OMINVEST has a diversified portfolio of investments in the insurance sector, spread over general, health, life and reinsurance in the region. Our insurance portfolio comprises (i) National Life & General Insurance, (ii) International General Insurance (IGI), (iii) Ahlia Insurance and (iv) Takaful Oman.
National Life & General Insurance Company (NLGIC) is our subsidiary and largest investment in the insurance sector. It recorded total gross written premiums of $350 million in 2020 and has grown net profits at an impressive compound annual growth rate of 27% over the last 2 years. NLGIC is the largest insurance company in Oman, has a strong presence in UAE and is growing fast in Kuwait. Moving beyond its core areas of Life and Medical Insurance, NLGIC is rapidly expanding into General Insurance and looking to diversify outside GCC markets.
OMINVEST, through its subsidiary Jabreen Capital, owns 14.3% of IGI. It is a leading international reinsurance company with a worldwide portfolio of Energy, Property, Construction, Ports, Financial Institutions, Aviation, and other sectors. During 2020, IGI was listed on the Nasdaq Capital Market through a business combination with Tiberius Acquisition Corporation.
OMINVEST, through its subsidiary Jabreen Capital, owns 24.3% of Al Ahlia Insurance Oman. It is one of the oldest non-life insurance companies in Oman and is part of the global RSA Insurance Group. Ahlia offers insurance products to retail and commercial clients. Its products include motor, travel, home, marine and specialty lines.
OMINVEST, through its subsidiary Jabreen Capital, owns 24.5% of Takaful Oman. Formed in 2014, it is a leading Islamic Insurance company in Oman. Its takaful business covers family, health, participatory insurance, non-life, accidents, takaful against illness, vehicles, aviation, maritime and naval, transport, fire and damage of properties, takaful against liabilities, and credit and guarantees.