AMAN approves exit and sale of insurance portfolios and transformation into investment company

DUBAI, 7th February, 2023 (WAM) -- The General Assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN) approved, during its meeting, the exit and sale of insurance portfolios.

The general assembly authorised the company's board of directors to complete all procedures with the official authorities and policyholders to exit the insurance business.

AMAN had announced earlier that it had agreed with Abu Dhabi National Takaful Company and Salama Insurance Company to sell the insurance operations to them, with the approval of shareholders and regulatory authorities.

The general assembly of the company also agreed to transfer the company’s activity into an investment company after the approval of the official authorities concerned.

Dr. Saleh Al Hashemi, Chairman of the board of directors of AMAN, said that the company has successfully reduced non-strategic assets, which left a positive effect on the finances of the company, despite the difficulties in the insurance sector.