UAE-based composite insurance company Oman Insurance Company has acquired UAE Life insurance portfolio from Italian insurance and asset management provider, Assicurazioni Generali.

The acquisition deal was signed by composite insurance company in February 2022. Financial terms of the deal were undisclosed.

The transaction complies with Assicurazioni Generali’s strategy to rationalise its UAE business model by bolstering its ‘ecosystem of partnership proposition’.

Subject to regulatory approvals, the transfer is planned for completion by the end of August 2022. It covers unit-linked life insurance policies.

Oman Insurance executive committee member and life insurance unit head Emmanuel Deschamps said: “We are pleased with this transaction which is further strengthening our market position reaching more than AED 1.2 billion of individual life Asset Under Management.

“It is also clearly in line with our strategy to accelerate the growth of our life portfolio and become the regional reference in life insurance.

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“With this transaction, we are capitalizing on our high digital capabilities and our multi-channel approach through bancassurance, life brokers partnerships as well as our 150 consultants in our proprietary channel.”

Oman Insurance said that the terms and conditions of policies for customers will be unchanged.

Earlier this month, Oman Insurance has partnered with Aster DM Healthcare to offer corporates and individuals in UAE with exclusive and comprehensive health insurance plans.

The premiums being offered include a range of offerings based on various benefits such as co-pay, specialist access, pharmacy benefits, Aster’s network of clinics & hospitals, among others.