Oman Insurance Company (OIC), the UAE’s largest insurance company, has reported profits of AED189m ($51.5m) in 2009, a 24 per cent decline from the figure of AED250m in 2008.    

However, OIC reported strong growth in its technical operations, which is income accruing from underwriting operations, with profits reaching AED317m, an increase of 44 per cent compared to AED220m in 2008.

The company also announced an increase of 9.5 per cent in its total gross written premiums, amounting to AED2.34bn, in comparison to AED2.14bn in the previous year.