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Dubai-based Sukoon Insurance coverage, previously Oman Insurance coverage, has acquired the life insurance coverage portfolio held by Assicurazioni Generali within the UAE, following the unique settlement to purchase signed in February final yr.
The switch, which covers unit-linked life insurance coverage insurance policies, has now been totally authorised by regulators, together with the Central Financial institution of UAE and the IVASS in Italy. The total migration of the Italian insurer’s UAE life portfolio to Sukoon was accomplished on November 21.
Emmanuel Deschamps, member of the Govt Committee and Head of Life Insurance coverage Unit at Sukoon, commented, “We’re happy with this transaction which is additional strengthening our market place reaching greater than Dh1 billion of particular person life Asset Below Administration.
“It’s in step with our technique to speed up the expansion of our life portfolio and turn out to be the regional reference in life insurance coverage.
“With this transaction, we’re capitalizing on our excessive digital capabilities and our multi-channel method.”
Generali said that their determination to promote was a part of an ‘general technique to rationalise its enterprise mannequin in UAE by strengthening its ecosystem of partnership proposition’.
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