Insurance Sector Revenues in Oman Exceed RO 500 Million in 2025

Oman Insurance Sector Records Growth in Revenues and Profits

Muscat: The Financial Services Authority (FSA) said that the insurance sector in the Sultanate of Oman recorded positive financial performance during 2025, supported by improved investment returns, stable insurance activity and the growing adoption of digital solutions.

Audited financial data issued by the Authority showed that total insurance revenues reached approximately RO 501.6 million in 2025, compared to RO 483 million in 2024, registering growth of 3.86 percent.

The Authority stated that the increase reflects continued expansion in insurance activity and higher demand for insurance products and services.

Insurance revenues of national insurance companies rose to approximately RO 404.2 million compared to RO 389.5 million in 2024, recording growth of 3.78 percent.

Foreign insurance companies also recorded growth of 4.19 percent in insurance revenues, reaching approximately RO 97.4 million compared to RO 93.4 million in 2024.

The Authority noted that the results reflect the competitiveness of the Omani insurance market, the diversity of available insurance products and increased awareness of the importance of insurance protection among individuals and institutions.

The sector’s total assets increased by 6.9 percent to approximately RO 1.31 billion by the end of 2025.

Returns on investments also increased by 42.6 percent to reach approximately RO 49 million compared to RO 34.3 million in 2024, reflecting improved investment portfolio management by insurance companies.

Net profits of insurance companies rose by 36 percent to approximately RO 34.3 million compared to RO 25.2 million in 2024, supported by stronger investment returns and improved operational performance.

Insurance service results amounted to approximately RO 11.7 million during 2025 amid varying operational performance among companies depending on portfolio structure, claims levels and operating costs.

The data showed that total direct premiums grew by 8.9 percent to RO 551.8 million compared to RO 506.6 million in 2024.

The increase was driven by growth in life and savings insurance activity, which rose by 42 percent, in addition to 6 percent growth in health insurance activity.

Meanwhile, total compensation paid declined by 4.1 percent to RO 267.8 million compared to RO 279.4 million in 2024.

The sector also witnessed increased use of digital channels, with premiums collected through digital means rising by 35.5 percent and premiums collected through banks increasing by 38.1 percent.

Takaful insurance maintained stable performance in the market, with revenues of Takaful insurance companies increasing by 1.04 percent to approximately RO 75.35 million compared to RO 74.57 million in 2024.

Takaful insurance accounted for 15 percent of total insurance sector revenues.

The Financial Services Authority affirmed that these indicators reflect the continued development of the insurance sector and its contribution to supporting the national economy and providing financial protection for individuals and institutions in line with digital transformation and sustainable economic development goals.