Sukoon Insurance PJSC

Sukoon Insurance PJSC, headquartered in Dubai, UAE, with a paid-up capital of AED 461,872,125, is regulated by the Central Bank of the UAE. The company plans to pass a Board of Directors resolution by circulation on February 6, 2025, at 10:00 am. The agenda includes recommending to the General Assembly of shareholders the distribution of cash dividends for the fiscal year 2024 and the appointment of external auditors with proposed remuneration for the fiscal year 2025. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy is sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance has introduced an AI-powered face scanning feature to expedite the life insurance application process. This new technology, integrated with Sukoon's videoconferencing system, analyzes a brief video of an applicant's face to assess health metrics such as heart rate, blood pressure, and respiration rate, eliminating the need for traditional medical exams. Developed in partnership with One Call, a technology solutions provider for the insurance sector, this feature aims to enhance customer convenience and efficiency. Emmanuel Deschamps, Executive Vice President at Sukoon, highlighted that this AI integration is part of Sukoon's digital strategy to improve user experience, which also includes a mobile app and digital claims services.

Sukoon Insurance PJSC, a prominent insurance provider in the UAE, is celebrating its 50th anniversary in 2025. Established in 1975, the company has become one of the top three insurers listed on the Dubai Financial Market (DFM). Sukoon Insurance is recognized for its customer-centric solutions, risk management, and innovation, serving 1.36 million insured members in the UAE. The company has won several industry awards, including UAE’s Best Insurer of the Year and the Innovation of the Year award. The recent rebranding to "Sukoon Insurance" reflects its commitment to future growth and reliability. CEO Jean-Louis Laurent Josi emphasized the company's dedication to customers, partners, and shareholders, highlighting their record gross premium written (GPW) as a sign of trust and success. Sukoon Insurance plans to focus on continued growth and innovation to meet evolving customer needs in the UAE and beyond.

Sukoon Insurance P JSC reported its annual financial results for the period from January 1, 2024, to December 31, 2024. The company achieved insurance revenue of AED 5.41 billion and a profit before tax of AED 291.5 million. Net investment income was AED 209.1 million. During the year, the company changed its legal name from Oman Insurance Company PSC to Sukoon Insurance PJSC and acquired the UAE Life portfolio from Chubb Tempest Life Reinsurance Ltd. Insurance revenue increased by 17% compared to the previous year, reaching AED 5.41 billion, while insurance service expenses rose to AED 4.29 billion. The insurance service result before reinsurance contracts was AED 1.12 billion, with net expenses from reinsurance contracts at AED 887.86 million. The company reported a profit of AED 266.8 million for the year. As of December 31, 2024, total assets were AED 10.42 billion, and total equity was AED 2.99 billion. Sukoon maintains a strong balance sheet with a solvency ratio of 270%, indicating a robust ability to meet policyholder obligations. No securities were issued during the financial period.

The document is the report of the Board of Directors, the independent auditor's report, and the consolidated financial statements for Sukoon Insurance P.J.S.C. and its subsidiaries, formerly known as Oman Insurance Company P.S.C., for the year ending December 31, 2024.

Sukoon Insurance PJSC, based in Dubai, UAE, held a Board of Directors meeting on January 28, 2025, where several resolutions were passed. These included the approval of the final annual financial statements and the external auditor's report for the fiscal year ending December 31, 2024. The board also approved the business plan for 2025 and the report on the company's activities and financial position for 2024. Additionally, they resolved to recommend to the General Assembly of shareholders the payment of board members' remuneration for 2024, the appointment of external auditors for 2025 (pending Central Bank approval), and the distribution of cash dividends for 2024 amounting to 20% of the share capital (also subject to Central Bank approval). The letter was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has announced that its Board of Directors will pass a resolution by circulation on January 28, 2025, at 10:00 am. The agenda includes recommending cash dividends for the 2024 financial year, approving the final annual financial statements for the year ending December 31, 2024, approving the external auditor's report, approving the Board of Directors' report on the company's activities and financial position for the same fiscal year, recommending the remuneration for the Board of Directors for 2024, and approving the appointment and remuneration of external auditors. The notification is addressed 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.

The Board of Directors of Sukoon Insurance PJSC held a meeting on January 17, 2025, at their head office in Dubai and via video conferencing. The board reviewed the draft of the external audit report and the annual financial statements for the fiscal year ending December 31, 2024. They approved the budget and reinsurance plan for 2025 and set the date for the Annual General Assembly Meeting on February 28, pending approval from the Central Bank of the UAE and the Securities and Commodities Authority. The meeting was attended by Louise O’Donnell, the Board Secretary, and a copy of the meeting details was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Sukoon Insurance PJSC has announced a Board of Directors meeting scheduled for January 17, 2025, at 9:00 AM. The meeting will take place at the company's head office in Deira, Dubai, and will also be accessible via the Teams platform. The agenda includes reviewing the draft external audit report and annual financial statements for the fiscal year ending December 31, 2024, approving the budget for 2025, the reinsurance plan, and setting the date for the General Assembly Meeting, pending approval from the Central Bank and the Securities and Commodities Authority. General business matters will also be discussed. The notification was sent by Louise O’Donnell, Board Secretary, with a copy to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Sukoon Insurance PJSC has announced the opening of nominations for its Board of Directors from December 23, 2024, at 8 am to January 7, 2025, at 6 pm. Shareholders who meet the eligibility criteria can apply for board membership by submitting an application to the company's main headquarters in Deira, Dubai. The application should include a brief introduction and the type of membership sought (executive, non-executive, or independent). Seven board members will be elected, and nominations will remain open for at least ten days, in line with governance regulations. Candidates must comply with relevant legal and company requirements, and necessary documents will be available on the company's website. Once nominations close, candidates cannot transfer their candidacy to others. The names and details of candidates will be published on the company's bulletin board and website on February 25, 2024, and shared with the Securities & Commodities Authority and the Market.