Muscat: Oman United Insurance Co posted an 11 per cent year-on-year growth in profit for the nine-month period ended September 30, 2014.

Net profit rose to RO4.4mn from RO3.9mn in the corresponding period of 2013, according to a company filing with the Muscat Securities Market (MSM) on Thursday.

The insurer registered a marginal three per cent growth in gross premium income at RO34.7mn, compared with RO33.8mn a year ago.

The company said that all segments achieved growth in premium income except the non-motor business, which declined by 14 per cent.

“Our ultimate goal is to maximise profit with limited risk exposure and positioning the company for future growth by increasing our market share and products, and developing staff skills,” Oman United Insurance said in its chairman’s report.

It added that as a result of the regular technical and statistical analysis for the underwriting process, the company achieved outstanding underwriting profits.

The gross underwriting profit generated (before management expenses) amounted to RO3.8mn, as against RO2.6mn for the corresponding period of the previous year, registering a growth of 45 per cent. Accordingly, the underwriting profit margin also improved to 10.9 per cent as against 7.8 per cent for the same period of the previous year.

The management has been studying alternative sources of income, Oman United Insurance said, adding, “[it is] working on exploration of new products. The management is also doing its best to maintain the ranking and market share of the company.”

The company’s investment portfolio performed well but generated lower returns. Net investment income fell 16 per cent to RO3.3mn in the first nine months of 2014 from RO3.9mn a year ago.