Sukoon Insurance, formerly Oman Insurance Company, has finalised the acquisition of the UAE life insurance portfolio of Chubb Tempest Life Reinsurance.
The transfer includes unit-linked insurance policies and life insurance policies.
Emmanuel Deschamps, Member of Sukoon Executive Committee, Head of Sukoon Life, Head of Sukoon Family Takaful, said the deal is in line with the company’s strategy to accelerate the growth of its life insurance portfolio. In 2023, Sukoon achieved net profit of Dh257.4 million and a strong solvency margin of 272%.
The acquistion has been approved by the relevant regulatory authorities, including the Central Bank of the UAE and the Bermuda Monetary Authority, the company said in a disclosure to the Dubai Financial Market (DFM).
