Sukoon Insurance PJSC

Sukoon Insurance PJSC, with a paid-up capital of AED 461,872,125, is regulated by the Central Bank of the UAE. On September 26, 2025, the company's Board of Directors passed a resolution by circulation, approving the mid-year underwriting performance report and pricing report as of June 30, 2025. The communication was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and was copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC is notifying Mr. Hamed Ahmad Ali, the Executive Chief Officer of the Dubai Financial Market, that the company's Board of Directors will pass a resolution by circulation on September 26, 2025, at 10:00 am. The agenda includes approving the mid-year underwriting performance report and pricing report as of June 30, 2025. The notification is also copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

Sukoon Insurance PJSC, based in Dubai, has had its A2 Insurance Financial Strength Rating (IFSR) with a stable outlook reaffirmed by Moody's. This rating reflects Sukoon's strong market position, diversified business profile, robust risk management, and high-quality reinsurance support. The company is noted for its customer service focus, particularly in medical and consumer insurance, and its leading position in commercial insurance. Despite challenging market conditions, Sukoon reported strong financial performance in the first half of the year, with insurance revenue reaching AED 3.1 billion and net profits increasing to AED 192 million. Moody's highlighted Sukoon's effective expenditure control, steady investment income, and profitability, achieving a five-year average Return on Capital of 9.5% and a combined ratio of 94.9% as of 2024. Sukoon's minimal impact from the 2024 Dubai floods underscores its effective risk management and reinsurance strategies. Moody's expects Sukoon's profitability to continue strengthening with ongoing business and geographic diversification.

Sukoon Insurance has been reaffirmed by S&P Global Ratings for its strong market position and stable outlook. The company is recognized for its effective long-term strategy and robust financial performance, even amidst a CEO transition. S&P expects Sukoon to continue diversifying locally and internationally, with growth driven by initiatives like Sukoon Takaful, Lloyd’s syndicate 2880, inward treaty reinsurance, individual life, and Sukoon Workplace Savings Solution. Sukoon's interim CEO, Hammad Khan, highlighted a 20% growth in insurance revenue and a 52% increase in net profits in the first half of 2025. The company's transformation under Mr. Jean-Louis Laurent Josi since 2018 has been noted, with achievements such as rebranding, acquiring Sukoon Takaful, and integrating life portfolios from Generali and Chubb. Sukoon reported insurance revenue of AED 3.1 billion and net profits of AED 192 million for the first half of 2025, with S&P acknowledging its potential for sustainable profitability.

Sukoon Insurance PJSC has announced the resignation of its CEO, Jean-Louis Laurent Josi, after seven years of leadership. Since joining in 2018, Josi has significantly transformed the company, enhancing customer service, operational resilience, and financial strength. Under his leadership, Sukoon achieved consistent growth and rebranded itself. Badr Al Ghurair, Chairman of the Sukoon Board, praised Josi's commitment to innovation and excellence. Hammad Khan, currently the Chief Financial Officer and Executive Vice President, has been appointed as Interim CEO. Khan has over 25 years of experience and has been with Sukoon since 2018. The company expressed gratitude for Josi's contributions and wished him success in his future endeavors.

Sukoon Insurance PJSC announced the resignation of Jean-Louis Laurent Josi as CEO, which has been accepted and approved by the Board of Directors. The Board has appointed Chief Financial Officer Hammad Khan to manage the company's daily operations as Interim CEO until a new CEO is appointed, pending approval from the Central Bank of the UAE. The Board will collaborate with the Central Bank to approve the new successor. The announcement was communicated by Badr Al Ghurair, Chairman of the Board of Directors, with a copy sent to Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.

The document is a review report and condensed consolidated interim financial information for Sukoon Insurance P.J.S.C. and its subsidiaries, covering the six-month period ending on June 30, 2025.

Sukoon Insurance PJSC held a Board of Directors meeting on July 23, 2025, at Swissotel Al Ghurair in Dubai and via Teams video conferencing. The board approved the financial statements for the second quarter of the fiscal year 2025, agreed on proposed changes to the composition of the Audit Committee and the Nomination and Remuneration Committee, and discussed general business matters. The communication was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and was also copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has scheduled a Board of Directors meeting on July 23, 2025, at 10:00 am at the Swissotel Al Ghurair in Deira, Dubai, with the option to attend via Teams video conferencing. The meeting agenda includes approving the financial statements for the second quarter of the fiscal year 2025, considering proposed changes to the Audit Committee and the Nomination and Remuneration Committee, and addressing general business matters. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, with a copy to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority. The letter is signed by Jean-Louis Laurent Josi, Chief Executive Officer of Sukoon Insurance PJSC.

Sukoon Insurance P.J.S.C. and its subsidiaries have released a review report and condensed consolidated interim financial information for the three-month period ending March 31, 2025.