Half Year 2026 Oman United Insurance Company SAOG Earnings Call

August 31, 2026

Moosa Yahya Al Amri: Assalamualaikum. Good afternoon, everyone. My name is Musa Al Amri. I am the Investors Relations Officer. On behalf of the management, I would like to thank you for joining us today. We also appreciate the FSA and MSX for their support to make this session happen. Today, we will review the unaudited financial statements for H1 2026, as disclosed on the MSX website. Joining us from the executive management, Saeed Nasser Busaidi, Chief Management Executive, and Mr. N. Sivakumar, the Deputy CEO. Online, Mr. R. Muthukumar, the CEO. Please note any questions for the Q&A session at the end. Now I invite Mr. N. Sivakumar to commence the presentation.

Speaker #1: Assalamualaikum. Good afternoon, everyone. My name is Musa Alhambri; I'm the Investor Relations Officer, and on behalf of management, I would like to thank you for joining us today.

Speaker #1: We also appreciate the FSA and MSX for their support in making this session happen. Today, we will review the unaudited financial statements for the first half of 2026, as disclosed on the MSX website.

Speaker #1: Joining us from the executive management are Saeed Ed Nasser Busaidi, Chief Management Executive, and Mr. Shivakumar, the DBT CEO.

Speaker #2: Of course.

Speaker #1: And online, Mr. Motokumar, the CEO.

Speaker #2: Please note any questions for the Q&A session at the end.

Speaker #1: And now, I invite Mr. Shivakumar to commence the presentation.

Speaker #3: Good morning, everyone. Thank you for joining the presentation. We appreciate the time you've taken to join, and I'll be taking you through the presentation.

N. Sivakumar: Good morning, everyone. Thank you for joining the presentation, and we appreciate the time taken to join today. I will be taking you through the presentation for the 30 June 2026 results. The presentation which we have formulated, it is mainly for the benefit of investors community. As disclaimers, any forward-looking statements, we have to. A lot of assumptions are there. We would not like to be on an ongoing basis, reflecting on that. The presentation should not be distributed without the permission of the concerned authorities of Oman United Insurance. For people who are fresh as far as this presentation is concerned, Oman United Insurance has been a very long-standing insurance player in the market since 1985. Our whole mission and vision is to give consistent, stable, and sustainable cash dividends to the shareholders.

Speaker #3: For the 13th June 2026 results, the presentation which we have formulated is mainly for the benefit of the investors' community. So, as a disclaimer, any forward-looking statements have a lot of assumptions, so we would not like to commit to them on an ongoing basis.

Speaker #3: Reflecting on that, the presentation should not be distributed without the permission of the concerned authorities of Oman United. For people who are fresh as far as this presentation is concerned, Oman United has been a very long-standing insurance player in the market, since 1985, and our whole mission and vision is to give consistent, stable, and sustainable cash dividends to the shareholders.

Speaker #3: And we combine that thought process with a better quality of underwriting, and consistent underwriting, in spite of the challenges in the market. From a customer service perspective, we are aligned to provide a pleasant customer experience for our new and renewal business customers.

N. Sivakumar: We combine that thought process with a better quality of underwriting and consistent underwriting in spite of the challenge to the market. From a customer service perspective, we are aligned to have pleasant customer experience for our new and renewal business customers. As a backdrop, I think our retention levels of customers across lines of business have been consistently high. I will take you through that going forward. As far as awards and recognitions are concerned, over the last so many years, we had the AIWA Awards, which is a local recognition for consistent performance. We had the Mid-Cap awards, and we had customer service and excellence awards over the year. Different awards, but just to give you a flavor that the company is, as a confident company, we are spread across all lines of business, life, medical, and general business.

Speaker #3: As a backdrop, I think our retention levels of customers across lines of business have been consistently high, and so I'll take you through that going forward.

Speaker #3: As far as awards and recognitions are concerned, over the last so many years, we have had the Iowa Awards, which is a local recognition for consistent performance; we have had the Midcap Awards, and we have had customer service and excellence awards on the OER.

Speaker #3: So, different awards, but just to give a just to give you a flavor that the companies spread as a composite company, we are spread across all lines of business, like medical and general, which are the business.

Speaker #3: And we do get recognition as a long-standing company in the market. From a corporate history perspective, we were established in 1985 with a capital of 2 million, and have been listed on the MSM since inception.

N. Sivakumar: We do get recognitions as a long-standing company in the market. From a corporate history perspective, we were established in 1985 with a OMR 2 million capital and listed in the MSX since inception. Our present paid-up capital is OMR 10.5 million. We reached the contingency reserve of OMR 10.5 million, which is equivalent to the paid-up capital and as required under the company's law. We have a legal reserve also, which is a statutory minimum, which we are compliant with. If everything is stable, then we do not see further appropriations to reserve as required after we make profit going forward. As for our board of directors, I think you can notice that from the board as well as the executive management, which is in the next slide, we have consistency of people. Our Chairman is Mr. Saud Ahmed Al Nahari. Deputy Chairman is Saeed Khalid Al Khusaibi.

Speaker #3: Our present paid-up capital is OMR 10.5 million. We've reached the contingency reserve of OMR 10.5 million, which is equivalent to the paid-up capital, as required under the company's law. We also have a legal reserve, which is the statutory minimum, and we are compliant with that as well.

Speaker #3: So, if everything is stable, I think we won't see further appropriations to reserves as required in the net profit going forward. As for our board of directors, I think you can notice that from the board, as well as the executive management—shown in the next slide—we have consistency of people. Our chairman is Mr. Sawad bin Nahir and the deputy chairman is Syed Khalid Albuzairi, and they have been with the company for a long time, since 1988 and 2003, respectively.

N. Sivakumar: They've been there in the company for long, since 1998 and 2003. The other board members also have a continuity as far as since. The member of the board who joined afresh was Mr. P. Ramakrishnan, who joined in 2025. He is also an ex-industry veteran in Oman market, and he joined the board once the vacancy of the passing away of our late chairman in 2025. As far as senior management team is concerned, Saeed Nasser Busaidi is our Chief Management Executive. Mr. Muthu Kumar, our CEO. I am N. Sivakumar. I've been there in the company since 2011. Most of the senior management team members, Yahya Al Khoozy taking care of claims. Saeed Basha Abdulaziz was in claims earlier and now takes care as General Manager of AMC and branches. All our senior team members have been there in the system for long.

Speaker #3: The other board members also have a continuity, as far as the members of the board who joined are fresh. She was Ms. Priya Ramakrishnan, who joined in 2025.

Speaker #3: He is also an ex-industry veteran in the Oman market, and he joined the board once the vacancy arose due to the passing away of Shah, the late chairman, in 2025.

Speaker #3: As far as the senior management team is concerned, Syed Nasser is our Chief Management Executive, Mr. Motokumar is our CEO. I am Shivakumar; I have been with the company since 2011. Most of the senior management team members—Yahya Al-Farouzi is taking care of claims, Syed Bashar Albuzairi, who was in claims earlier, now takes care as General Manager of Agency and Branches—and all our senior team members have been in the system for a long time.

Speaker #3: So, there is continuity in management performance as far as Oman United is concerned. I think this is an important slide to drive home the point that we are a dividend-paying company. We are conservative, but we have also grown in the last one to one and a half years.

N. Sivakumar: There is continuity in the management performance as far as Oman United Insurance is concerned. I think this is an important slide to drive home the point that we are a dividend-paying company. We are conservative, but we have grown also in the last one and a half years. So dividend history for the company. In the last 17 years, we have distributed OMR 43 million as cash dividends. So, consistent and uninterrupted cash dividends, as our philosophy goes. Coming to distribution channels. We are spread across different distribution channels. We have 11 branches spread across Oman. We do not have any outside branches outside of Oman. We have 35 tied agents. We have 35 marketing agents, and we have relationship with 20 active brokers in the market. So total about 91 our distribution touch points are there.

Speaker #3: So, regarding the dividend history for the company: in the last 17 years, we have distributed OMR 43 million as cash dividends. Consistent and uninterrupted cash dividends, as our philosophy goes.

Speaker #3: Coming to distribution channels, we are spread across different distribution channels. We have 11 branches spread across Oman; we do not have any branches outside Oman.

Speaker #3: Outside of Oman, we have 35 tied agents, 25 marketing agents, and relationships with 20 active brokers in the market. So, in total, there are about 91 distribution touchpoints. As far as our partnerships with reinsurers on the back end are concerned, it is a more or less stable relationship. They have been supporting us for the last 15 to 17 years, and we have the presence of all A-rated securities in the reinsurance panel.

N. Sivakumar: As far as our partnerships are concerned with the reinsurers in the back end, more or less stable relationship. They've been supporting us for the last 15 to 17 years. We have presence of all rated securities in the reinsurance panel, which supports us for our growth aspirations, as well as meeting our claims liabilities on an ongoing basis. As a summary on the financial performance, talks from IFRS could be slight. Talks about the IFRS 17 numbers. Just to give a kind of brief flavor, from gross premium written, which is not an indexed for IFRS 17, 30 June ending, we ended with OMR 23.5 million against the close to OMR 18 million in the last year. So it is a 33% growth on the GPW. The growth was fueled by growth across lines of business.

Speaker #3: Which supports us in our growth aspirations as well as meeting our claims liabilities on an ongoing basis. As a summary of the financial performance, from an IFRS code perspective, the slide talks about the IFRS 17 numbers, but just to give you a kind of brief flavor—from a gross premium return, which is not indexed or IFRS 17, as of 30 June, we ended with OMR 23.5 million, against close to OMR 18 million last year.

Speaker #3: So, it is a 33% growth on the GPW. The growth was fueled by growth across lines of business, so we had motor, medical, life, as well as non-motor lines of business all contributing to the growth.

N. Sivakumar: We had motor, medical, life as well as non-motor line of business all contributing to the growth. However, we have to be wary of the growth. Certain changes in the markets are happening and driven by international things. So we are wary of the growth going forward, so we have to be careful. Coming to the IFRS 17 numbers, the insurance revenue, which is an indicator of the real premium which we are getting against last year number of OMR 16.2, we are at about OMR 19.2 million. The investment income, which was at OMR 2.5 million last year, ended as of 30 June with OMR 4.5 million, which is an 82% growth. Net profit for the year was OMR 3.2 million against slightly less than OMR 1 billion of last year, 30 June 2025.

Speaker #3: However, we have to be wary of the growth. Certain changes in the markets are happening, driven by international factors. So we are cautious about the growth going forward.

Speaker #3: So we have to be careful. Now, coming to the IFRS 17 numbers, the insurance revenue, which is an indicator of the real premium that we are receiving—against our last year's number of 16.2, we are at about 19.2 million.

Speaker #3: The investment income, which was at $2.5 million last year, ended on 30 June with $4.5 million, which is an 82% growth. Net profit for the year was $3.2 million, against slightly less than $1 million as of 30 June last year, 2025.

Speaker #3: Overall comprehensive income was 3.4 million, compared to close to half a million. So overall, the performance as of 30 June was primarily driven by good investment income, but we have a conservative policy.

N. Sivakumar: Overall comprehensive income OMR 3.4 million against close to half a million. Overall, the performance of 30 June was primarily driven by good investment income by their conservative policy. We are being conservative, and we have not, in spite of a very volatile market on equity side, we have been careful, and we have been head-on to our investments. Overall, our investment was the returns on the net profit was driven by growth in investment income as well as reduction in the losses on the main insurance business. To give a flavor, broadly a 5-point reduction in the combined net loss ratio in comparison to last year as on 30 June. Next. As a snapshot, 30 June, our total assets are OMR 103 million. Shareholder support is OMR 31.4. Net profit OMR 3.26 versus slightly less than a billion last year.

Speaker #3: We have been conservative, and we have not—in spite of a very volatile market on the equity side—we have been careful, and we've held on to our investments.

Speaker #3: So overall, our investment was—the returns on the net profit were driven by growth in investment income, as well as a reduction in the losses on the main insurance business.

Speaker #3: So, to give you a flavor: broadly, there has been a 5-point reduction in the combined net loss ratio compared to last year, as of 30 June. Next.

Speaker #3: Sorry. As a snapshot, 30 June, total assets are 103 million, shareholders of 31.4, net profit 3.26 versus slightly less than a million last year, and we have to keep it in perspective that the contingency reserve was increased last year along with paid-up capital, from 10 to 10.5 based on the local regulations.

N. Sivakumar: We have to keep it in perspective that the contingency reserve was increased last year along with paid-up capital from OMR 10 million to OMR 10.5 million based on local regulations. Investment total book is about OMR 67 million, out of which 56% is in deposits. Solvency surplus, which is an important indicator of the health of the insurance company. We are with the ability to meet liabilities. We are at 31 December, OMR 18.47 million versus OMR 9.52 million, which is statutory requirement based on the calculations. Kindly note there is no midterm assessment of solvency as on 30 June. It is not the regulation required. As far as the comprehensive income financial statement piece is concerned, as I explained, a 19% growth in the insurance revenue over last year, which is OMR 19.2 million against OMR 16.2 million.

Speaker #3: Our investment total book is about 67 million, out of which 56% is in deposits. Solvency surplus, which is an important indicator of the health of the insurance company, reflects our ability to meet liabilities.

Speaker #3: So, as of 31st December, it is 18.47 versus 9.52, which is the statutory requirement based on the calculations. Kindly note, there is no mid-term assessment of solvency as of 30th June.

Speaker #3: It is not the regulation required. As far as the comprehensive income financial statement piece is concerned, as I explained, there was a 19% growth in insurance revenue over last year—which is OMR 19.2 million against OMR 16.2 million.

Speaker #3: On the investment income side, our investment income was $4.5 million against $2.5 million, which is an 82% growth. This was primarily driven by a $2.34 million gain on investment on FTPL and a change in the market value, and a realized gain on the investment sale of $680,000.

N. Sivakumar: On the investment income side, our investment income was OMR 4.5 million against OMR 2.5 million, which is an 82% growth, primarily driven by a OMR 2.34 million gain on investment on FVTPL and a change in the market value, and a realized gain of the investment sale of OMR 680k. Overall, it has been consistent and stable. As far as profit for the net profit for the year is concerned, against OMR 1 million last year, we ended 30 June with OMR 3.2 million. As I explained, it was primarily driven by increase in the investment income and decrease in the net service rents for the internal service. On the financial position, you will see the OMR 103 million, which is against the OMR 96 million as the size of assets last year.

Speaker #3: So overall, it's been consistent and stable. And as far as net profit for the year is concerned, against OMR 1 million last year, we ended 30 June with OMR 3.2 million. As I explained, this was primarily driven by an increase in investment income and a decrease in the net service results for the insurance service.

Speaker #3: On the financial position, you will see that it is 103 million, compared to 96 million as the size of assets last year. Overall, financial assets at FTPL are 26 million, against 18 million.

N. Sivakumar: Overall, financial assets at FVTPL is OMR 20 million against OMR 18 million. Overall, all other components have been more or less stable. As for equity and liabilities, as I explained, share capital last year to 30 June was OMR 10 million. Based on the approval from the board and the regulators, the increase in capital was made by another half a million, which is OMR 10.5 million now. This corresponds based on the local regulations. This will require an additional allocation for contingency reserve also from OMR 10 million to OMR 10.5 million. A legal reserve based on one-third of the paid-up capital, so that is increase from OMR 3.3 million to OMR 3.5 million. Retained earnings as on 30 June is OMR 7 million against OMR 2.7 million. Shareholders' equity. Just more details on this as a separate head. Share premium, no change.

Speaker #3: So overall, all other components have been more or less stable. As for equity and liabilities, as I explained, share capital last year to 30 June was 10 million. Based on the approval from the board and the regulators, the increase in capital was made by another half a million, which is 10.5 million now.

Speaker #3: This corresponds, based on the local regulations. This will require an additional allocation for the contingency reserve, also from 10 to 10.5 million. And a legal reserve, based on one-third of the paid-up capital, so that is increased from 3.3 million to 3.5 million.

Speaker #3: Retained earnings as of 30 June are 7 million compared to 2.7 million. Regarding shareholders' equity, just a few more details since I have separated it: share premium, no change; legal reserve, a slight change because of last year's board approval; and capital going up, and the corresponding increase there.

N. Sivakumar: Legal reserves, slight change because of the last year's change of the approval of the board and capital going up and the corresponding increase there. Contingency reserve also increased from 10 to 10.5 million, and overall capital reserves OMR 31.4 against OMR 25.46. Just a flavor of our investments. We have been conservative. We are careful as far as the equity investments. We will be open but cautious on equity investments since the market is little volatile and we need to be careful. Fixed investments are about OMR 27 million against OMR 36.45 last year. Equity was again OMR 19.4 to OMR 28 million. There is a component of immovable properties at cost, which is our building of Oman United Insurance head office here in Al Qurum, Muscat, Oman. There is a garage which we own, 30,000 square yards in Daleel. So these two are immovable properties at cost. Next.

Speaker #3: Contingency reserve also increased from 10 to 10.5 million, and overall capital reserve is 31.4 against 25.46. Just a flavor of our investments: we have been conservative, we are careful as far as the equity investments, but we'll be open but cautious on equity investments, since the market is a little volatile.

Speaker #3: We need to be careful. Fixed investments are about 37 million, against 36.45 million last year. Equity was again 19.4 to 28 million. And there is a component of immovable properties at cost, which is our building of Oman United Insurance head office here in Al Qais, Muscat, Oman.

Speaker #3: And there is a garage, which we own, 20,000 square yards, in Dhala. So these two are immovable properties at cost. Next. So these are, as far as these two big assets are concerned in our books, our book value for the head office property is 2 million.

N. Sivakumar: These are as far as these two big assets are concerned in our books. Our book value for the head office property is OMR 2 million, and our market value is at OMR 4.3. So there is an unrecognized appreciation of OMR 2.2 million. As far as the garage property in Daleel is concerned, market value is OMR 2 million against a book value of OMR 0.3. So there is an under-recognized appreciation together for both these assets of OMR 3.9 million. As far as Oman United is concerned, we are a stable company and we take pride in our human capital. We are having 204 people as staff in Oman together. We have an 88% Omanization ratio. Our balance sheet is very strong. We have retained earnings of OMR 7 million. We hope to continue this.

Speaker #3: And our market value is at $4.3 million, so there is an unrecognized appreciation of $2.2 million. As far as the garage property in Dhala is concerned, the market value is $2 million against a book value of $0.3 million.

Speaker #3: So there is an unrecognized appreciation together for both these assets at 3.95 million. As far as Oman United is concerned, we have a stable company and we take pride in our human capital.

Speaker #3: We have a total of 204 people in staff and management combined. Our monetization ratio is 88%. Our balance sheet is very strong, with retained earnings of 7 million.

Speaker #3: We hope to continue this. As far as 17 Foundation, it has been quite challenging because of the timeframe within which the compilation has to get completed.

N. Sivakumar: As far as IFRS 17 submission has been quite challenging because of the time frames within which the compilation has to get completed, but I think we have been doing it within the time schedule given by the regulator. Overall, actuarial oversight has also been there with two separate actuaries overseeing the life and medical business and the general business. Our assessments on the liability itself has been stable. As regards the last point which is the reinsurance relationships, we take pride in the fact that the major reinsurance for our programs, which is Corp Re, Milliman, and Oman Re, they are all partners who have been there for long, and they continue to support in spite of the challenges in the market. Yes, reinsurance capacity was slightly soft in the last. We had our treaty renewal from the 1st of July.

Speaker #3: But I think we have been doing it within the time schedule given by the regulator. Overall, actual oversight has also been there with two separate actuaries overseeing the life and medical business, and the general business.

Speaker #3: And our assessments on the liability staff have been stable. As regards the last point, which is the reinsurance relationships, we take pride in the fact that the major reinsurers for our programs, which are Core Pirates, Mini Free, and Hanover, are all partners who have been there for long and continue to support us despite the challenges in the market.

Speaker #3: Yes, reinsurance capacity was slightly soft in the last—we had our treaty ready on the 1st of July. The market was slightly soft, so we had the benefit of certain improvements there.

N. Sivakumar: Market was slightly soft, so we had the benefit of certain improvements there. That goes to show that the reinsurers were having a kind of faith in our continued underwriting capability. We have been careful. Certain challenges are there in the market, but we are trying to seize those opportunities wherever we can, and there is more to be done. As far as challenges are concerned, I think motor business and the medical business both do not. There are challenges to the profit margins there. Catastrophic events do not allow, and Oman is a particular country where catastrophic exposures are high. The fresh kind of reinsurers available to lead the programs are generally not available. So we have to be mindful of that. The medical business, we have applied for the license.

Speaker #3: And that goes to show that the reinsurers have a kind of faith in our continued underwriting capability. We have been careful—certain challenges are there in the market—but we are trying to seize those opportunities wherever we can.

Speaker #3: And there's more to be done. As far as challenges are concerned, I think motor business and the medical business both do not—there are challenges to the profit margins there.

Speaker #3: Catastrophic events do not allow—and Oman, as a particular country where catastrophic exposures are high, the fresh kind of reinsurers available to lead the programs are generally not available.

Speaker #3: So, we have to be mindful of that. For the medical business, we have applied for the license. The regulators have come back with certain queries, which we have responded to, but this is an ongoing work in progress.

N. Sivakumar: There are regulators who have come back with certain queries, which we have responded, but it is an ongoing kind of work in progress. Lastly, certain challenges in the premium collections. But we feel that we are fairly in control or better, and we thank our partners in the programs to make sure that we are having a good cash flow on a consistent basis. From a future perspective, there has been a lot of focus from the regulator to ensure that we all move towards an increased digital marketing presence. I think there is work which is happening on an ongoing basis on this. But there is more to be done as far as this particular area is concerned. Expand equity investment, but cautiously. We are focusing on non-motor growth. It has done okay for the first 6 months.

Speaker #3: And lastly, there are certain challenges in the premium corrections. But we feel that we are fairly in control, or better, and we thank our partners in the programs for making sure that we are having a good cash flow on a consistent basis.

Speaker #3: So, from a future perspective, there has been a lot of focus from the regulator to ensure that we all move towards an increased digital marketing presence.

Speaker #3: I think there is work that just happened and is happening on an ongoing basis on this. But there is more to be done as far as this particular area is concerned.

Speaker #3: Expand equity investment, but cautiously. We are focusing on non-motor growth. It has done okay for the first six months. We are hopeful that we'll be comfortable as far as the budgets are concerned across lines of business.

N. Sivakumar: We are hopeful that we will be comfortable as far as the budgets are concerned across line services. Of course, readiness for mandatory health, depending upon the license being looked at favorably. That will be the kind of path for the next 6 months. Thank you very much. Now we open the floor for any questions for the management. Any questions?

Speaker #3: And, of course, readiness for mandatory health coverage, depending upon the license, is being looked at favorably. That will be the kind of path for the next six months.

Speaker #3: So thank you very much.

Speaker #1: Now, we open the floor for any questions from the management.

Moosa Yahya Al Amri: Now we open the floor for any questions for the management. Any questions?

Speaker #3: No, no.

Speaker #1: Any questions?

Speaker #4: Hello. Hello.

[Analyst]: Hello.

Speaker #1: Yes, hello. How are you?

N. Sivakumar: Yes, hello. How are you?

Moosa Yahya Al Amri: Yes, hello. How are you?

Speaker #4: Yeah, I'm fine. Thank you for the call. I have a question on the medical insurance segment. Can you give us an update on what's happening with the medical insurance?

[Analyst]: Yeah, I am fine. Thank you for the call. I have a question on the medical insurance segment. Can you give some update on what is happening with the medical insurance? Are you seeing any cost increasing over there, the insurance cost or the medical checkup cost or something over there? Are you seeing any increase in the expenses over there? If you could share some light on that.

Speaker #4: Are you seeing any cost increases over there—the insurance cost, the medical checkup cost, or something else over there? Are you seeing any increase in expenses over there?

Speaker #4: If you could shed some light on that.

Speaker #1: Sure. Thank you for your question. For Oman United, the portfolio composition of the medical business is less than 8%. So, it is only a growing business, but we are mindful of the fact that there have to be margins in the business.

N. Sivakumar: Sure. Thank you for your question. For Oman United, the portfolio composition of the medical business is less than 8%. It is only a growing business, but we are mindful of the fact that there has to be margins in the business. The market has been very competitive, but we are not fully into that space as far as driving a huge growth is concerned. Your point is well taken. The medical inflation is running at 6% to 7%, and we try to ensure that we are pricing it accordingly. We have Unipre as our partner on the medical side. We are fortunate that we have a consistent long-term underwriting contract on the reinsurance side for 3 years, which ends this year. Medical will be not a huge bottom line as far as the market is concerned.

Speaker #1: So, the market has been very competitive, but we are not fully into that space as far as achieving significant growth is concerned. But your point is well taken.

Speaker #1: Medical inflation is running at 6% to 7%, and we try to ensure that we are pricing accordingly. We have Unifree as our partner on the medical side.

Speaker #1: And we are fortunate that we have a consistent, long-term underwriting contract on the reinsurance side for three years, which ends this year. But medical will not be a huge bottom line as far as the market is concerned.

Speaker #1: So, some corrections are happening in the market, but it is taking more time.

N. Sivakumar: Some corrections are happening in the market, but it will take some more time.

Speaker #4: Okay, thank you. Thank you for the answers. My second question is about your general insurance book. I just wanted to understand how exposed the general insurance book is to the current ongoing regional tensions?

[Analyst]: Okay. Thank you for the answers. My second question is on your general insurance book. I just wanted to understand how exposed is the general insurance book to the current ongoing regional tension. Is it exposed to that? Just wanted to understand that particular part as well.

Speaker #4: Is it exposed to that? I just wanted to understand that particular part as well.

Speaker #1: Well, I think we are in a risk business, so risk certainty is there. I'm not denying it, but we are fairly well placed as far as the insurance placements are concerned.

N. Sivakumar: Well, I think we are in a risk business, so risk certainly is there. I am not denying it, but we are fairly well-placed as far as the insurance placements are concerned. War as a kind of exposure doesn't sit in our books. We are fairly stable as far as underwriting results and returns are concerned.

Speaker #1: War as a kind of exposure doesn't sit in our books, so we are fairly stable as far as underwriting results and returns are concerned.

Speaker #4: Okay. Understood. And my last question would be about your dividend policy. Do you have any guidance for that?

[Analyst]: Okay. Understood. My last question would be on your dividend policy, any guidance for that?

Speaker #1: Sorry, we may not be able to give any guidance because we have to wait for the losses to develop. But till now, I think it has been okay.

N. Sivakumar: Sorry, we may not be able to give any guidance because we will have to wait for the losses to develop. But till now, I think it is safe.

Speaker #4: Okay, thank you. Thank you for your answers.

[Analyst]: Okay. Thank you for your answers.

Speaker #1: Thank you.

N. Sivakumar: Thank you. Any further questions?

N. Sivakumar: Thank you.

Speaker #3: Hello.

Moosa Yahya Al Amri: Any further questions?

Speaker #1: Any further questions?

Speaker #4: Yeah. If you may, I have—

[Analyst]: Yeah, if you may, I have.

Speaker #1: Yes, please. Go ahead.

N. Sivakumar: Yes, please. Go ahead.

Moosa Yahya Al Amri: Yes, please. Go ahead.

Speaker #4: Yeah. You also mentioned your future outlook in your outlook section. Now, what about investments in the digital part as well? If you could shed some light on what you are planning with respect to the investments you are placing there, and also your long-term strategy going forward from here? Like, increasing your digital market presence—if you could shed some light on that.

[Analyst]: Yeah. You also mentioned in your future outlook section about the investments in digital part as well. If you could share some light on what you are planning with respect to the investments that you are placing there, and also your long-term strategy going forward from increasing your digital market presence. If you could share some light on that.

Speaker #1: Yeah. On the digital marketing presence, the regulators have been clearly giving the signal to the insurance companies. And we have done about six products with their due approvals from the regulators.

N. Sivakumar: Yeah. On the digital marketing presence, the regulators have been clearly giving the signal to the insurance companies, and we have done about six products with their due approvals from the regulators. We are already moving that into the digital piece. Right now the links on the payments has also been activated. Motor, we have started with the digital piece as well as other lines of business, and then next one or 1.5 months will get activated. The objective is to move the retail products into the digital piece, but it is a function of how the market uptake is. It is a little slow, but I think in due course, this will increase as a channel. That goes without saying.

Speaker #1: So they are on the—we are already moving back into the digital piece. And right now, the links on the payments have also been activated.

Speaker #1: So, for motor, we have started with the digital piece as well as other lines of business. In the next one to one and a half months, we'll get activated.

Speaker #1: So, the objective is to move the retail products into the digital piece. But it is a function of how the market uptake is. It is a little slow, but I think in due course, this will increase as the channel— that goes without saying.

Speaker #1: As far as our plan is concerned for the next six months, we have a plan to automate another four retail products to go into the digital marketing space.

N. Sivakumar: As far as our plan is concerned for the next six months, we have a plan to automate another four retail products which will go into the digital marketing space. The board is already aligned, and we have guidance from the regulators, so we are working on that.

Speaker #1: The board is already aligned, and we have guidance from the regulators, so we are working on that.

Speaker #4: Oh, okay. Thank you. Thanks.

[Analyst]: Oh, okay. Thank you.

N. Sivakumar: Thank you. Any further questions from the participants? Since there are no further questions, we thank everyone who attended the presentation. We also thank the regulators, FSA, as well as Muscat Stock Exchange, for having given us an opportunity. Have a good day. Thank you. Thank you. Thank you. Thank you. Sorry.

Speaker #1: Thank you. Any further questions from the participants? Since there are no further questions, we thank everyone who attended the presentation and we also thank the regulator, FSA, as well as MSM.

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Half Year 2026 Oman United Insurance Company SAOG Earnings Call

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Oman United Insurance

OUIC

Earnings

Half Year 2026 Oman United Insurance Company SAOG Earnings Call

Monday, August 31st, 2026 at 8:00 AM

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Oman United Insurance

Earnings