Sukoon has finalized the acquisition of the UAE Life insurance portfolio from Assicurazioni Generali S.p.A. The agreement, signed on February 22nd, 2022, is in line with Generali’s overall strategy to rationalize its business model in UAE by strengthening its ecosystem of partnership proposition. The transfer which covers unit-linked life insurance policies has been approved by regulators including the Central Bank of UAE and the IVASS in Italy. The migration of portfolio has been completed on the 21st of November.
Sukoon will continue to provide policyholders with access to best-in-class insurance services and system. All policyholders have received a welcome message from Sukoon with a complementary 24/7 access to their policies and investments on our digital platform. The terms and conditions of customer’s policies remain unchanged.
“We are pleased with this transaction which is further strengthening our market position reaching more than AED 1 billion of individual life Asset Under Management. 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. Clients of Generali can rely on the very high quality of our services and the very strong financial sustainability of Sukoon” said Emmanuel Deschamps, member of Executive Committee of Sukoon and Head of Life Insurance Unit at Sukoon.