Sukoon Insurance Company (Sukoon) achieved net profits after tax of around AED266.8m ($72.7m) in 2024, compared to AED257.4m in the preceding year, a growth of 3.6%. Profit before tax reached AED291.5m by the end of 2024, a growth of 13 % year-on year.
The company’s financial statement, lodged with the Dubai Financial Market, noted that insurance revenue in 2024 has topped the AED5bn mark for the first time to reach AED5.41bn, a growth of 17% year-on-year. Non-life insurance revenues reached AED5.24bn in 2024, up from AED4.5bn in the preceding year; while life insurance business reached AED175.2mn from AED152m.
In 2024, net investment income has reached AED209.1m, a growth of 10% year-on-year. Total assets in 2024 stood at AED10.43bn against AED8.83bn at the end of 2023. Total shareholders’ equity reached AED2.98bn against AED2.75bn.
These key financial metrics are the highest ever in Sukoon’s history, said the statement. “They are underpinned by prudent underwriting and risk selection across all business segments, a strict cost discipline, and a balanced investment portfolio. The company continues to maintain exceptional capital and solvency.”