Dubai-based Sukoon Insurance, formerly Oman Insurance, has acquired Assicurazioni Generali’s life insurance portfolio in the United Arab Emirates, following the original 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 Central Bank of the United Arab Emirates and IVASS in Italy. The full migration of the UAE life portfolio from the Italian insurer to Sukoon was completed on 21 November.
Emmanuel Deschamps, Member of the Executive Committee and Head of Sukoon’s Life Insurance Unit, commented: “We are pleased with this transaction which further strengthens our market position reaching over 1 billion dirhams of individual assets of life 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 strong digital capabilities and multi-channel approach.”
Generali stated that its decision to sell was part of an “overall strategy to streamline its business model in the UAE by strengthening its partnership proposition ecosystem”.