Liva celebrates strong financial performance
Liva Group (Liva), a leading multi-line insurer in the GCC, announced the successful conclusion of its Annual General Meeting (AGM) held on March 27 which highlighted the company's robust financial performance in 2023 and outlined its strategic direction for the coming year.
Shareholders participated through the electronic platform facilitated by the Muscat Clearing and Depository Company (MCDC), a press release said.
In 2023, Liva demonstrated strong growth across its expanded regional footprint, delivering an insurance revenue result of Ro310.8mn (USD807.2MN) and an increased profit after tax by 107% to Ro6.4mn (USD16.6MN). This achievement has been supported by Liva’s portfolio diversification, operational capability and strategic vision in navigating the dynamic insurance market.
The AGM agenda included approval of the Board of Directors' reports on the company's activity and financial position, corporate governance, and the statutory auditors' report for the financial year ended 31 December, 2023. Additionally, shareholders approved the distribution of dividends in the form of
mandatory convertible bonds amounting to Ro4.7mn (USD12.2MN) and ratified significant corporate decisions that will pave the way for Liva's continued growth and contribution to social responsibility initiatives.
Furthermore, the meeting set the stage for governance enhancements, with the election of new Board members poised to bring fresh perspectives and drive Liva's strategic ambitions forward.
Martin Rueegg, Group CEO of Liva, said, "The year 2023 was a landmark year for Liva, marking significant strides in our journey of transformation and growth. Our effective financial management and strategic achievements reflect our unwavering commitment to enhancing the lives of our customers and stakeholders.”