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

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

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. […]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