Oman Reinsurance Company SAOG ($ORIC)

So good morning, everybody. We are pleased to present the results for the year ending 2025. We should be recording this presentation. I will start now. So these are the key highlights for the performance of the company. Firstly is reinsurance revenue, which is calculated under IFRS 17. For 2025, this is GBP 54.3 million, which is 9% higher than the same period in 2024. Combined ratio is 93.4%, which is an improvement compared to the 94.5% in 2024, a reduction of 1.1%. And this improvement is due to lower-than-expected natural catastrophe losses during 2025. Profit after tax is GBP 4.6 million, a 54% increase compared to last year. And finally, we have an improvement on return of equity of 3.1% to give 12% ROE. Reinsurance revenue has shown good growth over the year, increasing by over OMR 4 million or 9%, while expenses have increased by around OMR 400,000 for the year. Expenses as a proportion of gross written premium has increased slightly from 6.4% to 6.9%, but lower than the 7.4% that was in 2023. This slide focuses on the combined ratio. So the total combined ratio as shown at the top of each column and is broken down into the loss ratio, the discount ratio and the cost ratio. So there's been a combined ratio improvement from 94.5% in 2024 to 93.4% in 2025. Primarily, this improvement is from the falling business acquisition costs and also the improved loss experiences as mentioned earlier. However, the impact of the financial unwinding of the reserve discounting along with decreasing yields has led to an increase in the discount ratio. So we have 5.1% in 2025 compared to 2.4% in 2024. We've seen continued strong investment returns based on our prudent investment strategy, which is driven by our risk profile. Invested assets have increased by 18%, with the same increase seen on the investment income, leading to stable investment returns of 4.9%. Now this is particularly good given the decreasing interest rate environment that we saw in 2025. Profit after tax, we can see that the overall profitability of the company has been consistently increasing from OMR 2.6 million in 2023 to OMR 3 million in 2024 and OMR 4.6 million in 2025, representing a 54% growth and correspondingly, the return on equity is also consistently risen from 0.4% in 2023 to 8.9% in 2024 and 12% in 2025. Current shareholders' equity stands at OMR 42.3 million, which is 20% more than 2024. And in terms of book value per share, this has also increased from 107 basis per share in 2024 to 128 basis per share in 2025. So the current book value is now approximately 50% higher than the IPO price. So that's all from our side for the company's results. If you have any questions, please raise your hand, and we'll be happy to take it. Okay. Well, if there are no questions, then we'll be concluding this meeting. And subsequently, if you do have any further questions or anything that you'd like to ask, please write to the investor relations e-mail address that is provided on our website. So thank you very much for your time today, and goodbye from us. Thank you.