Qatar Insurance Company (QIC) Group has confirmed that it is looking to merge its Omani subsidiary with Vision Insurance.

QIC said that the move is part of its strategy to bolster its presence in the ‘direct insurance market in the Gulf region.’

Listed on Muscat Stock Exchange, Oman Qatar Insurance has been active in Oman’s market for more than a decade, offering life, medical, and general insurance products.

Vision Insurance, which also trades on Muscat Stock Exchange, is engaged general and life insurance business.

Oman Qatar Insurance Company’s board of directors is set to issue a letter to the board of directors of Vision Insurance to explore the possibility of a merger.

Qatar Insurance Company added that it “remains supportive of possible merger between its subsidiary Oman Qatar Insurance Company and Vision Insurance subject to approvals from their respective boards, shareholders and stakeholders, satisfactory due diligence, as well as requisite regulatory approvals and signing of legally binding agreements.”

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Furthermore, QIC announced its financial results for the first quarter of 2022.

The insurer posted a net profit of QR230m for the quarter. Gross premium volume remained stable at QR3.2bn on a like-for-like basis.

“The Group’s result was driven by the solid performance of its domestic and MENA operations, strong technical results across QIC’s franchise and the cost-leadership of its operations,” the insurer said in its press statement.