College of Economic and Business Administration

BSFIC1206: PRINCIPLES OF FINANCE

Assignment in Health insurance

About National life and general insurance (NLGI)

Contents
Contents ......................................................................................................................................... 2

Abstract .......................................................................................................................................... 3

Introduction ................................................................................................................................... 4

Discussion about National Life and General Insurance Company SAOG (NLG) ................. 5

Introduction ................................................................................................................................. 5

Products and Plans ...................................................................................................................... 5

Total Assets ................................................................................................................................. 6

Market leadership........................................................................................................................ 7

General difficulties ........................................................................................................................ 7

Conclusion ..................................................................................................................................... 8

References ...................................................................................................................................... 9
Abstract
Financial institutions are organizations that provide various products and services related to
money and finance. They play a vital role in the economy by facilitating transactions,
intermediating funds, and managing risks. Some of the common types of financial institutions
are banks, insurance companies, pension funds, mutual funds, and securities firms. In this essay,
I will focus on two specific products offered by financial institutions: health insurance and
national life and general insurance (NLGI). I will explain what these products are, how they
work, and why they are important for individuals and society In example about National Life and
General Insurance Company SAOG (NLG).

.
Introduction
Financial institutions are entities that provide financial services to individuals and businesses. They
play a vital role in the economy by facilitating the flow of funds, intermediating between savers
and borrowers, and offering various products and services to meet the needs of their clients. In this
essay, we will focus on two types of financial institutions: health insurance companies and national
life and general insurance (NLGI) companies.

Health insurance companies are financial institutions that provide health coverage to individuals
or groups in exchange for premiums. They help their clients manage the risk of unexpected medical
expenses and access quality health care services. Health insurance products can vary in terms of
coverage, benefits, deductibles, co-payments, and networks of providers. Some examples of health
insurance products are health maintenance organization (HMO) plans, preferred provider
organization (PPO) plans, point-of-service (POS) plans, high-deductible health plans (HDHPs),
and Medicare Advantage plans [1].

National life and general insurance (NLGI) companies are financial institutions that provide life
insurance and general insurance products to individuals and businesses. Life insurance products
are contracts that pay a lump sum or periodic payments to beneficiaries upon the death of the
insured person. They can also serve as savings or investment vehicles for the policyholders.
General insurance products are contracts that protect the policyholders from losses or damages
caused by various events, such as accidents, fire, theft, natural disasters, or liability claims. Some
examples of general insurance products are auto insurance, home insurance, travel insurance,
business insurance, and workers' compensation insurance.
Discussion about National Life and General Insurance
Company SAOG (NLG)

Introduction
one of the financial institutions that provides health insurance products and services is "National
Life and General Insurance Company SAOG (NLG)". NLG is a public joint stock company
registered with the Ministry of Commerce and Industry in Oman and licensed to do life and general
insurance business. NLG is a subsidiary of Ominvest, one of the oldest and largest investment
companies in the Middle East. NLG has a strong financial strength rating of A- by AM Best
Company and has won various awards and accolades, such as Oman's Most Trusted Brand 2021
in the insurance segment [2].

Products and Plans

NLG offers a range of health insurance plans for individuals and groups, both in Oman and in the
UAE. These plans cover various benefits, such as inpatient and outpatient treatments, pharmacy,
diagnostics, dental, optical, maternity, chronic and pre-existing conditions, etc. The plans also have
different territorial scopes of coverage, aggregate annual limits, deductibles, co-pays and sub-
limits. Some of the plans are:

• NLG Eazy Health – Gold Plus: This plan has a worldwide coverage excluding USA and
Canada, an annual limit of AED 250,000, no consultation deductible or diagnostic co-pay,
and optional dental and optical benefits.
• NLG Eazy Health – Bronze Plus: This plan has a worldwide coverage excluding USA and
Canada, an annual limit of AED 150,000, a consultation deductible of AED 50, a diagnostic
co-pay of 10%, and optional dental and optical benefits.
 • NLG Eazy Health – Basic Plus: This plan has a UAE coverage extended to SEA only for
inpatient treatments, an annual limit of AED 150,000, a consultation deductible of AED
25, a pharmacy co-pay of 20%, a diagnostic co-pay of 20%, and no dental or optical
benefits.

NLG's health insurance products can be purchased online through their website or by contacting
their sales or service team. They also have a network list of hospitals and clinics where their
customers can avail their services. NLG claims to be the insurance market leader in Oman and a
trusted partner for its customers. This image shows the Sales of company in countries [3]:

And the Sales depending In Business shown in this image:

Total Assets
An asset base of 188 Million Omani Riyals, gives stability to the company and assurance to the
market in general [2].
Market leadership
• Leading insurer in Oman with significant market share.
• aim to set similar standards in the General Insurance Industry.
• have a strong branch network with 24 branches in Oman, 2 branches in UAE and 1 branch
in Kuwait.

General difficulties
Both health insurance and NLGI companies operate in a highly regulated environment and face
various challenges and opportunities in the market. They have to comply with different laws and
regulations regarding solvency, consumer protection, pricing, taxation, and reporting. They also
have to compete with other financial institutions and new entrants in terms of product innovation,
customer service, distribution channels, and technology. Moreover, they have to cope with
changing customer preferences, demographic trends, economic conditions, and social issues that
affect their demand and profitability.
Conclusion
In conclusion, this essay has discussed the various products and services provided by different
financial institutions, with a focus on health insurance and National Life and General Insurance
Company SAOG (NLG). NLG is a leading insurance company in Oman and the region, with a
strong financial performance, operational excellence and customer satisfaction.
References
[1] “International Association of Insurance Supervisors (IAIS),” in International Regulatory Co-
operation, OECD, 2016, pp. 132–133. doi: 10.1787/9789264244047-26-en.
[2] “NLG OMAN - National Life and General Insurance Company SAOG.”
https://www.nlg.om/ (accessed Apr. 30, 2023).
[3] MarketScreener, “NATIONAL LIFE AND GENERAL INSURANCE COMPANY SAOG :
Shareholders Board Members Managers and Company Profile | OM0000007043 |
MarketScreener.” https://www.marketscreener.com/quote/stock/NATIONAL-LIFE-AND-
GENERAL-45428306/company/ (accessed Apr. 30, 2023).