UAE-based Oman Insurance acquires Dubai-headquartered life insurance portfolio from Generali

UAE-based Oman Insurance has acquired the life insurance portfolio of Italian insurer Assicurazioni Generali in the UAE, Zawya reports.
Oman Insurance said in a statement on Monday said it landed the acquisition of Assicurazioni Generali in the Gulf country adding that the deal is expected to strengthen the company’s market position.
Under the agreement, Oman Insurance and Generali will ensure a “smooth transition” for existing policyholders. The terms and conditions of customers’ policies will remain unchanged
“We are pleased with this transaction which is further strengthening our market position reaching more than 1.2 billion dirhams of individual life asset under management,” said Emmanuel Deschamps, member of the executive committee and head of life insurance unit at Oman Insurance.
The full transaction will be completed in August this year.