Investment Corporation of Dubai and Samsung Life Insurance ink MoU
WAM Dubai, 14th May 2012 (WAM) -- Under the direction of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Investment Corporation of Dubai (ICD), a sovereign wealth fund owned by the Government of Dubai, today signed a memorandum of understanding with Samsung Life Insurance (SLI), a South Korean-listed life insurer and part of the diversified Samsung group of companies to form an alliance to explore international opportunities in the life insurance sector, with a strong focus in emerging markets.
Samsung Life Insurance, a Seoul-listed company with a market capitalization of over $17bn and assets under management of over $100bn, and is the number one life insurance provider in Korea. The collaboration with ICD is consistent with SLI's goal to expand beyond its core domestic market.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and ICD Board member, added that "The alliance demonstrates renewed business confidence in Dubai and the UAE and further reinforces ICD as a strategic investment partner for global multi-national organizations due to its commitment to growth and expansion in the region".
Commenting on the venture, Keun-Hee Park, President and CEO of SLI, stated that "Samsung Life Insurance see's significant growth potential in life insurance services in the MENA and sub-Saharan Africa regions, markets in which penetration levels are significantly below developed nations but where consumer appetite for insurance is rising".
The collaboration is expected to initially assess market opportunities in the UAE and GCC markets with a view to also expanding its remit to the wider MENA region and other emerging markets, including sub-Saharan Africa. The parties also intend to use this alliance as a springboard to consider opportunities in other fields, such as non-life insurance and property.
On the partnership Mr Park of SLI concluded that "We believe that the collaboration with Investment Corporation of Dubai provides the perfect platform with which to assess and capitalize on long term growth opportunities, combining our expert sector knowledge and high quality service offering with ICD's strong presence in and understanding of emerging markets".
Mohammed Al Shaibani, Executive Director and CEO of ICD, commented that, "We believe that the long term trend in the emerging market insurance sector will remain positive, in particular life insurance, and we are very pleased to be collaborating on this initiative with Samsung Life Insurance, an institution who shares our long term belief in emerging markets and who has a long standing reputation for excellence in the industry".