Muscat: Takaful Oman Insurance SAOG was honoured with the prestigious title of 'Oman Insurer of the Year 2024', a testament to the company’s commitment to excellence and innovation in the insurance sector. The accolade was presented during a gala event hosted by MENA IR at the Shangri-La Hotel in Dubai on January 25, 2024.

This esteemed recognition comes as a result of Takaful Oman's unwavering dedication towards organizational transformation and operational efficiency. The financial results for the year 2023 showcase very strong & promising numbers, highlighting the company’s outstanding customer service and forward-thinking approach to insurance solutions that cater to the evolving needs of the Omani market.

Takaful Oman Insurance (TAOI), listed on the Muscat Stock Exchange, has successfully turned around its net results, reporting a net profit of OMR 647,856 ($1.68m) for 2023. In comparison, the company posted a net loss of OMR 1,514,305 for 2022. The unaudited preliminary financial results reveal that the company’s total revenues jumped by 30.3% to OMR 24.36m (OMR 63m) in 2023, compared to about OMR 18.7m (OMR 49m) in 2022.

Acknowledging the support and efforts of all stakeholders, Mr. Neelmani Bhardwaj, the Chief Executive Officer at Takaful Oman Insurance SAOG, said, “We would like to express our heartfelt gratitude to our shareholders, board of directors, regulator, partners, and customers, who have placed their confidence in us. Their unwavering trust and support have been the bedrock of our journey. It is their belief in our vision and investment in our values that have propelled us to the forefront of the insurance industry. We would like to thank all of our stakeholders for being an integral part of our success story.”

Echoing the statement, Mr. Sulaiman Al-Harthi, the Chairman of the board, commented on the occasion, “This recognition is a collective achievement of Takaful Oman’s significant contribution, unparalleled dedication, and team spirit towards excellence. Their drive continues to be of essence in providing exceptional value to our clients. Our success is a testament to the trust our customers have placed in us and the tireless efforts of our employees. The company has developed a business strategy, and has been tracking it diligently to maintain a focus on profitable growth, a critical pillar of the strategy. The improvement in financial results are testament to the effectiveness of this approach. Takaful Oman has cemented its standing as a leading name in the insurance industry, known for its integrity, customer focus, and commitment to excellence.”

About Takaful Oman Insurance (SAOG):

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