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UAE-listed Abu Dhabi National Takaful Company (ADNTC) has terminated a deal to acquire the life insurance portfolio of Dubai Islamic Insurance & Reinsurance Company (AMAN).
The company’s board of directors has decided not to proceed with the acquisition, as the conditions for the transaction have not been met, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).
In October 2022, ADNTC reached an initial agreement, subject to certain requirements, to acquire the individual life takaful portfolio from AMAN, which is listed on the Dubai Financial Market (DFM).
“As the requirements for the acquisition of the portfolio have not been met, the board of directors… decided not to proceed further with the acquisition,” the disclosure on Tuesday said.
“The company has therefore notified AMAN of its decision to terminate the agreement.”
Also in 2022, the Dubai-based insurer was reported to be in discussions with Salama to divest a portion of its family takaful, medical and general portfolios.
(Writing by Cleofe Maceda; editing by Seban Scaria)
