Sukoon Insurance PJSC

Sukoon Insurance, previously known as Oman Insurance Company, has launched new digital Accident and Health Insurance products in Dubai, UAE, on February 18, 2025. These products, developed in partnership with the InsureTech platform Democrance, offer comprehensive and flexible coverage options that can be purchased online quickly. The launch addresses the increasing demand for accessible and affordable insurance due to heightened awareness of financial protection needs amidst global economic uncertainties. The new plans are designed to cater to individual needs and budgets, providing a seamless online experience from purchase to claims. Emmanuel Deschamps, Executive Vice President at Sukoon Insurance, emphasized the company's commitment to offering innovative and customer-focused insurance solutions. This launch further establishes Sukoon's reputation as a leading insurer in the UAE.

Sukoon Insurance PJSC, with a paid-up capital of AED 461,872,125, is regulated by the Central Bank of the UAE. On February 17, 2025, the company's Board of Directors passed a resolution by circulation to approve the annual corporate governance report for the financial year 2024. This information was communicated to Mr. Hamed Ahmad Ali, the 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, based in Dubai, UAE, is notifying Mr. Hamed Ahmad Ali, the Executive Chief Officer of the Dubai Financial Market, about an upcoming Board of Directors resolution. The resolution will be passed by circulation on February 17, 2025, at 10:00 am, and will include the approval of the corporate governance report for the financial year 2024. The notification is signed by Louise O’Donnell, Head of Claims Management & Legal, and a copy is sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

Sukoon Insurance PJSC, with a paid-up capital of AED 461,872,125, is regulated by the Central Bank of the UAE. A notification was sent to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, regarding a resolution by circulation from the company's Board of Directors. This resolution will be passed on February 17, 2025, at 10:00 am, and will include the approval of the corporate governance report for the financial year 2024. The communication was sent by Louise O’Donnell, Head of Claims Management & Legal, with a copy to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

The text is an official letter from Sukoon Insurance PJSC, providing contact and regulatory details of the company and inviting its shareholders to attend the Annual General Assembly Meeting. Addressed to Mr. Hamed Ahmad Ali (CEO, Dubai Financial Market) and copied to Mrs. Maryam Butti Al Suwaidi (Securities and Commodities Authority), it outlines that the meeting will be held on 28/02/2025 at 11:00 AM at the company’s head office in Deira, Dubai, and also accessible via online participation at www.smartagm.ae. The letter includes information about Sukoon Insurance PJSC’s paid-up capital, relevant licenses, and contact information.

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's Board of Directors passed a resolution on February 6, 2025, by circulation. The resolutions include recommending to the General Assembly of shareholders the appointment of external auditors for the financial year 2025 and determining their remuneration, as well as distributing cash dividends for the financial year 2024 at 20% of the share capital. The communication 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.

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.