Dubai insurer AMAN to sell life cover business to Abu Dhabi National Takaful Co.

Dubai insurer AMAN to sell life cover business to Abu Dhabi National Takaful Co.

Dubai: In the latest deal within UAE insurance sector, Dubai-based AMAN is selling its life insurance line to Abu Dhabi National Takaful Co., and if the all-clear is sounded by the regulator will result in a ‘lucrative’ profit for the former. AMAN also has another potential deal in the making – selling all of its core insurance businesses to . It would then see AMAN transform into an investment company after approval from the UAE Central Bank and Securities & Commodities Authority. In a statement, AMAN said: “The company has sent the request (on the life insurance sale) application to UAE Central Bank – Insurance Sector to approve the sale and complete the procedures to finalise the transaction. More information shall be declared at a later stage.” This year, there have been two other deals involving insurance entities, with Salama in the midst of a merger push with Takaful Emarat, while Watania and Dar Al Takaful completed their merger early July. (There was also NLGIC, part of Oman’s Ominvest group, acquiring RSA's regional operations.) For long, many in the local insurance sector had been talking about the need to have fewer players, given the relative size of the UAE market.