Dubai-based Sukoon Insurance, formerly Oman Insurance, has acquired the life insurance portfolio held by Assicurazioni Generali in the UAE, following the original agreement to buy signed in February last year.
The transfer, which covers unit-linked life insurance policies, has now been fully approved by regulators, including the Central Bank of UAE and the IVASS in Italy. 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 Life Insurance Unit at Sukoon, commented, “We are pleased with this transaction which is further strengthening our market position reaching more than Dh1 billion of individual life Asset Under Management.
“It is in line with our strategy to accelerate the growth of our life portfolio and become the regional reference in life insurance.
“With this transaction, we are capitalizing on our high digital capabilities and our multi-channel approach.”
Generali stated that their decision to sell was part of an ‘overall strategy to rationalise its business model in UAE by strengthening its ecosystem of partnership proposition’.
