(MENAFN- Muscat Daily) Muscat- Al Ahlia intends to offer 25mn shares through its IPO followed by listing on the Muscat Securities Market (MSM). Bank Muscat's investment banking division is the financial advisor 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 RSA Insurance Group and supported by experienced local shareholders.
RSA Group, the largest shareholder of Al Ahlia, is one of the world's leading multinational insurance groups employing over 13,000 people and serving over 9mn customers in more than 100 countries.
Al Ahlia also benefits from having three well reputed Omani shareholders namely Ominvest, WJ Towell Group and OHI Group.
The company commands a significant share of the insurance market in Oman. It 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.
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. Being one of the oldest insurance companies, Al Ahlia has been part of the remarkable success of Oman as a nation.'
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.
Speaking about synergies and drawing strengths from RSA, Lloyd East, regional CEO, 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 Omani insurance market.'
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.
'We believe that Al Ahlia will continue to play a central role in the development of the insurance industry in Oman, continuing to draw on the international and local expertise and knowledge of its experienced shareholders. Al Ahlia continues to aim to deliver a market leading customer experience and consistent underwriting results,' East added.
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