Oman Insurance acquires Generali’s UAE Life Insurance portfolio

 UAE-based composite insurance company Oman Insurance Company has acquired UAE Life insurance market portfolio from Italian insurance and asset management supplier, Assicurazioni Generali.

The acquisition deal was endorsed by composite insurance company in February 2022. Financial terms of the deal were undisclosed.

The transaction agrees with Assicurazioni Generali's strategy to rationalize its UAE plan of action by reinforcing its 'environment of partnership suggestion'.

Dependent upon regulatory approvals, the transfer is planned for fruition toward the finish of August 2022. It covers unit-connected life insurance approaches.

Oman Insurance executive board of trustees part and life insurance unit head Emmanuel Deschamps said: "We are pleased with this transaction which is further fortifying our market position reaching more than AED 1.2 billion of individual life Asset Under Management.

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"It is also clearly in accordance with our strategy to accelerate the development of our life portfolio and become the regional reference in life insurance.

"With this transaction, we are capitalizing on our high digital capabilities and our multi-channel approach through bancassurance, life merchants partnerships as well as our 150 consultants in our proprietary channel."

Oman Insurance said that the agreements of approaches for customers will be unchanged.

Earlier this month, Oman Insurance has partnered with Aster DM Healthcare to offer corporates and individuals in UAE with elite and extensive health insurance plans.

The charges being offered incorporate a range of contributions based on various advantages, for example, co-pay, specialist access, pharmacy benefits, Aster's network of centers and hospitals, among others.

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