9
SUKOON_
1
INSURANCE
Report of the Board of Directors
Dear Shareholders,
We have the pleasure in presenting you the financial results of Oman Insurance Company (P.S.C.) “Sukoon” for
the six month period ended 30 June 2023.
We continue to be entrusted by our customers and valued partners, and this is reflected in 8% growth in gross
written premiums with Insurance revenue growing by 21% reaching to AED 2.19 billion. Positive results have
been further supplemented by 25% growth in the net investment income reaching at AED 89 million. Having said
that, the consequences of sharp increases in inflation will drive up the claims cost which will be felt across most
lines of the insurance industry. Net profit has reached AED 121.6 million in six month ended 30 June 2023. These
results are underpinned by sustained growth momentum across all business segments whilst ensuring prudent
underwriting, cost discipline, a balanced investment portfolio and solid delivery of best-in-class customer
experience. The Company continues to maintain exceptional capital and solvency position.
We are excited to inform you that we have successfully completed the acquisition of 93.04% of Arabian
Scandinavian Insurance Company P.S.C. (ASCANA). This acquisition is in line with our strategy to diversify our
sources of business and strengthen our ability to meet a wider range of customer needs with Shariah-compliant
products, further reinforcing our position as an insurer of choice in the UAE.
Additionally, Sukoon has established its Life and Workplace Solutions company in DIFC (Oman Insurance
Workplace Savings Solution Limited) and received license from DFSA for the same. This new subsidiary will
focus on developing and building our pension business which we anticipate as having tremendous potential in the
upcoming years.
The outlook for the rest of the year remains positive yet cautious, with the UAE economy not immune to global
macro-economic headwinds arising from inflation which the insurance market needs to reflect in its product
pricing. We will continue building on our strengths and remain committed to delivering on our strategy of
sustainable profitable growth.
We would like to put on record our sincere appreciation and gratitude towards all stakeholders of Sukoon. We
continue to draw inspiration and guidance from our valued customers and partners whose trust and confidence
helps us to continue the journey untiringly. We would like to thank our management and staff of the Group for
their sincere and dedicated contribution to the successful growth of the Group.
May God; the Almighty; guide our steps.
On behalf of the Board,
(K '',.. 1 ))?0(A A-- Ai c.
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Abdul Aziz Abdulla Al Ghurair
Chairman
25 July 2023
SUKOON.COM | +971 4 233 7777 | P.O. Box 5209 | Dubai, United Arab Emirates
١٠٠٢٥٨٥٩٤٩٠٠٠٠٣ :ﻲﺒﻳﺮﻀﻟا ﻞﻴﺠﺴﺘﻟا ﻢﻗر ٢٤/١٢ /١٩٨٤ ﺦﻳرﺎﺘﺑ ةﺪﺤﺘﻤﻟا ﺔﻴﺑﺮﻌﻟا تارﺎﻣﻹا ﺔﻟوﺪﻟ يﺰﻛﺮﻤﻟا فﺮﺼﻤﻟا ىﺪﻟ ٩ ﺪﻴﻘﻟا ﻢﻗر ،٤١٩٥٢ .ت .س ﻢﻗر ،ﻲﺗارﺎﻣإ ﻢﻫرد ٤٦١٫٨٧٢٫١٢٥ عﻮﻓﺪﻤﻟا لﺎﻤﻟا سأر، )"نﻮﻜﺳ"( .ع .م .ش ﻦﻴﻣﺄﺘﻠﻟ نﺎﻤُﻋ ﺔﻛﺮﺷ
Oman Insurance Company P.S.C. (“Sukoon”), Paid up Capital 461,872,125, C.R. No. 41952, Licensed by the Central Bank of the UAE, No. 9 dated 24/12/1984 TRN 100258594900003

Sentiment: positive