Dubai-listed Arabian Scandinavian Insurance Company (Ascana) has rebranded itself as Sukoon Takaful following a majority stake sale to UAE insurer Sukoon, formerly known as Oman Insurance Company.

An important milestone to the company, the move is akin to the legal name rebrand conducted by its parent company, Sukoon Insurance, the takaful insurer said in a filing with the Dubai Financial Market (DFM) on Friday.

Last month, Sukoon completed the acquisition of 93.042% of the share capital of Ascana. In late 2022, Sukoon signed an agreement to buy the majority stake.

Rated ‘A’ by S&P with a “stable” outlook, the takaful insurer offers a range of Sharia-compliant insurance products covering property, motor, life, marine, engineering and general accident, among others.

The insurer posted a net profit of AED 3.1 million ($844,000) during the first quarter of the year, resulting in a decline in its accumulated losses to AED 48.4 million.

(Writing by Cleofe Maceda; editing by Seban Scaria)