Dubai-listed Salama to acquire Aman insurance portfolio

Islamic Arab Insurance Company (Salama) has signed a deal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Co. (Aman), which includes its motor, medical, non-motor and group life insurance business (target portfolio), the company said in a statement to Dubai Financial Market.

The target portfolio generated AED98.59 million gross written contribution (GWC) for the first nine months of 2022. It made AED5.46 million net takaful income before the administrative overheads, according to published financial statements.

The acquisition will catapult Salama to surpass the AED1 billion GWC milestone, further extending its position in the UAE takaful industry.

Saeed Mubarak Al-Hajeri, vice chairman of Salama, said: “Acquiring AMAN’s portfolio will allow us to add scale and new layers of expertise as we continue to pursue an ambitious strategy for growth.”

The transaction is subject to customary regulatory approval and is expected to conclude in Q1 2023.