Dubai investment arm in life insurance alliance

Dubai: The Investment Corporation of Dubai (ICD) is set to team up with Samsung Life Insurance to launch an ‘alliance' focused on emerging markets.

One person close to ICD said the partnership — which could later be turned into a joint venture — would concentrate on selling life insurance products to the Middle East and north Africa, where penetration levels are low.

Expansion into other emerging markets, including sub-Saharan Africa, could then follow.

Samsung Life, which has assets under management of $100 billion and has been looking for growth overseas, will provide industry expertise to complement ICD's regional experience.

Insurance premiums in the Gulf states are projected to grow at 20 per cent a year through to 2015 on high gross domestic product growth, according to a report by Alpen Capital.

Life insurance is growing at a faster rate than non-life insurance products, such as car and health, but from a lower base as it accounts for about 15 per cent of regional insurance premiums.

ICD has state assets worth about $70 billion.

— Financial Times