Sukoon Insurance Reaffirms Market Strength as S&P Maintains Stable Outlook

Sukoon Insurance has received a fresh vote of confidence from S&P Global Ratings, which reaffirmed the company’s stable outlook and strong market standing, even as it undergoes a CEO leadership transition. The rating agency’s latest bulletin highlights Sukoon’s consistent financial performance and ability to deliver on long-term strategic goals.

Despite the executive shift, Sukoon has demonstrated continued momentum. According to S&P, the company is well-positioned to maintain its growth trajectory through a diversified portfolio and a clear direction set by its board of directors. Key short- to medium-term growth drivers identified include Sukoon Takaful, the Lloyd’s syndicate 2880, inward treaty reinsurance, individual life insurance, and the Sukoon Workplace Savings Solution — a programme designed to support end-of-service gratuity benefits for employees.

S&P also noted that Sukoon’s financial performance in the first half of 2025 exceeded expectations. Insurance revenue rose by 20%, reaching AED 3.1 billion, while net profits surged 52% to AED 192 million.

“The S&P Global Ratings statement is a strong testament to the fundamental strength of our business and the clear vision of our long-term strategy,” said Hammad Khan, Sukoon’s interim CEO and chief financial officer. “Our first-half performance demonstrates the resilience and effectiveness of our team and business model. We are fully committed to building on this momentum and are confident in our ability to deliver continued value for our customers, partners, and shareholders.”

S&P credited much of the company’s recent success to the leadership of Jean-Louis Laurent Josi, who took over as CEO in 2018. Under his tenure, Sukoon underwent a significant transformation, including a rebranding initiative, the acquisition of Sukoon Takaful, and the successful integration of life insurance portfolios from Generali and Chubb in the UAE.

The reaffirmation of Sukoon’s stable outlook comes at a time when insurance markets across the region are facing increasing pressure to adapt to global economic shifts and rising customer expectations. With a strategic focus on diversification and innovation, Sukoon appears well-prepared to navigate future challenges while sustaining profitable growth.

S&P concluded that Sukoon remains a financially sound institution with strong prospects, pointing to its operational resilience and strategic clarity as key strengths underpinning its stable rating.