UAE-listed Abu Dhabi National Takaful Company (ADNTC) has terminated an agreement to acquire the life insurance portfolio of Dubai Islamic Insurance & Reinsurance Company (AMAN).
In a statement lodged with the Abu Dhabi Securities Exchange (ADX), ADNTC says that the company’s board of directors has decided not to proceed with the deal because the requirements for the acquisition of the portfolio have not been met.
The statement added, “The company has therefore notified AMAN of its decision to terminate the agreement.”
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). 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.