Dubai insurer AMAN sells life insurance business to Abu Dhabi National Takaful Co. – second deal pending | Job Binary

“After the pandemic, insurance companies in the region moved to understand the new competitive operating environment and change their operating methods to be more sustainable. These priorities include consolidation, digitalization, redesign of operating models, cost optimization, capital efficiency, new revenue streams and business models built around alliances and partnerships.

As a result, we are seeing an increasing trend of M&A in the insurance industry. Major players are focusing on small and medium-sized insurance companies, especially technology-based operators, to build their strength, cost-effectiveness and capabilities.

M&A activity in the region is also driven by consumer demand for customized, innovative and convenient solutions, which forces insurance companies to either develop their own expertise or acquire insurance companies that can provide a better customer experience.

The insurance market in the UAE is expected to grow at a CAGR of 4.1% by 2026 – insurance companies are making acquisitions to maintain their competitive edge and be the first choice among their target consumers.”

– Vijay Valecha, Chief Investment Officer, Century Financial

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