OIC acquires UAE Life portfolio from Generali

Oman Insurance Company has announced the acquisition of the UAE Life insurance portfolio of Assicurazioni Generali S.p.A. The agreement, signed on February 23, 2022, reflects the long-term partnership between the two players and is in line with Generali’s overall strategy to rationalize its business model in UAE by strengthening its ecosystem of partnership proposition.

The transfer which covers unit-linked life insurance policies, is expected to be completed by the end of August 2022, subject to regulatory approvals.

Both parties have agreed to ensure a smooth transition for the existing policyholders and to continue providing them with access to best-in-class insurance services and systems. The terms and conditions of customer’s policies will remain unchanged.

“We are pleased with this transaction which is further strengthening our market position reaching more than AED1.2 billion of individual life Asset Under Management. It is also clearly in line with our strategy to accelerate the growth of our life portfolio and become the regional reference in life insurance. With this transaction, we are capitalising on our high digital capabilities and our multi-channel approach through bancassurance, life brokers partnerships as well as our 150 consultants in our proprietary channel,” said Emmanuel Deschamps, member of Executive Committee and head of Life Insurance Unit at Oman Insurance.