On 23 February 2026, the Administrative Division of Muscat Primary Court issued its ruling in Case No. 5920/1801/2025, dismissing the claim filed by the Company (MIC) against the Financial Services Authority pertaining the FSA’ address vide letter no FSA/380/25 on the rejection of MIC’ application for Category A license to issue health insurance policies. The Company Legal advisors are currently reviewing the judgment and assessing its available legal options, including the possibility of pursuing further legal actions via appealing the existing ruling in accordance with the applicable regulatory requirements or explore the resubmission of new application to continue medical insurance business.

Further the Financial Services Authority had authorized the Company to continue issuing insurance policies up to 31 December 2025 and to service existing health insurance policies, ceasing after this date. The Company confirms that it has complied fully with these regulatory directives.

Post a comprehensive review of the ruling, the relevant regulatory procedures, and an assessment of the associated financial implications, the Company’s management has concluded that no material adjustments are required to the financial statements for the fiscal year ended 31 December 2025.