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April 28, 2022

QIC plans to merge subsidiary with Vision Insurance in Oman

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

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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.”

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.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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