UAE: Aman to pull out of insurance operations, become holding company
Source: Middle East Insurance Review | Nov 2022
Dubai Islamic Insurance and Reinsurance Company (Aman), listed on the Dubai Financial Market (DFM), has announced its intention to exit its general takaful, health insurance and group family takaful operations.
In a statement to the DFM on 10 October, Aman said that the company has a strategic plan to exit the insurance sector and transform itself into a holding company once its full exit from insurance operations is completed.
On 3 October, Aman said in a bourse statement that it had started talks with Islamic Arab Insurance (Salama) to “explore the possibility of a sale of part of the insurance/takaful business of the company”. Aman said that the value of the exit deal, discussions over which are in the initial stage, is still under negotiation, adding that no final contract has been concluded on the proposed sale.
According to the 10 October statement, Aman and Salama aim to complete the deal by the end of December 2022, noting that the sales proceeds will be used to finance the company’s operations after its transformation into an investment holding company. The statement indicated that the sale is expected to have no significant impact on shareholders. M