Abu Dhabi Commercial Bank (ADCB) has ceded 49 percent of UAE’s Orient UNB Takaful and 20 percent of Orient Takaful Egypt to Orient Insurance Company, part of the Al Futtaim Group.
ADCB will sell its stake in Orient UNB Takaful for AED77m ($21m).
Expected to be completed within six months, the transaction is in line with ADCB’s strategy to focus on its main business areas, according to a report by Mubasher quoting the bank’s disclosure to the Abu Dhabi Securities Exchange (ADX)
The sale of the two insurers is subject to the necessary regulatory approvals.
Orient Insurance has reclaimed its top spot as the largest insurer by GWP for the financial year 2019, with Oman Insurance which was the 2018 leader moving down to third place, says AM Best.
Also overtaking Oman Insurance in 2019 was Abu Dhabi National Insurance Company (ADNIC) which moved from the third spot in 2018 to the second.e
In a Best’s pecial Report, AM Best says that it expects all three companies to remain the UAE’s largest insurers in the medium term.T
Thefive largest companies continued to control a substantial market share of more than 55% of premium revenue in 2019, notes the international credit rating agency