Abu Dhabi National Takaful cancels acquisition of Aman's individual life insurance portfolio

Abu Dhabi National Takaful (ADNTC) has withdrawn from an agreement to acquire the individual life insurance portfolio of Dubai Islamic Insurance & Reinsurance (Aman).

ADNTC explained that the conditions for the acquisition of the portfolio had not been met. The insurer has therefore notified Aman of its decision to terminate the contract in accordance with its terms and conditions.

In October 2022, the two companies signed an agreement for a possible transaction. This was approved by the Central Bank of the United Arab Emirates (CBUAE) in 2023.