Al Ahlia Insurance Company has said that it will be going for an initial public offering. The company will offer 25 per cent of its shares. The investment banking division of Bank Muscat is to be the financial adviser and the sole issue manager for the transaction of 25 million shares which will be later listed on the
Muscat Securities Market (MSM), according to a statement.
Al Ahlia is one of the leading property and casualty insurers in the Sultanate with strong promoters led by RSA Insurance Group and supported by local shareholders.
RSA Group, the largest shareholder of Al Ahlia, is among the leading multinational insurance groups employing over 13,000 people, serving over 9 million customers in more than 100 countries.
It has a net written premium of $8.2 billion. It has Ominvest, WJ Towell Group and OHI as shareholders.
Company chairman Anwar Ali Sultan said, “In line with our commitment to adhere to the Royal Decree 39/2014, Al Ahlia is moving forward with the launch of its IPO.”
“This is indeed a very exciting phase for the company, as it opens a new chapter… Being one of the oldest insurance companies, Al Ahlia has been part of the remarkable success of Oman as a nation. As one of the premium national insurance companies, we take pride in the spearheading role Al Ahlia is playing in the insurance sector.”
About synergies and drawing strengths from RSA, Lloyd East, regional CEO and managing director of Al Ahlia Insurance Oman, said, “Al Ahlia has strong technical discipline and benefits from the globally applied standards developed by the RSA Group.
Values run deep at RSA, and that extends beyond the insurance business to how the company manages its investments and meets shareholder needs. Rooted principles, underwriting discipline, strong balance sheet management and a focus on cost efficiency have enabled Al Ahlia to establish a track record of delivering consistent results.
Complementing the consistent underwriting result, Al Ahlia adopts a conservative investment strategy of high quality, low risk and low volatility investments further adding to the consistency.
“Our aim is to deliver consistent returns, make discerning decisions on the segments we focus on, make high quality investments that minimise risks and deliver stable returns, and continue to build on the integrity of each our relationships. Times will change and evolve, but values will endure,” Lloyd added.