Dubai Islamic Insurance and Reinsurance AMAN announced it will sell its individual life takaful portfolio to Abu Dhabi National Takaful Company (ADNTC) in a 37.5 million UAE dirhams (10.2 million USD) transaction.
AMAN mentioned in its statement it had plans to exit the insurance business and transform into an investment company.
According to insurance business magazine, the insurance market is expected to go up by 13.2 per cent this year, thanks to new regulations.
The company said in a report to DFM that it had received initial Central Bank approval for the transaction with ADNTC, which is listed on Abu Dhabi Securities Exchange (ADX), and that it is expected to take place in the third quarter of 2023.
Abu Dhabi National Takaful (Takaful) was established in November 2003 to provide Takaful insurance solutions for the MENA region.
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