Sukoon Insurance PJSC

Sukoon Insurance PJSC has announced a Board of Directors meeting scheduled for Tuesday, July 23, 2024, at 10:00 AM. The meeting will take place at the company's head office in Deira, Dubai, and will also be accessible via Teams video conferencing. The agenda includes the approval of Q2 2024 financial statements, the appointment of an external actuary, and a general review of the company's business. This notification was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market, and a copy was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Oman Insurance Company P.S.C. ("Sukoon") held a Board of Directors meeting on Wednesday, May 29, 2024, at 10:00 am at their head office in Dubai and via Teams video conferencing. The agenda included a general business review and the approval of the Investment Committee Charter and Investment Policy Guidelines. The meeting's details were communicated to Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, with a copy sent to Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority.

Sukoon Insurance PJSC has notified the Dubai Financial Market of a Board of Directors meeting to be held on Wednesday, 29th May 2024 at 10:00 am. The meeting will take place at the company's head office in Dubai and via Teams video conferencing. The agenda includes a general review of the company's business. The notification was sent to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority.

Sukoon Insurance PJSC presented its Q1 2024 financial results, reporting a net profit before tax of AED 90.2 million, up 31% YoY, and insurance revenue of AED 1.23 billion, up 16% YoY. Net investment income reached AED 59.4 million, a 34% YoY increase. Total assets stood at AED 8.81 billion, and total shareholders' equity was AED 2.77 billion as of 31 March 2024. The company, formerly known as Oman Insurance Company P.S.C., has completed its rebranding process. It also successfully transferred the UAE life portfolio from Chubb Tempest Life Reinsurance Ltd and turned around its takaful subsidiary, Sukoon Takaful, which is now on the path to profitability.

The text provides a review report and condensed consolidated interim financial information for SUKOON INSURANCE P.J.S.C. and its subsidiaries. The report covers the three-month period ending on 31st March 2024. This company was formerly known as OMAN INSURANCE COMPANY P.S.C.

Sukoon Insurance PJSC has informed the Dubai Financial Market that its Board of Directors passed a resolution on 7th May 2024. The resolution approved the Financial Statements for Quarter 1 2024 and the appointment of Mohammed Abdel Razek as the Vice Chairman of the Board, subject to UAE Central Bank Director Approval. The information was communicated by Louise O'Donnell, Head of Strategy, Intl. Op, Legal & Compliance at Sukoon Insurance.

Sukoon Insurance PJSC, based in Dubai, UAE, has informed the Dubai Financial Market that its Board of Directors will pass a resolution by Circulation on Tuesday, 7th May at 10:00 am. The resolution will be regarding the approval of the Financial Statements for Quarter 1 of 2024. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has announced that Mr. Ali Rashed Lootah has resigned from his position as a board member, effective from 25/03/2024. The board has appointed Mr. Mohamed Salah Abdel Hamid Abdel Razek as a new board member, subject to approval from the Central Bank. The notification was signed by Louise O’Donnell, EVP-Head of Strategy, International Operations, Legal and Compliance.

Sukoon Insurance PJSC has notified the Dubai Financial Market about the acceptance results of its offer to buy shares from the Arabian Scandinavian Insurance Company (P.S.C) – Takaful – Ascana Insurance (ASCANA). The offer period ended on April 1, 2024, and Sukoon now holds 93.0432% of ASCANA's share capital. Sukoon received acceptances for 2,411,030 shares, which represent 1.5656% of ASCANA's shares. The process of paying the proceeds of the offer to ASCANA shareholders will begin on or before April 5, 2024.

Sukoon Insurance PJSC held a board meeting on 19th March 2024. The meeting took place at 10:00 am at the company's head office in Dubai and was conducted via Teams video conferencing. The board discussed the company's business, and reviewed and approved the compliance policies and the Central Bank of UAE's underwriting and pricing reports. The meeting was attended by the Executive Chief Officer of Dubai Financial Market, Mr. Hamed Ahmad Ali, and Louise O'Donnell, the EVP-Head of Strategy, International Operations, Legal and Compliance.