Liva Group achieved solid financial results and strategic advancements following the successful integration of NLGIC and RSA ME in 2023
- Date: 05-Mar-2024
- Source: Muscat Daily
- Sector:Financial Markets
- Country:Oman
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