It was in February last that Sukoon (formerly Oman Insurance Co.) agreed to buy out the UAE life insurance portfolio from the Italian firm. Image Credit: Shutterstock

Dubai: Dubai-based Sukoon (the new name of Oman Insurance Co.) has acquired the life insurance portfolio held by Assicurazioni Generali in the UAE. The original agreement to buy was signed February last.

The transfer, which covers unit-linked life insurance policies, has since been approved by regulators, including the Central Bank of UAE and the IVASS in Italy. The full migration of the Italian insurer’s UAE life portfolio to Sukoon was then completed on November 21.

The buyout significantly strengthens Sukoon’s operational reach in the life insurance space, which is being seen as still a relatively under-tapped growth area by insurers here. “We are pleased with this transaction which is further strengthening our market position reaching more than Dh1 billion of individual life Asset Under Management,” said Emmanuel Deschamps, member of Executive Committee and Head of Life Insurance Unit at Sukoon.

“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 high digital capabilities and our multi-channel approach.”

The Generali decision to sell was part of an ‘overall strategy to rationalize its business model in UAE by strengthening its ecosystem of partnership proposition’.