Press releases, Reports & Disclosures for Sukoon Insurance PJSC

Sukoon Insurance PJSC has notified the Dubai Financial Market that its Board of Directors will pass a resolution on 7th February 2024. The resolution includes a recommendation for a 20% cash dividend distribution for the FY 2023 to the General Assembly of shareholders. It also recommends amending the Company's Articles of Association in line with the Corporate Governance Regulation for Insurance Companies, the Federal decree Law No.48 of 2023, and the Corporate Governance Guide for Public Joint Stock Companies as amended by SCA Resolution No. 02/2024. Additionally, the Corporate Governance Report for 2023 will be approved. The notification is also copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

The Oman Insurance Company PSC, also known as Sukoon, reported its financial results for 2023. The insurance revenue increased to AED 4.64 billion from AED 3.88 billion in 2022. The insurance service result decreased to AED 201 million in 2023 from AED 252 million in 2022. Net investment income rose to AED 190 million in 2023 from AED 126 million in 2022. Total assets and equity at the end of 2023 were AED 8.83 billion and AED 2.77 billion respectively. The company did not issue any securities during this period. Sukoon acquired a 93.04% shareholding in Arabian Scandinavian Insurance Company and rebranded it to Sukoon Takaful. The company also signed a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio, pending regulatory approvals. Additionally, it received a license from DFSA to operate its DIFC-based subsidiary. The net profit for 2023 was AED 257.4 million.

The document is a report from the Board of Directors and independent auditor of Oman Insurance Company P.S.C. and its subsidiaries. It includes the consolidated financial statements for the year ending on 31st December 2023. The report is likely to provide an overview of the company's financial performance and operations during the year.

Sukoon Insurance has won the 'UAE Insurer' award for the second consecutive year at the 2024 MENA Insurance Review Awards ceremony in Dubai. The company was recognized for its heavy investment in innovative solutions, focus on service excellence, and significant achievements throughout the year. CEO Jean-Louis Laurent Josi attributed the win to the company's strategic commitment to digital solutions and customer experience enhancement, as well as the dedication of the Sukoon team, partners, and customers. The MENA Insurance Awards annually acknowledge insurers, reinsurers, and brokers in the MENA region for their exceptional customer service and innovative product development.

Sukoon Insurance PJSC held a Board of Directors meeting on January 25, 2024, where several key decisions were made. The board approved the preliminary financial statements for the fiscal year ending December 31, 2023, pending final approval from the Central Bank of the UAE. They also approved the company's budget, business plan, and reinsurance plan for 2024. The board agreed in principle on the report of the company's activity and financial position for the fiscal year ending December 31, 2023, subject to final approval from the Central Bank. They also approved in principle the external auditor's report, pending final approval from the Central Bank. The board decided to convene the Annual General Assembly Meeting, subject to approval from the Central Bank and the Securities and Commodities Authority. They also resolved to propose a dividend distribution for the year ending December 31, 2023, pending approval from the Central Bank. The board decided to recommend paying the board members' remuneration for 2023 and to propose the appointment of the company's external auditors for 2024 to the General Assembly. They approved the composition of the Audit Committee, with Mr. Nabeel Waheed as Chairman.