DUBAI, UAE: Oman Insurance Company (OIC) has acquired UAE Life insurance coverage portfolio from Assicurazioni Generali S.p.A.
The agreement, signed on February 23rd, 2022, displays the long-term partnership between the 2 gamers and is in line with Generali’s overall technique to rationalize its enterprise mannequin in UAE by strengthening its ecosystem of partnership proposition.
The switch which covers unit-linked life insurance coverage policies, is anticipated to be accomplished by the finish of August 2022, topic to regulatory approvals.
Both events have agreed to make sure a smooth transition for the existing policyholders and to proceed offering them with entry to best-in-class insurance coverage services and systems.
The phrases and conditions of customer’s insurance coverage policies will stay unchanged.
“We are happy with this transaction which is additional strengthening our market place reaching greater than AED 1.2 billion of particular person life Asset Under Management. It is additionally clearly in line with our technique to speed up the expansion of our life portfolio and become the regional reference in life insurance. With this transaction, we’re capitalizing on our excessive digital capabilities and our multi-channel approach through bancassurance, life brokers partnerships in addition to our 150 consultants in our proprietary channel.” said Emmanuel Deschamps, member of Executive Committee of Oman Insurance and Head of Life Insurance Unit at Oman Insurance.
With a solvency at 275% as of December 2021, Oman Insurance’s solvency is amongst the many highest in UAE and displays its monetary sustainability.
Oman Insurance Company (P.S.C.) was established in 1975 and is one of many main insurance coverage suppliers within the Middle East. Oman Insurance Company has operations throughout all emirates within the UAE in addition to in Oman and Turkey.
Oman Insurance provides a variety of insurance coverage options for people and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.54 billion in 2021, the UAE insurer is rated ‘A’ by AM Best, ‘A-’ by Standard & Poor’s and ‘A2’ by Moody’s.
www.omaninsurance.ae