Oman Insurance Company, which is rebranded as Sukoon Insurance, has closed the acquisition of UAE Life insurance portfolio from Assicurazioni Generali, Italy-based insurance and asset management provider.

Financial terms of the deal were undisclosed.

The deal, whose financial and other details were not revealed, was first announced in February 2022.

The sale forms part of Assicurazioni Generali’s strategy to rationalise its UAE business model by bolstering its ‘ecosystem of partnership proposition’.

Under the deal, Sukoon Insurance has acquired unit-linked life insurance policies. The portfolio migration has been completed on 21 November 2022.

Sukoon Life Insurance Unit head and Sukoon executive committee member Emmanuel Deschamps said: “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.” Sukoon has operations in the UAE as well as in Oman. It offers comprehensive insurance solutions to more than 800,000 individuals and commercial clients in motor, life, healthcare and general insurance.