S&P Global Ratings (S&P) has highlighted Sukoon Insurance's (Sukoon) ability to continue the execution of its long-term strategy and robust financial performance, following the announcement of a leadership transition with a change in CEO, the insurer said in a media statement.
Dubai-based Sukoon, which is among the top five insurers in the UAE, said that S&P had reaffirmed the company's solid market standing and stable outlook.
The ratings agency stated that it expects Sukoon to continue its diversification efforts, both locally and internationally, under the oversight of its board of directors. Key growth drivers identified in the S&P report for the short-to-medium term include new initiatives through Sukoon Takaful, the Lloyd’s syndicate 2880, inward treaty reinsurance, individual life, and Sukoon Workplace Savings Solution (end-of-service gratuity programme).
“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 Mr Hammad Khan, Sukoon’s interim CEO and CFO. "Our first-half performance, with a 20% growth in insurance revenue and a 52% increase in net profits, 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 also noted that since Mr Jean-Louis Laurent Josi’s arrival in 2018, he had successfully led Sukoon’s transformation into a larger and more diversified insurance company. The statement cites key achievements during Mr Laurent Josi’s tenure, including the company’s rebranding, the successful acquisition of Sukoon Takaful, and the integration of life portfolios from Generali and Chubb in the UAE. Sukoon announced on 30 July that Mr Laurent Josi was stepping down from his role as CEO.
Sukoon reported a strong financial performance for the first half of 2025, with insurance revenue reaching AED3.1bn ($844m) and net profits increasing to AED192m. According to S&P, Sukoon has been assessed as having the potential to achieve robust and sustainable profitability.