Press releases, Reports & Disclosures for Oman Insurance Company (P.S.C.)

The Board of Directors of Oman Insurance Company P.S.C. ("Sukoon") passed a resolution to convene the Annual General Assembly Meeting on 2nd January 2024. The board intends to propose two special resolutions: the change of the company's legal name from 'Oman Insurance Company PSC' to 'Sukoon Insurance PJSC', pending regulatory approvals for the new name; and the amendment of the Articles of Association of the Company, also subject to regulatory approvals. The notification was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority.

The Oman Insurance Company P.S.C. ("Sukoon") has announced a board of directors meeting to be held on Wednesday, 13th December 2023, at 9:30 am. The meeting will take place at the company's headquarters in Dubai and through 'Teams' video conferencing. The agenda includes a general review of the company's business. The information was communicated in a letter to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, by Louise O’Donnell, EVP-Head of Strategy, International Operations, Legal and Compliance at Sukoon. A copy of the letter was also sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

The Board of Directors of Oman Insurance Company P.S.C. ("Sukoon") is set to pass a board resolution on December 12, 2023. They plan to invite the General Assembly Meeting on January 2, 2024, to consider changing the legal name of the company from 'Oman Insurance Company PSC' to 'Sukoon Insurance PJSC'. This change is subject to approval and will be done in consultation with the Central Bank of UAE and the Securities and Commodities Authority. The notification was sent by Louise O’Donnell, EVP-Head of Strategy, International Operations, Legal and Compliance, and was also directed to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, and Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi, UAE.

Oman Insurance Company P.S.C. (Sukoon) has reported an 18% growth in insurance revenue, reaching AED 3.4 billion for the nine-month period ending 30 September 2023. Despite inflationary pressures, the company's insurance service results hit AED 157 million, while net investment income grew by 31% to AED 125 million. Net profit reached AED 185 million. The company attributes these results to prudent underwriting, cost discipline, a balanced investment portfolio, and customer service. Sukoon has also signed a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio, pending regulatory approval. The company remains positive yet cautious for the end of the financial year, citing the Central Bank of the UAE's cancellation of the 50% discount on motor minimum insurance premiums as a stabilizing factor. However, it acknowledges risks from sustained high interest rates and ongoing inflation.

The text is a review report and condensed consolidated interim financial information for Oman Insurance Company P.S.C. and its subsidiaries. The report covers the nine-month period ending on 30th September 2023, providing financial details relevant to stakeholders interested in finance and investing.

Sukoon, also known as Oman Insurance Company P.S.C, held a Board of Directors meeting on Tuesday, 25th October 2023 at the company's head office in Dubai. The meeting was also accessible through video conferencing. The agenda included approval of the Q3 2023 financial statements and a general review of the company's business. The information was communicated by Louise O’Donnell, EVP-Head of Strategy, International Operations, Legal and Compliance, to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market. A copy of the communication was also sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

The Executive Chief Officer of the Dubai Financial Market, Mr. Hamed Ahmad Ali, has been notified of a Board of Directors meeting for Oman Insurance Company P.S.C (Sukoon). The meeting will take place on Wednesday, 25th October 2023 at 10:00 am at the company's head office in Dubai, also accessible via Teams video conferencing. The agenda includes approval of the financial statements for Q3-2023 and a general review of the company's business. A copy of the notice was also sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.