PowerPoint Presentation - Badri Management Consultancy...For Takaful companies, net profits before...

Q3

R E P O R T N O9 1 - B

OMANI LISTED

INSURANCE

COMPANIES

PERFORMANCE

ANALYSIS FOR

NINE MONTH

PERIOD OF 2020

7 DECEMBER 2020th

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ABOUTBADRI

MANAGEMENTCONSULTANCYBadri Management Consultancy is the

fastest growing Actuarial ConsultingFirm in the Middle East, recognized forits collaborative approach to workingwith its clients as Profit OptimizingPartners. We are serving as AppointedActuary for over 20 companies in theGCC. In addition, we are providingother services including IFRS17Implementations, Development of ERMFramework, Specialized services forMedical Insurance and TPAs, BusinessIntelligence solutions and End ofService Benefits Valuations.

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Articles

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VISIONS o l u t i o n a r c h i t e c t s s t r e n g t h e n i n g o u r

p a r t n e r s t o o p t i m i z e p e r f o r m a n c e

MISSION

Badri Management Consultancy

2020-Q3 Omani Listed Insurance Companies


6 Summary of 2020-Q3

7 A Look At 2019-Q3

8 Gross Written Premiums

10 Conventional Vs Takaful

11 Retention Ratio

12 Profit Before Tax

14Profit as a Percentage of Net Earned Premium

15 Premiums and Profit analysis

16 Net Technical Provisions

17 Loss and Combined Ratio

19 Loss and Expense Ratio

20 Expense Ratio

23 Return on Equity

24 Cash To Invested Assets

25 Insurance Receivables

26 Asset Mix

27 Total Comprehensive Income

28 Conclusion

29 Disclaimer

30 Companies Included in the Analysis

31 About our team

32 Contact us

con

ten

t



Business

Written

RO 309mn

By Listed

Companies

Listed

Companies

Exhibited

52%Profit Growth

Industry

Combined

Ratio

87%

Insurance

Receivables

to GWP

35%Listed

Companies

Recorded

Profit

RO35mn

Highest GWP

Growth

6%By

DICS

Highest ROE

33%By

NLIF

6WWW.BADRICONSULTANCY.COM

Summary of 2020-Q3

37%

12%9%

8%

8%

26%

Market Share

NLIF DICS AMAT OQIC OUIS Others

77%73%

67%63%

55%51% 49% 47%

39% 38%

0%

20%

40%

60%

80%

100%

120%

MC

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NL

IF

DIC

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TA

OI

AM

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OU

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OQ

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AIN

S

AF

IC

Business Segment wise Loss Ratio

General Life Total

BADRI

Cross-Out



A Look At 2019-Q3


`

`

`

Gross Written

Premium of

Listed Companies

RO

319mn

Net Technical

Reserves booked

by Companies

RO

217.7mn

Highest Gross

Written Premium

NLIF Contributes

to 37% of the

business share for

Q3-2019.Profits

Recorded in

Q3-2019

RO

22.7mn

RO

113mn



The insurance companies in the Sultanateobserved a drop in business with total Grosswritten premium of about RO 309 million,depicting a decline of 3% from YTD 2019-Q3.DICS, OQIC and AFIC observed a growth inpremiums when compared to last year.

The TOP 5 insurers in terms of GWP amountedto RO 229 million, hence contributing 74% ofoverall market.

NLIF being the market leader in Health and LifeInsurance secures top rank and contributed 37%share in insurance sector for the nine monthsended 2020. NLIF's premium of RO 113 millionincludes RO 59 million from overseas subsidiarieswhich is about 52% of their total business.However, as the consolidated numbers arereported, we have used the consolidatedfinancials statements.

DICS exhibited the highest GWP growth rate of6%, while AINS observed the largest decline of18%.

Gross Written Premiums


-2%-5%

-18% -3%

2%

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TA

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OTHERS

GWP 2019-Q3 GWP 2020-Q3

-4%

6%

-5% 2% -3%

0

20

40

60

80

100

120

140

NLI

F

DIC

S

AM

AT

OQ

IC

OU

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RO

M

illi

on

s TOP 5

GWP 2019-Q3 GWP 2020-Q3



Gross Written Premiums

The business for NLIF is concentrated in Health and Life Insurance which comprises 87% of the total grosspremiums of the Company for nine months ended 2020.

Excluding NLIF, the companies operating in Oman concentrate predominantly in Non-Life InsuranceBusiness. 84% of the GWP excluding NLIF is attributable to Non-Life Insurance, while as a percentage of theoverall market including NLIF, this works out to 58% for nine months ended 2020. The ratios have remainedconsistent with the previous period.

For AINS, segmental information was not available and thus all amounts have been allotted to Non-Lifeinsurance business only. Furthermore, for OUIS, the segmental information was only available on net basisand hence historical retention ratios were used to estimate the gross amounts.

Non-Life and Life segments each have exhibited a decline of 3% in GWP as compared to the correspondingperiod of 2019, resulting in an overall drop of 3% in written business of Oman Insurance Industry.

The above graph is sorted with respect to gross written premium in descending order.


11% 13%

87% 88%94% 94%

88%

71%77%

83%80%

68%74%

90%

100% 100%

79%75%

79%83%

89% 87%

13% 12%6% 6%

12%

29%23%

17% 20%

32%26%

10%

21%25% 21%

17%

0%

10%

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90%

100%

20

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-Q3

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-Q3

NLIF DICS AMAT OQIC OUIS TAOI VISN AINS MCTI AFIC

LINE OF BUSINESS WISE WRITTEN PREMIUM BREAKUP

General Insurance Health and Life Insurance



In the Sultanate of Oman, out of 10 listed insurancecompanies, only 2 operate as Takaful Insurers,contributing 15% of the total written business in2020-Q3 which is consistent with 2019-Q3.

When comparing premiums with the correspondingperiod of 2019, Takaful insurers exhibited a declineof 4% whereas the Conventional insurers observed adecline of 3% in 2020-Q3.

The profit growth of Conventional insurers isinfluenced by NLIF, which recorded a growth of 91%in profits whereas on the Takaful front, both TAOIand AMAT exhibited a high profit growth of 132%and 47% respectively.

Conventional Vs Takaful


85% 85%

15% 15%

0

50

100

150

200

250

300

350

GWP 2019-Q3 GWP 2020-Q3

RO

Mil

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TAKAFUL & CONVENTIONAL BUSINESS

DISTRIBUTION

Conventional Takaful

-3% -4%

51%

67%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Conventional Takaful

BUSINESS GROWTH FOR

CONVENTIONAL & TAKAFUL INSURERS

Premium Growth Profit Growth



Retention Ratio

The retention ratios have been calculated as a ratio of net written premiums to gross written premiums.

The weighted average retention ratio for YTD 2020-Q3 stood at 57% for the companies in the Sultanate with NLIF reflecting highest retention of 83% while OQIC depicting the lowest retention of 23%.

Although there may be exceptions, retention ratios are generally reflective of lines of business being underwritten; Motor and Medical generally tend to have high retention ratios while commercial lines such as Aviation, Engineering and Fire tend to have lower retention.

Life business shows higher retention levels than Non-Life business.

The weighted Average Retention ratio for Non-Life stood at 47% for 2020-Q3 in contrast with Life business retention ratio which is computed as 70%.

A further segmented analysis on a line of business is not performed due to limited information being available.


0%

20%

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80%

100%

NL

IF

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TA

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DIC

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VIS

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OQ

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RETENTION RATIO

Retention Ratio 2020-Q3 Weighted Average Retention Ratio

0%

20%

40%

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100%

NL

IF

AIN

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AM

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RETENTION RATIO - NON–LIFE BUSINESS

Retention Ratio 2020-Q3 Weighted Average Retention Ratio

0%

20%

40%

60%

80%

100%

NL

IF

AF

IC

DIC

S

OQ

IC

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MC

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AM

AT

TA

OI

VIS

N

RETENTION RATIO – LIFE BUSINESS

Retention Ratio 2020-Q3

Weighted Average Retention Ratio



Profit Before Tax

The Insurance companies in the Sultanate ofOman have shown a profit growth of 52%,where the total profit amounted to RO 35Million for 2020-Q3 (2019-Q3: RO 23 Million).It is worth mentioning that the profit growthdrops to 28% (from 52%) for 2020-Q3 if NLIF isexcluded from this analysis.

NLIF booked the highest profit amounting toRO 16.4 Million, which is an increase of 91%from 2019-Q3 (RO 8.6 Million). NLIF makes up47% of the total profit of the companies in theSultanate for 2020-Q3. Having said that, itshould also be noted that out of the RO 16.4Million, 84% (RO 13.7 Million) of the profits arefrom business within Oman.

The highest profit growth was recorded byTAOI of about 132% while the largest declineof 61% for the period was recorded by MCTI.Nevertheless, MCTI has managed to record aprofit in 2020-Q3 after incurring losses sinceyear-end 2019 up to 2020-H1 as shown in ourpast performance analysis reports.

For Takaful companies, net profits before taxon policyholder and shareholder accounts areconsolidated for comparative purpose.


91%

77% 4% 36%

47%

0

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4

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14

16

18

NLIF OUIS AINS DICS AMAT

RO

Mil

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TOP 5 COMPANIES BY PROFIT

Profit 2019-Q3 Profit 2020-Q3

1%-9%

46%

132%

-61%

0

0

0

1

1

1

1

1

2

2

VISN OQIC AFIC TAOI MCTI

RO

Mil

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ns

OTHERS

Profit 2019-Q3 Profit 2020-Q3



Investment Income has contributed in generatingprofits for all the listed Companies performing inOman.

MCTI and AFIC recorded a loss on underwritingactivities which was offset by the investmentincome.

Overall, four companies have investment incomewhich is higher than the underwriting profits. Thisshows the importance of investment income in theindustry when the primary profit source of insurancecompanies is expected to be from underwriting.

The analysis presented here is sorted by Profitbefore investment income.

Profit Before Tax


-60%

-40%

-20%

0%

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100%

NL

IF

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PROFIT COMPOSITION -

UNDERWRITING & INVESTMENT

INCOME

Investment Income 2020-Q3 Profit Before Investment 2020-Q3

-2

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UNDERWRITING & INVESTMENT

INCOME

Profit Before Investment 2020-Q3 Investment Income 2020-Q3



Profit as a Percentage of Net Earned Premium

The above graph illustrates the Profit Margin [bottom line profit/(deficit) as a proportion of net earnedpremium] for the insurance companies in the Sultanate for YTD 2020-Q3.

The Profit Margin of the Oman Insurance Industry stands at around 21% for 2020-Q3.

As depicted, OUIS has the highest profit margin, followed by AINS.


-5%

0%

5%

10%

15%

20%

25%

30%

35%

OUIS AINS VISN OQIC AFIC DICS NLIF AMAT TAOI MCTI

PROFIT AS % OF NET EARNED PREMIUM

Profit Margin 2020-Q3 Weighted Average 2020-Q3



Premiums and Profit Analysis

A summary of premium and profitability growth in 2020-Q3 from the corresponding period of 2019 ispresented. Companies exhibiting premium and profitability growth rate outside of the +-20% and +-100%range are capped, respectively.

15

CompanyRanking

Indic.Gross Premium Profit


NLIF

DICS

AMAT

OQIC

OUIS

TAOI

VISNAINS

MCTI

AFIC

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

-20% -15% -10% -5% 0% 5% 10% 15% 20%

GW

P G

row

th

Profit Growth

NLIF 1 1 -

DICS 2 4 (2)

AMAT 3 5 (2)

OQIC 4 7 (3)

OUIS 5 2 3

TAOI 6 9 (3)

VISN 7 6 1

AINS 8 3 5

MCTI 9 10 (1)

AFIC 10 8 2



Total Net reserves as at the end of September 2020dropped by 3% when compared with thecorresponding period of 2019.

NLIF has the highest technical provisions ascompared to the other companies, which iscommensurate to the size and nature of itsoperations. However, since almost 52% of thebusiness for NLIF is written outside Oman, it is safeto assume that a similar proportion of reserveswould also be booked overseas.


Net Technical Provisions

5%

-1% -7%-24%

-9%

0

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10

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14

16

AFIC MCTI OQIC TAOI VISN

RO

Mil

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REMAINING COMPANIES BY

NET TECHNICAL PROVISION

Claims Reserves 2019-Q3 Claims Reserves 2020-Q3

1%

-2% 1%-8%

-1%

0

10

20

30

40

50

60

70

80

NLIF DICS OUIS AINS AMAT

RO

Mil

lio

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TOP 5 COMPANIES BY NET

TECHNICAL PROVISIONS

Claims Reserves 2019-Q3 Claims Reserves 2020-Q3



Loss and Combined Ratio

The weighted average loss and combined ratio of the insurance companies in the Sultanate of Oman iscomputed to be 60% and 87% respectively, with MCTI bearing the highest loss ratio and combined ratio of77% and 107% respectively, whereas the lowest combined ratio of about 79% is depicted by OUIS.

For Takaful companies we have consolidated the policyholders and shareholders P&L for comparativepurposes. A company is deemed to be profitable from an underwriting perspective if the combined ratio isbelow 100%.

Loss Ratio is computed as Net Incurred Claims over Net Earned Premium.

Combined Ratio is calculated as ratio of Net Incurred Claims along with Expenses and Net Commissionsover Net Earned Premiums.


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LOSS & COMBINED RATIO

Loss Ratio Combined Ratio

Weighted Average Loss Ratio Weighted Average Combined Ratio



Since the Life and Non-Life business segment wise information was available, Loss Ratio analysis on the breakup is also presented. However, for AINS, segmented information was not available, hence all the information is allotted to General business.

For MCTI, information for losses incurred was not available on the segmental level; therefore loss ratios provided in financial statement have been used as given. For OUIS, only loss ratios for Non-Life segment was provided and the same was used to estimate the loss ratio for Life segment.

Due to limited information, the graph shows reported loss ratios for Life and Non-life segments.

The weighted average loss ratio for Non-Life business worked out to be 53% whereas Life business had a weighted average of 67%.

The weighted average loss ratios for takaful insurers are lower than those of their conventional insurance counterparts. However, due to significantly higher expense and net commission ratios exhibited by the takaful operators, the overall combined ratio for takaful companies is higher than that of conventional insurance companies.

Loss and Combined Ratio


53%61%

32%22%

13%4%

95%

86%

0%

20%

40%

60%

80%

100%

120%

Takaful Conventional

Loss and Combined ratio

performance - Insurer Type

Loss Ratio Expenses

Net Commission Combined Ratio

77%73%

67%63%

55%51% 49% 47%

39% 38%

0%

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100%

120%

MC

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Business Segment wise Loss Ratio

General Life Total



Loss and Expense Ratio

The above is sorted with respect to the loss ratios of all the companies.

MCTI displays the highest loss ratio while AFIC has the lowest loss ratio. The expense ratios for AFIC andAINS are higher than their respective loss ratios. The highest expense ratio is depicted by AFIC, so whiletheir loss ratios are low, the high expense ratio has pushed the combined ratio slightly above 100%. Thelowest expense ratio observed is 10% for VISN.


77% 73%67% 63%

55% 51% 49% 47%39% 38%

30%

10%18% 27% 41% 44%

30% 38%45%

63%

0%

20%

40%

60%

80%

100%

120%

MCTI VISN NLIF DICS TAOI AMAT OUIS OQIC AINS AFIC

LOSS AND EXPENSE RATIO

Loss Ratio Expense Ratio



Expense Ratio

It is commonly believed that G&A expense ratio should be analyzed on the basis of gross written premiumsfor the company, hence, the same is included in our analysis.

The weighted average G&A expense ratio as proportion of GWP works out to be 12%. AINS has the highestexpense ratio (33%) for the nine months ended September 2020, whereas the lowest expenses areobserved by OQIC (6%).

Larger companies generally tend to have lower expense ratios, as they have sufficient business to absorbthe fixed cost base.

For Takaful companies, Wakala fees is ignored, as Wakala fees is a positive in one account and a negative inthe other.

Expense Ratio = General and Administrative expense as a percentage of Gross Written Premium


0%

5%

10%

15%

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25%

30%

35%

AINS AFIC OUIS MCTI VISN DICS AMAT TAOI NLIF OQIC

G&A EXPENSE AS A RATIO OF GROSS WRITTEN PREMIUM

G&A Expenses Ratio Weighted Average Ratio



Expense Ratio

Considering G&A Expense as a proportion of Net Earned Premiums, AFIC bears the highest expense ratio of50% followed by VISN and MCTI with both having expense ratios of 48%.

NLIF recorded the lowest expense ratio in the industry at 10%.

The weighted average G&A expense ratio as a proportion of net earned premium for the Listed Insurancecompanies stands at 22%.

The expense ratio is worked out as:Expense Ratio = General and Administrative Expense as a percentage of Net Earned Premium


0%

10%

20%

30%

40%

50%

60%

AFIC VISN MCTI AINS AMAT DICS OQIC OUIS TAOI NLIF

G&A EXPENSE AS A RATIO OF NET EARNED PREMIUM

G&A Expenses Ratio Weighted Average Ratio



Expense Ratio

The highest commission expense ratio recorded as of 2020-Q3 is for TAOI at 18% while VISN experiencedthe lowest ratio of -32%. The average net commission ratio for the Omani Insurance Industry stood at 5%.

The commission expense considered is the net commission (commissions paid less commissions earned); anegative ratio signifies that the commissions earned outweigh the commissions paid. It is common practicefor companies to cede out large proportion of commercial lines business and benefit from the reinsurancecommissions, which is also evidenced by the low net commission ratio.

It is felt that there is an inherent need to optimize reinsurance arrangements so that companies can benefitfrom underwriting profitable business without passing the risk and reward to re-insurers and just acting asfronting partners; while at the same time not effecting their solvency position.

Commission ratios are calculated as a Net Commissions upon Net Earned Premium.


-30%

-20%

-10%

0%

10%

20%

30%

TAOI AFIC AMAT AINS OQIC NLIF OUIS DICS MCTI VISN

COMMISSION EXPENSE RATIO

Net Commission Expense Ratio Weighted Average Ratio



Return On Equity

The weighted average Return on Equity (ROE) for the Insurance companies in Oman recorded to be 16%. NLIF has the highest return on equity of about 33% whereas MCTI has recorded the lowest return of -6%.

The Return on Equity is calculated as a ratio of net profit (before tax) recorded over the last 12 months to total of shareholder's equity at the beginning of the period 2020.


-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

NLIF OUIS DICS AINS VISN OQIC AFIC AMAT TAOI MCTI

RETURN ON EQUITY

ROE Weighted Average Ratio



Cash To Invested Assets

The Cash ratio of the industry works out to 66%. AINS has the highest level of 91% maintained as Cash,while the lowest ratio of 44% is produced by MCTI.

The Cash Ratio indicates very high liquidity for the market as a whole.

The Cash Ratio has been taken as the ratio of Cash and Bank Deposits to Total Invested Assets.


0%

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30%

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50%

60%

70%

80%

90%

100%

AINS OUIS VISN TAOI OQIC AFIC AMAT DICS NLIF MCTI

CASH RATIO

Cash to Invested Assets Ratio Weighted Average



Insurance Receivables

The insurance receivables are computed as a ratio of Insurance receivables of the company to gross writtenpremium recorded over the last 12 months.

NLIF and AMAT are observed to have the highest receivable ratio of about 40%, while TAOI and DICSrecorded the lowest ratio of 27%. The weighted average insurance receivables ratio for the Omani industrystood at 35% as at September 30, 2020.


0%

10%

20%

30%

40%

50%

60%

NLIF AMAT AINS AFIC MCTI VISN OQIC OUIS TAOI DICS

INSURANCE RECEIVABLES

Insurance Receivable Weighted Average



Asset Mix

The Asset Mix compares the proportion of invested assets and non invested assets of the companies inOman insurance industry as at September 30, 2020. OUIS has the highest proportion (59%) of investedassets, followed by AFIC, MCTI and AINS; each having 54% of their assets invested. Whereas AMAT has thelowest proportion of asset mix at 36%.

The above chart is sorted in descending order of the proportion of invested assets of the companies.


59%54% 54% 54% 50% 47%

37% 37% 37% 36%

41%46% 46% 46% 50% 53%

63% 63% 63% 64%

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70%

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90%

100%

OUIS AFIC MCTI AINS NLIF DICS VISN OQIC TAOI AMAT

Asset Mix

Invested Assets Non-Invested Assets



Total Comprehensive Income

The Indices of general market performance in the Stock Exchange exhibited a declining trend post theoutbreak of COVID 19. The realization of the decline is reflected through either profit & loss accounts orOther Comprehensive Income statements of the Companies.

The Total Comprehensive Income (Profit after Tax plus Other Comprehensive Income) for the first ninemonths of 2020 has exhibited an increase of 32%. This increase is mainly due to exceptional growth inprofits after tax displayed by NLIF, and ironically NLIF have also recorded the highest deterioration in Othercomprehensive income when compared with the corresponding period of 2019. Nonetheless, the growthpercentage of Total Comprehensive Income drops to 13% (from 32%) if NLIF is excluded.

Only 7 (out of 10) companies segregated their OCI in their financial statements, 6 out of those 7 recordedlosses in the fair value of their investments for 2020. It is observed that OCI for companies on an aggregatelevel has declined by 374% in the first nine months of 2020 when compared with the corresponding periodof 2019.


(5)

(3)

(1)

1

3

5

7

9

NLIF OUIS AINS DICS AMAT OQIC VISN TAOI AFIC MCTI

RO

Mil

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TOTAL COMPREHENSIVE INCOME – 2019-Q3

Profit After Tax - 2019-Q3 OCI - 2019-Q3 Total Comprehensive Income - 2019-Q3

(4)

(2)

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NLIF OUIS AINS DICS AMAT OQIC VISN TAOI AFIC MCTI

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TOTAL COMPREHENSIVE INCOME – 2020-Q3

Profit After Tax - 2020-Q3 OCI - 2020-Q3

Total Comprehensive Income - 2020-Q3



Conclusion

• The aftershock of the pandemic resulted in the 3% decline in topline for the listed insurance companies inOman for the nine months of 2020 when compared to the corresponding period of 2019. The totalpremiums written in this period amounted to be RO 309 million as compared to RO 319 million ofpremiums written in the corresponding period of 2019.

• The average premium retention ratio stood at 57% for year-to-date 2020-Q3.(Life business retention ratio: 70% and Non-Life business: 47%).

• The average loss ratio for the listed companies analyzed in the report stood at 60% and average combinedratio was at 87%. The average combined ratio for Takaful and Conventional insurers was evaluated to be95% and 86% respectively, despite Takaful companies on average having lower loss ratios; their highexpense ratios elevates the combined ratio near 100%.

• The profits recorded for first nine months of 2020 observed a growth of 52% when compared with thecorresponding period of 2019. Total Profit by the listed insurance companies for the period amountedto almost RO 35 Million compared to RO 23 Million recorded in the corresponding period of the previousyear. The profit growth of 52% drops to 28% if the exceptional growth of NLIF is excluded. For Takafulcompanies, policyholders and shareholders P&L was considered for comparative purposes.




Disclaimer

❖ The data represented in our report was gathered from publicly available information, and the financialstatements released by the companies.

❖ We have undertaken an analysis of the Key Performance Indicators (KPIs) of the listed insurance for thenine months ended September 30, 2020. The data has been extracted from financial statements of thosecompanies which were publicly listed.

❖ While we have tried to ensure accuracy in the data input and evaluation process, in view of the naturalscope for human and/or mechanical error, either at input or during analysis, we accept no liabilitywhatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part ofthis publication. If you come across an error or have a query, do write to us.

❖ Due to Limited information we were unable to segregate further into class of business. Once allcompanies start publishing financial statements with uniform level of segregation, this can be done.

❖ The Group & Individual Credit Life, Family Takaful and Term & Whole Life Plans are considered as LifeInsurance while Other General Insurance are taken as Non-Life Insurance due to the availablesegmentation in the published financials. For NLIF and MCTI, Medical is not segregated from Life in thepublished financial statement therefore, due to limitation it is presented under Life Business segment.

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Companies Included in the Analysis

Company Name Ticker Name

Al Madina Takaful AMAT

Al-Ahlia Insurance Company AINS

Arabia Falcon Insurnace Company AFIC

Dhofar Insurance Company DICS

Muscat Insurance MCTI

National Life & General Insurance NLIF

Oman United Insurance Company OUIS

Oman Qatar Insurance Company OQIC

Takaful Oman Insurance TAOI

Vision Insurance Company VISN

WWW.BADRICONSULTANCY.COM 30

[email protected]

UAE/Oman

Actuarial

KSA Actuarial Medical

Business

Intelligence

End of Service HR Consulting

28 Staff 22 Staff 4 Staff

11 Staff 5 Staff 2 Staff

12 Support and admin staff

About our team

Total Strength = 84

feedbackBadri Management Consultancy is proud to present

the Oman Insurance Industry Analysis for the nine

months ended September 2020. We have a dedicated

team that is working to bring you research reports. Our

doors are open for feedback, and we welcome them.

Feel free to inquire about the report.

www.badriconsultancy.com/

Dubai Head Office2107 SIT Towers, PO Box

341486, Dubai Silicon Oasis,

Dubai, UAE

Karachi Office5B-2/3, 5th Floor, Fakhri Trade

Center, Shahrah-e-Liaquat,

Karachi 74200, Pakistan

Hatim Maskawala

Uroosha Jameel

Contact us!

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+971-4-3207-250

www.linkedin.com/company/badri-management-consultancy

[email protected]

Subhan Naeem

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Eesha Ansari

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