20/06/2017 01:32 AST
Al Ahlia Insurance Company SAOG (under transformation), one of Oman's oldest insurance companies, has announced its intention to launch an Initial Public Offering (IPO) soon.
The company would be offering 25 per cent of its share capital to the public through an IPO.
Accordingly, Al Ahlia Insurance Co (Al Ahlia) intends to offer 25 million shares through an IPO followed by a listing on the Muscat Securities Market (MSM).
Bank Muscat Investment Banking Division is the financial adviser and the sole issue manager for the transaction.
Al Ahlia is one of the leading property and casualty insurers in Oman, with strong promoters led by the RSA Insurance Group and supported by experienced local shareholders.
RSA Group, the largest shareholder of Al Ahlia has an over 300-year old heritage and is one of the world's leading multinational insurance groups employing over 13,000 people, serving over 9 million customers in more than 100 countries and with net written premiums of $8.2 billion (in 2016).
The company also benefits from having three well reputed Omani Shareholders: Ominvest, W.J. Towell Group and OHI Group.
The company commands a significant share of the insurance market in Oman, and has been consistently achieving underwriting results due to a combination of strong local capability within an internationally tested framework, a well-developed multi-channel, pan Oman distribution network, as well as an innovative product range supported by a robust strategy.
Sharing his views on the proposed IPO, Anwar Ali Sultan, chairman, Al Ahlia Insurance Co. Oman, 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 in its rich history in the Sultanate of Oman. 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 the role Al Ahlia is playing in the insurance sector."
Insurance forms the bedrock for businesses to manage risks and succeed, and individuals to focus on their lives and thrive in the community.
Al Ahlia has been the firm ground on which both businesses and individuals alike across Oman have been able to place their confidence and trust to build their future.
Being part of the RSA Group, Al Ahlia has adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders. The IPO offers a unique opportunity for all to be a part of Al Ahlia's historical success, and its bright future.
Amongst the many insurance IPOs that are in the offing, Al Ahlia particularly stands out as a coming-together of a well-established Omani institution, driven by the expertise and strength of a global leader, RSA.
Speaking about synergies and drawing strengths from RSA, Lloyd East, Regional chief executive officer, RSA (Middle East) and Managing Director of Al Ahlia Insurance Co. Oman, said, "Al Ahlia has strong technical discipline and benefits from the globally applied standards developed by the RSA Group. This is followed across the operations chain-to enhance performance of people, processes, controls, tools and technology-with the aim of sustaining our leadership in the Oman insurance market. The consistent recognition we have received, such as 'Oman Insurer of the Year' for many years at regional award platforms, and the more recent win of "Best Insurer of the Year 2017 - MENA" for RSA Middle East, stand testimony to this fact."
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
Times of Oman
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