Sukoon Insurance has responded to the recent report released by S&P Global Ratings, which reaffirmed the company’s stable outlook and strong market position. The analysis emphasizes Sukoon’s ongoing capability to implement its long-term strategic goals while preserving robust financial health, even amidst the transition of its CEO.
S&P projects that Sukoon will maintain its efforts to diversify both domestically in the UAE and internationally, supported by its board of directors. The agency highlighted various short- to medium-term growth factors, such as initiatives related to Sukoon Takaful, the Lloyd’s syndicate 2880, inbound treaty reinsurance, individual life insurance offerings, and the Sukoon Workplace Savings Solution designed for end-of-service gratuity benefits. Furthermore, the report indicated that Sukoon’s performance in the first half of 2025 surpassed expectations.
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“The statement from S&P Global Ratings reflects the solid foundation of our business and the clear vision behind our long-term strategy,” stated Hammad Khan, Sukoon’s interim CEO and chief financial officer. “Our results for the first half, showcasing a 20% increase in insurance revenue and a 52% rise in net profits, exemplify the resilience and effectiveness of our team and business model. We are dedicated to leveraging this momentum and are optimistic about our ability to provide ongoing value to our customers, partners, and shareholders.”
S&P also acknowledged the positive transformation of the company under the leadership of Jean-Louis Laurent Josi, who assumed the role of CEO in 2018. During his tenure, Sukoon has experienced substantial 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 impressive financial metrics, with insurance revenue amounting to Dhs3.1 billion and net profits rising to Dhs192 million. S&P Global Ratings assessed the company as having a strong capability for ongoing sustainable and profitable growth in the future.