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UAE-based Oman Insurance has acquired the life insurance portfolio of Italian insurer Assicurazioni Generali in the UAE.
The deal, signed on February 23, 2022, is expected to strengthen the company's market position, Oman Insurance said in a statement on Monday.
"We are pleased with this transaction which is further strengthening our market position reaching more than 1.2 billion dirhams of individual life asset under management," said Emmanuel Deschamps, member of the executive committee and head of life insurance unit at Oman Insurance.
The transfer, which covers unit-linked life insurance policies, is expected to be completed by the end of August 2022.
Under the agreement, Oman Insurance and Generali will ensure a "smooth transition" for existing policyholders. The terms and conditions of customers' policies will remain unchanged, the statement said.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
