We have Abdullah Al Mezeini. He is the board member and nomination committee member. He is the strategy and investment committee member as well. We have Mr. Unni, a board member, strategy member, and nomination committee member. Mohamed Al Kharusi, a board of director member, audit committee member. Ahmed El Tabbakh, board of director member, Chairman of Nomination and Remuneration Committee, and a member in audit committee as well.
Mohammed Jawad: We will be highlighting the distribution of our Gross Written Premium across different business lines, and we will be concluding with investments and solvency position and market position. In terms of board of directors composition, we have Salem Khalaf Al-Mannai, our Chairman and the Chairman of the Board. We have Musallam Mahad Ali Qatan. He is the Deputy Chairman, board member, and Chairman of Audit and Risk Committee. We have Abdullah Al Mezeini. He is the board member and nomination committee member. He is the strategy and investment committee member as well. We have Mr. Unni, a board member, strategy member, and nomination committee member. Mohamed Al Kharusi, a board of director member, audit committee member. Ahmed El Tabbakh, board of director member, Chairman of Nomination and Remuneration Committee, and a member in audit committee as well.
Speaker #2: In terms of board of directors composition, we have Mr. Salim Khalif Al-Mannaei, our Chairman and Chairman of the board, and we have Mr. Musallim Mahad Khoton.
Speaker #2: He is the Deputy Chairman board member and Chairman of Audit and Risk Committee. We have Mr. Abdullah Al-Muzaini, he is the board member and nomination committee member.
Speaker #2: He is the Strategy and Investment Committee member as well. We have Mr. Ummi, a board member, Strategy member and nomination committee member, Mr. Mohammed Al-Kharusi, a board of director member, Audit Committee member, Mr. Ahmad Al-Fattah, board of director member, Chairman of Nomination and Remuneration Committee, and a member in Audit Committee as well.
Speaker #2: And finally, Mr. Chirag Doshi, a board of director member, Chairman of Investment Committee, and a member in Nomination and Remuneration Committee. So the composition of the board is the the same here in H1 2026.
Mohammed Jawad: Finally, Chirag Rajkumar Doshi, a board of director member, Chairman of Investment Committee, and a member in Nomination and Remuneration Committee. The composition of the board is same here in H1 2026. Moving to the organization chart. The organization is headed by Chief Executive Officer, Hasan Yaseen Al Lawati. We have Ali Abduladheem Al Lawati, Chief Business Officer. We have Omar Al Shanfari, Senior Manager, Government Relations and HR. For the highlights of 2026 H1, we have made it different this time compared to the last half year. This time we are giving main highlights and comparing it to the previous H. In term of Gross Written Premium, the company reported OMR 30.76 million for the first six months of 2026. This is 3.4% H1 2025.
Mohammed Jawad: Finally, Chirag Rajkumar Doshi, a board of director member, Chairman of Investment Committee, and a member in Nomination and Remuneration Committee. The composition of the board is same here in H1 2026. Moving to the organization chart. The organization is headed by Chief Executive Officer, Hasan Yaseen Al Lawati. We have Ali Abduladheem Al Lawati, Chief Business Officer. We have Omar Al Shanfari, Senior Manager, Government Relations and HR. For the highlights of 2026 H1, we have made it different this time compared to the last half year. This time we are giving main highlights and comparing it to the previous H. In term of Gross Written Premium, the company reported OMR 30.76 million for the first six months of 2026. This is 3.4% H1 2025.
Speaker #2: Moving to the organization charts. The organization is headed by Chief Executive Officer, Mr. Hassan Yassin El-Lawati, and we have Mr. Ali El-Lawati, Chief Business Officer, and we have Mr. Omar Shenferi, Senior Manager, Government Relations and HR.
Speaker #2: For the highlights of 2026 H1, we have made it different this time compared to the last half year. So this time we are giving main highlights and comparing it to the previous H.
Speaker #2: So in terms of gross return premium, the company reported 50.76 million riyal for the first 6 months of 2026. This is 3.4% H1 2025.
Speaker #2: That gave us 35 million riyal insurance revenue in IFRS 17 compared to 9% year-on-year in H1 2025. Investment income was extremely positive this year, so it is doubled compared to H1 2025.
Mohammed Jawad: That gave us OMR 35 million Insurance Revenue in IFRS 17 compared to 9% year on year in H1 2025. Investment income was extremely positive this year, so it is double compared to H1 2025. We have reported OMR 4.6 million investment and other income. General and administrative expenses, including depreciation, is OMR 800,000. This is the unallocated portion. Others are coming. Insurance, this is 11% higher than last year. That drives a profit after tax of OMR 2.7 million, which is 41% higher than H1 2025, which gave a return on equity of 6.4% compared to 4.6% in H1 2025. The net asset value per share is 262 baisa versus 242 baisa in H1 2025, and the company is running at a Combined Ratio of 102.4 versus 99.6 in H1 2025, which will be elaborated in further slides. Now going to the premium and revenue growth.
Mohammed Jawad: That gave us OMR 35 million Insurance Revenue in IFRS 17 compared to 9% year on year in H1 2025. Investment income was extremely positive this year, so it is double compared to H1 2025. We have reported OMR 4.6 million investment and other income. General and administrative expenses, including depreciation, is OMR 800,000. This is the unallocated portion. Others are coming. Insurance, this is 11% higher than last year.
Speaker #2: We have reported 4.6 million Omani riyal investment and other income. General and administrative expenses including depreciation is 800,000 Omani riyal. This is the unallocated portion.
Speaker #2: Others are coming. Insurance, this is 11% higher than last year. That drives a profit after tax of 2.7 million riyal, which is 41% higher than H1 2025, which gave a return of equity of 6.4% compared to 4.6% in H1 2025.
Mohammed Jawad: That drives a profit after tax of OMR 2.7 million, which is 41% higher than H1 2025, which gave a return on equity of 6.4% compared to 4.6% in H1 2025. The net asset value per share is 262 baisa versus 242 baisa in H1 2025, and the company is running at a Combined Ratio of 102.4 versus 99.6 in H1 2025, which will be elaborated in further slides. Now going to the premium and revenue growth.
Speaker #2: The net asset value per share is 262 bahia versus 242 bahia in H1 2025, and the company is running at a combined ratio of 102.4 versus 99.6 in H1 2025, which will be elaborated in further slides.
Speaker #2: Now, going to the premium and revenue growth. So here in this slide we are comparing 2024 premium and revenue. The gross return premium is IFRS 4 terminology and insurance revenue is as per IFRS 17.
Mohammed Jawad: Here on this slide, we are comparing 2024 premium and revenue. The Gross Written Premium is IFRS 4 terminology, and Insurance Revenue is as per IFRS 17, the new insurance standard. Here we are seeing 2024 versus full 2025, and H1 of 2025 versus H1 of 2026. We can see that between 2024 and 2025, there are very minor changes in terms of Gross Written Premium and Insurance Revenue. When we compare H1 versus H1, we can see that also the Gross Written Premium is almost similar, OMR 1.8 million increase in Gross Written Premium. That also converted into OMR 2 million to 3 million increase in Insurance Revenue for the first half. In terms of underwriting performance, which is also here we are comparing underwriting income in IFRS 4 and insurance service result in IFRS 17.
Mohammed Jawad: Here on this slide, we are comparing 2024 premium and revenue. The Gross Written Premium is IFRS 4 terminology, and Insurance Revenue is as per IFRS 17, the new insurance standard. Here we are seeing 2024 versus full 2025, and H1 of 2025 versus H1 of 2026. We can see that between 2024 and 2025, there are very minor changes in terms of Gross Written Premium and Insurance Revenue. When we compare H1 versus H1, we can see that also the Gross Written Premium is almost similar, OMR 1.8 million increase in Gross Written Premium. That also converted into OMR 2 million to OMR 3 million increase in Insurance Revenue for the first half. In terms of underwriting performance, which is also here we are comparing underwriting income in IFRS 4 and insurance service result in IFRS 17.
Speaker #2: The new insurance standard. So here we are seeing 2024 versus full 2025, and H1 of 2025 versus H1 of 2026. We can see that between 2024 and 2025 there is a very minor changes in terms of gross return premium and insurance revenue.
Speaker #2: And when we compare H1 versus H1, we can see that also the gross return premium is almost similar, around 11.8 million riyal increase in gross return premium.
Speaker #2: And that also converted into 2-3 million riyal increase in insurance revenue for the first half. Now, in terms of underwriting performance, which is an also here we are comparing underwriting income in IFRS 4 and insurance service result in IFRS 17.
Speaker #2: So we can see that between 2024 and 2025 full year, we have 5.8 million riyal underwriting income reported versus almost 5 million riyal in 2025, so 800,000 riyal less.
Mohammed Jawad: We can see that between 2024 and 2025 full year, we have OMR 5.8 million underwriting income reported versus almost OMR 5 million in 2025, so OMR 800,000 less. That gave us insurance service result of OMR 1.8 million versus OMR 280,000 in 2025. Now, if we compare first 6 months of 2025 versus first 6 months of 2026. We have around OMR 3 million in H1 2025 versus OMR 1.6 million in H1 2026, and insurance service result of OMR 130,000 in H1 2025 versus OMR -830,000 in H1 2026. That will be explained when we are touching the business mix in upcoming slides, Inshallah. Going to the key financial ratios, the company reported 4.68% in H1 2025 return on equity versus 6.4% in H1 2026, and a return of investment of 6.26% versus 3.2% in H1 2025, mainly coming from investment.
Mohammed Jawad: We can see that between 2024 and 2025 full year, we have OMR 5.8 million underwriting income reported versus almost OMR 5 million in 2025, so OMR 800,000 less. That gave us insurance service result of OMR 1.8 million versus OMR 280,000 in 2025. Now, if we compare first six months of 2025 versus first six months of 2026. We have around OMR 3 million in H1 2025 versus OMR 1.6 million in H1 2026, and insurance service result of OMR 130,000 in H1 2025 versus OMR -830,000 in H1 2026. That will be explained when we are touching the business mix in upcoming slides, Inshallah. Going to the key financial ratios, the company reported 4.68% in H1 2025 return on equity versus 6.4% in H1 2026, and a return of investment of 6.26% versus 3.2% in H1 2025, mainly coming from investment.
Speaker #2: That gave a insurance service result of 1.8 million versus 280,000 riyal in 2025. Now, if we compare first 6 months of 2025 versus first 6 months of 2026, we have around 3 million riyal in H1 2025 versus 1.6 million riyal in H1 2026.
Speaker #2: And insurance service result of 130,000 Omani riyal in H1 2025 versus 830,000 riyal negative in H1 2026. That will be explained when we are touching the business mix in upcoming slides which I have.
Speaker #2: So going to the key financial ratios the company reported 4.68 in H1 2025 return on equity versus 6.4 in H1 2026. And a return of investment of 6.
Speaker #2: 2026 versus 3.2 in H1 2025, mainly coming from investment. The net asset value per share, as we stated earlier, is 262 bahia versus 242 bahia.
Mohammed Jawad: Net asset value per share, as we stated earlier, is 262 baisa versus 242 baisa. These are the main financial ratios. Going to the GWP mix third line of business. Here, when we are seeing the line of businesses, we can see that the first or the highest line of business is medical line of business, which is around 37.5% of the Gross Written Premiums of the company, which is exactly similar compared to H1 2025. At the same exposure into medical. However, we can see that the second-largest line is property, where it was at 30% last year, but this year it dropped to 28%, but still remains the second-largest line of business. Life business is 4.7% compared to 4.1%. Marine and aviation reduced from OMR 12 million to OMR 8 million. Liability lines increased to 6% compared to 5.8%.
Mohammed Jawad: Net asset value per share, as we stated earlier, is 262 baisa versus 242 baisa. These are the main financial ratios. Going to the GWP mix third line of business. Here, when we are seeing the line of businesses, we can see that the first or the highest line of business is medical line of business, which is around 37.5% of the Gross Written Premiums of the company, which is exactly similar compared to H1 2025. At the same exposure into medical. However, we can see that the second-largest line is property, where it was at 30% last year, but this year it dropped to 28%, but still remains the second-largest line of business.
Speaker #2: So these are the main financial ratios. So going to the investment going to the GWE mix third line of business. So here when we are seeing the line of businesses, we can see that the first or the highest line of business is medical line of business, which is around 37.9% of the gross return premiums of the company.
Speaker #2: Which is exactly similar compared to H1 2025. So it is same exposure into medical. However, we can see that the second largest line is property, where it was a 30% last year, but this year it dropped to 28, but still remained the second largest line of business.
Speaker #2: Live business is 4.7 compared to 4.1. Marine and aviation reduced from 12 million to 8 million. Liability lines reduced increased to 6% compared to 5.8.
Mohammed Jawad: Life business is 4.7% compared to 4.1%. Marine and aviation reduced from OMR 12 million to OMR 8 million. Liability lines increased to 6% compared to 5.8%. This is the percentages of line of businesses. Now, if we highlight the reasons behind the drop in the underwriting income, and the insurance service result, which drives 102 Combined Ratio. The main highlights are coming from two high retention lines, which are medical and personal lines. In terms of personal lines, the company witnessed a positive performance in the comprehensive policies.
Speaker #2: So this is the percentages of line of businesses. Now, if we highlight the reasons behind the drop in the underwriting income and insurance service result, which drives a 102 combined ratio.
Mohammed Jawad: This is the percentages of line of businesses. Now, if we highlight the reasons behind the drop in the underwriting income, and the insurance service result, which drives 102 Combined Ratio. The main highlights are coming from two high retention lines, which are medical and personal lines. In terms of personal lines, the company witnessed a positive performance in the comprehensive policies. However, the company is reporting a negative performance in third party, and the company is taking necessary actions to correct the position in third-party policies. The second reason behind the drop in the performance was property, and then after that, medical. In property, if we compare 2025 H1 versus 2026 H1, the company received significant claims in property line of business, which was booked in H1 2026, and we believe that the position going forward will be corrected gradually in H2 2026.
Speaker #2: So the main highlights are coming from two high retention lines, which are medical and personal lines. So in terms of personal lines, the company witnessed a positive performance in the comprehensive policies.
Speaker #2: However, the company is reporting a negative performance in third parties. And the company is taking necessary actions to correct the position in third party policies.
Mohammed Jawad: However, the company is reporting a negative performance in third party, and the company is taking necessary actions to correct the position in third-party policies. The second reason behind the drop in the performance was property, and then after that, medical. In property, if we compare 2025 H1 versus 2026 H1, the company received significant claims in property line of business, which was booked in H1 2026, and we believe that the position going forward will be corrected gradually in H2 2026.
Speaker #2: The second reason behind the drop in the performance was property and then after that medical. In property, if we compare 2025 H1 versus 2026 H1, the company received significant claims in property line of business, which was booked in H1 2026.
Speaker #2: And we believe that the position going forward will be corrected gradually in H2 2026. Going to medical line of business, the line of business was under pressure in H1 2025 and still it is under pressure in H1 2026.
Mohammed Jawad: Going to medical line of business. The line of business was under pressure in H1 2025 and still it is under pressure in H1 2026. The dynamics of medical insurance in the sector is evolving fast, and we are seeing a correction across the sector. The company took extra precautions to reduce the negative impact from medical in H2 2026, and this will be clearly stated in Q3 performance and final at 2026 performance. Going to the investment portfolio and income. We have two elements here which we are checking right on. We have the portfolio composition for H1 2026 and the income composition. The philosophy of investments in Oman Qatar Insurance is distributing the investment portfolio between equities and fixed income. Equities are 30% of the portfolio and fixed income takes 70%. 29.9%, almost 30%, is kept in equities and mutual funds.
Mohammed Jawad: Going to medical line of business. The line of business was under pressure in H1 2025 and still it is under pressure in H1 2026. The dynamics of medical insurance in the sector is evolving fast, and we are seeing a correction across the sector. The company took extra precautions to reduce the negative impact from medical in H2 2026, and this will be clearly stated in Q3 performance and final at 2026 performance. Going to the investment portfolio and income. We have two elements here which we are checking right on. We have the portfolio composition for H1 2026 and the income composition. The philosophy of investments in Oman Qatar Insurance is distributing the investment portfolio between equities and fixed income. Equities are 30% of the portfolio and fixed income takes 70%. 29.9%, almost 30%, is kept in equities and mutual funds.
Speaker #2: The dynamics of medical insurance in the sector is evolving fast, and we are seeing a correction across the sector. And the company took extra precautions to reduce the negative impact from medical in H2 2026.
Speaker #2: And this will be clearly stated in Q3 performance at final FY 2026 performance. Going to the investment portfolio and income, we have two elements here which we are checking light on.
Speaker #2: We have the portfolio composition for H1 2026 and the income composition. So the philosophy of investments in Oman Qatar Insurance is distributing the investment portfolio between equities and fixed income.
Speaker #2: So equities are 30% of the portfolio and fixed income takes 70%. So 29.9 almost 30% is kept in equities and mutual fund. 55.8 are our bonds and sukuk.
Mohammed Jawad: 55.8% are our bonds and sukuk, and we have 30.6% other elements. The company is still maintaining the same distribution between bonds, SV and equities. Equities this time are little bit less than 30% because the company realized a lot of them in H1 2026, and this is clear in the investment income composition. We can see that the composition this time in H1 2026, OMR 3 million are direct realized and unrealized gains from equities, 1.3% interest income, and the OMR 0.3 million is only the 300,000 rial is only the dividend income, which is lower than the dividend income of H1 2025 because the company realized a lot of these equities. The investment philosophy is very stringent. It is very cautious. It is toward protecting policyholder's fund and making a fantastic returns.
Mohammed Jawad: 55.8% are our bonds and sukuk, and we have 30.6% other elements. The company is still maintaining the same distribution between bonds, SV and equities. Equities this time are little bit less than 30% because the company realized a lot of them in H1 2026, and this is clear in the investment income composition. We can see that the composition this time in H1 2026, OMR 3 million are direct realized and unrealized gains from equities, 1.3% interest income, and the OMR 0.3 million is only the 300,000 rial is only the dividend income, which is lower than the dividend income of H1 2025 because the company realized a lot of these equities. The investment philosophy is very stringent. It is very cautious. It is toward protecting policyholder's fund and making a fantastic returns.
Speaker #2: And we have 13.6% as a other elements. So the company is still 13.6% as another element. So the company is still maintaining the same distribution between bonds as these and equities.
Speaker #2: So equities this time are a little bit less than 30% because the company realized a lot of them in H1 2026. And this is clear in the investment income composition.
Speaker #2: So we can see that the composition this time in H1 2026, 3 million are direct realized and unrealized gains from equities. 1.3% interest income and third and 0.3 is only the 300,000 riyal is only the dividend income, which is lower than the dividend income of H1 2025 because the company realized a lot of these equities.
Speaker #1: Incoming from the national asset manager, as we stated earlier, is $262 versus $242. So these are the main financial ratios going to the investment going to the GWE mix per line of business.
Speaker #2: So the investment philosophy is very stringent. It's very cautious. It's towards protecting policyholders' funds and making a fantastic returns. Moving to the financial position and solvency of Oman Qatar Insurance, the company is sitting on a total asset of 119 billion Omani riyal, which is 8% higher than last year H1 2025, which was 109 million.
Speaker #1: So here, when we are seeing the lines of business, we can see that the first or the highest line of business is the medical line, which is around 37.9% of the gross written premiums of the company.
Mohammed Jawad: Moving to the financial position and solvency of Oman Qatar Insurance. The company is sitting on a total asset of OMR 119 million, which is 8% higher than last year, H1 2025. Which was OMR 109 million. The total equity, the net worth of the company is now OMR 42 million compared to OMR 37 million in H1 2025. The total investment base of Oman Qatar Insurance as on 30 June 2026 is OMR 76.9 million. This is significantly higher by 12% compared to H1 2025 of OMR 68.6 million. The insurance contract liabilities is sitting at OMR 69.5 million versus OMR 65.2 million in H1 2025. In term of solvency, which is based on RBC capital calculation, we can see that the company always maintaining a good coverage ratio and a total solvency well above the required margin.
Mohammed Jawad: Moving to the financial position and solvency of Oman Qatar Insurance. The company is sitting on a total asset of OMR 119 million, which is 8% higher than last year, H1 2025. Which was OMR 109 million. The total equity, the net worth of the company is now OMR 42 million compared to OMR 37 million in H1 2025. The total investment base of Oman Qatar Insurance as on 30 June 2026 is OMR 76.9 million. This is significantly higher by 12% compared to H1 2025 of OMR 68.6 million. The insurance contract liabilities is sitting at OMR 69.5 million versus OMR 65.2 million in H1 2025. In term of solvency, which is based on RBC capital calculation, we can see that the company always maintaining a good coverage ratio and a total solvency well above the required margin.
Speaker #1: Which is exactly similar compared to H1 2025, so it is the same exposure into Medical. However, we can see that the second largest line is Property, where it was at 30% last year, but this year it dropped to 28%, but still remained the second largest line of business.
Speaker #2: The total equity, the net worth of the company is now 42 million riyal compared to 37 million riyal in H1 2025. The total investment base of Oman Qatar Insurance as of 30th June 2026 is 76.9 million riyal.
Speaker #1: Lines business is 4.7 compared to 4.1. Marine and aviation reduced from 12 million to 8 million. Liability lines increased to 6% compared to 5.8%.
Speaker #2: This is a significantly higher by 12% compared to H1 2025 of 68.6 million. 68.6 million riyal. The insurance contract liabilities is sitting at 69.5 versus 65.2 in H1 2025.
Speaker #1: So these are the percentages of lines of business. Now, if we highlight the reasons behind the drop in underwriting income and insurance service results—which drove a 102% combined ratio—the main highlights are coming from two high-retention lines, which are Medical and Personal Lines.
Speaker #2: In terms of solvency, which is based on RBC capital calculation, we can see that the company always maintaining a good coverage ratio and a total solvency well above the required margin.
Speaker #1: So, in terms of personal lines, the company witnessed a positive performance in comprehensive policies. However, the company is reporting a negative performance in third-party, and the company is taking necessary actions to correct the position in third-party policies.
Speaker #2: So for 2025, the company reported 42. almost 43 million riyal as a total solvency amount compared to 17 million riyal required margin. And this is 121%.
Mohammed Jawad: For 2025, the company reported almost OMR 43 million as a total solvency amount compared to OMR 17 million required margin, and this is 121%. If we compare it with last year, it was 111%. The coverage ratio is improving and the total solvency amount is improving as well. In term of employees and Omanization requirements, the total employees as on H1 2026 is 213 compared to 205 in H1 2025. The Omanization ratio is almost similar, 79.8%, compared to 80%. The company is investing in local talents, supporting them, and focusing on well-educated workforce to be added to the company. In term of market position, and we are concluding with this slide, OQIC remains ranked at number 3 in insurance industry by gross written premium. The company is having a 15% market share across the sector in term of gross written premium.
Mohammed Jawad: For 2025, the company reported almost OMR 43 million as a total solvency amount compared to OMR 17 million required margin, and this is 121%. If we compare it with last year, it was 111%. The coverage ratio is improving and the total solvency amount is improving as well. In term of employees and Omanization requirements, the total employees as on H1 2026 is 213 compared to 205 in H1 2025. The Omanization ratio is almost similar, 79.8%, compared to 80%. The company is investing in local talents, supporting them, and focusing on well-educated workforce to be added to the company. In term of market position, and we are concluding with this slide, OQIC remains ranked at number 3 in insurance industry by gross written premium. The company is having a 15% market share across the sector in term of gross written premium.
Speaker #2: And if we compare it with last year, it was 111%. So the coverage ratio is improving and the total solvency amount is improving as well.
Speaker #1: The second reason behind the drop in the performance was property and then after that medical. In property, if we compare 2025 H1 versus 2026 H1, the company received significant claims in property line of business, which was booked in H1 2026, and we believe that the position going forward will be corrected gradually in H2 2026.
Speaker #2: In terms of employees and organization requirements, the total employees as on H1 2026 is 213 compared to 205 in H1 2025. And the organization ratio is almost similar, 79.8 compared to 80%.
Speaker #2: So the company is investing in local talents, supporting them, and focusing on well-educated workforce to be added to the company. In terms of market position, and we are concluding with this slide, OQIC remains ranked at number three in insurance industry by gross written premium.
Speaker #1: Moving to the medical line of business, the line of business was under pressure in H1 2025 and it is still under pressure in H1 2026.
Speaker #1: The dynamics of medical insurance in the sector is evolving fast, and we are seeing a correction across the sector, and the company took extra precautions to reduce the negative impact from medical in H2 2026.
Speaker #2: So the company is having a 15% market share across the sector in terms of gross written premium. So with this we have concluded our presentation and we open the floor for discussions and for questions.
Speaker #1: And this will be clearly stated in Q3 performance at final FY 2026 performance. Moving on to the investment portfolio and income, we have two elements here which we will be checking later on.
Mohammed Jawad: With this, we have concluded our presentation, and we open the floor for discussions and for questions. Yes, please go ahead. Yes, Sandesh. You can ask your question.
Mohammed Jawad: With this, we have concluded our presentation, and we open the floor for discussions and for questions. Yes, please go ahead. Yes, Sandesh. You can ask your question.
Speaker #1: We have the portfolio composition for H1 2026 and the income composition. So, the philosophy of investments in Oman Qatar Insurance is distributing the investment portfolio between equities and fixed income.
Speaker #1: So, equities are 30% of the portfolio and fixed income takes 70%. So, $29.9 million—almost 30%—is kept in equities and mutual funds. $55.8 million are our bonds and sukuk, and we have 13.6% as other elements.
Speaker #1: Yes, please go ahead. Yes, Sandeep. You can ask your question.
Speaker #1: So, the company is still at 13.6% as another element. The company is still maintaining the same distribution between bonds, SBs, and equities. Equities this time are a little bit less than 30% because the company realized a lot of them in H1 2026, and this is clear in the investment income composition.
Speaker #2: Yeah. Hi. Am I audible?
[Analyst]: Yeah. Hi, am I audible?
[Analyst]: Yeah. Hi, am I audible?
Speaker #1: Yes. We can hear you.
Mohammed Jawad: Yes, we can hear you.
Mohammed Jawad: Yes, we can hear you.
Speaker #2: Yeah. Okay. Thank you for the presentation. I have a couple of questions. You if I'm not wrong, you mentioned that your medical segment is has been under the medical segment has been under pressure since 1Q25 1H25 and 1H26 as well.
[Analyst]: Yeah. Okay. Thank you for the presentation. I have a couple of questions. If I am not wrong, you mentioned that the medical segment has been under pressure since H1 2025 and H2 2026 as well. Can you
[Analyst]: Yeah. Okay. Thank you for the presentation. I have a couple of questions. If I am not wrong, you mentioned that the medical segment has been under pressure since H1 2025 and H2 2026 as well. Can you
Speaker #1: So we can see that the composition this time in H1 2026: $3 million are direct realized and unrealized gains from equities, $1.3 million is interest income, and $0.3 million, or $300,000, is only the dividend income.
Speaker #2: And can you can you tell can you give some can you shed some light on these? Like what are the pressures that the that segment is facing?
Mohammed Jawad: Yes.
Mohammed Jawad: Yes.
[Analyst]: Can you shed some light on these, like what are the pressures that segment is facing? Also, your marine and energy segment, despite the decrease in the insurance revenue, we see an improvement in profit and the insurance service results. If you could shed some light on what is happening in that segment as well. Also, what can we expect for the H2 2026? That would be really helpful.
[Analyst]: Can you shed some light on these, like what are the pressures that segment is facing? Also, your marine and energy segment, despite the decrease in the insurance revenue, we see an improvement in profit and the insurance service results. If you could shed some light on what is happening in that segment as well. Also, what can we expect for the H2 2026? That would be really helpful.
Speaker #1: Which is lower than the dividend income of H1 2025 because the company realized a lot of these equities. So, the investment philosophy is very stringent.
Speaker #2: Also your marine energy segment, despite the decrease in the insurance revenue, we see an improvement in profit and the insurance service results. So if you could share some light on what is happening in that segment as well.
Speaker #1: It's very cautious. It's toward protecting policyholders' funds and making fantastic returns. Moving to the financial position and solvency of Oman Qatar Insurance, the company is sitting on a total asset of 119 million Omani riyals, which is 8% higher than last year's H1 2025, which was 109 million.
Speaker #2: Also what can we expect for the second half of 2026? That would be really helpful.
Speaker #1: Yes. Thank you for your question and it was unexpected question. So in terms of medical insurance in itself, what is happening is that we are witnessing a increased inflation in medical cost in Oman.
Mohammed Jawad: Yes. Thank you for your question, and it was an expected question. In term of medical insurance unit. What is happening is that we are witnessing an increased inflation in medical cost in Oman. This is also witnessed through globe. It is a trend now we are seeing. The company is taking corrective measures, but then when we see the inflation, it is higher than the corrective measure taken. Still, the pressure is coming mainly from the increased reported claims and the cost of claims. The cost of claims, despite any correction we are taking, it's still increasing and all the industry is cooperating with the regulator to assess the position and to take corrective action. It is mainly the increase in claim cost, in 2025 and 2026. In term of marine, Mr. Ali, can you shed some light?
Mohammed Jawad: Yes. Thank you for your question, and it was an expected question. In term of medical insurance unit. What is happening is that we are witnessing an increased inflation in medical cost in Oman. This is also witnessed through globe. It is a trend now we are seeing. The company is taking corrective measures, but then when we see the inflation, it is higher than the corrective measure taken. Still, the pressure is coming mainly from the increased reported claims and the cost of claims. The cost of claims, despite any correction we are taking, it's still increasing and all the industry is cooperating with the regulator to assess the position and to take corrective action. It is mainly the increase in claim cost, in 2025 and 2026. In term of marine, Mr. Ali, can you shed some light?
Speaker #1: And this is also witnessed through growth. So it is it is a trend now we are seeing. So the company is taking corrective measures but then when we see the inflation it is higher than the corrective measure taken.
Speaker #1: The total equity, the net worth of the company, is now 42 million riyal compared to 37 million riyal in H1 2025. The total investment base of Oman Qatar Insurance as of 30 June 2026 is 76.9 million riyal.
Speaker #1: So still the pressure is coming mainly from the increased reported claims and the cost of claims. So the cost of claims despite any correction we are taking it's still increasing and all the industry is cooperating with the regulator to to assess the position and to take corrective action.
Speaker #1: This is significantly higher by 12% compared to H1 2025, which was $68.6 million—$68.6 million riyal. The insurance contract liabilities are sitting at $69.5 million versus $65.2 million in H1 2025.
Speaker #1: So it is mainly the increase in claim cost in 2025 and 2026. In terms of marine Mr. Ali, can you shed some light?
Speaker #1: In terms of solvency, which is based on RBC capital calculation, we can see that the company is always maintaining a good coverage ratio and a total solvency well above the required margin.
Ali Abduladheem Al Lawati: Sure. On the marine portfolio, due to the war situation, we have seen an increase in the premiums and there has been also some of the clients who have taken war risk. The war risk premium has also account. Basically, the increase in rates was the cause of that.
Ali Abduladheem Al Lawati: Sure. On the marine portfolio, due to the war situation, we have seen an increase in the premiums and there has been also some of the clients who have taken war risk. The war risk premium has also account. Basically, the increase in rates was the cause of that.
Speaker #3: On the marine portfolio, due to the war situation, we have seen an increase in the premiums and there has been also some of the clients who have taken war risk.
Speaker #1: So for 2025, the company reported 42—almost 43—million riyals as a total solvency amount, compared to a 17 million riyal required margin, and this is 121%.
Speaker #3: So the war risk premium has also gone. So basically the increase in rates. What's the cause of that?
Speaker #1: And if we compare it with last year, it was 111%. So, the coverage ratio is improving, and the total solvency amount is improving as well.
Speaker #2: Okay. Thank you. Thank you for your answers.
Mohammed Jawad: Okay.
Mohammed Jawad: Okay.
[Analyst]: Okay. Thank you. Thank you for your answers.
[Analyst]: Okay. Thank you. Thank you for your answers.
Speaker #1: In terms of employees and organization requirements, the total number of employees as of H1 2026 is 213, compared to 205 in H1 2025. The organization ratio is almost similar: 79.8%, compared to 80%.
Speaker #1: Any other questions?
Mohammed Jawad: Any other questions?
Mohammed Jawad: Any other questions?
Speaker #2: Okay. Okay. If I just one more question on the if I may.
[Analyst]: Okay. Just one more question, if I may.
[Analyst]: Okay. Just one more question, if I may.
Speaker #1: So the company is investing in local talent, supporting them, and focusing on a well-educated workforce to be added to the company. In terms of market position, and as we are concluding with this slide, OQIC remains ranked at number three in the insurance industry by gross written premium.
Speaker #1: Yes, please. Go ahead.
Ali Abduladheem Al Lawati: Yes, please. Go ahead.
Ali Abduladheem Al Lawati: Yes, please. Go ahead.
Speaker #2: Yeah. Also can you list on your like investment plans towards like your digital grow anything regarding digitization like how are you going forward with this plan as well like with respect to like on respect to your insurance premium, how is it split between your normal premiums as well as with respect to how many of them are coming through digital modes as well if you could share some light on that as well.
[Analyst]: Yeah. Also, can you list on your investment plans towards your digital growth, anything regarding digitization? How are you going forward with this plan as well? On respect to your insurance premium, how is it split between your normal premiums as well as with respect to how many of them are coming through digital modes as well? If you could share some light on that as well.
[Analyst]: Yeah. Also, can you list on your investment plans towards your digital growth, anything regarding digitization? How are you going forward with this plan as well? On respect to your insurance premium, how is it split between your normal premiums as well as with respect to how many of them are coming through digital modes as well? If you could share some light on that as well.
Speaker #1: So, the company has a 15% market share across the sector in terms of gross written premium. With this, we have concluded our presentation and now open the floor for discussions and questions.
Speaker #3: On the digital side, we have we have not we are not looking at this only from a single source of premium generation. But digitization has become a strategy and the regulators are also demanding that digitization gets involved in every aspect of the business.
Ali Abduladheem Al Lawati: On the digital side, we are not looking at this only from a single source of premium generation, but digitization has become a strategy, and the regulators are also demanding that digitization gets involved in every aspect of the business. We started with appointing a digital transformation manager. Now, the digital transformation manager has the responsibility of creating a roadmap of how we will introduce digitization into the entire process of the company. Currently, we have an online platform through which we can sell our motor insurance, our personal insurance. We also collaborate with the aggregators, so they only are considered as part of the digital platform. We are also introducing digital interaction and digital journey to customers in terms of claims, specifically motor and travel claims.
Ali Abduladheem Al Lawati: On the digital side, we are not looking at this only from a single source of premium generation, but digitization has become a strategy, and the regulators are also demanding that digitization gets involved in every aspect of the business. We started with appointing a digital transformation manager. Now, the digital transformation manager has the responsibility of creating a roadmap of how we will introduce digitization into the entire process of the company. Currently, we have an online platform through which we can sell our motor insurance, our personal insurance. We also collaborate with the aggregators, so they only are considered as part of the digital platform. We are also introducing digital interaction and digital journey to customers in terms of claims, specifically motor and travel claims.
Speaker #3: So we started with appointing a digital transformation manager now the digital transformation manager has the responsibility of creating a roadmap of how we will introduce digitization into the entire process of the company.
Speaker #2: Yes, please go ahead.
Speaker #3: Currently we have an online platform through which we can sell our water insurance, our personal insurance. We also collaborate with the with the aggregators.
Speaker #3: So they also are considered as part of the digital platform. We are also introducing digital interaction and digital journey to customers in terms of claims.
Speaker #1: Yes, Sandeep. You can ask your question.
Speaker #2: Yeah. Hi. Am I audible?
Speaker #3: Specifically water and travel claims. So that's the nucleus of our digital journey. And there's more to come inshallah as we go and the new department starts introducing this into the company's aspects.
Speaker #1: Yes. We can hear you.
Speaker #2: Yeah. Okay. Thank you for the presentation. I have a couple of questions. You if I'm not wrong, you mentioned that your medical segment is has been under the medical segment has been under pressure since 1Q25 1H25 and 1H26 as well.
Ali Abduladheem Al Lawati: So that's the nucleus of our digital journey, and there's more to come, Inshallah, as we go and the new department starts introducing this into the company's aspects.
Ali Abduladheem Al Lawati: So that's the nucleus of our digital journey, and there's more to come, Inshallah, as we go and the new department starts introducing this into the company's aspects.
Speaker #2: And can you—can you tell—can you give some—can you shed some light on these? Like, what are the pressures that that segment is facing?
Speaker #2: Okay. Thank you. Thank you. And my last question would be on your long-term strategy towards like during the presentation you mentioned you're on the amongst the top three like what would be your strategy going forward in 2027 and 28 maybe if you could share some light there as well.
[Analyst]: Okay. Thank you. My last question would be on your long-term strategy towards, during the presentation you mentioned you're amongst the top 3. What would be your strategy going forward in 2027 and 2028? Maybe if you could share some light there as well.
[Analyst]: Okay. Thank you. My last question would be on your long-term strategy towards, during the presentation you mentioned you're amongst the top 3. What would be your strategy going forward in 2027 and 2028? Maybe if you could share some light there as well.
Speaker #2: Also, in your marine energy segment, despite the decrease in the insurance revenue, we see an improvement in profit and the insurance service results. So, if you could shed some light on what is happening in that segment as well.
Speaker #2: Also, what can we expect for the second half of 2026? That would be really helpful.
Speaker #3: Yes.
Ali Abduladheem Al Lawati: Yeah.
Ali Abduladheem Al Lawati: Yeah.
Mohammed Jawad: In the ranking, where do we want to be?
Mohammed Jawad: In the ranking, where do we want to be?
Speaker #1: What do we want to be right. I think in terms of ranking we are not we are getting going to give more focus on our bottom line than our top line.
Ali Abduladheem Al Lawati: Right. I think in terms of ranking, we are going to give more focus on our bottom line than our top line. We have been doing this for the last 2 years, but we are going to be even more focused on the bottom line. So we will perhaps, in the next session, we will say what do we rank in terms of profitability rather than in terms of top line. As we said, and as CFO said, the medical business has been, for example, under pressure. When you have a line that is under pressure, you need to examine and understand what is causing the losses. So you will have to shed these accounts or bring them to your books and retain them in your books according to the right prices.
Ali Abduladheem Al Lawati: Right. I think in terms of ranking, we are going to give more focus on our bottom line than our top line. We have been doing this for the last 2 years, but we are going to be even more focused on the bottom line. So we will perhaps, in the next session, we will say what do we rank in terms of profitability rather than in terms of top line. As we said, and as CFO said, the medical business has been, for example, under pressure. When you have a line that is under pressure, you need to examine and understand what is causing the losses. So you will have to shed these accounts or bring them to your books and retain them in your books according to the right prices.
Speaker #1: Yes, thank you for your question. It was an unexpected question. So, in terms of medical insurance units, what is happening is that we are witnessing an increase in inflation in medical costs in Oman.
Speaker #1: We have been doing this for the last two years but we are going to be even more focused on the on the bottom line.
Speaker #1: And this is also witnessed through growth, so it is a trend we are now seeing. The company is taking corrective measures, but when we look at inflation, it is higher than the corrective measures taken.
Speaker #1: So we will perhaps in the next session we will say what do we rank in terms of profit profitability rather than in terms of of top line.
Speaker #1: As we said and as CFO said that the medical business has been for example under pressure. Now when you have a line that is under pressure you need to examine and understand what is causing the losses.
Speaker #1: So still, the pressure is coming mainly from the increased reported claims and the cost of claims. So the cost of claims, despite any correction we are taking, is still increasing.
Speaker #1: So you will have to shed these accounts or bring them to your books retain them in your books according to the right prices. We are also not very aggressive in terms of water business but we are going to look at water from a dynamic pricing point of view.
Speaker #1: And all the industry is cooperating with the regulator to assess the position and to take corrective action. So, it is mainly the increase in claim cost in 2025 and 2026.
Ali Abduladheem Al Lawati: We are also not very aggressive in terms of motor business, but we are going to look at motor from a dynamic pricing point of view, especially third party, where we are seeing some losses. Now we are waiting for the regulator's approval to allow us to do segment-wise pricing. It will not be a broad brush of, say, OMR 65 for a third party. It will be who you are, where do you live, what is the type of the car, and all that. So there will be more scientific rating. Will that result in making us number 2 or number 4 is not really our focus as much as make more money for the shareholders.
Ali Abduladheem Al Lawati: We are also not very aggressive in terms of motor business, but we are going to look at motor from a dynamic pricing point of view, especially third party, where we are seeing some losses. Now we are waiting for the regulator's approval to allow us to do segment-wise pricing. It will not be a broad brush of, say, OMR 65 for a third party. It will be who you are, where do you live, what is the type of the car, and all that. So there will be more scientific rating. Will that result in making us number 2 or number 4 is not really our focus as much as make more money for the shareholders.
Speaker #1: In terms of Marine, Mr. Ali, can you shed some light?
Speaker #3: On the marine portfolio, due to the war situation, we have seen an increase in premiums, and there have also been some clients who have taken war risk.
Speaker #1: Especially third party where we are seeing some losses and now we are waiting for the regulators approval to allow us to do segment wise pricing.
Speaker #3: So, the war risk premium has also been accounted for. So, basically, the increase in rates—what's the cause of that?
Speaker #1: So it will not be a broad brush of say 65 riyals for a third party it will be who you are where do you live what is the type of the car and all that.
Speaker #1: So there'll be more scientific rating now will that result in making us number two or number four is not really our focus as much as make more money for the shareholders.
Speaker #2: Okay, thank you. Thank you for your answers.
Speaker #1: Any other questions?
Speaker #2: Okay. Okay. Okay. Thank you. Thank you for your answers and thank you for your time.
[Analyst]: Okay. Thank you for your answers, and thank you for your time.
[Analyst]: Okay. Thank you for your answers, and thank you for your time.
Speaker #1: Thank you. So we want to conclude with the session with a statement that OQIC received the ranking from SMP based on apparent guarantee of A minus which is a significant milestone for the company here after completing 20 years of operation in Oman.
Mohammed Jawad: Thank you. We want to conclude this session with a statement that OQIC received the ranking from S&P based on a parent and guarantee of A-, which is a significant milestone for the company here after completing 20 years of operation in Oman. So we thank our shareholders, our clients, our partners, the business, and especially our regulator for the support and for the trust they gave OQIC during the journey. We hope for the best in H2 2026. Thank you very much for joining the session, and wish you all the best and a happy weekend.
Mohammed Jawad: Thank you. We want to conclude this session with a statement that OQIC received the ranking from S&P based on a parent and guarantee of A-, which is a significant milestone for the company here after completing 20 years of operation in Oman. So we thank our shareholders, our clients, our partners, the business, and especially our regulator for the support and for the trust they gave OQIC during the journey. We hope for the best in H2 2026. Thank you very much for joining the session, and wish you all the best and a happy weekend.
Speaker #2: Okay, okay. If I may, just one more question on this.
Speaker #1: Yes, please. Go ahead.
Speaker #2: Yeah. Also, can you list your investment plans towards your digital growth, anything regarding digitization? How are you going forward with this plan as well?
Speaker #1: So we thank our shareholders, our clients, our partners, the business and especially our regulator for the support and for the trust they gave OQIC during the journey.
Speaker #2: Like with respect to like on respect to your insurance premium, how is it split between your normal premiums as well as with respect to how many of them are coming through digital modes as well?
Speaker #1: And we hope for the best in H2 2026. And thank you very much for joining the session and wish you all the best and a happy weekend.
Speaker #2: If you could shed some light on that as well.
Speaker #3: On the digital side, we have we have not we are not looking at this only from a single source of premium generation. But digitization has become a strategy and the regulators are also demanding that digitization gets involved in every aspect of the business.
Ali Abduladheem Al Lawati: Thank you very much.
Ali Abduladheem Al Lawati: Thank you very much.
Speaker #3: So, we started with appointing a Digital Transformation Manager. Now, the Digital Transformation Manager has the responsibility of creating a roadmap for how we will introduce digitization into the entire process of the company.
Speaker #3: Currently, we have an online platform through which we can sell our water insurance and our personal insurance. We also collaborate with the aggregators.
Speaker #3: So they are also considered as part of the digital platform. We are also introducing digital interaction and digital journeys to customers, in terms of claims—specifically water and travel claims.
Speaker #3: So that's the nucleus of our digital journey. And there is more to come, inshallah, as we go, and the new department starts introducing this into the company's aspects.
Speaker #2: Okay. Thank you. Thank you. And my last question would be on your long-term strategy towards like during the presentation, you mentioned you're on the amongst the top three like what would be your strategy going forward in 2027 and 28 maybe if you could share some light there as well.
Speaker #3: Yeah.
Speaker #1: What do you want to be?
Speaker #3: Right. I think in terms of ranking, we are going to give more focus to our bottom line than our top line.
Speaker #3: We have been doing this for the last two years, but we are going to be even more focused on the bottom line.
Speaker #3: So we will perhaps in the next session, we will say what do we rank in terms of profit profitability rather than in terms of of stock line.
Speaker #3: As we said, and as the CFO said, the medical business has been, for example, under pressure. Now, when you have a line that is under pressure, you need to examine and understand what is causing the losses.
Speaker #3: So, you will have to shed these accounts, or bring them into your books—retain them in your books—according to the right prices. We are also not very aggressive in terms of the water business, but we are going to look at water from a dynamic pricing point of view.
Speaker #3: Especially in third party, where we are seeing some losses. And now, we are waiting for the regulators' approval to allow us to do segment-wise pricing.
Speaker #3: So it will not be a broad brush of, say, 65 riyals for third party. It will be who you are, where you live, what the type of the car is, and all that.
Speaker #3: So there will be more scientific rating now. Whether that will result in making us number two or number four is not really our focus as much as making more money for the shareholders.
Speaker #2: Okay. Okay. Okay. Thank you. Thank you for your answers, and thank you for your time.
Speaker #1: Thank you. So we want to conclude the session with a statement that OQIC received a rating from S&P based on an apparent guarantee of A-minus, which is a significant milestone for the company here after completing 20 years of operations in Oman.
Speaker #1: So, we thank our shareholders, our clients, our partners, the business, and especially our regulator for the support and for the trust they gave OQIC during the journey.
Speaker #1: And we hope for the best in H2 2026. Thank you very much for joining the session. We wish you all the best, and have a happy weekend.
Speaker #3: Thank you very much.
Speaker #4: Thank you. Thank you so much.
