Qatar Insurance Group (QIC) through its Oman subsidiary, Oman Qatar Insurance SAOG (OQIC) recently completed the acquisition of a leading Omani national insurer- Vision Insurance SAOG. The acquisition is part of QIC’s strategy to expand its presence in the direct insurance market of the Gulf Cooperation Council (GCC) and Maghreb. 

Acquisition expands QIC’s Footprint

Oman QIC has been operating in the Omani market for over a decade and is a subsidiary of the Doha headquartered Qatar Insurance Group (QIC), a market leader in the wider MENA region and holds more than 50 percent stake in OQIC. The acquisition brings about a unified company that leverages a greater market share in the Sultanate and provides the optimum framework for continuous profitable development while offering an affordable, customer-centric and digital-first insurance experience. 

Speaking on the acquisition, QIC Group CEO, Salem Al Mannai, said, “Within the context of Oman’s political, social, and economic stability, good governance and favorable outlook for a growing insurance sector, this acquisition is a key growth opportunity for OQIC and in turn expands QIC’s footprint in the profitable direct-line insurance market within the Gulf Cooperation Council (GCC). More broadly, the acquisition reflects OQIC’s alignment with national goals set out in The Oman Vision 2040, which foresees an empowered private sector driving a national economy that is competitive and aligned with the global economy”. 

Following the acquisition, the authorized capital of the company will be increased from OMR 20 million to OMR 30 million and the issued capital from OMR 10 million to around OMR 22 million. 

Qatar Insurance Company Q.S.P.C. (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is also one of the largest insurance companies in the MENA region in terms of gross written premium and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR  5.5 billion. QIC was crowned as the best online insurance company in the Middle East at the Global Banking & Finance Review Awards 2022.