UAE: AMAN to sell life insurance portfolio to Abu Dhabi National Takaful Company
Source: Middle East Insurance Review | Dec 2022
Dubai Islamic Insurance & Reinsurance (AMAN) has announced that it has reached agreement to sell its life insurance portfolio to Abu Dhabi National Takaful Company as part of its plans to transform into an investment company.
AMAN, without announcing the value of the deal in a statement dated 28 October, said, “The transaction is expected to return a lucrative financial profit to the company during the year.”
The deal is subject to the approval of the UAE Central Bank and the Securities and Commodities Authority.
AMAN, listed on the Dubai Financial Market (DFM), announced recently 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.
It had started talks with Dubai-based Islamic Arab Insurance (Salama) to “explore the possibility of a sale of part of the insurance/takaful business of the company”. Both sides aim to complete the deal by the end of December 2022.
AMAN said in its 28 October statement that upon the completion of the separate deals with Abu Dhabi National Takaful Company and Salama, it would exit the insurance sector entirely in preparation for its transformation into an investment company. M