DUBAI, UNITED ARAB EMIRATES: Sukoon has finalized the acquisition of the UAE Life insurance coverage portfolio from Assicurazioni Generali S.p.A. The agreement, signed on February 22nd, 2022, is in line with Generali’s overall technique to rationalize its enterprise mannequin in UAE by strengthening its ecosystem of partnership proposition.
The switch which covers unit-linked life insurance coverage insurance policies has been approved by regulators together with the Central Bank of UAE and the IVASS in Italy. The migration of portfolio has been accomplished on the 21st of November.
Sukoon will proceed to present policyholders with entry to best-in-class insurance coverage services and system. All policyholders have received a welcome message from Sukoon with a complementary 24/7 entry to their insurance coverage policies and investments on our digital platform. The phrases and conditions of customer’s insurance coverage policies stay unchanged.
“We are happy with this transaction which is additional strengthening our market place reaching greater than AED 1 billion of particular person life Asset Under Management. It is in line with our technique to speed up the expansion of our life portfolio and become the regional reference in life insurance. With this transaction, we’re capitalizing on our excessive digital capabilities and our multi-channel approach. Clients of Generali can depend on the very excessive high quality of our services and the very strong monetary sustainability of Sukoon,” said Emmanuel Deschamps, member of Executive Committee of Sukoon and Head of Life Insurance Unit at Sukoon.
Established in 1975, Oman Insurance Company P.S.C. (“Sukoon”) is one of many main insurance coverage suppliers within the UAE. They present a variety of complete insurance coverage options to greater than 800,000 people and commercial clients in motor, life, healthcare and general (property, energy, engineering, aviation, marine and liability) insurance. Sukoon has operations throughout all Emirates within the UAE in addition to in Oman.