Dubai-based Sukoon Insurance, formerly Oman Insurance, has acquired the life insurance portfolio held by Assicurazioni Generali in the United Arab Emirates, following the initial purchase agreement signed in February last year.
The transfer, which covers unit-linked life insurance policies, has now been fully approved by regulators including the UAE Central Bank and Italy’s IVASS. The full migration of the Italian insurer’s UAE life portfolio to Sukoon was completed on November 21.
Emmanuel Deschamps, member of the executive committee and head of Sukoon’s life insurance unit, said: “We are satisfied with this transaction which further strengthens our position in the market, reaching more than 1 billion dirhams in assets. under individual life management.
“It is part of our strategy to accelerate the growth of our life portfolio and to become the regional reference in life insurance.
“With this transaction, we are capitalizing on our strong digital capabilities and multi-channel approach.”
Generali said its decision to sell was part of an “overall strategy to streamline its business model in the UAE by strengthening its partnership proposal ecosystem.”
