Qatar Insurance Group today announced the acquisition of Vision Insurance Company through its subsidiary in the Sultanate of Oman, Omani Qatar Insurance Company SAOG (OQIC). This acquisition comes within the framework of Qatar Insurance Company's strategy to expand its presence in the direct insurance market in the GCC and Maghreb countries.
The acquisition expands Qatar Insurance's presence:
Oman Qatar Insurance Company has been operating in the Omani market for more than a decade and is a subsidiary of the Doha-based Qatar Insurance Group. It is a market leader in the Middle East and North Africa region, and owns more than 50% of the shares of Oman Qatar Insurance Company. The acquisition results in a consolidated company that benefits from a larger market share in the Sultanate and provides the optimal framework for continuous profitable development while delivering a customer-centric digital insurance experience.
Commenting on the acquisition, Salem Al-Mannai, CEO of Qatar Insurance Group, said: “In light of the political, social and economic stability in the Sultanate of Oman, good governance and a positive outlook for the growing insurance sector, this acquisition represents a major growth opportunity for OQIC, thus expanding Qatar Insurance Company’s footprint in the region. The profitable direct insurance market in the GCC. On a larger scale, this acquisition reflects the alignment of OQIC's objectives with the national objectives stipulated in Oman's Vision 2040, which stipulates enabling the private sector to lead the national economy to be competitive and in line with the global economy."
After completing the acquisition, the authorized capital of the company will be increased from RO 20 million to RO 30 million and the issued capital from RO 10 million to about RO 22 million.
Qatar Insurance Company SAOG is a publicly listed insurance company with a proven performance history of more than 50 years and a global underwriting footprint. Qatar Insurance Company was established in 1964 as the first national insurance company in the State of Qatar, and today it has become a pioneer in the insurance sector in the Middle East and North Africa region. Qatar Insurance Company is also one of the largest insurance companies in the Middle East and North Africa region in terms of total written premiums and total assets. Qatar Insurance Company is listed on the Qatar Stock Exchange with a total market capitalization of more than 5.5 billion Qatari riyals. Qatar Insurance Company was crowned the best digital insurance company in the Middle East, as part of the “Global Banking and Finance Review” awards for the year 2022.