Wednesday, April 24
10:12 AM

Liva Group achieved solid financial results and strategic advancements following the successful integration of NLGIC and RSA ME in 2023

5 Mar 2024

Muscat – In 2023, Liva demonstrated significant growth, with a 43% increase in insurance revenue and a 107% improvement in profit after tax compared to the previous year. Despite headwinds in some business verticals, such as in health insurance, Liva’s net insurance service result grew by 65% due to diversification, effective underwriting, and data analytics.

Key Financial Highlights for 2023:

Insurance revenue increased by 43% to OMR 310.8 million (USD 807.2 million)
Net insurance service result rose by 65% to OMR 9 million (USD 23.5 million)
Profit after tax grew by 107% to OMR 6.4 million (USD 16.6 million)
Investment income increased by 89% to OMR 12.8 million (USD 33.3 million)

In addition to financial achievements, Liva executed key strategic initiatives such as launching a new brand identity, integrating operations across the region, and optimizing its property portfolio.

Furthermore, in January 2024, AM Best reaffirmed Liva’s Financial strength rating and Long-term issuer credit rating of A- (Excellent), citing its strong balance sheet and operating performance.

Martin Rueegg, Liva Group CEO, stated that “Despite facing challenges in some of our core markets, 2023 proved to be a significant year of growth and strategic progress for Liva. Our financial performance reflects our resilience and ability to thrive amidst adversity. As we move forward, our commitment remains resolute: to achieve robust, profitable growth and enhance the lives of our globally connected community.”

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac