Dubai Islamic Insurance and Reinsurance (AMAN) has announced that it will sell its individual life takaful portfolio to Abu Dhabi National Takaful Company (ADNTC) for 37.5 million UAE dirhams.
AMAN, which is listed on the Dubai Financial Market (DFM), had previously been in talks for an acquisition with Salama, another DFM-listed insurer.
In December 2022, Salama announced that it will acquire the insurance portfolio of AMAN which includes its motor, medical, non-motor and group life insurance business (Target Portfolio).
However, AMAN has now decided to exit the insurance business and transform into an investment company.
The company has received initial approval from the Central Bank of UAE for the transaction with ADNTC, which is listed on the Abu Dhabi Securities Exchange (ADX).
The sale is expected to be completed in the third quarter of 2023.
The expected closing date is August 30, 2023, subject to regulatory approvals.
This transaction is expected to have a positive impact on AMAN’s shareholders.
