Muscat – Oman Qatar Insurance Company (OQIC) and Vision Insurance Company have announced a landmark merger that promises to deliver exceptional results and quality insurance solutions for Omani market and people.

‘The merger is a direct reflection of Oman’s empowered private sector, driving a globally competitive national economy’, OQIC said in a press release.

OQIC – which has been operating in the Omani market for more than a decade – is a subsidiary of the Doha-based Qatar Insurance Company (QIC), a market leader in the wider MENA region holding more than 50 per cent stake in OQIC.

Salem al Mannai, QIC Group CEO, said, “QIC has continually developed its local, regional and global footprint to cover insurance solutions and services in a diverse array of industry sectors. We believe that within the context of Oman’s political, social and economic stability, good governance and favourable outlook for growth in the insurance sector, this merger is viewed as a key growth opportunity for OQIC and expands QIC’s footprint in the profitable direct-line insurance market within the GCC region.”

Hasan Yaseen al Lawati, chief executive officer of OQIC, said, “Our merger with Vision Insurance, where OQIC is the surviving entity, is another significant milestone in our company’s journey towards continuous success. The merger will bring synergies across multiple functions. We welcome skilled and talented workforce of the merging entity into OQIC family and our assets base will increase significantly. The wider branch network across the sultanate will facilitate customer experience and boost revenues.”

Lawati noted that this merger transaction will position OQIC among the leaders in Oman in terms of gross written premium.

“The merger reflects our ongoing commitment to our motto, which is ‘brilliance, excellence and success’. It represents OQIC’s continued growth as a prosperous and profitable company, which ultimately supports Oman’s march towards a globally competitive, modern and advanced future,” he said.

“This endeavour was a key growth opportunity for OQIC. It means more prosperity, more profitability and a more progressive Oman. Also, let’s not forget that this merger brings about a unified company, leveraging a greater market share in the sultanate,” Lawati added.

Following the merger, the authorised capital of OQIC increased from RO20mn to RO30mn and the issued capital from RO10mn to around RO22mn. This decision was taken at the company’s extraordinary general meeting.

According to OQIC, the merger broadly reflects OQIC’s alignment with national goals set out in Oman Vision 2040, which foresees an empowered private sector driving a national economy that is competitive and aligned with the global economy.

OQIC is engaged in the business of life, medical and general insurance in the sultanate.