Muscat: Liva Group (LIVA: MSX), a leading multi-line insurer in the GCC, reported preliminary third-quarter results for 2024, with net profit before tax reaching OMR 5.3 million, a 274% year-on-year increase.

In a statement published on the Muscat Stock Exchange, the Group also reported insurance service result of OMR 8.2 million, a 190% increase compared to the corresponding quarter of 2023.

The initial unaudited Group and Parent financial results for the third quarter of 2024 also showed that insurance revenue and investment income had increased year-on-year during the period, up 8% and 13% respectively. The Group attributed the growth to continuous improvements in operational disciplines and the adoption of strategic initiatives.

The preliminary results demonstrate that the Group’s core business continues to perform robustly as it pushes ahead with its strategy to diversify and scale the business, both in terms of segments and geographies. Despite severe weather conditions in the UAE and Oman during H1 2024, the Group’s core business showed resilience and adaptability. The strong third quarter performance has helped in reducing the loss after tax of OMR 15.9 million reported in the first half of 2024 to OMR 10.6 million, highlighting Liva Group’s resilience and dedication to profitability, and reinforcing confidence in its future trajectory.

In its statement to MSX, the Group also highlighted that the Parent company’s insurance business in Oman was transferred to its fully owned subsidiary in Oman, Liva Insurance SAOC, as of 1 October 2023. These results reinforce Liva Group’s strategic direction as it continues to grow across multiple markets.

About Liva Group

Liva Group is a leading insurer in the region with strong technical capabilities and customizable solutions across all lines of insurance, underpinned by exceptional service. With an employee strength of 1200 employees, serving more than 1.5 million customers, Liva has established operations across GCC markets, including Oman, Saudi Arabia, the United Arab Emirates, Kuwait, and Bahrain. The Group also has wholly owned subsidiaries viz; NSSPL(India) and Inayah TPA(UAE) to support its business growth.

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