Sukoon has completed the acquisition of the UAE Life insurance portfolio from Chubb Tempest Life Reinsurance Ltd. The agreement, signed on August 24th, 2023, reflects the strategy to become the regional reference in life insurance.
The transfer which covers unit-linked and protection life insurance policies has been approved by relevant regulators including the Central Bank of the UAE and the Bermudan Monetary Authority. The migration of portfolio has been completed.
Sukoon will continue to provide policyholders with access to best-in-class insurance services and system. All policyholders have been provided with 24/7 access to their policies and investments on our digital platform. The terms and conditions of customer’s policies as issued by Chubb remains unchanged.
“We are pleased with this transaction which has further strengthened our market position. It is in line with our strategy to accelerate the growth of our life portfolio. We are capitalising our highest international standards, high digital capabilities at the service of our clients and our multi-channel approach. Clients of Chubb can rely on the high quality of our services and the strong financial sustainability of Sukoon,” said Emmanuel Deschamps, member of Sukoon's Executive Committee and Head of Individual Life and Workplace Savings.
