Al Alamiya Announces Completion of Sale of Royal & Sun Alliance Insurance to its stake in Middle East

Royal & Sun Alliance Group announced on Wednesday on 06/07/2022 the completion of sale of its 50% shareholding in Royal & Sun Alliance Insurance (Middle East) from Sun Alliance Insurance Overseas Ltd (SAIO) to National Life & General Insurance Company SAOG, (NLGIC), majority owned by Oman International Development and Investment Co. SAOG (OMINVEST).

The remaining shares of Royal & Sun Alliance Insurance (Middle East) owned by the other shareholders are exchanged into National Life & General Insurance Company shares, making the other Royal & Sun Alliance Insurance (Middle East) Shareholders, majority shareholders of National Life & General Insurance Company after Oman International Development and Investment Co. SAOG (OMINVEST).

As a result, Royal & Sun Alliance Insurance (Middle East) has become a wholly owned subsidiary of National Life & General Insurance Company. Royal & Sun Alliance Insurance (Middle East) will continue to hold a majority shareholding in Al Alamiya for Cooperative Insurance Co.

The company wants to emphasize that the change in Royal & Sun Alliance Insurance (Middle East) ownership will have no immediate impact on day-to-day operations and business will continue to run as usual.