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

Solidarity Bahrain gets AM Best's positive rating

09/02/2018

Solidarity Bahrain, a leading insurance group, has been assigned the financial strength rating of B++ (Good) with a stable outlook and issuer credit rating of "bbb" with a positive outlook from inter

Trade Arabia

Al Ahlia Insurance posts strong half-yearly results backed by solid gr

01/08/2017

Al Ahlia Insurance declared its unaudited interim results for the first 6 months of 2017, recording a growth of 14.5 per cent in net profit after tax from RO 2.24m in H1 2016 to RO 2.56m in H1 2017.

Oman Daily Observer

Al Ahlia IPO attracts strong response

16/07/2017

Following the successful launch of the Initial Public Offering (IPO) of Al Ahlia Insurance Company (Al Ahlia) SAOG (under transformation), investor interest is gathering pace. The company has been ho

Oman Daily Observer

Ticker Price Volume
SOLID Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
IHC 401.50 -2.50 (-0.62%)
FAB 13.94 -0.06 (-0.43%)
EMIRATESNBD 20.15 0.10 (0.49%)
ADCB 10.74 0.06 (0.56%)
EIB 11.95 0.00 (0.00%)
Dubai shipping firm Gulf Navigation finally clears hurdle to buyout Brooge Energy assets

14/03/2025

The Dubai shipping firm Gulf Navigation has ticked off one major milestone in its ongoing turnaround by getting shareholder approval to take over the assets and companies owned by Brooge Energy Ltd.

Khaleej Times

Asyad Shipping shares steady on market debut after RO128mn IPO

13/03/2025

Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, successfully listed on the Muscat Stock Exchange (MSX) on Wednesday f

Muscat Daily

Nakilat celebrates steel cutting of 8 new LNG carriers

13/03/2025

Qatar Gas Transport Company (Nakilat) marked a significant milestone with the steel cutting ceremony for eight of its new LNG carriers at Hanwha Ocean Shipyard in South Korea.

These vessel

Trade Arabia

OQEP, Genel Energy to develop Block 54 in Oman

12/03/2025

Oman's Ministry of Energy and Minerals has entered into an Exploration and Production Sharing Agreement (EPSA) with OQ Exploration and Production (OQEP) and Genel Energy to develop Concession Block 5

Muscat Daily

Gulf Bank hosts 2-day fitness challenge with valuable prizes at Lose Gain gym

11/03/2025

For the third consecutive year, Gulf Bank successfully organized an exhilarating fitness challenge at Lose Gain, a specialized group training gym. The event combined high-energy workouts with friendl

Khaleej Times