Dubai-based Sukoon Insurance, formerly Oman Insurance, has acquired the life insurance portfolio owned by Assicurazioni Generali in the UAE, 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 UAE and the IVASS in Italy. The full migration of the Italian insurer’s UAE life portfolio to Sukoon was completed on 21 November.
Emmanuel Deschamps, member of the Executive Committee and Head of Life Insurance Unit at Sukoon, said: “We are pleased with this transaction which further strengthens our market position and reaches more than Dh1 billion of individual life assets under management.
“This 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 capitalize on our high digital capabilities and our multi-channel approach.”
Generali said that their decision to sell was part of an ‘overall strategy to rationalize its business model in the UAE by strengthening its ecosystem of partnership proposition’.