Oman Insurance Company / Sukoon — Key Facts
| Founded | 1975 |
| Headquarters | Dubai, UAE |
| Listed On | Dubai Financial Market (DFM) |
| Current Brand | Sukoon Insurance (rebranded 2022) |
| Major Shareholder | Mashreq Bank PJSC |
| Type | Conventional General & Life Insurance |
Oman Insurance Company (OIC) — now rebranded as Sukoon Insurance — is one of the UAE’s oldest and largest insurance companies. Despite the name, it is headquartered in Dubai, UAE, not the Sultanate of Oman. Founded in 1975, it provides a full range of general and life insurance products to individual and corporate clients across the UAE, Gulf, and broader MENA region.
Who Owns Oman Insurance Company (Sukoon)?
Oman Insurance Company is publicly listed on the Dubai Financial Market (DFM). Its principal majority shareholder is Mashreq Bank PJSC — one of the UAE’s oldest private banks, controlled by the Al Ghurair family. Mashreq Bank holds a significant controlling stake in OIC/Sukoon. The remaining shares are held by public investors. In 2022, the company rebranded from Oman Insurance Company to Sukoon Insurance, modernizing its brand identity while retaining its DFM listing.
History and Background
Oman Insurance was founded in 1975 in Dubai, one of the earliest insurance companies established in the UAE. Over nearly five decades, OIC grew into a market leader across life, medical, motor, property, marine, and engineering insurance lines. The company built an extensive distribution network across the UAE and expanded into regional markets including Oman, Bahrain, and Turkey. Its 2022 rebrand to Sukoon Insurance (meaning “peace” or “tranquility” in Arabic) reflected a strategic push to modernize its customer-facing identity.
Products and Services
Sukoon Insurance (formerly Oman Insurance) offers motor insurance, home and property insurance, marine cargo and hull insurance, travel insurance, group medical insurance, life and savings plans, engineering insurance, and liability coverage. The company serves both retail customers and large corporate accounts, and operates through a network of branches, agents, and digital platforms across the UAE.
