Mandatory public listing of insurance companies has driven some consolidation in the industry to optimise the number of insurers in the market, whilst maintaining a healthy competitive landscape, says Lloyd East, CEO – Al Ahlia Insurance Co and RSA Middle East. Muhammed Nafie reports
Al Ahlia Insurance went for an IPO in 2017. How did the listing help the company strengthen its financial, technical and human resources?
The IPO of Al Ahlia Insurance was the first successful issue of 2017, and one of the successful insurance IPOs of the year. It is a matter of great pride for us and our shareholders that Al Ahlia was the first insurance company to meet the regulatory deadline in accordance with the Royal Decree, for all local insurance companies to become publicly listed entities.
The issuance generated a strong response with considerable oversubscription. This is testimony to the consistent financial and technical performance of the company, which has been driven by a combination of strong local underwriting and distribution capability, working within the framework of RSA Group’s global technical framework.
While the successful IPO validates our strong historic financial performance and reinforces our future plans, the marketing campaign and investor roadshows really raised the awareness of our company and made a positive impact on our corporate image. Equally, it has given our employees real added pride to be associated with a strong and successful company that is now publically listed on the Muscat Securities Market.
At Al Ahlia, we truly believe in the potential of our people, and in our industry, individual expertise is integral to our success. The listing of the company has inspired all of us to continue to develop the business and deliver results that will not just make Al Ahlia proud, be a benchmark in the industry and a source of confidence for our investors and shareholders.
What are the other achievements and milestones for the company in the recent months? Has the economic slowdown affected your performance?
This story is from the April 2018 edition of Oman Economic Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2018 edition of Oman Economic Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign In
Preventing Heart Disease
Heart disease is a leading killer globally. Beware what to do when chest pain strikes, says Dr V S Yogeeswari, Specialist Cardiologist, NMC Specialty Hospital, Al Ghoubra
Positive Outlook
Government spending on infrastructure development projects such as airports and seaports, construction of new hotels and malls as well as the preparations for the upcoming World Expo 2020 and FIFA World Cup 2022 have propelled the growth of air conditioner market in the GCC region
Leading Smart Transformation
Information Technology Authority is developing a long-term strategy until 2030 for creating smart cities
Robust Growth
Khalid Al Kayed, CEO of Bank Nizwa, talks about the bank’s performance, expansion strategy, future outlook and the Islamic banking industry in Oman
Stunning Models
Alfa Romeo celebrates an unprecedented trio of prestigious awards from EVO Middle East magazine
Staying Ahead Of The Curve
Mandatory public listing of insurance companies has driven some consolidation in the industry to optimise the number of insurers in the market, whilst maintaining a healthy competitive landscape, says Lloyd East, CEO – Al Ahlia Insurance Co and RSA Middle East. Muhammed Nafie reports
Exploring Opportunities
Rebecca Olson, Executive Director at the Oman American Business Center shares details of the recently hosted Renewable Energy Series
Connecting Lives
Smart homes zone, AR/VR zone and robot technologies are some of the latest attractions at Comex 2018
Building A Healthier Sultanate
With the contribution of an impressive health centre in the Dhofar region, the Al Tasnim Group is enabling enhanced healthcare access in the Sultanate
Brace For Sweltering Summers
The Air Conditioning Division of Khimji Ramdas (ACD) has been in relentless service to the people of Oman, providing professional air conditioning solutions.
