Sukoon Insurance affirms strong market position following S&P Global Ratings bulletin
Sukoon Insurance has acknowledged the latest bulletin issued by
According to S&P, Sukoon is expected to sustain its diversification efforts both within the UAE and internationally, guided by its board of directors. The agency identified several short- to medium-term growth drivers, including initiatives under Sukoon Takaful, the Lloyd's syndicate 2880, inward treaty reinsurance, individual life insurance, and the Sukoon Workplace Savings Solution, which serves as an end-of-service gratuity programme. The bulletin also noted that Sukoon's performance in the first half of 2025 exceeded expectations.
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'The S&P Global Ratings statement is a strong testament to the fundamental strength of our business and the clear vision of our long-term strategy,' said Hammad Khan, Sukoon's interim CEO and chief financial officer. 'Our first-half performance, with a 20 per cent growth in insurance revenue and a 52 per cent increase in net profits, demonstrates the resilience and effectiveness of our team and business model. We are fully committed to building on this momentum and are confident in our ability to deliver continued value for our customers, partners, and shareholders.'
S&P also credited the company's transformation to the leadership of Jean-Louis Laurent Josi, who took over as CEO in 2018. Under his direction, Sukoon underwent significant changes, including a corporate rebranding, the acquisition of Sukoon Takaful, and the successful integration of life insurance portfolios from Generali and Chubb in the UAE.
For the first half of 2025, Sukoon reported robust financial results, with insurance revenue reaching Dhs3.1bn and net profits climbing to Dhs192m. S&P Global Ratings assessed the company as having strong potential to maintain sustainable and profitable growth moving forward.
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