ONIC Holding was formed through the September 1998 merger of Oman National Holding Company (ONHC) and Al-Ahlia Portfolio Securities Company and aimed to become a one-stop shop for financial services, focusing its operations on three core areas of operations: insurance, investment and banking.

ONHC was established in 1978 as Oman National Insurance Company (ONIC). It was restructured into a holding company with effect from 1 January 1996 and two closed joint stock companies were formed to undertake ONIC's operations.

A new Oman National Insurance Company was established to run the general insurance business and National Life Insurance Company was set up to handle life insurance operations. Both companies are 98 per cent owned by ONIC Holding.

ONIC has built up a presence in Saudi Arabia, in 1997 buying a 75 per cent stake in Riyadh-based Saudi Continental Insurance Company and in 1998 acquiring the book business of Al-Jazira Insurance Company.

It has a 20 per cent stake in Luxembourg's FinCorp, through which it has developed a presence in Lebanon, through the purchase of a large stake in Banque du Credit Populaire, in Pakistan through the acquisition of Schon Bank and in Egypt through the purchase of a 57 per cent stake in El-Rowad Securities.

In 1998, it acquired the UK's Oriel, which has a strong presence in the European vehicle warranty market. ONIC is also making a name for itself in the fast-growing warranty business in the Gulf. A combination of factors, including a poor underwriting result and the need to make major provisions, produced a net loss of RO 35.

2 million ($91.4 million) in 1999. The news of the losses followed the announcement that Mohamed al-Yousef had stepped down as chairman. In May 2003 the company pulled out of Saudi Continental Insurance Company (Sconic) by divesting its 75 per cent stake in the latter to Aggad Group.

In April 2004 the private equity firm, ABRAAJ Capital fully exited from ONIC when its 16.7% stake was acquired by SHUAA Capital.

Individuals	N/A
Institutions	N/A
Floating	N/A
Government	N/A

Director	Abdulhussain bin Bhacker Jaffar
Director	Khalid bin Hilal Al Mawli
Director	Mushtaq bin Abdulla Al Saleh
Director	Ram R.
Director	Rashid Bin Salim Al Masroori
Chairman	Salim bin Hassan Macki
Chairman	Salim bin Saeed Al Araimi
Director	Yeshwant C. Desai
Director	Yousef bin Salman Al Saleh

	2004	2003	2002
Total Assets	51,248	41,194	51,475
Shareholder's Equity	25,269	17,586	14,609
NIAT	9,183	3,877	1,501
Dividends	1,000	2,500	3,936

	2004	2003	2002
Assets Growth	24.41%	-19.97%	-31.99%
Earning Growth	136.84%	158.31%	0.00%
ROaA	19.87%	8.37%	2.36%
ROaE	42.86%	24.09%	20.55%
No. Of Shares	10,000,000	10,000,000	43,736,000
EPS	0.92	0.39	0.03
EPS Growth	136.84%	158.31%	0.00%
Payout Ratio	10.89	64.48	262.243

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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