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Al Ahlia Insurance announces its maiden public offering

Al Ahlia Insurance announces its maiden public offering

MUSCAT: 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.”