Dubai Financial Market (DFM)-listed Dubai Islamic Insurance and Reinsurance Company (AMAN) has agreed to sell its individual life insurance portfolio to Abu Dhabi National Takaful Company for an undisclosed sum.
The deal is subject to approval of the UAE Central Bank and the Securities and Commodities Authority (SCA).
The UAE firm said in a DFM statement that the sale will help it “completely exit from the insurance sector in preparation for its transformation into an investment company”.
Rached Diab, acting chief executive of AMAN, said: “We are pleased to inform our valued shareholders that the company has reached an agreement to sell the individual life insurance portfolio to Abu Dhabi National Takaful Company.
“The company has sent the request application to the UAE Central Bank – Insurance Sector to approve the sale and complete the procedures in order to finalise the transaction between the two companies, more information shall be declared at a later stage.
“The transaction is expected to return a lucrative financial profit to the company during the year.”