Press releases, Reports & Disclosures for Sukoon Insurance PJSC

Sukoon Insurance PJSC, based in Dubai, United Arab Emirates, has proposed to acquire up to 6.95% of the issued and paid ordinary shares of Arabian Scandinavian Insurance Company (PLC) – Takaful – ASCANA Insurance. The proposed cash consideration for this acquisition is AED 1.65 per share. This offer is detailed in an Offer Document, dated 4th March 2024, which is recommended to be reviewed with a financial advisor licensed by the Securities and Commodities Authority. The Securities and Commodities Authority and the Dubai Financial Market have issued a disclaimer stating they are not liable for the content of the Offer Document.

Sukoon Insurance PJSC, a Dubai-based company, has expressed its firm intention to acquire up to 6.95% of the issued and paid up ordinary shares of Arabian Scandinavian Insurance Company (PLC) – Takaful – ASCANA Insurance. Sukoon is currently the key shareholder of ASCANA, holding 93.0432% of its shares. The company's intention to make an offer was communicated to ASCANA's board of directors on 4 March 2024. Mashreq Bank PSC is the key shareholder of Sukoon, owning 65.7637% of its share capital.

Sukoon Insurance PJSC held its Annual General Assembly Meeting on February 29, 2024. The meeting, which took place at the company's head office and online, discussed and approved several items. These included the Board of Directors' report on the company's activity and financial position for the fiscal year ending 31/12/2023, the Auditor's report for the same period, and the company's balance sheet and profit and loss account. The assembly approved a 20% cash dividend distribution of the share capital, amounting to AED 92,374,425, and the remuneration of the Board Members amounting to AED 1,950,000 for the fiscal year 2023. The liability of the company's Board members and auditors for the financial year ending 31/12/2023 was discharged. Deloitte was appointed as External Auditors for the fiscal year 2024 with a fee of AED 1,458,450.

Sukoon Insurance PJSC, located in Dubai, United Arab Emirates, has a paid-up capital of AED 461,872,125. It is licensed by the Central Bank of the UAE under the license number 9, dated 24/12/1984, and has a tax registration number of 100258594900003. The company is in the process of listing nominees for its Board of Directors. One of the nominees is Ms. Hamda Moosa Abdulla Hussain Al Shamali, who currently serves as a Group Chief People & Intellectual Capital Officer and is a UAE national.

Sukoon Insurance PJSC has passed a board resolution on 7th February 2024. The resolution includes a recommendation to the General Assembly of shareholders to distribute cash dividends for the financial year 2023 at 20% of the share capital. It also recommends amending the Articles of Association of the Company in line with Corporate Governance Regulation for Insurance Companies, the Federal decree Law No48 of 2023 regulating Insurance Business, and the Corporate Governance Guide for Public Joint Stock Companies as amended by SCA Resolution No 02/2024. Additionally, the board has approved the Corporate Governance Report for the year 2023. The information was communicated to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market, and Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at Securities and Commodities Authority.

Sukoon Insurance P JSC has announced the commencement of nominations for a female Board member. The nomination period is from 8th February 2024 to 19th February 2024. Interested candidates, who meet the requirements, can nominate themselves by submitting an application to the company's principal office in Dubai. The application should include a profile of the applicant and the type of membership they are seeking (Executive Director, Non-executive Director, Independent Director). There is one seat available, reserved for a female candidate. Nomination period will last at least ten days as per regulations. Candidates must meet the conditions set forth in Federal Decree-Law No. 32 of 2021 and other related regulations. The nomination application should contain the documents specified in Article 10 of the Resolution of the Board of Directors.

The proposed modifications to the basic system for "Sukoon Insurance (Public Shareholding)" are being discussed.

Sukoon Insurance PJSC has notified the Dubai Financial Market that its Board of Directors will pass a resolution on 7th February 2024. The resolution includes a recommendation for a 20% cash dividend distribution for the FY 2023 to the General Assembly of shareholders. It also recommends amending the Company's Articles of Association in line with the Corporate Governance Regulation for Insurance Companies, the Federal decree Law No.48 of 2023, and the Corporate Governance Guide for Public Joint Stock Companies as amended by SCA Resolution No. 02/2024. Additionally, the Corporate Governance Report for 2023 will be approved. The notification is also copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

The Oman Insurance Company PSC, also known as Sukoon, reported its financial results for 2023. The insurance revenue increased to AED 4.64 billion from AED 3.88 billion in 2022. The insurance service result decreased to AED 201 million in 2023 from AED 252 million in 2022. Net investment income rose to AED 190 million in 2023 from AED 126 million in 2022. Total assets and equity at the end of 2023 were AED 8.83 billion and AED 2.77 billion respectively. The company did not issue any securities during this period. Sukoon acquired a 93.04% shareholding in Arabian Scandinavian Insurance Company and rebranded it to Sukoon Takaful. The company also signed a deal to acquire Chubb Tempest Life Reinsurance Ltd's UAE life portfolio, pending regulatory approvals. Additionally, it received a license from DFSA to operate its DIFC-based subsidiary. The net profit for 2023 was AED 257.4 million.