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The renewed interest shown by some countries in takaful insurance in recent years has led to a consolidation of the players operating in this segment.
The aim is to create bigger, stronger companies, better able to meet the needs of increasingly demanding customers. Closer ties and consolidation is likely to result in healthy competition from which the entire market can benefit.
Major M&A transactions concluded between January 2022 and January 2024:
| Date | Country | M&A transactions |
|---|---|---|
| January 2024 | Saudi Arabia | Alinma Bank signs an agreement with Tokio Marine & Nichido Fire Insurance to acquire an additional 5.75% stake in Arabian Shield Cooperative Insurance Company. This transaction values Alinma Bank's stake at 81 million SAR. |
| November 2023 | Saudi Arabia | Completion of the merger between Alinma Tokio Marine Company and Arabian Shield. |
| October 2023 | Malaysia | Malaysian insurer Great Eastern Holdings Limited acquires, through its subsidiary Great Eastern Takaful Berhad, the company AmMetLife Takaful Berhad. |
| October 2023 | Bahrain | Solidarity Bahrain acquires all the shares of the insurer Al Hilal Life and its subsidiary Al Hilal Takaful, held by Banque Ahli United (AUB). |
| December 2023 | Malaysia | Malaysian Life Reinsurance Group (MLRe), a joint venture between Life Insurance Association of Malaysia (LIAM) and Reinsurance Group of America (RGA), opens a Retakaful window. |
| September 2023 | Saudi Arabia | Abu Dhabi National Insurance Company (ADNIC) signs an agreement with Allianz to acquire 51% of its Saudi subsidiary Allianz Saudi Fransi, a transaction amounting to 499.008 million SAR (133.1 million USD) and due to be finalized in April 2024. |
| May 2023 | Tunisia | Al Baraka Bank acquires a 19.15% stake in El Amana Takaful. |
| May 2023 | UAE | Sukoon completes acquisition of 93% of Arabian Scandinavian Insurance Company (ASCANA). |
| March 2023 | Kuwait Insurance Company (KIC) acquires 74% of National Takaful Insurance Company. | |
| December 2022 | Saudi Arabia | Signing of an agreement for a possible merger between Saudi Enaya Cooperative Insurance and United Cooperative Assurance, and between Alinma Tokio Marine and Arabian Shield Cooperative Insurance. |
| October 2022 | Saudi Arabia | finalization of the merger between Walaa Insurance and SABB Takaful. |
| Octobre 2022 | UAE | Sukoon (formerly Oman Insurance Company) signs an agreement to acquire 93% of Arabian Scandinavian Insurance Company (ASCANA). |
| July 2022 | UAE | Completion of the merger between Dar Al Takaful and the National Takaful Company (Watania), setting up one of the UAE's leading providers of takaful products. The new entity is endowed with a share capital of 260 million AED. |
| January 2022 | Bahrain | Merger between T'azur Takaful and Solidarity Bahrain |
Read also | Insurance M&A transactions
