Takaful Al Emarat Insurance Co is anticipating the final approvals to complete the takeover of Al Hilal Takaful, a subsidiary of Al Hilal Bank, which is forecast to take place in the second quarter of 2018, company CEO Fadi Hindi said.
Hindi added that the transaction has been approved during Q1-18 as Takaful Emarat has obtained a preliminary approval from the insurance authority, and is working to get the remaining approvals from other regulators, according to Al Bayan Newspaper.
The aforementioned deal is expected to financially impact Takaful Al Emarat’s annual results by the end of 2018, the CEO forecast.
Acquiring Al Hilal Takaful will not affect the current policies, contracts, and resolution of claims of Takaful Emarat or the issuance of new insurance policies, he stressed.
Hindi emphasised that the UAE’s insurance sector could be the most powerful in the GCC region during the coming five years as the sector’s gross written premiums would rise to AED 66 billion by 2021.
In December 2017, Takaful Emarat had agreed to acquire Al Hilal Takaful in an all-cash deal.