Press releases, Reports & Disclosures for Sukoon Insurance PJSC

Sukoon Insurance PJSC, with a paid-up capital of AED 461,872,125 and regulated by the Central Bank of the UAE, disclosed a resolution passed by its Board of Directors on Monday, 30th September 2024. The resolution, passed by circulation at 10:00 am, approved the company's Mid-Year Pricing and Underwriting Performance Report for the period ending 30th June 2024. This information was communicated to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, with a copy sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, and Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC, headquartered in Dubai, UAE, with a paid-up capital of AED 461,872,125, and regulated by the Central Bank of the UAE, has notified the Dubai Financial Market's Executive Chief Officer, Mr. Hamed Ahmad Ali, of an upcoming Board of Directors resolution by circulation. The resolution will be passed on Monday, 30th September 2024, at 10:00 am, addressing the approval of the company's Mid-Year Pricing and Underwriting Performance Report for the period ending 30th June 2024. The notification was signed by Louise O’Donnell, Head of Claims Management & Legal, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has completed the acquisition of the UAE Life insurance portfolio from Chubb Tempest Life Reinsurance Ltd. The agreement, signed on August 24, 2023, aligns with Sukoon's strategy to become a regional leader in life insurance. The transfer, which includes unit-linked and protection life insurance policies, has been approved by the Central Bank of the UAE and the Bermudan Monetary Authority. The migration of the portfolio is now complete. Sukoon will continue to provide policyholders with high-quality insurance services and 24/7 access to their policies and investments via its digital platform. The terms and conditions of the policies issued by Chubb remain unchanged. Emmanuel Deschamps, a member of Sukoon's Executive Committee and Head of Individual Life and Workplace Saving, stated that the transaction strengthens their market position and supports their strategy to grow their life insurance portfolio.

Sukoon Insurance, a leading insurance provider in the UAE, has introduced a new videoconferencing feature for its life insurance customers. This innovation allows applicants to complete their life insurance applications without extensive in-person medical examinations, aligning with the company's customer-centric strategy to enhance accessibility, convenience, and inclusivity. Emmanuel Deschamps, Executive Vice President, highlighted that this makes Sukoon the first in the UAE to offer such a feature for life insurance underwriting. The service is available for a specific age group with predefined premium limits. Dr. Faiza Zulfiqar, Head of Individual Life Underwriting, emphasized that this initiative improves client experience and ensures an efficient underwriting process. This development reflects Sukoon's commitment to exceptional service and continuous evolution to meet client expectations.

The text is a reference to a review report and condensed consolidated interim financial information for Sukoon Insurance P.J.S.C. and its subsidiaries, formerly known as Oman Insurance Company P.S.C., for the six-month period ending June 30, 2024.

Sukoon Insurance PJSC held a Board of Directors meeting on Tuesday, July 23, 2024, at 10:00 AM at their head office in Dubai and via Teams video conferencing. The agenda included reviewing and approving the Q2 2024 financial statements, appointing an external actuary, and a general review of the company's business. The meeting results were communicated to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, with a copy sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has announced a Board of Directors meeting scheduled for Tuesday, July 23, 2024, at 10:00 AM. The meeting will take place at the company's head office in Deira, Dubai, and will also be accessible via Teams video conferencing. The agenda includes the approval of Q2 2024 financial statements, the appointment of an external actuary, and a general review of the company's business. This notification was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market, and a copy was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Oman Insurance Company P.S.C. ("Sukoon") held a Board of Directors meeting on Wednesday, May 29, 2024, at 10:00 am at their head office in Dubai and via Teams video conferencing. The agenda included a general business review and the approval of the Investment Committee Charter and Investment Policy Guidelines. The meeting's details were communicated to Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, with a copy sent to Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Sukoon Insurance PJSC has notified the Dubai Financial Market of a Board of Directors meeting to be held on Wednesday, 29th May 2024 at 10:00 am. The meeting will take place at the company's head office in Dubai and via Teams video conferencing. The agenda includes a general review of the company's business. The notification was sent to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority.

Sukoon Insurance PJSC presented its Q1 2024 financial results, reporting a net profit before tax of AED 90.2 million, up 31% YoY, and insurance revenue of AED 1.23 billion, up 16% YoY. Net investment income reached AED 59.4 million, a 34% YoY increase. Total assets stood at AED 8.81 billion, and total shareholders' equity was AED 2.77 billion as of 31 March 2024. The company, formerly known as Oman Insurance Company P.S.C., has completed its rebranding process. It also successfully transferred the UAE life portfolio from Chubb Tempest Life Reinsurance Ltd and turned around its takaful subsidiary, Sukoon Takaful, which is now on the path to profitability.