AMAN prepares for exit from insurance market
Dubai Islamic Insurance and Reinsurance Company PSC (AMAN) has announced in a bourse notification that the company has reached an agreement to sell the individual life insurance portfolio to Abu Dhabi National Takaful Company, subject to the approval of the Central Bank of the UAE and the Securities and Commodities Authority.
The company has sent a request application to the Central Bank to approve the sale and complete procedures in order to finalise the transaction between the two companies.
With the completion of this deal, the company will have completely exited from the insurance sector in preparation for its transformation into an investment company, subject to the approval of the Central Bank and the SCA.
Previously Salama had initiated negotiations with Aman to acquire a portion of the company’s general, medical and family takaful portfolios. The transaction is subject to due diligence, further negotiations between the parties and regulatory approvals.
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