Oman Insurance May Buy Axa’s Middle East Operation: Sources
March 12, 2020, 4:44 pm

Oman Insurance May Buy Axa’s Middle East Operation: Sources

Oman Insurance Co. PSC is considering making a bid for the Middle Eastern operations of French insurer Axa SA, according to people familiar with the matter.

The company that’s backed by Dubai-based bank Mashreq PSC is working with Barclays Plc as it weighs a potential offer for the business, which provides life, property and health insurance, the people said, asking not to be identified as the matter is private. No final decisions have been made and other suitors may also bid for the unit, the people said.

Representatives for Axa and Barclays declined to comment, while a representative for Oman Insurance didn’t respond to a request for comment.

Axa Chief Executive Officer Thomas Buberl is moving to streamline the insurer’s operations by retreating from less profitable markets and pulling back from life insurance. The company, which is working with HSBC Holdings Plc on its strategic review in the Middle East, sold its operations in Poland, the Czech Republic and Slovakia for about 1 billion euros ($1.1 billion) to Austria’s Uniqa Insurance Group AG in February.

Oman Insurance operates 12 branches in the United Arab Emirates and has businesses in Oman and Turkey. The company posted 3.6 billion dirhams ($980 million) in revenue and a net income of 190.5 million dirhams last year, according to its annual report. levant

Jean-Louis Laurent Josi became chief executive officer of Oman Insurance in 2018 after spending 12 years working at Axa. levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”