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Oman Insurance Company (OIC) has completed 100 percent acquisition of its subsidiary Dubai Starr Sigorta.
Dubai Starr Sigorta is an auto agency based in Istanbul, Turkey, with operations in Ankara, Izmir and Bursa.
The insurance company, listed on Dubai Financial Market (DFM), said in a statement to the exchange that it has obtained an additional 49 percent of the auto agency’s issued and outstanding share capital. OIC had bought a 51 percent stake in the company in 2012.
“This move further strengthens Oman Insurance Company’s geographical diversification along with its strong presence in the UAE and Oman. The acquisition further bridges an opportunity to reach and explore European markets,” OIC said in a statement to DFM.
The insurance company reported a Q2 2020 net profit attributable to owners of the company of 52.98 million UAE dirhams ($14.42 million), compared to 48.5 million UAE dirhams in Q2 2019.
The company’s gross insurance premiums stood at 1.04 billion UAE dirhams in Q2 2020, compared to 970.71 million UAE dirhams in Q2 2019.
OIC provides a wide range of insurance solutions for individuals and enterprises in life, medical and general insurance. It has operations across the UAE, Oman and a subsidiary in Turkey.
(Reporting by Gerard Aoun; editing by Mily Chakrabarty)
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© ZAWYA 2020
